Midwest Archives - REBusinessOnline

ICP Acquires 408,000 SF Former True Value Hardware Distribution Facility in Westlake, Ohio

Kristin Harlow — Tue, 23 Dec 2025 14:43:07 +0000

WESTLAKE, OHIO — Industrial Commercial Properties (ICP) has acquired the former True Value Hardware distribution facility at 26025 1st St. in Westlake, about 12 miles west of downtown Cleveland. The 408,000-square-foot property features a clear height of 25 feet and sits on 21.6 acres. ICP will transform the facility with advanced building systems, improved dock and loading areas and a modernized look. The updated space, available in the second quarter of 2026, will offer flexible layouts for industrial, manufacturing and distribution businesses. Joe Messina, David Stecker and Joe Warren of JLL helped facilitate the transaction and will continue as the leasing team.

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JLL Arranges Sale of 50-Unit Affordable Townhome Community in Northfield, Minnesota

Kristin Harlow — Tue, 23 Dec 2025 14:42:27 +0000

NORTHFIELD, MINN. — JLL Capital Markets has arranged the sale and financing for Jefferson Square, a 50-unit HAP townhome community in Northfield, about 45 miles south of Minneapolis. The property sits on 5.2 acres and includes nine residential buildings, three parking structures and one administrative building. Amenities include private garages, a community lounge, picnic space, tot lot and media space. Josh Talberg and Joseph Peris of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm specializing in affordable and workforce housing. The buyer plans to invest capital to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early of JLL led the debt advisory team.

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Marcus & Millichap Brokers $4M Sale of Chicago Apartment Building

Kristin Harlow — Tue, 23 Dec 2025 14:41:52 +0000

CHICAGO — Marcus & Millichap has brokered the $4 million sale of 3060 W. Armitage Ave., a 13-unit apartment building in Chicago’s Logan Square neighborhood. Built in 2012, the property features a mix of one- and two-bedroom floor plans and one retail unit across 11,700 rentable square feet. Steve Rachman of Marcus & Millichap procured the buyer, a private investor, who plans to create value through light renovations and addressing deferred maintenance.

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Cooper Group Negotiates $3.1M Sale of Retail Center in Toledo, Ohio

Kristin Harlow — Tue, 23 Dec 2025 14:41:12 +0000

TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the $3.1 million sale of Jesse James Plaza, a multi-tenant retail center in Toledo. Dan Cooper represented the seller, a Midwest-based investment group. The asset sold to an all-cash buyer. Jesse James Plaza totals roughly 35,800 square feet and sits on 3.1 acres. FirstCash and Safelite are anchor tenants.

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Family Farm & Home to Backfill 30,000 SF Former Big Lots Space in Bay City, Michigan

Kristin Harlow — Tue, 23 Dec 2025 14:40:33 +0000

BAY CITY, MICH. — Family Farm & Home will open a new location at 1001 N. Euclid Ave. in Bay City. The 30,000-square-foot space was formerly home to Big Lots. Peter Abro of Keystone Commercial Real Estate arranged the lease. Family Farm & Home is a Michigan-based company that offers farm supplies, home improvement tools and outdoor power equipment.

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Kansas City Chiefs Unveil Plans for New $3B Stadium, Two Mixed-Use Entertainment Districts in Kansas

Taylor Williams — Tue, 23 Dec 2025 12:50:00 +0000

KANSAS CITY, KAN. — The Kansas City Chiefs have unveiled plans for a new football stadium, as well as a new training facility and surrounding mixed-use entertainment districts for both projects, in Kansas. These initiatives represent a combined economic impact of approximately $4.4 billion, according to Kansas Gov. Laura Kelly. Under the terms of an agreement reached with the state, the Chiefs will relocate from Missouri to a new domed stadium in Wyandotte County, which encompasses the Kansas side of the city. The new stadium, which has a projected cost of about $3 billlion, is expected to open in advance of the 2031 NFL season. ESPN reports that the new stadium will have a seating capacity of about 65,000, which is about 10,000 seats fewer than the team’s current home at Arrowhead Stadium in Missouri. The team’s lease at Arrowhead expires after the 2030 season. The exact location of the new stadium was not announced. But according to The Topeka Capital-Journal, the site will be “generally located at the intersection of interstates 70 and 435.” In addition, ESPN reports that “the Chiefs are interested in having the stadium built near the Kansas Speedway and a retail and entertainment district known…

