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AcquisitionsDevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark Properties Acquires Galleria Mall in Ann Arbor, Plans to Build 950-Bed Student Housing Project

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties has acquired the site of Galleria Mall in Ann Arbor with plans to build a 950-bed student housing community with its in-house construction arm, Landmark Construction. Named The Metropolitan on South U, the 241-unit development will be situated in the South University neighborhood a few blocks away from the Ross School of Business. Rising 18 stories, The Metropolitan will feature approximately 5,200 square feet of ground-floor retail space as well as community amenities, including a clubhouse, fitness center, pool and rooftop lounge. A timeline for construction was not provided. The community marks Landmark’s third ground-up residential development in Ann Arbor and seventh project in the market managed by the company.

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IllinoisLoansMidwestRetail

Pine Tree Receives $247M Loan for Refinancing of Six Shopping Centers Across Four States

by Kristin Harlow

OAK BROOK, ILL. — Oak Brook-based Pine Tree has received a $247 million loan for the refinancing of a six-property shopping center portfolio acquired earlier this year in partnership with a state pension fund. Bill Barry and Bill Stewart of Draper & Kramer Inc. arranged the loan through New York Life Real Estate Investors. The properties are located in Florida, Arizona, Oregon and Ohio. Anchor tenants include 13 TJX concepts, Nordstrom Rack, Ulta Beauty, Target and Dick’s Sporting Goods. Also included are several owned grocery stores, including Kroger, The Fresh Market and New Seasons Market.

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Leasing ActivityMidwestMissouriOffice

Anthem Blue Cross and Blue Shield to Relocate to Deloitte Building in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — Anthem Blue Cross and Blue Shield has signed a lease to relocate to the Deloitte Building at 100 S. Fourth St. in downtown St. Louis. Anthem will occupy approximately 50,000 square feet in the 12-story, 260,000-square-foot building. The owner, Stanton Road Capital (SRC), is constructing its tenant amenity package, The Outpost, which will feature a fully modernized fitness center, 100-person conference room, Wi-Fi-enabled tenant lounge and grab-and-go food and beverage options. Anthem expects to relocate from its longtime office at 1831 Chestnut St. by fall 2025. Brandon Wappelhorst, Nick Fiquette and Tom Bajardi of Sansone Group represented SRC in the lease.

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Leasing ActivityMidwestMinnesotaRetail

Seven New Retail Tenants Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow

EDEN PRAIRIE, MINN. — Seven new retail tenants have opened or are coming soon in 2025 at Eden Prairie Center, a 1.4 million-square-foot retail property in the Twin Cities suburb of Eden Prairie. JLL manages the asset, which features more than 100 shops and restaurants. Now open seasonally, Northwoods Boutique offers seasonal products, including arts, crafts, handmade items, new and vintage décor, furniture, home décor and holiday décor. The 4,470-square-foot boutique is located on the lower level near Target and DSW. The Makers Den is a one-stop shop offering 3D print products, services and design classes for all ages. The 1,581-square-foot print shop is owned and operated by former schoolteacher Phillip Sexton and is located on the upper level near AMC. Gyu Mai Japanese BBQ/Ichiddo Ramen is a dual-concept Asian eatery. The 7,996-square-foot, street-front space will be divided into two restaurants on the lower level of the entertainment wing. Miniso is a variety store chain that specializes in household and consumer goods, including cosmetics, stationary, toys and kitchenware. The Eden Prairie location, opening in January, will be the second franchise store in Minnesota at 3,530 square feet and located in the upper level of Center Court. The U.S. Army Recruiting …

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CivicDevelopmentMidwestMissouri

ICS Construction Completes 78,000 SF Clark Family Branch Library in Suburban St. Louis

by Kristin Harlow

LADUE, MO. — ICS Construction Services Ltd. has completed the Clark Family Branch Library for the St. Louis County Library (SLCL) district. Lamar Johnson Collaborative (LJC) was the project architect. Located at 1640 S. Lindbergh Blvd. in the inner-ring suburb of Ladue, the two-story building totals more than 78,000 square feet and stands as the largest branch in the SLCL system. The design emphasizes open, flexible spaces with high ceilings and natural light. The Clark Family Branch is the final branch to be designed as part of SLCL’s system-wide “Your Library Renewed” program. In addition to providing traditional reading, private study spaces and quick access to collections, the library features various meeting and event spaces, age-specific areas for creative and hands-on learning experiences and diverse community-based services. The Stephany and Richard Kniep Children’s Space features a playhouse, built-in reading nooks, a magnetic gear wall and educational touch-screen games. The Unity Foundation Teen Space provides tech-focused amenities such as the Object Computing creative lab with a 3-D printer, audio recording studio, video recording studio and video game room. The 800-seat multipurpose Post Event Space & Plaza offers multiple room configurations to support author events and programs. The Emerson History & Genealogy …

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AcquisitionsMidwestOhioRetail

IPA Brokers $76.3M Sale of Two-Property Retail Portfolio in Metro Columbus

by Kristin Harlow

DUBLIN AND REYNOLDSBURG, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $76.3 million sale of a 622,000-square-foot retail portfolio in metro Columbus. The Walmart-anchored shopping centers include the 395,074-square-foot Taylor Square in Reynoldsburg and the 226,718-square-foot Tuttle Crossing in Dublin. Built between 2000 and 2003, Taylor Square was 99 percent occupied at the time of sale. The tenant roster includes JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works and Smokey Bones. Tuttle Crossing is home to tenants such as Best Buy, Morris Home Furniture, Ross Dress for Less, Golf Galaxy and Cost Plus. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a partnership between New York-based Island Capital and Casto, a local firm. The buyer was a partnership between DLC Management and Principal Asset Management.

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Leasing ActivityMidwestMinnesotaOffice

St. Croix Hospice Leases Full Building at Mendota Tech Office Park in Minnesota

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — St. Croix Hospice has signed a long-term lease at Mendota Tech – Workplace 3 in Mendota Heights, a southern suburb of the Twin Cities. The end-of-life care provider will occupy the 30,586-square-foot office building in its entirety. St. Croix Hospice, which is relocating from Oakdale, plans to take occupancy in the first quarter of 2025. With over 70 locations throughout the Midwest, the agency provides care to more than 5,200 patients. Tim Olsen of Carlson Partners represented the tenant. Mike Honsa and Eric Rapp of Transwestern Real Estate Services represented ownership, Capital Partners. Mendota Tech Office Park comprises eight buildings.

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DevelopmentIndustrialMidwestOhio

Impact Beverage Expands Production Facility, Doubles Workforce in Cincinnati

by Kristin Harlow

CINCINNATI — Impact Beverage has unveiled plans to add 10,000 square feet to its production facility in Cincinnati. The expansion includes substantial investment in new machinery and equipment, creating 65 new jobs and adding $4.6 million in annual payroll to its existing workforce of 60 employees. Impact Beverage handles each step of the beverage manufacturing process in its facilities, creating a variety of ready-to-drink cocktails and nonalcoholic beverages with carbonated or still packaging options. The capital investment will support the installation of a new pasteurization line, enhancements to canning capabilities, increased automation and further development of innovative packaging solutions. The City of Cincinnati is working closely with Impact Beverage on a local incentive package. In addition, the State of Ohio approved a Job Creation Tax Credit. JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.7M Sale of Retail Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.

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