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Midwest

Local-on-Delmar_St-Louis
DevelopmentMidwestMissouriMixed-UseMultifamily

LOCAL on Delmar Mixed-Use Community Opens in Suburban St. Louis

by Hayden Spiess

UNIVERSITY CITY, Mo. — National real estate developer Subtext has opened LOCAL on Delmar, a new mixed-use residential community in University City, located about eight miles west of downtown St. Louis.  Situated at the western edge of the Delmar Loop entertainment district and less than half a mile from Washington University in St. Louis, the development transforms a long-underutilized site into a mixed-use destination featuring apartments, resident-focused amenities, collaborative workspaces and retail.  The 398,225-square-foot development features 259 residences offered in studio, one-, two- and three-bedroom floor plans ranging from 398 to 1,090 square feet.  Amenities at LOCAL on Delmar include a rooftop pool with sun shelf and hot tub; poolside cabanas, fire pits and grilling stations; a wellness suite with sauna, meditation, and private fitness rooms; a 24-hour fitness center with group yoga and barre studio; outdoor training space with functional fitness equipment; and dedicated workspaces with private and group conference rooms.  Other special features of the property include a clubroom and game lounge; lobby lounge with coffee bar; reserved parking garage with electric vehicle charging; bike and scooter room with charging and repair stations; and roommate matching services with by-the-bed leasing options.  Residents are within an eight-minute walk of Washington …

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LoansMidwestMissouriRetail

CBL Properties Receives $135M Refinancing for Mall in St. Louis

by Hayden Spiess

ST. LOUIS — CBL Properties (NYSE: CBL) has received a $135 million refinancing of its mortgage loan for West County Center, a regional mall located in St. Louis.  The new loan, which replaces an existing $136.4 million loan that was scheduled to mature in December, carries a five-year term with a fixed interest rate of 7.4 percent.  After repayment of the maturing loan and the release of existing escrow balances, CBL received roughly $2 million in net proceeds from the new financing. The financing also removes the cash management sweep associated with the prior loan, which will result in an estimated $7 million in annual free cash flow for CBL going forward.  With the refinancing, CBL Properties has addressed its final near-term debt maturity, according to the company.  West County Center totals almost 1.2 million square feet. Anchor tenants at the property include Macy’s, Dick’s Sporting Goods and the only Nordstrom store in the state. In 2026, new leases have been executed with The Cheesecake Factory, Free People Movement, Levi’s, L’Occitane en Provence, POPMART, Miss A and Urban Outfitters, among other retailers.  CBL acquired its joint venture partner’s interest in the mall and two other retail properties in 2024 for …

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Unified-Dental-Care
AcquisitionsHealthcareMichiganMidwestRetail

CrownPoint Arranges $9.2M Sale-Leaseback of Dental Portfolio in Michigan

by Hayden Spiess

LANSING, MICHIGAN — National real estate brokerage firm CrownPoint Partners has arranged the $9.2 million sale-leaseback of a five-property dental portfolio located across lower Michigan. CrownPoint represented both the seller and buyer in the transaction, which went from contract to close in 42 days. The portfolio consists of five dental properties totaling 35,212 square feet across Lansing, Charlotte, Adrian, Saint Joseph and Jackson, Michigan. The transaction was structured with new 15-year absolute-net leases featuring 2 percent annual rent increases, providing the buyer with long-term contractual income and no landlord responsibilities. The portfolio spans established healthcare and retail corridors throughout Michigan and serves combined trade areas encompassing more than 1.6 million residents. The properties benefit from regional connectivity to major transportation routes, including I-94, I-96, I-69, U.S. 127 and U.S. 31, as well as proximity to major healthcare systems throughout the state, according to CrownPoint.