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Joint Venture Underway on 237-Unit Build-to-Rent Community in Metro Indianapolis

Kristin Harlow — Mon, 22 Dec 2025 14:53:18 +0000

NOBLESVILLE, IND. — A joint venture of PCCP, Trinitas Ventures and Peninsula Investments has begun development of Avanza at Hyde Park, a 237-unit build-to-rent (BTR) community in the Indianapolis suburb of Noblesville. Completion is slated for fall 2027. Avanza at Hyde Park is the first BTR development for Trinitas under its Avanza brand. The project will feature one-, two- and three-bedroom villas along with two- and three-bedroom townhomes. An amenity center will include private conference rooms, a resident lounge, open green space, a pool, outdoor lounge areas, a dog park and walking trail. The project is situated across from Noblesville’s Hamilton Town Center, a 950,000-square-foot, open-air retail center.

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JLL Arranges Sale of 167-Unit Helix Apartments in St. Louis Park, Minnesota

Kristin Harlow — Mon, 22 Dec 2025 14:52:34 +0000

ST. LOUIS PARK, MINN. — JLL Capital Markets has arranged the sale of Helix Apartments, a 167-unit property in the Minneapolis suburb of St. Louis Park. Built in 1985 and extensively renovated between 2020 and 2022, Helix Apartments features units averaging 990 square feet. Amenities include a pool, fitness center, community lounge with coffee bar, rooftop terrace, dog park and walking paths. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the seller and procured the buyer, Jason Quilling of QT Holdings.

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CBRE Brokers Sale of 158-Unit Apartment Complex in Minneapolis

Kristin Harlow — Mon, 22 Dec 2025 14:51:44 +0000

MINNEAPOLIS — CBRE has brokered the sale of Second + Second, a 158-unit apartment complex in the North Loop of Minneapolis. The property is located at 120 N. Second St., just west of the Mississippi River. Built in 2020, the asset features a range of studio, one- and two-bedroom floor plans averaging 863 square feet. Amenities include underground parking, a sky lounge, fitness center and pet wash station. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented the seller, Solaris Group. Roundhouse was the buyer.

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Red Oak Capital Holdings Provides $10M Acquisition Loan for Metro Chicago Hotel

Kristin Harlow — Mon, 22 Dec 2025 14:50:21 +0000

SCHILLER PARK, ILL. — Red Oak Capital Holdings has provided a $10 million loan for the acquisition and refurbishment of the Four Points by Sheraton Chicago O’Hare Airport hotel. Structured under Red Oak’s Core-Plus Bridge Loan program, the nonrecourse loan features an 18-month initial term, interest-only payments and a loan-to-stabilized value of 54.5 percent. The loan proceeds will be used to fund a portion of the $13 million purchase price and support initial capital improvements. Stratos Athanassiades of Red Oak originated the financing, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower was a seasoned hospitality investor with a portfolio of 20 assets worth in excess of $70 million in gross asset value, including 10 hospitality properties across the Midwest. Located at 10249 W. Irving Park Road in Schiller Park, the 295-room, 195,000-square-foot hotel sits on 7.5 acres adjacent to Chicago O’Hare International Airport. Originally built in 1985 and renovated in 2015, the full-service property includes an indoor pool, meeting space, restaurant, gift shop and fitness center. The borrower’s business plan includes a new Marriott franchise agreement, modest room upgrades in the first year and a larger, Marriott-approved property improvement plan (PIP) renovation thereafter. The buyer…

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MMCC Secures $7.6M in Financing for Multifamily Property in Burlington, Iowa

Kristin Harlow — Mon, 22 Dec 2025 14:48:40 +0000

BURLINGTON, IOWA — Marcus & Millichap Capital Corp. (MMCC) has secured $7.6 million in financing for Urbane 424, a 52-unit multifamily property in Burlington, a city in eastern Iowa. The five-story property at 424 N. 3rd St. is situated near the Great River Bridge with views of the Mississippi Riverfront. The asset features a mix of studio, one- and two-bedroom units along with 3,000 square feet of first-floor retail space. Amenities include a rooftop terrace, bike storage and lounge. Robert Bhat of MMCC arranged the financing with a national bank on behalf of a private client. The nonrecourse loan features a five-year term with interest-only payments for the full term and a 70 percent loan-to-value ratio.

