Midwest

NAI Hiffman Negotiates Long-Term Lease Renewal for Silver Cross Hospital in New Lenox, Illinois

by Kristin Harlow March 10, 2026

NEW LENOX, ILL. — NAI Hiffman has negotiated a long-term lease for Silver Cross Hospital at 1890 Silver Cross Blvd. in New Lenox. The 174,855-square-foot, six-story medical office building is known as Pavilion A. Immediately following execution of the lease, the building was sold for $88.6 million to Chicago-based Farpoint and Dallas-based The Landes Group. The transaction included the renegotiation of Silver Cross’ existing lease and established Silver Cross as the largest tenant in the building, which is 96 percent occupied. Silver Cross will retain its footprint on the first and lower-level floors plus the upper levels. Existing healthcare providers, including the Shirley Ryan AbilityLab at Silver Cross, Duly Health and Care, DaVita, Rush University Medical Center and UChicago Medicine will also remain in place. Perry Higa of NAI Hiffman represented Silver Cross in the lease, which was completed at a net per-square-foot rate below the early renewal rate he negotiated on behalf of the tenant in May 2025. NAI Hiffman has also been retained as leasing agent for the building, which was constructed in 2012. Hiffman National will serve as property manager. Chris Bodnar of CBRE represented the sellers, PGIM Real Estate and NexCore Group.

March 10, 2026

Build-to-Rent Development Midwest Missouri Single-Family Rental

Cavan Cos. to Develop 153-Unit Build-to-Rent Community in Kansas City

by Kristin Harlow March 10, 2026

KANSAS CITY, MO. — Cavan Cos. has unveiled plans to develop The Bungalows at Maple Woods, a 153-unit build-to-rent (BTR) community in Kansas City’s Northland corridor. Horizontal construction is expected to begin in June, with vertical construction anticipated six to eight months thereafter. The 16-acre site is located near Maple Woods Community College. The single-story residences will come in one-, two- and three-bedroom layouts with private fenced backyards, garages and access to a community clubhouse and fitness center. Cavan’s expansion into the Kansas City market builds upon its existing presence in Omaha, where the company operates two BTR communities and is in the process of closing on a third location. The Bungalows is its flagship brand.

March 10, 2026

Development Midwest Multifamily Ohio Seniors Housing

Evergreen Real Estate Group Breaks Ground on 120-Unit Affordable Assisted Living Community Near Columbus

by Kristin Harlow March 10, 2026

CANAL WINCHESTER, OHIO — Evergreen Real Estate Group has broken ground on Green Oaks of Canal Winchester, a 120-unit affordable assisted living community rising four stories in Canal Winchester, about 12 miles southeast of downtown Columbus. Completion is slated for March 2027. The property will offer 67 studio and 53 one-bedroom apartments for seniors across a range of income levels, including those who qualify for Medicaid benefits. Gardant Management Solutions will operate the community, which will be licensed as a residential care facility by the Ohio Department of Health and approved as a Medicaid-assisted living service provider through the Ohio Department of Aging. A large commercial kitchen and dining room will serve three meals and snacks throughout the day. The community will feature a fitness room, beauty salon, game room, activity rooms, resident computer stations, a library, community rooms and lounges. Certified staff will be on site 24 hours per day, and the property will provide transportation to local stores and service providers. The Ohio Housing Finance Agency approved the project for 4 percent Low-Income Housing Tax Credits and issued tax-exempt private activity bonds to support the development. The bonds were underwritten and placed by D.A. Davidson. The project team …

March 10, 2026

Acquisitions Illinois Loans Midwest Retail

Greenstone Partners Brokers $19.5M Sale of Retail Center in Chicago

by Kristin Harlow March 10, 2026

CHICAGO — Greenstone Partners has brokered the $19.5 million sale of a 54,000-square-foot retail center located at 1415-1417 N. Kingsbury St. in Chicago’s Clybourn Corridor. A venture between Chicago-based Honore Properties and Peerless Development acquired the fully leased property. Danny Spitz and AJ Patel of Greenstone represented the seller, Los Angeles-based Westwood Financial. The transaction marks the fourth acquisition in the immediate corridor for Honore and Peerless. Spitz previously represented the venture in the acquisition of the adjacent property at 821 W. Eastman St. Originally acquired by Westwood in 2017 via a loan assumption structure, the Kingsbury center underwent a significant repositioning following the departure of Buy Buy Baby. In 2023, ownership executed a lease-up strategy by securing Sky Zone on a 10-year lease for 35,386 square feet. The center is also home to PetSmart, which has operated an 18,524-square-foot store since 2012. The property also features a redevelopment component. The asset includes nearly 500,000 square feet of transferable air rights, creating a future high-density multifamily development opportunity. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $13.7 million in acquisition financing through Great Southern Bank.

