Wednesday, December 3, 2025
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AcquisitionsMidwestOfficeOhio

Real Capital Solutions Acquires First Financial Center in Cincinnati for $59M

by Kristin Harlow

CINCINNATI — Real Capital Solutions (RCS) has acquired First Financial Center, a 31-story office tower located at 255 E. Fifth St. in downtown Cincinnati, for $59 million. The 551,836-square-foot property includes 523,213 square feet of office space and 28,623 square feet of retail space. The acquisition also includes a seven-story, 1,233-space parking garage. First Financial Center is 91.7 percent leased to 17 tenants, including three headquarters users that collectively occupy 65 percent of the building’s leased space. Those include First Financial Bank, Dinsmore & Shohl LLP and Chemed Corp., which recently signed a 10-year renewal. More than 75 percent of the leased space is occupied by financial and legal services firms. The acquisition price represents a discount of more than 75 percent to estimated replacement cost.

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DevelopmentKansasMidwestMultifamily

Thompson Thrift Breaks Ground on 303-Unit Apartment Complex Near Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — Thompson Thrift has broken ground on Canopy Flats, a 303-unit apartment complex located along Metcalf Avenue in the Kansas City suburb of Overland Park. The project will offer one-, two- and three-bedroom units averaging 1,085 square feet. Residents are expected to move in during spring 2027. Amenities will include a fitness center, golf simulator studio, heated swimming pool, outdoor movie wall, pet spa and conference room.  

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 121,184 SF Shopping Center in Southgate, Michigan

by Kristin Harlow

SOUTHGATE, MICH. — Mid-America Real Estate Corp. has brokered the sale of Dix-Toledo Shopping Center, a 121,184-square-foot shopping center in the Detroit suburb of Southgate. The property is 92 percent leased to retailers such as TJ Maxx, Ross Dress for Less, Chuck E. Cheese, Snipes and Hook & Reel. Ben Wineman and Daniel Stern of Mid-America represented the seller, a private family. The buyer was a Detroit-based private investment company.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 97,073 SF Industrial Building in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 97,073-square-foot industrial building in the Chicago suburb of Tinley Park. The multi-tenant property was 44 percent leased at the time of sale. Constructed in 2004, the building is demised into five units. It features 13 exterior docks, six drive-in doors and parking for more than 162 cars. The three vacant suites range from 16,566 to 20,924 square feet, each with 1,236 to 3,291 square feet of office space. Each unit provides access to two or three dedicated exterior docks and one drive-in door, along with electrical service ranging from 400 to 1,400 amps. Venture One plans to make improvements to the vacant units, including office renovations, painting, energy-efficient lights and parking lot paving. Josh Hearne of Cawley Commercial Real Estate represented the seller and has been retained to market the property for lease. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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AcquisitionsIndianaMidwestRetail

Quantum Arranges $2M Sale of Retail Center in Logansport, Indiana

by Kristin Harlow

LOGANSPORT, IND. — Quantum Real Estate Advisors Inc. has arranged the $2 million sale of a retail center located at 3900 Lexington Road in central Indiana’s Logansport. The roughly 18,600-square-foot property was 80 percent leased at the time of sale. Dan Waszak of Quantum represented the seller, an East Coast-based private fund. The buyer was an investment group based in Atlanta. The center offers one vacant suite totaling roughly 3,800 square feet along with an additional pad for development.

