TOPEKA, KAN. — The International Hot Rod Association (IHRA) has acquired Heartland Motorsports Park in Topeka. Originally opened in 1963 as Topeka Dragway, the facility later evolved into Heartland Motorsports Park. Over the decades, the park has hosted major national drag racing events, road racing, karting, motocross and grassroots competitions. Planned restoration and redevelopment efforts will focus on creating a year-round destination that blends motorsports with live entertainment and community engagement. Specifically, plans call for: revitalized drag racing operations with improved racer and fan amenities; expanded motorsports and special event programming; live music, concerts and festival experiences; enhanced hospitality, vendor and fan experience areas; community-focused events designed to drive tourism and economic impact. Renovation planning will begin immediately, with additional announcements regarding redevelopment phases, event schedules and community partnerships expected in the coming months.
CHICAGO — Transwestern Real Estate Services has unveiled plans to relocate its Chicago office to 123 N. Wacker Drive, signing a long-term lease for 35,000 square feet for the tower’s penthouse. The brokerage firm plans to take occupancy this fall. The firm is departing from its location at 200 W. Madison St. after nearly 20 years. The Chicago office is one of two Transwestern locations in the metro area, with a second office in Rosemont serving the suburban office and industrial markets. Transwestern will occupy floors 28-30 of the building. The 28th floor features private outdoor space, while the 30th floor provides direct access to the building’s tenant lounge. The property also features a refreshed lobby, indoor-outdoor workspaces, a coffee bar, conferencing facilities and fitness center. Eric Myers of Transwestern and the firm’s agency leasing team will partner with Sterling Bay in representing office leasing at 123 N. Wacker Drive this year. The Transwestern team has prior experience with leasing the building. Larry Serota represented Transwestern on an internal basis, while Russ Cora and Austin Lusson of Sterling Bay represented the landlord.
LA CROSSE, WIS. — Marcus & Millichap has arranged the sale of The Charmont Hotel, a 67-room boutique hotel property in La Crosse. The property was formerly a 19th-century candy factory. The hotel features a full-service restaurant, rooftop terrace, fitness center and more than 900 square feet of meeting space. Open since 2017, the asset is steps from the Mississippi River. Ebrahim Valliani, Michael Klar, Dan Danielak and Todd Lindblom of Marcus & Millichap represented the seller, a private investor group, and procured the buyer, Diane Hendricks, founder of Hendricks Commercial Properties LLC. The transaction received additional support from Chris Gomes and Allan Miller of Marcus & Millichap’s Miller-Gomes Hotel Team.
CHICAGO — Greenstone Partners has brokered the sale of a flex industrial property in Chicago’s Irving Park neighborhood for nearly $17 million. Located at 3800 N. Milwaukee Ave., the 128,222-square-foot facility features a diverse tenant mix, including a daycare, multiple indoor sports facilities and an auto-related office and service operator. At the time of sale, the property was 98 percent leased. Danny Spitz and Brewster Hague of Greenstone represented the seller and procured the buyer, an Illinois-based private equity group.
CHICAGO — JLL Capital Markets has secured the refinancing for a dual-branded hotel in Chicago’s River North district. The property comprises the 270-room Residence Inn River North and the 253-room SpringHill Suites River North, both of which are Marriott-affiliated and located at 410 N. Dearborn St. Danny Kaufman, Jeffrey Bucaro and Malia Buljat of JLL worked on behalf of the borrower, a joint venture between Friedman Properties and White Lodging, to secure a fixed-rate, five-year loan through PGIM. Both hotels completed a renovation of all guestrooms in April 2025. Public space and meeting room renovations are slated for completion in February. The property features 1,358 square feet of meeting space, a fitness center and multiple food-and-beverage outlets, including two new restaurant concepts by Lettuce Entertain You — Gus’s Slip & Dip and Crying Tiger — that opened on the ground floor. The Residence Inn offers suites with full kitchens, separate living areas and complimentary breakfast. The SpringHill Suites offers suites with kitchenettes and amenities.
