Midwest Archives - REBusinessOnline

JLL Brokers Sale of 162-Unit Luxury Apartment Complex in St. Paul

Kristin Harlow — Fri, 20 Mar 2026 13:22:18 +0000

ST. PAUL, MINN. — JLL Capital Markets has brokered the sale of The Hill Apartments, a 162-unit luxury apartment building in St. Paul’s historic Cathedral Hill neighborhood. Josh Talberg, Joseph Peris and Eli Smith of JLL represented the seller, Wolverton Capital. The Hill is the only modern apartment community at scale delivered to the neighborhood, according to JLL.

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Opus Completes Lease-Up of 408,176 SF Industrial Building in North Aurora, Illinois

Kristin Harlow — Fri, 20 Mar 2026 13:21:38 +0000

NORTH AURORA, ILL. — Opus has completed the lease-up of Building C at Tollway Corporate Center in North Aurora. US Elogistics Service Corp. (CIRRO Fulfillment | Global Fulfillment Solution) has leased the entire building. With this commitment, the three-building, 1.1 million-square-foot speculative development is now fully leased. The tenant, a global e-commerce logistics and fulfillment provider, took occupancy late last month. Developed and built by Opus in a joint venture with Principal Asset Management, Tollway Corporate Center was delivered in phases. The first two buildings were preleased prior to their completion in December 2022. Soligent Distribution and Karat Packaging occupy Building A, while Ryder Integrated Logistics occupies Building B. Building C, which was completed in December 2023, features a clear height of 36 feet, 55 dock doors, four drive-in doors, trailer parking and a 3,000-square-fot speculative office. Opus served as developer, design-builder and architect. Brian Kling and Reed Adler of Colliers, along with Dan Leahy and Packy Doyle of NAI Hiffman, marketed and leased the development.

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Nicholas Family of Cos. to Develop Westfield Ice Facility in Metro Indianapolis

Kristin Harlow — Fri, 20 Mar 2026 13:20:53 +0000

WESTFIELD, IND. — The Nicholas Family of Cos. will develop, build and operate Westfield Ice Facility, a new multi-sheet indoor ice facility in the northern Indianapolis suburb of Westfield. The project will serve as a catalyst for further growth of the Grand Park District, a mixed-use development near the Grand Sports Campus, a major youth sports destination. Westfield Ice Facility will feature three NHL-sized stadium-style rinks, with a potential fourth rink for future expansion. Tiered seating will host up to 3,500 spectators. The project will also include a full-service restaurant, retail spaces, an academic lounge and outdoor activity areas. Westfield Ice Facility marks the fourth indoor ice arena to be developed or acquired by Nicholas in the past two years and its first outside the Chicago area. The firm’s Nicholas & Associates division will serve as general contractor for the Westfield project. Its Spectate Group will manage and program the facility, and its Big Fish Hospitality Group will oversee food-and-beverage offerings. The property is expected to open in 2028.

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Zilber Acquires 97 Acres in Wisconsin’s LakeView Corporate Park

Kristin Harlow — Fri, 20 Mar 2026 13:19:57 +0000

PLEASANT PRAIRIE, WIS. — Zilber Property Group has acquired approximately 97 acres spanning four parcels within LakeView Corporate Park in Pleasant Prairie. The land sites are capable of accommodating five projects totaling roughly 875,000 square feet. The parcels are some of the last remaining available M-2 zoned (manufacturing and distribution) undeveloped lots within the park. Zilber says it plans to pursue phased development to meet continued demand from manufacturing, distribution and e-commerce users seeking modern, flexible industrial space in Southeast Wisconsin. LakeView Corporate Park, the largest industrial park in Wisconsin, is located directly off I-94 at Highway 165 and spans more than 2,000 acres. The park encompasses more than 10 million square feet of development and is home to nearly 100 companies. Amenities include a recreation center, public lake and park, dedicated nature conservancy, onsite daycare facility and a trail system. The Forest County Potawatomi Community sold the land.

