Thursday, May 14, 2026
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IllinoisLeasing ActivityMidwestOffice

Vedder Signs 163,000 SF Headquarters Lease Extension in Downtown Chicago

by Kristin Harlow

CHICAGO — Vedder has signed a 163,000-square-foot headquarters lease extension at 222 N. LaSalle Street, a 26-story office building in downtown Chicago. Vedder signed a 12-year extension to maintain its global headquarters at the building through 2041. The law firm, which has been headquartered at 222 N. LaSalle since 1988, will continue to occupy 163,000 square feet across five floors. Tishman Speyer serves as property manager and leasing agent at the property and was internally represented by Ellen May, Steve Golz and Bella Rapken. Joe Learner and Adam Southard of Savills represented Vedder. The 1 million-square-foot property recently received renovations and is now 87 percent leased. The renovated lobby features new food-and-beverage options, and the Zo Clubhouse features a new outdoor patio. All tenants have access to Zo Clubhouse, Tishman Speyer’s amenity network. Originally constructed in 1926, the building features unobstructed views of the Chicago River, flexible floorplates and convenient transit access.

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DevelopmentHospitalityMidwestMissouriRetail

Construction Begins on First Amusement Park Ride at Oasis at Lake of the Ozarks in Missouri

by Kristin Harlow

OSAGE BEACH, MO. — Construction teams are now installing the first amusement park ride at Oasis at Lake of the Ozarks in Osage Beach. The family tower ride, named The Plunge, will lift riders 100 feet into the air to experience sweeping views of the lake before plunging them back down to the landing zone at high speeds. Standing as tall as the Natural Bridge at Ha Ha Tonka State Park in Camdenton, Mo., The Plunge will be one of the tallest structures in the area. The Plunge is one of 12 amusement rides planned for the Oasis Lake of the Ozarks entertainment destination. The amusement park, parking garage and boat slips are scheduled to open in spring 2027. The indoor water park and Marriott Resort & Conference Center will follow. When complete, Oasis Lake of the Ozarks will operate as a year-round destination featuring multiple restaurants and a wide range of attractions, including two roller coasters, a nearly 200-foot-tall observation wheel, the largest indoor water park in Missouri and a 401-room Marriott Resort.

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AcquisitionsLoansMichiganMidwestMultifamily

SF Capital Group Arranges $32M Acquisition Loan for Michigan Multifamily Property

by Kristin Harlow

SHELBY TOWNSHIP, MICH. — SF Capital Group has arranged a $32 million loan for the acquisition of a 368-unit multifamily property in Shelby Township. Ryan Denomme of SF Capital arranged the nonrecourse bridge loan, which features three years of interest-only payments and future funding commitments. The undisclosed borrower plans to execute a property improvement and unit renovation plan.  

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AcquisitionsIllinoisIndustrialMidwest

Realterm Acquires 28,985 SF Industrial Outdoor Storage Facility in Bridgeview, Illinois

by Kristin Harlow

BRIDGEVIEW, ILL. — Realterm, an independent global investment manager focused on the transportation industry, has acquired 9655 Industrial Drive, an industrial outdoor storage maintenance facility in Bridgeview, a southwest suburb of Chicago. Located on a nearly 4-acre site, the 28,985-square-foot maintenance facility offers 10 oversized drive-in doors and a 6,000-square-foot office. The entire maintenance facility is leased to Carrier Corp., a subsidiary of the global HVAC and refrigeration solution provider. Matt Knafel of KWILL Real Estate represented Realterm in the sale.

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Market ReportsMidwestMidwest Market ReportsNebraskaRetail

New Development, Backfill Activity Fuel Omaha Retail Market Momentum 

by Kristin Harlow

By Mandi Backhaus-Barr, The Lerner Company As they say, when one door closes, another one opens, and the same is true in commercial real estate. In 2025, the Omaha market experienced a plethora of activity, from store closures to quick backfills, and numerous new developments either announced, commenced or completed. Omaha’s market continues to demonstrate strong momentum, showing little sign of slowing down.  This strength was reinforced when the metro-area population recently surpassed the 1 million mark, a milestone that appears to carry more weight with retailers than slightly lower population figures. As a result, the market has responded positively, with year-over-year asking rents increasing by 5.4 percent. Despite rapid growth and development across the city, Omaha’s core market fundamentals remain solid.  From a retail standpoint, we are seeing retailers continue to test new formats and refine their store footprints, while a recent wave of international brands has begun entering the U.S. market, signaling a new level of global interest and underscoring the growing appeal of well-positioned retail environments.  Additionally, the consumer is still spending, just differently. Beauty, footwear and apparel are categories with strong momentum. The trend of mid-tier retailers being squeezed into an increasingly polarized market, where value-focused …