March 10, 2026

Acquisitions Midwest Nebraska Retail

CBL Properties Acquires Gateway Mall in Lincoln, Nebraska for $43.5M

by Kristin Harlow March 9, 2026

LINCOLN, NEB. — CBL Properties has acquired Gateway Mall in Lincoln for $43.5 million from Washington Prime Group. CBL financed the acquisition with a $21 million loan provided by Symetra Life Insurance Co. The five-year loan features a fixed interest rate of 6.46 percent. The property totals roughly 843,000 square feet. Anchor tenants include Dillard’s, JC Penney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More. In a separate transaction, CBL has entered into a contract for the sale of an open-air center at an approximately 8 percent capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million and is anticipated to close in April.

March 9, 2026

Acquisitions Indiana Midwest Retail

CBRE Brokers Sale of 290,016 SF Village Park Plaza Shopping Center in Metro Indianapolis

by Kristin Harlow March 9, 2026

CARMEL, IND. — CBRE has brokered the sale of Village Park Plaza, a 290,016-square-foot shopping center in the Indianapolis suburb of Carmel. CBRE’s National Retail Partners Midwest team represented Washington Prime Group in the sale of the property to Pine Tree, which acquired the asset in partnership with a state pension fund. Tenants include Kohl’s, Hobby Lobby, Ross Dress for Less, Ulta and Dollar Tree. The property was 99 percent leased at the time of sale.

March 9, 2026

Illinois Leasing Activity Midwest Office

Transwestern Negotiates 72,645 SF Office Lease at Michigan Plaza in Chicago

by Kristin Harlow March 9, 2026

CHICAGO — Transwestern has negotiated a 72,645-square-foot office lease at Michigan Plaza in Chicago. Mark Buth, Kathleen Bertrand and Steve Hennessy of Transwestern represented the landlord, Aegis Asset Management. Jeff Lindenmeyer, Chris O’Leary and Shannon Connerty Morris of Avison Young represented the tenant, the Illinois Housing Development Authority (IHDA). Transwestern also manages the nearly 2 million-square-foot complex. IHDA will occupy space in the 978,693-square-foot 225 N. Michigan Ave. building. The transaction marks the largest new lease in the East Loop submarket since the second quarter of 2023, according to Transwestern. Located on Michigan Avenue south of the Chicago River, Michigan Plaza offers amenities such as multiple tenant lounges, a fitness center and outdoor space. The second-floor lounge is connected to the East Plaza, an outdoor terrace with a bocce ball court and putting green. The third-floor lounge offers a kitchen and conferencing space.

March 9, 2026

Development Illinois Loans Midwest Multifamily

Associated Bank Provides $7.6M Construction Loan for Chicago Apartment Building

by Kristin Harlow March 9, 2026

CHICAGO — Associated Bank has provided a $7.6 million construction loan for a five-story, 40-unit apartment building located at 4725 N. Clifton Ave. in Chicago. CEDARst Cos. is developing the transit-oriented project, which is named Clifton Uptown. Located in the heart of the Uptown Square Historic District, the property will feature 12 studio units, 28 one-bedroom units and 1,839 square feet of ground-floor retail space. The site is adjacent to the CTA Red Line Lawrence Station that is in the final stages of a $2.1 billion Red and Purple Line modernization project. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

March 9, 2026

Development Features Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Webinar Western

Webinar: Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value

by Sarah Daniels March 9, 2026

The March 2 France Media webinar “Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value,” hosted by France Media and sponsored by National Flood Experts, examined how flood zones and evolving regulatory requirements are shaping development and financing outlooks. Flood risk is often treated as a late-stage compliance issue, but it can influence site design, permitting timelines, construction costs (and cost expectations) and long-term insurance expenses. Flood maps established by federal and local authorities define development constraints such as base flood elevations and floodways. Because these maps are updated slowly and regulations vary by municipality, developers frequently encounter unexpected complications during permitting, including the need for additional engineering studies, modeling requirements and extended approval timelines. The webinar panelists emphasized ways that developers can mitigate these risks by approaching flood zones strategically and incorporating flood analysis earlier in the development lifecycle. Early collaboration can identify opportunities to cut costs and avoid delays. Watch this brief webinar to learn about common problems caused by flood zones, changes in regulatory needs and practical pathways to help reduce or eliminate flood zone requirements (to increase the value of properties). Click here to download the slide presentation. …

March 9, 2026

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 131,748 SF Grocery-Anchored Retail Property in Chicago

by Kristin Harlow March 6, 2026

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of 3030 North Broadway, a Mariano’s-anchored retail property serving Chicago’s Lakeview and Lincoln Park neighborhoods. Additional tenants at the five-story, 131,748-square-foot asset include Club Studio, PNC, Starbucks and Fresh Dental. Ben Wineman and Joe Girardi of Mid-America represented the seller, SITE Centers. The buyer was L3 Capital.

March 6, 2026

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