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Newmark Zimmer Brokers Sale of 468,255 SF Vacant Headquarters Campus in Kansas

Kristin Harlow — Thu, 19 Mar 2026 13:38:47 +0000

NEW CENTURY, KAN. — Newmark Zimmer has brokered the sale of a corporate campus with two buildings totaling 468,255 square feet in New Century. New Century 202 LLC, an entity affiliated with Sky Real Estate, was the buyer. Tommy Gentry and Trey DeRousse of Newmark Zimmer represented the Johnson County Government in the transaction. Located within the New Century AirCenter business park, the campus was originally developed in the early 1980s as a headquarters facility. The property most recently served as a regional headquarters for CenturyLink before becoming vacant. The larger building totals 455,098 square feet, while the smaller building spans 13,157 square feet. Situated on 36 acres, the campus features a traditional corporate headquarters layout with expansive floor plates designed to support a large employee base. The property also includes extensive surface parking and infrastructure that historically supported telecommunications and data center operations. The buyer plans to evaluate a range of potential uses for the property and will conduct a comprehensive review of the campus to determine the highest and best use moving forward.

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Monument Capital Management Sells Workforce Housing Community in Metro Chicago for $30M

Kristin Harlow — Thu, 19 Mar 2026 13:38:02 +0000

MT. PROSPECT, ILL. — Monument Capital Management, an A-Rod Corp. company, has sold Eclipse at 1450 for $30 million to Vladimir Novakic. The 222-unit workforce housing community is located at 1450 Busse Road in Mt. Prospect. During the hold period, Monument executed a comprehensive value-add program, renovating approximately 75 percent of unit interiors and upgrading key amenities. The sale follows the December disposition of sister property The Element.

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Missner Group, Cabrera Capital to Build $23.7M Industrial Project in Chicago

Kristin Harlow — Thu, 19 Mar 2026 13:37:11 +0000

CHICAGO — The Chicago Department of Planning and Development (DPD) has agreed to sell 8.2 acres of vacant land in the Stockyards Industrial Corridor to a joint venture between The Missner Group and Cabrera Capital, which will develop the property into a $23.7 million industrial building. The 126,360-square-foot project at 1924 W. 46th St. is expected to create up to 120 permanent jobs when fully leased. Potential tenants include restaurant suppliers, distribution companies, building material suppliers, event production firms and downtown service providers. The city acquired the site in 2008 for $2.2 million. It was primarily used for outdoor industrial storage since the early 1980s. The proposed purchase price is the property’s market value of $3.3 million. The proposed project was one of three responses to the request for qualifications from the DPD. A public meeting will be scheduled as part of the project’s formal review and approval process.

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CBRE Arranges $8.3M Sale of Multifamily Property in Milwaukee

Kristin Harlow — Thu, 19 Mar 2026 13:36:37 +0000

MILWAUKEE — CBRE has arranged the sale of Sage on Prospect, a 34-unit multifamily property in Milwaukee’s Lower East Side neighborhood. Three Sixty Real Estate Solutions LLC purchased the asset from Dominion Properties. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller, which recently renovated the former assisted living facility. The project included the addition of two floors with balconies overlooking Lake Michigan. The property is the only in the market to receive LEED Platinum certification. Built in 2016, the property features a mix of one- and two-bedroom floor plans.

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Indianapolis Lodging Edges Out National Trends

Kristin Harlow — Thu, 19 Mar 2026 12:00:00 +0000

By Aghfar Arun, Bradford Allen Indianapolis has a reputation as a convention town, but its hotel story has moved well beyond lanyards and name badges. A growing mix of sports, healthcare, corporate and leisure demand is now filling rooms year‑round — downtown and across the suburbs — turning the market into one of the Midwest’s most reliable hospitality overachievers. Event boom downtown Indianapolis experienced 8.1 million room nights of demand in the 12-month period ending at mid-year 2025, according to CoStar data. This is over 580,000 more than the market’s pre-COVID peak. To meet this demand, the construction pipeline at mid-year included more than 1,500 hotel rooms, with another 3,402 rooms in the final planning stages and 3,220 rooms proposed. According to Visit Indy, new projects slated for delivery in 2026 include a pair of adaptive reuse projects: The Kimpton will transform the historic Odd Fellows Building into a 167-key luxury hotel and the Motto Hotel will bring 116 rooms to the King Cole Building. The most notable project is Signia by Hilton, a 38-story hotel with 800 guest rooms developed alongside a 143,500-square-foot expansion of the Indiana Convention Center. A snapshot of downtown Indianapolis, prepared last year by…

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Octave Holdings Acquires 171,860 SF Randall Square Shopping Center in Metro Chicago

Kristin Harlow — Wed, 18 Mar 2026 13:26:10 +0000

GENEVA, ILL. — Octave Holdings has acquired Randall Square, a 171,860-square-foot shopping center in the western Chicago suburb of Geneva. Tenants include Nordstrom Rack, Marshalls, Ulta, PetSmart, Skechers, Five Below, Uncharted and Old Navy. Joe Girardi and Emily Gadomski of Mid-America Real Estate Corp. represented the seller, Viking Partners. The sales price was $29 million, according to public records.