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Landmark, Manulife Break Ground on 259-Bed Student Housing Community in Ann Arbor

Kristin Harlow — Fri, 19 Dec 2025 14:05:30 +0000

ANN ARBOR, MICH. — Landmark Properties and Manulife Investment Management have broken ground on The Metropolitan on South U, a 259-bed student housing community located adjacent to the University of Michigan campus in Ann Arbor. The project marks the sixth in a build-to-core joint venture executed with the Manulife Infrastructure Fund pool. Landmark Construction is building the project, with Myefski Architects as the architect. Peninsula Investments also partnered on the development. Located at 1208 S. University Ave., The Metropolitan on South U will feature fully furnished residences. Amenities will include a clubhouse, fitness center, resort-style pool and rooftop lounge. There will be roughly 5,000 square feet of ground-floor retail space.

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Cushman & Wakefield Brokers 312-Unit Multifamily Portfolio in Southern Indiana

Kristin Harlow — Fri, 19 Dec 2025 14:03:54 +0000

SELLERSBURG AND JEFFERSONVILLE, IND. — Cushman & Wakefield | Commercial Kentucky has brokered the sale of the Southern Indiana 3 Portfolio for an undisclosed price. The portfolio includes three workforce multifamily communities totaling 312 units. The assets include Ashby Apartments and Lakeview Apartments in Sellersburg and Carrington Place Apartments in Jeffersonville. All three communities are located within a 12-minute drive of downtown Louisville. Craig Collins, Austin English, Mike Kemether and James Wilbur of Cushman & Wakefield represented the seller, Salt Lake City-based Shamrock Communities. The buyer was The Clear Blue Co., a Nashville-based real estate firm.

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JLL Arranges Sale of 172-Unit Luxury Active Adult Community in Noblesville, Indiana

Kristin Harlow — Fri, 19 Dec 2025 14:02:40 +0000

NOBLESVILLE, IND. — JLL Capital Markets has arranged the sale of Outlook Hamilton, a 172-unit luxury active adult community in Noblesville. Delivered in 2023, the property is situated adjacent to Hamilton Town Center and features one- and two-bedroom floor plans. Amenities include a fitness center, sports lounge, theater, great room, courtyard, community garden, dog park and detached garages for rent. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Sam Dylag, Tim Hosmer and Sandis Seale of JLL represented the seller, Capitol Seniors Housing. The team partnered with JLL’s Amanda Friant, Jenny Hull, Holly Hunt, Ken Martin and Nelson Almond. Middle Street Partners and its limited partner, Parse Capital, purchased the asset.

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Peak Construction to Build 119,408 SF Industrial Facility for Vista Trans in Huntley, Illinois

Kristin Harlow — Fri, 19 Dec 2025 14:01:14 +0000

HUNTLEY, ILL. — Peak Construction Corp. will build a 119,408-square-foot industrial facility and subdivision infrastructure for trucking company Vista Trans in Huntley. The building will feature a clear height of 32 feet, eight docks, one drive-in door, 89 car parking spaces, 23 trailer stalls and 13,450 square feet of office space. The project team includes Harris Architects Inc. and RWG Engineering LLC. Completion is slated for the third quarter of 2026.

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Lee & Associates of Illinois Launches New Healthcare Real Estate Division

Kristin Harlow — Fri, 19 Dec 2025 14:00:19 +0000

ROSEMONT, ILL. — Lee & Associates of Illinois has expanded its Chicago-area office brokerage group with the launch of a dedicated healthcare real estate division. The firm has welcomed three professionals — Principals Peter Cangialosi and Doug Pauly, and Associate Austin York — who bring more than 35 years of combined experience representing healthcare providers, investors and property owners across the Midwest. The team was most recently at Oak Brook, Ill.-based Joseph Rossi & Associates Inc. Lee & Associates of Illinois’ new healthcare division provides comprehensive brokerage and advisory services, including tenant and landlord representation, investment sales, site selection and acquisition support.

