CHICAGO — Rush University System for Health and Endeavor Health have unveiled plans to merge, creating a system of 12 hospitals and more than 400 care sites. An incremental $1 billion investment, funded by Endeavor, will advance community impact, academics and research, and quality and care innovation in communities across the Chicagoland region. The combined system will operate under the Rush name. Upon close, Endeavor President and CEO J.P. Gallagher will be named president and CEO of the unified system. Dr. Omar Lateef, president and CEO of Rush, will continue in this role through the close of the transaction. He will then serve as CEO emeritus and strategic advisor to the CEO. A 20-person system board will be appointed, with equal representation from Rush and Endeavor board members and led by a chair from the Rush system. Together, the organization will have more than 46,000 employees and clinicians serving more than 2 million patients annually across northern Illinois and northwest Indiana. The transaction is expected to close in early 2027, following regulatory review and approval. Rush is a nonprofit health system that includes Rush University Medical Center, Rush University, Rush Copley Medical Center and Rush Oak Park Hospital, as well …
INDIANAPOLIS — The Annex Group has broken ground on Central at Old Southside, a 227-unit affordable housing community just south of downtown Indianapolis. The $71 million project will offer one-, two- and three-bedroom units to households earning between 50 and 60 percent of the area median income. Amenities will include a community center, fitness center, business center, dog park, garden area, playground and picnic area. Annex’s partnership with the McKenzie Center for Innovation and Technology will create hands-on learning and career development opportunities for locals through Annex University, an initiative launched earlier this year. Project partners for Central at Old Southside include BVH Architecture, CEC as civil engineer and Impact Housing Indiana Corp., an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. The City of Indianapolis awarded the project with a 15-year PILOT, and Indiana Housing and Community Development Authority (IHCDA) provided $500,000 in soft funding as well as $33.5 million in tax-exempt bonds. Bank of America provided approximately $30 million in total equity as well as $53 million in construction financing, while Merchants Capital provided more than $30.7 million in permanent debt financing.
MOUNT PLEASANT, WIS. — Berkadia has arranged the sale of Tivoli Green, a 458-unit multifamily property in Mount Pleasant. Pete Evans and Richard Evans of Berkadia represented the seller, Wangard Partners Inc. The buyer was Illinois-based Santefort Real Estate Group LLC. Wangard has been retained to provide third-party management services for the community. Chris Blechschmidt and Emily Stang of Berkadia arranged acquisition financing through Freddie Mac. Tivoli Green was delivered in three phases from 2021 to 2024. The 22-building property is situated on 38 acres and features two-story townhomes.
HILLIARD, OHIO — JLL Capital Markets has brokered the $20.5 million sale of Hilliard Rome Commons, a 106,922-square-foot power center in the Columbus suburb of Hilliard. Michael Nieder and Brian Page of JLL represented the seller, RCG Ventures LLC. CASTO was the buyer. Built in 2002, Hilliard Rome Commons is fully occupied and anchored by Burlington, HomeGoods, Ulta Beauty, pOpshelf, Buffalo Wild Wings and a Bank of America outparcel. The property features proximity to I-70.
OVERLAND PARK, KAN. — Hunt Midwest has broken ground on Canvas, a 227-unit luxury apartment complex in Overland Park. The project will feature one- and two-bedroom residences along with more than 5,000 square feet of ground-floor retail and restaurant space. The infill development at 8036 Metcalf Ave. will redevelop a now-vacant lot. Canvas is expected to open in early 2029. Amenities will include a pool with grill stations and bar area, a covered dog park with washing stations, a fitness center with yoga studio and sauna, onsite coworking space, a community clubhouse with game room and a garden room. The community will include private parking for every resident plus another 49 public parking spaces. The project team includes BRR Architecture, Brinkmann Constructors, Security Bank, REACTOR Design, Tran + Thomas Design Studio, Polsinelli and Seigfreid Bingham.
PLAINFIELD, IND. — Electric Plus, an Indiana-based electrical contractor, has purchased a 500,192-square-foot industrial facility in Plainfield as part of a headquarters relocation. Jason Speckman of Colliers represented the company in the $38.6 million acquisition of the property at 501 Airtech Parkway. The asset is within the Airtech business park and features cross-dock loading, a clear height of 30 feet, a temperature-controlled warehouse, extensive power resources and ample parking. Since its founding in 2006, Electric Plus has grown from three employees to more than 950 employee-owners serving clients across Indiana and beyond. The company will relocate its headquarters from Avon to Plainfield. As part of the acquisition, approximately 115,000 to 265,000 square feet will be available for lease, with Speckman leading leasing efforts.