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MMG Brokers Sale of 300-Unit Multifamily Property in Overland Park, Kansas

Kristin Harlow — Wed, 18 Mar 2026 13:25:31 +0000

OVERLAND PARK, KAN. — MMG Real Estate Advisors has brokered the sale of Overland Station, a 300-unit multifamily community located at 7843 Riley St. in downtown Overland Park. The property was built in 1985. Harry Trotter, Brett Meinzer, TJ Wahl, Colson Bayles and Parker Guffey of MMG brokered the transaction. Buyer and seller information was not released.

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Cavan to Develop 154-Unit Build-to-Rent Community in Papillion, Nebraska

Kristin Harlow — Wed, 18 Mar 2026 13:24:47 +0000

PAPILLION, NEB. — Cavan Cos. has closed on the land for the development of The Bungalows at Prairie Hills, a 154-unit build-to-rent community in Papillion. The project marks the company’s third development in metro Omaha. Horizontal construction is expected to begin in May. One-, two- and three-bedroom floor plans will range from 683 to 1,389 square feet. The development will feature 104 detached garages, a clubhouse, fitness center and other shared amenities.

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Colliers Negotiates 134,360 SF Industrial Lease in Bensenville, Illinois

Kristin Harlow — Wed, 18 Mar 2026 13:24:16 +0000

BENSENVILLE, ILL. — Colliers has negotiated a 134,360-square-foot industrial lease in Bensenville on behalf of the owner, Hamilton Partners. The tenant, Consolidated Electrical Distributors (CED), has leased space at 710 Foster Ave. and will move its operations from 2801 Busse Road in Elk Grove Village. The new, standalone building was completed in January. Hamilton Partners demolished five smaller buildings to make way for the project. The developer plans to build office space per the tenant’s specifications to complement the building, which features a clear height of 32 feet, 26 exterior docks and parking for 112 cars. Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers represented the landlord, while Adam Stokes of NAI Hiffman represented the tenant.

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Skender Tops Out Construction of 32-Story Apartment Tower in Chicago’s Fulton Market

Kristin Harlow — Tue, 17 Mar 2026 13:06:55 +0000

CHICAGO — General contractor Skender and developer VISTA Property have topped out Pearl Fulton Market, a 32-story apartment tower in Chicago’s Fulton Market district. Located at 370 N. Morgan St. and designed by Antunovich Associates, the Class A luxury building will total 539,000 square feet with 494 units. Floor plans will range from studios to two bedrooms, with 99 affordable units. Amenities will include a 30th-floor deck, yoga terrace, fire pits, outdoor grill kitchens, a fitness center, coworking areas, private event rooms and a golf simulator. A four-story podium will house approximately 190 parking spaces, and the property will feature more than 4,500 square feet of ground-level retail space. Luxury Living is handling marketing and leasing, which is expected to begin in January 2027. First move-ins are anticipated in spring 2027.

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Standard Communities Acquires 124-Unit Affordable Housing Property in Metro Detroit

Kristin Harlow — Tue, 17 Mar 2026 13:06:08 +0000

ROSEVILLE, MICH. — Standard Communities has acquired The Meadows, a 124-unit multifamily property in Roseville, a suburb about 15 miles northeast of downtown Detroit. The transaction marks Standard’s second investment in Michigan. All of the units will be income-restricted and supported by project-based Section 8 Housing Assistance Payment (HAP) contracts. Of the 124 units, 111 are restricted to households earning at or below 60 percent of the area median income (AMI) and 13 are restricted to those earning up to 40 percent AMI. Affordability has been extended through a 20-year Section 8 renewal via a HAP assignment and assumption and mark-up-to-market structure. The property consists of 21 residential buildings along with a leasing and community building. Financing for the acquisition was completed in partnership with the Michigan State Housing Development Authority, which served as tax credit allocator and bond issuer. The City of Roseville provided a new Payment in Lieu of Taxes agreement, and the U.S. Department of Housing and Urban Development approved the contract renewal. Standard will complete a comprehensive tenant-in-place renovation totaling approximately $10.5 million. Units will be updated with quartz countertops, stainless steel appliances, luxury vinyl plank flooring, refreshed bathrooms and upgraded lighting. The community building will…

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Marcus & Millichap Brokers $13.7M Sale of Aldi-Anchored Shopping Center in McHenry, Illinois

Kristin Harlow — Tue, 17 Mar 2026 13:04:54 +0000

MCHENRY, ILL. — Marcus & Millichap has brokered the $13.7 million sale of McHenry Town Center, an eight-suite, grocery-anchored center in McHenry. Built in 2003, the 94,658-square-foot property is home to Aldi, Petco, Five Below, Bath & Body Works, Michaels and Famous Footwear. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private family with offices overseas and in Chicago, and procured the 1031 exchange buyer.

