Midwest

Standard, Vistria Group Buy Fox Valley Villages Apartment Community in Aurora, Illinois for $93.2M

by Kristin Harlow October 22, 2025

AURORA, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Fox Valley Villages, a 420-unit apartment community in Aurora, for $93.2 million. The buyers plan to preserve long-term affordability for more than half of the apartments in the community. With this acquisition, Standard and Vistria jointly own 836 units in the Aurora/Naperville submarket. Situated on 21 acres, Fox Valley Villages includes 18 three-story buildings as well as a freestanding clubhouse, fitness center and maintenance garage. Additional amenities include two pools, a soccer field, dog park and barbecue areas. The property features 208 one-bedroom units and 212 two-bedroom residences and is 97 percent occupied. Standard and Vistria plan to invest more than $8 million in building improvements and renovations.

October 22, 2025

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers Sale of 320,933 SF Shopping Center in Springfield, Illinois

by Kristin Harlow October 22, 2025

SPRINGFIELD, ILL. — Cushman & Wakefield has brokered the sale of White Oaks Plaza, a 320,933-square-foot regional shopping center in Springfield. The sales price was not disclosed, but Cushman & Wakefield states that the transaction represents one of the largest open-air shopping center deals in the region’s history. The property is home to more than 50 retailers and is anchored by Kohl’s + Sephora as well as TJ Maxx, HomeGoods and Sierra. Additional tenants include Harvest Market, Chili’s, Olive Garden, Petco and a freestanding Skechers outlet. The center is situated immediately west of Veteran’s Parkway, the area’s main north-south thoroughfare, and across from White Oaks Mall. Evan Halkias, Mark Gilbert, Zander Fried and David Matheis of Cushman & Wakefield represented the seller, Washington Prime Group. The R.H. Johnson Co. was the buyer.

October 22, 2025

Indiana Loans Midwest Multifamily

KeyBank Arranges $57M Loan for Refinancing of Multifamily Property in Carmel, Indiana

by Kristin Harlow October 22, 2025

CARMEL, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $57 million fixed-rate loan with a national life insurance company for the refinancing of The Steadman Apartment Homes, a newly completed multifamily property in the Indianapolis suburb of Carmel. The loan proceeds will be used to refinance outstanding construction debt. Completed in 2024, the property was 60 percent leased as of March 2025. The Steadman features 263 units, with floor plans averaging 1,007 square feet. Amenities include a fitness center, coworking and conference rooms, a pet spa, community lounge, game lounge, golf simulator, dog park, rooftop lounge, pool, outdoor courtyard and coffee bar. Indianapolis-based Cityscape Residential was the borrower. Samantha Miller and Greg Halvorson of KBREC arranged the financing.

October 22, 2025

Affordable Housing Development Midwest Minnesota Multifamily

Lupe, Wall Cos. Break Ground on 95-Unit Affordable Housing Project in Minneapolis

by Kristin Harlow October 22, 2025

MINNEAPOLIS — Lupe Development and Wall Cos. have broken ground on a new affordable housing community in the Hiawatha neighborhood of Minneapolis. The four-story, 95-unit building will rise on the site of a former City of Minneapolis Public Works maintenance and storage facility. Named Snelling Yards, the development will feature generously sized units for families earning 30 to 80 percent of the area median income, with 13 units reserved for veterans experiencing homelessness. The building will share amenities with The Hillock, the neighboring, 100-unit active adult community managed by Ecumen. Completion of Snelling Yards is slated for fall 2026. The project received funding from the city, Hennepin County and Minneapolis Public Housing Authority. Allianz Investment Management provided tax-exempt bond financing and a construction bridge loan. R4 Capital is the low-income housing tax credit investor.

October 22, 2025

Development Kansas Midwest Office Retail

Copaken Brooks Begins Development of 24,000 SF Retail, Office Building in Lenexa, Kansas

by Kristin Harlow October 22, 2025

LENEXA, KAN. — Developer Copaken Brooks has broken ground on The Village at AdventHealth retail and office building at Lenexa City Center in Kansas. Located at the northeast corner of 87th Street Parkway and Scarborough Street, the 24,000-square-foot building will bring two new restaurants, Urban Egg and Stoney River Steakhouse and Grill. Additionally, Five Four is constructing a 10,000-square-foot standalone restaurant with an outdoor games area. The project will also feature 10,700 square feet of Class A office space on the second floor. Molly Crawford Munninghoff and John Coe of Copaken Brooks are handling leasing for the office space.