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Bluffs-on-Lake_St-Francis-Wis
DevelopmentMidwestMultifamilyWisconsin

Pre-Leasing Begins at M&R Development’s 478-Unit Luxury Apartment Community Near Milwaukee

by Hayden Spiess

ST. FRANCIS, WIS. — Pre-leasing has begun at The Bluffs on Lake, M&R Development’s new 478-unit luxury apartment community located on a bluff overlooking Lake Michigan in St. Francis, Wis., approximately five miles south of downtown Milwaukee. M&R is co-developing the Class A rental project with Campbell Capital Group LLC. Situated on a 21-acre site at 3700 S. Lake Drive, The Bluffs on Lake is a two-phase project. Upon completion, the development will comprise two buildings spanning four and five stories, along with one level of underground parking and 8,000 square feet of ground-floor retail space, some of which is earmarked for a restaurant with outdoor seating.  Move-ins for the 278 apartments in the first phase of The Bluffs on Lake are expected to begin in early December. Construction on the second phase, which will offer 200 units, is expected to begin in early 2027. Residences at The Bluffs on Lake range from convertible one-bath apartments to three-bedroom, two-bath floor plans. Units will feature 602 square feet to 1,274 square feet, with monthly rents varying from $1,674 to $3,932. RMK Management Corp. is overseeing leasing and property management for the community. The Bluffs on Lake will offer some distinct amenities that M&R is introducing for the …

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Dollar-General
AcquisitionsMichiganMidwestRetail

Boulder Group Negotiates Sale of Four-Property Net-Leased Dollar General Retail Portfolio in Michigan

by Hayden Spiess

NORTHERN and CENTRAL MICH. — The Boulder Group has arranged the sale of a four-property portfolio of single-tenant net leased Dollar General properties, all located in Michigan, for $8.3 million. The portfolio consists of four newly constructed Dollar General stores in Gaylord, Reed City, Honor and Vermontville, offering geographic diversification across the northern and central regions of the state. The properties are situated in established communities with convenient highway access, and several benefit from steady year-round tourism and outdoor recreation traffic. Each store serves as a primary source of everyday household essentials for its surrounding rural trade area. Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group, based in Wilmette, Ill., represented both the seller and the buyer in the transaction. The seller was a Midwest-based developer, and the buyer was a Northeast based investment fund. Each property in the portfolio is leased to Dollar General on an absolute triple-net lease with no landlord responsibilities. Three of the four properties represent the 10,640-square-foot Dollar General Plus prototype, which is a larger store format offering an expanded assortment of fresh and refrigerated products.  The leases feature 5 percent rental increases every five years during the primary term and five 5-year renewal options with …

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LoansMidwestOhioSeniors Housing

BWE Provides $28.3M Permanent Loan for Columbus-Area Senior Living Community

by Hayden Spiess

GROVE CITY, OHIO — BWE has provided a $28.3 million permanent loan for Grove City Senior Living, an independent living, assisted living and memory care community in Grove City, part of the Columbus metropolitan area. Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing on behalf of an Ohio-based developer through Fannie Mae. BWE is a Fannie Mae Delegated Underwriting and Servicing (DUS)-approved lender.  The loan will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property, which opened in May 2023. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100 percent loan-to-cost ratio. “When Grove City Senior Living reached full occupancy, our client knew it was the right time to move on from its existing construction debt and find a permanent loan,” says Hawkins. “We considered multiple agency options when determining the right financing for this property. Although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property [for lending]. And we secured strong terms that will allow the borrower to …

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Mohr-Logistics-Park-Building-6_Whiteland-Ind
AcquisitionsIndianaIndustrialMidwest

