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Midwest

AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires 724-Unit Multifamily Community in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Reynolds Asset Management, in partnership with Triangle Capital Group, has acquired Edgewater Landing, a 724-unit multifamily community in Columbus. The transaction marks the firm’s sixth acquisition in Ohio. Reynolds plans to invest more than $15 million in improvements to the property, which is located at 4592 Channing Terrace. The capital improvement program will focus on curb appeal, roofing, building systems, electrical and mechanical upgrades as well as interior renovations. George Skaff and Carter Stephens of Newmark represented the undisclosed seller.

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DevelopmentIllinoisMidwestRetail

Nicholas Family Opens $34.5M Indoor Ice Arena in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — The Nicholas Family of Cos. has opened Rosemont Ice Arena, a new $34.5 million indoor ice arena in the Chicago suburb of Rosemont. The twin-sheet arena totals 103,000 square feet. Located steps away from Allstate Arena, Rosemont Ice Arena offers ice time for youth hockey groups and figure skating, evening ice time for adult hockey leagues and exclusive daytime use by the Chicago Wolves professional hockey team for their practices ahead of home games at Allstate Arena. The project includes new practice facilities for the Chicago Wolves equipped with a dedicated sauna, steam room, cold plunge, film room and team lounge. Constructed by Nicholas & Associates and designed by ARCON Associates Inc., the new arena features a food and coffee area called Market by Hatty’s, a sports bar and supper club concept named Hatty’s Club, a lounge area and a physical therapy clinic. The Nicholas Family’s Spectate Group will operate the arena. Spectate Group will pay the Village of Rosemont an annual licensing fee to operate and manage the year-round facility.

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AcquisitionsMidwestOfficeOhio

CBRE Arranges Sale of Two Office Buildings in Columbus, Ohio for $17.5M

by Kristin Harlow

COLUMBUS, OHIO — CBRE has arranged the sale of One Easton Oval and Two Easton Oval, two Class A office buildings totaling 252,500 square feet in Columbus. IMC Management LLC purchased the assets for $17.5 million. CBRE’s Steve Timmel, Will Roberts, Collin Wheeler and Aaron Duncan represented the undisclosed seller. Wheeler and Duncan will handle marketing and leasing efforts. Originally built in 1995 and 1998, the buildings are located within the Easton Oval Office development, a master-planned business park adjacent to Easton Town Center. The properties were 60 percent occupied at the time of sale.

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IllinoisIndustrialLeasing ActivityMidwest

Tolead Logistics USA Signs 160,000 SF Industrial Lease in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — Tolead Logistics USA Inc. has signed a long-term lease for 160,000 square feet of industrial space at 640 N. Central Ave. in the Chicago suburb of Wood Dale. The tenant provides fashion, electronics and e-commerce logistics solutions. The building features a clear height of 32 feet, 38 exterior docks and two drive-in doors. Ryan Mullins and Frank Damato of Core Industrial Realty represented the tenant, while Kevin Segerson and Genna Ohrn of CBRE represented the undisclosed landlord.

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DevelopmentIndustrialLoansMichiganMidwestSelf-Storage

Bernard Financial Group Arranges $13.6M Construction Loan for Michigan Self-Storage Project

by Kristin Harlow

AUBURN HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $13.6 million construction loan for a self-storage project in Auburn Hills. Adam Ferguson of BFG arranged the loan with a banking institution. The borrowing entity was Opdyke/S Blvd Self-Storage LLC & 975 Opdyke II LLC.

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PNC Bank
Company NewsDevelopmentMidwestRetailSoutheastTop Stories

PNC Bank to Increase Retail Expansion to 300 New Branches in Southeast, Midwest

by Abby Cox

PITTSBURGH — PNC Bank (NYSE: PNC) plans to open more than 300 new retail bank branches by 2030, adding about 100 new branches to its earlier plan, which was announced last November. The new announcement brings PNC’s total investment in growing its retail footprint to approximately $2 billion. The latest branch expansion plan calls for new locations in markets including Nashville,  Sarasota, Fla., Winston-Salem, N.C., and Chicago to extend PNC’s expansion efforts to nearly 20 markets across the United States. “The build-out of these 300 new branches allows us to deliver our unique blend of hospitality and financial advice to more clients in more neighborhoods across the country,” says Alex Overstrom, head of retail banking at PNC. “It’s about making PNC the most convenient bank in each of these markets, ensuring we can meet people where they are and help them thrive.” As part of the investment, PNC will add 35 new branches in Nashville, along with 40 more branches across the Southeast. The cities consist of Fort Meyers, Lakeland and Sarasota in Florida, as well as Asheville, Winston-Salem and Wilmington in North Carolina. “The additional branches strengthen our ability to provide valuable resources and expertise, reflecting our commitment to supporting …

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AcquisitionsMidwestMultifamilyWisconsin

JVM Realty Corp. Acquires 300-Unit Luxury Apartment Community in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — JVM Realty Corp. has acquired Wrenfield at Pleasant View, a 300-unit luxury apartment community in Madison. Berkadia brokered the sale, and Continental Properties was the seller. JVM rebranded the community from Springs at Pleasant View. Completed in 2022, the property features townhome-style design with private entries across 15 two-story buildings. Floor plans average more than 1,000 square feet and come in one-, two- and three-bedroom layouts. Amenities include a pool, fitness center, clubhouse, business center, car wash and two dog parks with a pet spa area. JVM now owns and manages 21 communities throughout the Midwest.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges Sale of 166-Unit Seniors Housing Property in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Hayden Grove Bloomington, a 166-unit seniors housing property in the Minneapolis suburb of Bloomington. Delivered in 2021, the four-story building offers a continuum of care from independent living to assisted living to memory care. Amenities include underground parking, a private dining room, bistro, coffee lounge, game room, party room, theater, event center, library, craft room, beauty salon and fitness program. JLL represented the seller, Verdot Capital. The buyer was undisclosed. The operator, Great Lakes Management, will stay in place to manage the community.

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DevelopmentHospitalityIndianaMidwest

Dora Hospitality Breaks Ground on 135-Room AC Hotel in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Dora Hospitality LLC has broken ground on Indiana’s first AC Hotels by Marriott. Slated to open in early 2027, the project is part of Thompson Thrift’s The Union at Fishers District in the Indianapolis suburb of Fishers. Dora will own the hotel in partnership with Fishers Hotel Partners LLC. Seated atop 15,500 square feet of retail space, the 135-room hotel will feature meeting space, fitness equipment and European-inspired food-and-beverage offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the master plan of the $750 million Fishers District. The mixed-use project offers 60,000 square feet of retail, restaurant and entertainment space along with 251 luxury apartment units and 70,000 square feet of office space. Only one 1,250-square-foot retail space remains available for lease at The Union. Signed tenants include Piedra, Cunningham Restaurant Group, Niku Sushi, Kitchen Social, Everbowl and Racha Thai.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 187,460 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Lee & Associates of Illinois has negotiated a new long-term lease for a 187,460-square-foot industrial building in the Chicago suburb of Bensenville. The property is located at 222 Sievert Court. Jeff Janda and John Cassidy of Lee & Associates represented the owner, DRA Advisors. Mark Baumhart of NAI Hiffman represented the tenant, TAFCO Corp., a manufacturer of windows, doors and related products. The transaction represents the third quarter’s second-largest lease in the O’Hare market, according to Lee & Associates.

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