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Optimize Physical Therapy Signs 60,374 SF, Full-Building Lease Near Minneapolis

Kristin Harlow — Tue, 17 Mar 2026 13:04:17 +0000

SPRING LAKE PARK, MINN. — Optimize Physical Therapy and Elite Sports Performance has signed a 60,374-square-foot lease for the full building at 8406 Sunset Road in Spring Lake Park, a northern suburb of Minneapolis. Kate Gillette of Transwestern represented the tenant, which will relocate its operations to the facility as part of an expansion. The new location will enable Optimize to add sports such as basketball, volleyball and hockey while providing more space for training and physical therapy. The facility will also support expanding programs, including homeschool co-ops, summer camps and clinics, and provide space for team rentals and batting cage use by youth little league teams, travel ball and high school teams. Owner Buhl Investors acquired the property this year. RISE, a 501(c)(3) organization providing human services programs, previously owned and occupied the building. Optimize expects to open its new space this spring, with full operations starting in the summer.

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PENN Entertainment to Open New 203-Room Hotel at Hollywood Casino Columbus on June 12

Kristin Harlow — Mon, 16 Mar 2026 13:46:12 +0000

COLUMBUS, OHIO — PENN Entertainment Inc. (NASDAQ: PENN) is set to open the new hotel tower at Hollywood Casino Columbus on Friday, June 12, pending customary regulatory approvals. The 203-room, 150,000-square-foot hotel will feature 183 standard rooms and 20 luxury suites, a full-service restaurant named The Hill Eatery & Lounge, conference rooms, a fitness center and outdoor seating terrace. Guests will be able to book rooms beginning April 15. The hotel will add roughly 100 new jobs to the west side of Columbus. Grand opening celebrations will take place on June 12, highlighted by an outdoor festival and concert. In addition to the hotel, Hollywood Casino Columbus will also introduce an expanded high limit table games room in the second half of 2026, pending customary regulatory approvals. Operated by PENN Entertainment, Hollywood Casino Columbus is located off I-270 West. The 160,000-square-footgaming facility features slot machines, table games, a retail sportsbook and the largest poker room in Ohio, according to PENN. Dining options include The Lounge at Final Cut Steak & Seafood, The Sportsbook, Mikey’s Late-Night Slice, Dirty Frank’s Hot Dog Palace, Zen Noodle and Wahlburgers. The property also offers more than 16,000 square feet of multi-purpose banquet and event space.

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Cushman & Wakefield Negotiates Sale of 204,810 SF Stony Creek Marketplace Near Indianapolis

Kristin Harlow — Mon, 16 Mar 2026 13:45:27 +0000

NOBLESVILLE, IND. — Cushman & Wakefield has negotiated the sale of Stony Creek Marketplace, a 204,810-square-foot regional shopping center in Noblesville, a northern suburb of Indianapolis. Anchor tenants include Best Buy, TJ Maxx and HomeGoods. Other retailers include Barnes & Noble, Five Below, PetSmart, Ross Dress for Less and Shoe Carnival. Built in 2003, the asset was fully leased at the time of sale. Evan Halkias, David Matheis and Bill French of Cushman & Wakefield represented the seller, Rainier Cos. A private investor was the buyer.

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Matthews Arranges Sale of 55,946 SF Retail Property Near Columbus

Kristin Harlow — Mon, 16 Mar 2026 13:44:45 +0000

REYNOLDSBURG, OHIO — Matthews has arranged the sale of Broad Street Plaza East, a 55,946-square-foot retail center in Reynoldsburg near Columbus. Pierce Mayson, Kyle Stonis, Ben Snyder, Zack Bates and Boris Shilkrot of Matthews represented the seller, Garner Group. Matt Wallace served as broker of record. Positioned in the heart of the East Broad Street retail corridor, the property was 92 percent leased at the time of sale. Ross Dress for Less is the anchor tenant. Garner Group brought the asset to market as part of a capital recycling strategy after strengthening the rent roll through recent leasing activity. The undisclosed buyer plans to lease up the 4,209-square-foot vacancy.

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