MAPLE GROVE, MINN. — CBRE has arranged the sale and acquisition financing for a 255,501-square-foot, two-property industrial portfolio in Maple Grove. Enclave purchased the portfolio from Artis REIT for $25.5 million. CBRE’s Judd Welliver, Bentley Smith, Zach Graham, Ryan Bain, Michael Caprile and Joe Horrigan represented the seller. CBRE’s Joel Torborg, Mike Vannelli and Billy Mork arranged a $15 million loan with a fixed interest rate and interest-only payments through a life insurance company. Located at 9200 Forestview Lane North and 9155 Cottonwood Lane, the properties are currently fully leased to two tenants.
WINNETKA, ILL. — SVN Chicago Commercial has negotiated the sale of a multi-parcel assemblage anchored at 911 Green Bay Road in the Chicago suburb of Winnetka, creating a mixed-use redevelopment opportunity in the city’s Hubbard Woods business district. The assemblage includes 1007 Tower Court, 911-913 Green Bay Road, 907-909 Green Bay Road and 901-905 Green Bay Road. John Joyce and Steven Hirsch of SVN Chicago brokered the transaction. One of the four properties sold was the last industrial-zoned parcel in Winnetka, marking a pivotal shift in land use. According to SVN, the last major redevelopment in the Hubbard Woods business district occurred in 1980 with McDonald’s. In recent years, the village has completed streetscape and infrastructure improvements, rebranding the corridor as the Hubbard Woods Design District. The assemblage required four coordinated sales across multiple ownership groups and legal teams. SVN was the only broker involved and has been retained to market the retail component of the redevelopment.
PORT WASHINGTON, WIS. — The Barry Co. has brokered the sale of a 23,267-square-foot industrial building with a separate 4,800-square-foot outbuilding in Port Washington. David Buckley of Barry represented the seller, while Mark Gorski of Summit Commercial Real Estate represented the buyer, Gurtz Electric of Port Washington LLC. Dr. Ag Services Inc. had previously bought the building in April 2024 and completed a strategic repositioning, increasing the property value by about 48 percent when sold again after 18 months.
CHICAGO — Real estate investment firm Real Capital Solutions (RCS) has acquired 401 N. Michigan Ave., a Class A office tower in Chicago, for $132.5 million. Situated on the Chicago River’s north bank along the city’s Magnificent Mile, the property totals 35 stories and 747,522 square feet. According to RCS, the acquisition price represents a 77.8 percent discount relative to replacement cost. The seller was not disclosed, but Crain’s Chicago Business reports that a joint venture led by locally based Walton Street Capital sold the tower. The news outlet also reports that the transaction represents the highest sales price for a Chicago office tower since 2022. 401 N. Michigan was roughly 87 percent leased at the time of sale. Tenants of the building include the Accreditation Council for Graduate Medical Education, the American Dental Association, Scion and private equity firm BDT & MSD Partners. Since 2023, more than 275,000 square feet of leasing activity has been executed at the property. The building also recently underwent $17 million in renovations, including improvements to the lobby and amenity spaces. “The acquisition of 401 N. Michigan represents a rare opportunity to secure a top-performing, institutional office tower in an irreplaceable riverfront location,” says Adam Abeln, chief …
CHICAGO — Transwestern Real Estate Services has negotiated 159,403 square feet of new and renewal office lease transactions at the Civic Opera Building, which is located at 20 N. Wacker Drive in Chicago. John Nelson, Eric Myers and Kathleen Bertrand of Transwestern serve as the broker representative team for the historic property. Transwestern’s Asset Services group manages the building. Since the beginning of 2025, 24 leases have been completed at the Civic Opera Building. Eight new tenants signed deals for a total of 102,260 square feet. Notably, coworking space provider Workbox signed a lease for 68,137 square feet. Fifteen tenants renewed their space for a total of 57,143 square feet. Built in 1928, the 915,000-square-foot, 44-story building was renovated in 2015. In 2021, the Circuit Court of Cook County appointed Transwestern as the receiver of the property. Amenities include a conference center, studio theater, fitness center, roof terrace and tenant lounge.
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