October 22, 2025

Hospitality Illinois Loans Midwest

Walker & Dunlop Arranges $92M Refinancing for Hiltons at McCormick Place Hotel in Chicago

by Kristin Harlow October 21, 2025

CHICAGO — Walker & Dunlop Inc. has arranged a $92 million loan for the refinancing of the Hiltons at McCormick Place, a tri-branded hotel connected to the McCormick Place Convention Center in Chicago. The 23-story, 466-room property is the first and only tri-branded Hilton select-service hotel in the United States, combining Hilton Garden Inn, Hampton Inn and Home2 Suites offerings. The concept unites two of Hilton’s upscale select-service brands with an extended-stay concept. Guests have access to two hotel-operated food and beverage outlets, three ground-floor food and beverage offerings, an indoor pool, fitness center and attached skybridge. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella and Cole Grims of Walker & Dunlop arranged the loan on behalf of McHugh Enterprises Inc. and First Investors LLC. Access Point Financial Inc. provided the floating-rate loan, which features interest-only payments.

October 21, 2025

Development Industrial Midwest Wisconsin

McShane Completes 372,000 SF Manufacturing Facility for Schuetz Container Systems in Kenosha, Wisconsin

by Kristin Harlow October 21, 2025

KENOSHA, WIS. — McShane Construction Co. has completed a build-to-suit manufacturing and distribution facility for Schuetz Container Systems in Kenosha. The manufacturer of industrial packaging is part of Germany-based Schütz Group. McShane provided design-build services for the 372,000-square-foot building, which offers a clear height of 40 feet, 48 truck docks, four drive-in doors, 245 trailer parking spaces and six 4,000-amp power services. The project also includes a two-story, 14,000-square-foot office, mezzanines throughout the manufacturing areas and four interior cranes to assist with equipment installation and moving materials. McShane also completed a railroad extension, bringing three rail lines to the site. Harris Architects served as the architect.

October 21, 2025

Development Midwest Minnesota Multifamily

Trident Development to Break Ground on 135-Unit Orchard Place Apartments in Metro Twin Cities

by Kristin Harlow October 21, 2025

APPLE VALLEY, MINN. — Trident Development is scheduled to break ground on Orchard Place Apartments, a 135-unit development in the Twin Cities suburb of Apple Valley, on Wednesday, Oct. 29. The four-story building will feature studio, one-, two- and three-bedroom options. Preleasing is set to begin in fall 2026 with units ready for occupancy by late 2026. Amenities will include a 24-hour fitness center and yoga studio, sport court, business center, rooftop patio, sky lounge, central courtyard, dog park, children’s play area and walking paths. Project partners include Lyon Contracting Inc., Cole Group Architects, Village Green and Orchard Place Partners LLC.

October 21, 2025

Acquisitions Industrial Kansas Midwest

Gordon Brothers Acquires Former Heartland Coca-Cola Production Facility in Lenexa, Kansas

by Kristin Harlow October 21, 2025

LENEXA, KAN. — Gordon Brothers has acquired the former Heartland Coca-Cola production facility in Lenexa. Heartland Coca-Cola has expanded its operations to a larger facility, and the production assets and property in Lenexa were no longer required. Gordon Brothers plans to decommission and sell the existing bottling equipment with the firm’s auction partner, New Mill Capital, followed by capital improvements to enhance the property’s marketability for future sale or lease. The machinery and equipment auction begins closing Wednesday, Nov. 12. The property includes a 186,073-square-foot building situated on nearly 9 acres with a clear height of 18 feet, 22 dock-high doors, two drive-in doors and 11,000 amps via three electrical services. Gordon Brothers has retained Kessinger Hunter to provide construction management, property management and brokerage services to re-tenant or sell the building. The building will hit the market in the coming months. The Kessinger Hunter team includes Kurt Jensen, Stewart Jensen and Dan Jensen.

October 21, 2025

Development Illinois Midwest Retail

Krusinski Construction Delivers 14,446 SF Daycare Center in South Elgin, Illinois

by Kristin Harlow October 21, 2025

SOUTH ELGIN, ILL. — Krusinski Construction Co. (KCC) has delivered a 14,446-square-foot daycare center for BrightPath Early Learning and Child Care in South Elgin. The project involved the transformation of the first floor of the Medical and Legal Arts Building and marked KCC’s first for BrightPath, part of Busy Bees North America, which operates more than 240 centers across the U.S. and Canada.

October 21, 2025

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