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W. P. Carey Acquires Four Midwest Inpatient Rehab Facilities for $137M

Kristin Harlow — Thu, 18 Dec 2025 13:50:20 +0000

INDIANA, LOUISIANA, WISCONSIN AND KANSAS — W. P. Carey has acquired four inpatient rehabilitation facilities (IRF) located in Indiana, Louisiana, Wisconsin and Kansas for $137 million. New Era Cos. and WB Development Partners developed and owned the 191,000-square-foot portfolio. The properties are triple-net leased to NewEra Nobis Operations Holdings, a healthcare provider specializing in comprehensive rehabilitation services for patients recovering from debilitating illnesses and injuries. The weighted average lease term is 17 years with fixed annual rent increases. As part of the transaction, W. P. Carey is also funding a 10-bed expansion of the Kansas facility. Nobis Rehabilitation Parters manages the properties. The inpatient rehabilitation sector largely serves elderly and Medicare-eligible individuals. IRFs typically provide shorter lengths of stay and superior health outcomes relative to other post-acute options, according to W. P. Carey.

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BW Construction, Skender Break Ground on $105M Mixed-Use Development in Westfield, Indiana

Kristin Harlow — Thu, 18 Dec 2025 13:49:44 +0000

WESTFIELD, IND. — BW Construction and Skender have broken ground on Grand on Main, a $105 million mixed-use development in downtown Westfield, a northern suburb of Indianapolis. The project will include 216 upscale multifamily residences, 60,000-plus square feet of retail and office space, three rooftop amenity plazas, work-from-home suites, a golf simulator, cold plunge and sauna, a resort-style pool and public art installations. BW Development is the developer. The project is made possible through a public-private partnership with the City of Westfield, including tax-increment financing support for a new 575-space parking garage. Completion is slated for late 2027.

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CEDARst Purchases 132-Unit Chicago Apartment Community for $34.6M

Kristin Harlow — Thu, 18 Dec 2025 13:49:05 +0000

CHICAGO — CEDARst Cos. has purchased the Weyland, a seven-story, 132-unit apartment community in Chicago, for $34.6 million. Formerly known as A.M. 1980 Apartments, the property is located at 1980 N. Milwaukee Ave. at the gateway between the city’s Bucktown and Logan Square neighborhoods. Delivered in 2018, the asset features 6,245 square feet of ground-floor retail space and a mix of Class A amenities, including a fitness center, dog run and rooftop deck with views of Lake Michigan and the Chicago skyline. The building was 95 percent occupied at the time of sale. The Weyland marks CEDARst’s second Chicago acquisition of 2025, following the purchase of The Millie on Michigan in July. The company now owns and operates more than 5,000 units in Chicago.

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Davis Buys Two Minneapolis-Area Outpatient Medical Properties for $21.9M

Kristin Harlow — Thu, 18 Dec 2025 13:48:23 +0000

PLYMOUTH AND BURNSVILLE, MINN. — Davis Medical Investment Fund (DMI Fund) has acquired two Minneapolis-area outpatient medical properties for $21.9 million. The properties include a 30,250-square-foot, single-story outpatient building in Plymouth that was purchased for $12 million. The property was fully renovated and expanded in 2019, adding 15,000 square feet. At the time of sale, the building was fully occupied. Fresenius anchors the property and occupies roughly one-third of the space, offering nephrology specialty services. Fresenius renewed its lease earlier this year. In Burnsville, Davis acquired the Pondview Medical Building, a two-story, 34,224-square-foot property, for $9.9 million. At the time of sale, the building was fully leased to four tenants, including anchor tenant Southdale Pediatrics. Pondview was developed in 2005 and received significant updates in 2024. The acquisitions follow Davis’ recently announced refinancing of 19 properties totaling $171 million with Capital One Healthcare Finance. Leveraging its new $250 million line of credit, Davis continues to expand the DMI Fund’s investment portfolio, which now includes more than 20 properties totaling nearly 885,000 square feet across eight states.

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