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LoansMichiganMidwestSingle-Family Rental

Madison Capital Group Arranges $21.2M in Financing for Detroit Single-Family Rental Portfolio

by Kristin Harlow

DETROIT — Madison Capital Group has arranged $21.2 million in permanent senior debt financing for a 266-home single-family rental portfolio throughout metro Detroit. Detroit Renaissance Funds owns and operates the portfolio. Madison Capital is also an equity investor in the portfolio, which consists of a mix of renovated single-family homes and duplex/multiplex residences primarily with three- and four-bedroom units. A significant portion of the units are supported by Section 8 programs. At present, the portfolio is more than 96 percent occupied.

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AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers Sale of 120-Unit Apartment Community in West Bend, Wisconsin

by Kristin Harlow

WEST BEND, WIS. — CBRE has arranged the sale of Trail’s Edge Apartments, a 120-unit apartment community in West Bend, a northern suburb of Milwaukee. Wisconsin Lakefront Property Management LLC acquired the property from an ownership group that included an entity related to American Construction Services, the asset’s original developer. CBRE’s Sean Beuche, Matson Holbrook and Gretchen Richards represented the seller. Built in 2022, the property features a range of one- and two-bedroom floor plans ranging from 785 to 1,465 square feet. Amenities include a fitness center, picnic area, community room, pet washing station and interior car wash bay.

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DevelopmentIllinoisMidwestRetail

Joseph Nicholas Construction Breaks Ground on 133,960 SF Porsche Dealership in Barrington, Illinois

by Kristin Harlow

BARRINGTON, ILL. — Joseph Nicholas Construction (JNC), in partnership with Murgado Automotive Group, has broken ground on a new Porsche dealership showroom and service center at 24 E. Dundee Road in Barrington, about 40 miles northwest of downtown Chicago. The two-story, 133,960-square-foot facility will be the largest Porsche dealership in Illinois and one of the largest in the country, according to JNC. The facility will employ 80 to 100 people when it opens in late spring 2027. Upon completion, Barrington Porsche will serve as the new location for Murgado Automotive Group’s existing Porsche dealership, which is currently operating within the existing Motor Werks of Barrington auto mall, a 45-acre automotive sales campus that also houses BMW, Mercedes-Benz, Cadillac, Honda and Infiniti dealerships. The new showroom will have ample space across the first and second floors to display the full line of Porsche models. The basement level can store up to 90 inventory cars.

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Leasing ActivityMidwestMissouriOffice

ARCO National Construction Expands St. Louis Office Lease to 95,000 SF

by Kristin Harlow

ST. LOUIS — ARCO National Construction has leased all remaining vacancy at Clayton Executive Center I, bringing the property to full occupancy. With this expansion, ARCO now occupies the entire building. An affiliate of Stanton Road Capital owns the property. Tom Bajardi of Sansone Group represented ownership in the lease. ARCO initially leased 60,000 square feet and is now expanding by an additional 35,000 square feet. Clayton Executive Center consists of two office buildings, both of which are now fully leased.

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DevelopmentIllinoisMidwestMultifamily

Missner Group, Base 3 Break Ground on Industrial-to-Multifamily Conversion Project in Chicago

by Kristin Harlow

CHICAGO — The Missner Group and Base 3 have begun construction on Oxxford Lofts, a redevelopment project in Chicago’s West Loop that will transform a former industrial building into a 112-unit multifamily community. The building at 1220 W. Van Buren St. is named for its previous owner, Chicago clothing company Oxxford Clothes. The roughly $42 million project will reposition the property into a modern residential offering while preserving the character of the existing structure. Plans call for a full gut renovation, all new building systems, upgraded sustainability features and a variety of unit layouts. Amenities will include a rooftop deck, fitness center, coworking space and bike storage. Twenty percent of the units will be designated as affordable housing. The Missner Group is serving as general contractor and is also a financial partner through its joint venture with Base 3. Leasing is expected to begin in spring 2027 through Base 3 Development.

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