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AcquisitionsMidwestNebraskaRetailTop Stories

Federal Realty Acquires Village Pointe Shopping Center in Omaha for $153.3M

by John Nelson

OMAHA, NEB. — Federal Realty Investment Trust (NYSE: FRT) has acquired Village Pointe, a 453,000-square-foot, open-air shopping center in Omaha. The retail REIT purchased the property from the undisclosed seller for $153.3 million. “Village Pointe checks the key boxes for us: affluent demographics and growing population, clear unmet retail demand, proven retailer success in the location and a truly dominant asset,” says Don Wood, president and CEO of Federal Realty. Situated on Omaha’s west side on West Dodge Road, Village Pointe draws nearly 6 million annual visits and serves a trade area of over half a million people, with visits averaging one hour in duration. The center was 96 percent leased at the time of sale to national and premium lifestyle retailers — including Apple, lululemon, Sephora, Coach, Bentley, Nordstrom Rack, Madewell — many of which are exclusive to the market. Scheel’s, a large-scale sporting goods retailer, shadow-anchors Village Pointe. Other tenants include Cheddar’s Scratch Kitchen, North Italia, DSW, Best Buy, Old Navy, Warby Parker, Urban Outfitters and Marcus Village Pointe Cinema. Federal Realty has noted the value-add opportunity at Village Pointe via elevating the tenant mix and enhancing merchandising. Founded in 1962, Federal Realty Investment Trust is based in North …

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IllinoisMarket ReportsMidwestMidwest Market ReportsRetail

Chicago Retail Shines in Neighborhoods, Suburbs

by Abby Cox

While the health of the retail market along the Magnificent Mile continues to recover incrementally with a rebound in foot traffic following a prolonged downturn, Chicago’s neighborhoods and suburbs are bustling with leasing activity. In fact, limited retail supply in the suburbs and throughout most of the city’s neighborhoods is one of the biggest challenges facing the market, according to Michael Flinchbaugh, an associate director with Chicago-based Bradford Allen. He says the dynamic has pushed up rents, leading to more national retailers entering corridors that have historically been occupied by local stores. “Groups that are not as well capitalized are struggling to find affordable space for lease,” says Flinchbaugh. The Loop, on the other hand, is sitting at a vacancy rate around 30 percent, according to Flinchbaugh. He says the hope is that the number of office-to-residential conversions slated to occur in the next two to three years will bring retailers back to the submarket as it becomes more of a live-work community. The Loop is located south of the Chicago River, while the Magnificent Mile is situated on the city’s Near North Side. Long known for its high-end shops, hotels and restaurants, the one-mile section of Michigan Avenue referred …

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DevelopmentMidwestMissouriMultifamily

MBG Underway on 151-Unit Luxury Multifamily Community in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — MBG is underway on construction of Vivienne, a luxury property with 151 townhomes and apartments in the St. Louis suburb of Clayton. Keely Properties is the developer. Designed by Trivers, the 252,002-square-foot, mid-rise property will include nine townhomes and 142 apartments. A second-level entertainment and patio space will feature an outdoor pool, outdoor kitchen, fire pits and barbecue grills. Other amenities will include a 3,600-square-foot fitness center, coworking space, indoor lounge, dog park, dog spa, indoor sauna, conference room and speakeasy room. Completion is slated for summer 2026.

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Brokers Sale of 102-Room Hampton Inn Milwaukee-Airport Hotel

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has brokered the sale of the 102-room Hampton Inn Milwaukee-Airport hotel. The three-story property is situated on 3.9 acres at 1200 W. College Ave., less than three miles from the Milwaukee Mitchell International Airport. Amenities include an indoor pool, fitness center, business center, breakfast area and shuttle service. Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment groups. The transaction received additional support from Michael Klar, Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team.

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DevelopmentMidwestMinnesota

Kraus-Anderson Completes 30,000 SF Renovation of Summit Academy in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson has completed the renovation of Summit Academy OIC, a longtime workforce development anchor at 935 Olson Memorial Highway in North Minneapolis. The project doubled Summit’s footprint, allowing it to expand career trainings and job placement for low-income adults in the fields of construction, healthcare, financial services and IT. Designed by RSP Architects, the 30,000-square-foot expansion combined two adjacent buildings into one cohesive campus and reclaimed a daycare space that had previously been rented for approximately 30 years. Along with updated classrooms, training space, offices and building systems, the $5 million renovation project also includes a new dental training lab. Construction began in March 2025.

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