Colliers Arranges Sale of 1.1 MSF Industrial Facility Near Indianapolis

by Hayden Spiess

WHITELAND, IND. — Colliers has brokered the sale of Mohr Logistics Park Building 6, a 1.1 million-square-foot, single-tenant industrial facility located within the 475-acre Mohr Logistics Park in Whiteland, Indiana, just south of Indianapolis. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse and Tyler Ziebel of Colliers Institutional Industrial Advisors | Central represented the seller, Mohr Capital. The Dallas-based commercial real estate investment firm specializes in the acquisition, development and management of office, industrial, healthcare, hotel and retail properties. The buyer was not disclosed. Fully leased through August 2036 to Cummins Inc. — a global power technology company that designs, manufactures and services engines, power systems and related technologies — the property features a 40-foot clear height, 120 dock doors, four drive-in doors, 652 auto parking spaces, 270 trailer parking spaces and a 140-foot truck court.  The facility provides convenient access to Cummins’ corporate and supply-chain presence throughout Indiana, including its headquarters in Columbus, Indiana, while also offering connectivity to Indianapolis International Airport, home to the world’s second-largest FedEx air hub. “The property’s location at the I-65 and Whiteland Road interchange provides immediate access to Indianapolis’ primary north-south distribution corridor and key regional transportation networks,” says Cantu. “Investors continue to target …

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Arranges Sale of 206-Unit Multifamily Property in Fort Wayne, Indiana

by Kristin Harlow

FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of Shoaff Park Villas, a 206-unit multifamily property in Fort Wayne. Jack Friskney, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Shoaff Park Villas Apartments Inc., and procured the buyer, an Illinois-based investor with a regional portfolio in northern Indiana and southern Michigan. The transaction marked the first time the property had been offered for sale since 1976 after being owned by the same family for 50 years.

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Market ReportsMidwestMidwest Market ReportsMinnesotaOffice

Minneapolis-St. Paul: Everything Everywhere All at Once 

by Kristin Harlow

By Teresa Borgen, Newmark From record-high leasing rates to historically low office sales volume, the Minneapolis-St. Paul market continues to present a complex and evolving landscape. Still recovering from lasting effects of COVID-19 and civil unrest during 2020, some submarkets are thriving, while others continue their gradual recovery. Here’s a synopsis of what’s happening in the market.   The haves and have-nots While the Minneapolis central business district (CBD) has been among the slowest downtown office markets in the U.S. to recover since the pandemic turmoil of 2020, recent activity suggests the submarket is showing signs of revival. Several high-profile relocations among national law firms underscore the trend, with firms such as Husch Blackwell, Cozen O’Connor, Faegre Drinker, Saul Ewing and Robins Kaplan making long-term commitments, some even growing their footprint.  The Minneapolis CBD has also attracted several recent relocations from the suburbs, with tenants like HNTB, Yardstik and Pepper Foster Consulting moving for enhanced accessibility to public transit and easier opportunities for growth. Given the migration to suburban office markets between 2020 and 2022, these moves and expansions are encouraging signs for the Minneapolis CBD, as well as other downtown markets in the U.S. While these developments are certainly …

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1237-W-Division-St_Chicago
AcquisitionsIllinoisIndustrialMidwestTop Stories

Amazon Acquires Chicago Distribution Facility from Logistics Property Co. for $195M 

by Hayden Spiess

CHICAGO — Logistics Property Co. has sold a distribution facility located at 1237 W. Division St. in Chicago for $195 million. Amazon (NASDAQ: AMZN) has been reported as the buyer by multiple media outlets.    Situated near downtown Chicago and totaling 571,423 square feet, the property was the first multi-story logistics facility to be developed in the Midwest, according to JLL. The facility was purpose-built for distribution operations and features clear heights over 34 feet, 56 loading docks, 135-foot truck court depths, a dedicated second-floor truck ramp and 10,000 amps of power.  Parking capacity at the facility includes a 292,500-square-foot rooftop parking deck and an adjacent five-level parking structure, which together accommodate up to 1,590 automobiles or 763 vans.  According to JLL Capital Markets, which brokered the sale, more than 1 million residents live within a five-mile radius of the property, which is situated roughly three miles from Chicago’s central business district, with convenient access to Chicago O’Hare International and Chicago Midway International airports. Amazon plans to begin operations at the facility in late 2027 or early 2028 and use the property as a same-day delivery center, according to the Chicago Sun-Times. Logistics Property Co. completed the development in late 2024. In …

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