TROY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million in financing for the acquisition of a 62,364-square-foot retail property in Troy. Todd Phillips of MMCC arranged the loan through a national bank. It features a seven-year term, 6.1 percent interest rate and 30-year amortization period. The property, located near I-75, is home to several national restaurants and retailers.
ST. LOUIS — Longtime tenant Deloitte has renewed its office lease for 22,040 square feet at the Deloitte Building in downtown St. Louis. Additionally, owner Stanton Road Capital (SRC) has completed The Outpost, a new amenity center at the 12-story building. The Outpost includes a fully modernized fitness center, conference facility, lounge and grab-and-go food-and-beverage options. The amenity package is part of SRC’s broader repositioning of the 260,000-square-foot property. Andy Gooliak, John Salsberry and Aly Brooks of Colliers represented Deloitte. Tom Bajardi, Brandon Wappelhorst and Nick Fiquette of Sansone Group are the leasing brokers for the Deloitte Building.
COLUMBUS, OHIO — Byline Bank’s Commercial Real Estate Group has provided a $17.5 million term loan to The Schirm Firm to finance the acquisition of Trotters Park, a multifamily property located at 720 Michigan Ave. in Columbus. The community is situated in an infill pocket between downtown Columbus and The Ohio State University. A citywide walking and bike trail borders the property. Sarah Hunter, Mason Tittle, Matt Smith and Eric Estela of Byline Bank handled the transaction.
LOMBARD, ILL. — JLL Capital Markets has arranged the $10.1 million sale of a 21,071-square-foot retail strip center in Lombard. Built in 2003 and fully renovated in 2026 for medical tenancy, the property is fully leased to Duly Health and Care, Midwest Orthopaedics at Rush and Potbelly Sandwich Works. Alex Sharrin, Mohsin Mirza, Will Bowater, Michael Nieder and Brian Page of JLL represented the seller, a joint venture between HSG Medical and Capital Healthcare Properties. A local private capital group purchased the asset in a 1031 exchange.
WEST JEFFERSON, OHIO — Ambrose has broken ground on Building II of the Columbus Logistics Park – West, a 169-acre, three-building logistics park in West Jefferson, 20 miles west of downtown Columbus. Building II will offer more than 1 million square feet of space for lease, including a 2,800-square-foot office area. The spec property will feature a clear height of 40 feet, 110 docks, two 4,000-amp panel services and ample auto and trailer parking. The building will offer a minimum divisibility of 531,000 square feet. Substantial completion is slated for fall 2027. ARCO is the general contractor, and ATA Architects provided design services. The Columbus-based Colliers team is handling leasing and marketing for the project. Ambrose partnered with Bank OZK on the construction loan. Building I within the park was completed in 2022. The 715,000-square-foot building is fully leased to GXO and FST Logistics.
EDWARDSVILLE, ILL. — Thyssenkrupp Supply Chain Services has signed a 769,000-square-foot industrial lease renewal and expansion at Lakeview V in Edwardsville near St. Louis. The transaction includes a three-year renewal of 600,000 square feet along with a 169,500-square-foot expansion. The tenant will now occupy the entire building. Peter J. Kepic and Peter E. Kepic of Colliers | Detroit represented Thyssenkrupp, with referral support from Dan Bamberger, Dan Lesinski and Billy Spence of Colliers | St. Louis. Thyssenkrupp originally leased space in the property in late 2024 following the closure of the former FedEx warehouse.
WHEATON, ILL. — Mid-America Real Estate Corp. has arranged the sale of Rice Lake Square, a grocery-anchored shopping center in Wheaton, a western suburb of Chicago. Pete’s Fresh Market anchors the 244,924-square-foot center. Additional tenants include PetSmart, Massage Envy, Pure Barre, Xfinity, Potbelly, 7Brew and Taco Bell. Rick Drogosz, Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Core Acquisitions. Phillips Edison Co. was the buyer.
CHICAGO — Greenstone Partners has brokered the $4.1 million sale of a 10,600-square-foot, two-level retail condominium in Chicago’s Wicker Park neighborhood that is fully leased to Urban Outfitters. Danny Spitz and Brewster Hague of Greenstone represented the seller, Newcastle Investors. Spitz also brokered Newcastle’s acquisition of the property in 2013. Urban Outfitters has occupied the asset since 2005. The tenant completed an early extension of its lease, which now runs through January 2034.
MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington. The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …
CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.