GLENVIEW, ILL. — Owner Dermody has inked two new leases at The Logistics Campus in Glenview. LSL Industries LLC has leased 81,225 square feet of Building 4, and S&C Electric Co. has fully leased Building 5, a 295,278-square-foot facility. Positioned just north of Chicago O’Hare International Airport, The Logistics Campus will total more than 3.2 million square feet of Class A logistics space upon completion. Ten buildings are planned for the development. LSL Industries is an Illinois-based manufacturer of disposable medical devices, surgical procedure kits and hospital supplies. S&C Electric is a Chicago-based global provider of technology and services for electric power systems. Suzanne Serino, Jonathan Kohn and Christopher Volkert of Colliers represented Dermody in the leases. Sam Badger and David Prell of CBRE represented LSL. Sally Macoicz, Matthew Saddler and Christopher Johnke of Cushman & Wakefield represented S&C. Three remaining spaces at The Logistics Campus are available for occupancy ranging from 66,000 to 160,000 square feet. Phase I is complete, and Phase II includes 77 acres of fully entitled, shovel-ready property.
COON RAPIDS, MINN. — Eastham Capital and Bender Cos. have acquired Woodland North Apartments, a 198-unit community in the Twin Cities suburb of Coon Rapids. South Florida-based Eastham acquired the property through its fund, Eastham Capital Fund VII LP, with its operating partner Bender. To date, Eastham and Bender have co-invested in 15 projects. Woodland North is currently 94 percent occupied with an average monthly rent of $1,424. The business plan calls for building upon recent capital improvements with additional upgrades across several apartment homes, including in-unit laundry and appliances, along with targeted enhancements to the exterior and amenities. Originally constructed in 1979, the property offers a mix of studio, one-, two- and three-bedroom floor plans averaging 1,029 square feet. More than 70 percent of the floor plans are two- and three-bedroom units. Amenities include a pool, underground heated parking, a car wash bay, community room, fitness center and tennis, basketball and racquetball courts.
By Tony Kennedy, Colliers | St. Louis St. Louis is more than the Gateway Arch and the St. Louis Cardinals (although those are two pretty awesome things to have). With a robust and diversified economy, St. Louis continues to be a steady performer across all sectors predominantly in manufacturing, financial services, healthcare, biotech, energy and education. St. Louis ranks as the 23rd-largest metro area in the U.S. with an unemployment rate of 4.1 percent versus the national average of 4.4 percent. St. Louis doesn’t have high highs or low lows; rather it is the tortoise and not the hare when it comes to economic growth. And when it comes to real estate, the St. Louis office market follows a similar path and continues to show steady trends across key indicators. Overall, office vacancy continues to hover around 25 percent with some submarkets performing better than others. The Clayton submarket remains the “darling” of the St. Louis region with virtually no large blocks of space available and robust demand outweighing supply. With a Class A vacancy rate of 14 percent (about half the region’s average), Clayton landlords continue to push rates upward. Clayton office lease rates are hovering in the low …
INDIANAPOLIS — Echo Real Estate Capital Inc. has acquired 30 acres in Park 100 in Indianapolis. The two land sites currently feature three obsolete office buildings totaling 450,000 square feet that were formerly occupied by United Health Group and Genesys. The sellers were Ventas and The RMR Group, respectively. Echo plans to build Echo Business Park @P100, which will feature multi-tenant industrial facilities for users such as trade contractors, last-mile logistics, light manufacturing and distribution. Suite sizes will range from 7,000 to 80,000 square feet. Demolition is scheduled to begin later this month. Phase I of the project, located on the southern half of the site, will be comprised of three buildings totaling 195,000 square feet and is scheduled for completion in fourth-quarter 2027. Phase II, on the northern half, will feature an additional 200,000 square feet. Construction on Phase II is anticipated to commence in 2027 with delivery in 2028. Korey Ryan of Colliers will serve as leasing agent. CIBC is providing debt financing, and Keeley Construction is the general contractor. Powers Brown is the architect, and SpaceCo is the civil engineer.
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