CHICAGO — Skender has begun construction on the 500 N. Michigan Ave. adaptive reuse project, which will convert the 400,000-square-foot office tower into 320 apartment units on Chicago’s Magnificent Mile. The project team includes Connecticut-based Commonwealth Development Partners and GREC Architects. Completion is slated for late 2027. Originally designed by Skidmore, Owings & Merrill and completed in 1968, the building rises 24 stories and 304 feet tall. The conversion will transform vacant floors three through 23 into residential dwelling units, while a new 25th floor with amenity space will be constructed atop the building, adding 17 feet to its height. Level 24 will house mechanical systems, and floors two through five will include additional amenity programming. Ground-floor retail will be retained. Skender’s scope of work includes full interior demolition of the existing vacant office spaces, elevator modernization throughout all floors and the complete build-out of residential units and amenity spaces.
CHICAGO AND MINNEAPOLIS — Cabot Properties has sold the North Central Portfolio, a collection of 11 industrial buildings totaling roughly 2.5 million square feet across the greater Chicago and Minneapolis markets. A global asset manager purchased the portfolio, which includes assets both developed and acquired by Cabot. Six of the properties are located in the North/Central Kane County and West Suburbs submarkets of Chicago and include four cross-dock facilities and two rear-load properties totaling approximately 1.6 million square feet. The assets have an average vintage of 2019 and feature 32-foot clear heights, ESFR sprinkler systems, 130-to-185-foot truck court depths and efficient loading configurations. The buildings are 97 percent occupied by various logistics and distribution users. The additional five buildings comprise roughly 1 million square feet across the Northwest and Southwest submarkets of Minneapolis. The rear-load facilities have an average vintage of 2014 and feature 32-foot clear heights, ESFR sprinkler systems and 130-to-155-foot truck court depths. The fully leased properties are home to distribution and light manufacturing users.
PARMA, OHIO — Hendon Properties, in a joint venture with Axiom Realty and Peaceable Street Capital, has acquired The Shoppes at Parma in the Cleveland suburb of Parma. Anchor tenants at the 734,199-square-foot shopping center include Walmart Supercenter, Burlington, Dick’s Sporting Goods and grocer Marc’s. The deal includes six outparcels with a variety of tenants such as Crumbl Cookies, T-Mobile, Five Guys Burgers & Fries and Panera Bread. Opened in 1956, the property was formerly known as Parmatown Mall. The asset marks the fifth acquired by The Hendon Properties Opportunity Fund, which now totals more than 1.3 million square feet in its portfolio.
VALPARAISO, IND. — McColly Bennett Commercial Advantage has negotiated the $15 million sale of a 43,500-square-foot medical office building in Valparaiso. The seller, Viking Medical Center, acquired and envisioned the future of the unfinished building two years ago. Construction on the building launched in 2018 when it was envisioned as a dialysis center. However, due to financial issues, the original tenant never took occupancy and the building sat incomplete and vacant until Viking Medical Center acquired the property and hired Hasse Construction to complete the build-out of the Class A medical facility. The two-story building features three elevators, a covered patient drop-off canopy, dedicated covered physician and staff parking and visitor parking for 182 vehicles. Adriana Gomez and Jeff Bennett of McColly Bennett marketed the property.
CHICAGO — Walker & Dunlop Inc. has arranged a $555.6 million loan for the refinancing of a 14-property student housing portfolio totaling 4,295 units and 10,454 beds across nine states. Chicago-based real estate investment and property management company The Scion Group was the borrower. The communities are located in Arizona, Alabama, California, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas. Specific property names were not disclosed. Walker & Dunlop’s Brendan Coleman, Will Baker and Colin Coleman secured the floating-rate, interest-only loan through an existing Fannie Mae credit facility. Scion maintains four Fannie Mae credit facilities, all of which were originated by Walker & Dunlop. Scion is the largest owner and operator of student housing communities globally with 190 communities and nearly 118,000 beds across 94 university markets. According to Walker & Dunlop’s 2026 Student Housing Outlook, demand continues to outpace supply across most major university markets. — Abby Cox
GREEN BAY, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $16.5 million in construction financing for Common Place Phase II, a 91-unit multifamily property with a first-floor retail unit located within walking distance of Lambeau Stadium at 670 Mike McCarthy Way in Green Bay. Robert Bhat of MMCC secured the financing through a local bank. The loan features an 80 percent loan-to-cost ratio, five-year term and 6.25 percent interest rate. Construction commenced in June. Plans call for a mix of studios, one-bedroom units and two-bedroom units designed to complement the adjacent Phase I development.
NEW CENTURY, KAN. — BGO and Yukon Real Estate Partners have sold New Century Cold Storage, a newly built, 291,000-square-foot cold storage warehouse in New Century, a southwest suburb of Kansas City. A MetLife Investment Management client was the buyer. The facility, owned and co-developed through a joint venture between BGO and Yukon, was purpose-built as a plant-attached, built-to-suit warehouse for CJ Logistics America. The property is located within Johnson County Airport Commission’s New Century AirCenter industrial park, with a direct rail spur to the building and access to the BNSF Railway transcontinental intermodal facility. The asset is positioned less than four miles from I-35, providing road access to approximately 85 percent of the U.S. population within two days.
PLYMOUTH, MINN. — JLL Capital Markets has brokered the sale of Medicine Lake Apartments, an 81-unit community situated along Medicine Lake in Plymouth. Built in 1977, the four-story property features 12 private boat slips and floor plans averaging 948 square feet. Amenities include a fitness center, sauna, outdoor pool, multi-sport court, resident clubroom and direct access to the Luce Line Regional Trail. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the seller, Bigos Management. The buyer was Weber Organization.
URBANDALE, IOWA — Opus is under construction on a new dedicated high school for Des Moines Christian School in the suburb of Urbandale. The 133,670-square-foot facility will be located at 4300 136th St. on 104 acres that the school purchased in 2024 via a gift. Des Moines Christian School currently serves 1,500 students in grades Pre-K through 12 on its 26-acre Urbandale campus. The new high school, being built one mile away, will include a two-story academic wing with 24 classrooms and three labs, including dedicated STEM spaces; a gymnasium with a regulation collegiate-sized basketball court and bleacher seating for more than 2,000 fans; dedicated spaces for wellness, fine arts and student activities; a common space with electric fireplace; a student-led coffee shop; and outdoor learning and dining spaces. Opus is serving as construction manager and is working with SVPA Architects.
By Kimm Lauterbach, REDI Cincinnati Shaped by its strong German heritage, brewing tradition and historic role as the nation’s pork-processing capital, earning the nickname “Porkopolis,” the Cincinnati region has long been defined by industry, entrepreneurship and innovation. That legacy of reinvention has transformed Cincinnati into one of the Midwest’s most resilient and strategically positioned economic development markets. Anchored by a diverse economy, a central location within a one-day drive of nearly 60 percent of the U.S. population and a growing concentration of advanced industries, the region is experiencing sustained investment across industrial and life sciences. Unlike many peer markets that are dependent on a single industry, Cincinnati benefits from a balanced economic base led by advanced manufacturing, life sciences, aerospace and aviation, food and beverage and logistics. For the first quarter of 2026, REDI Cincinnati has welcomed the highest number of site visits since our inception. Industrial powerhouse Industrial real estate remains the strongest-performing commercial sector in the Cincinnati market. Cincinnati’s industrial vacancy rate stood at approximately 5.4 percent during the first quarter of 2026, according to Cushman & Wakefield, reflecting a healthy and balanced market despite significant inventory growth over the last several years. Positive absorption has continued, …
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