Midwest Archives - REBusinessOnline

Zilber to Develop 252,000 SF Spec Industrial Facility in Germantown, Wisconsin

Kristin Harlow — Mon, 20 Jul 2026 13:47:17 +0000

GERMANTOWN, WIS. — Zilber Property Group (ZPG) has unveiled plans to develop Zilber Industrial 7 within Germantown Gateway Corporate Park in Germantown, a northwest suburb of Milwaukee. The 252,000-square-foot speculative industrial facility will feature a clear height of 32 feet, 26 loading docks and two drive-in doors. Subject to final municipal approvals, construction is expected to begin this summer with delivery anticipated in winter 2026. Upon completion, ZPG will own and manage approximately 1.3 million square feet of industrial space in Germantown Gateway Corporate Park. The industrial park totals 140 acres and is positioned less than one mile east of the I-41 and Holy Hill Road interchange. Development began in 2018.

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Bradford Allen Negotiates Two Office Leases for Illinois Retina in Chicago Market

Kristin Harlow — Mon, 20 Jul 2026 13:46:39 +0000

SKOKIE, ILL. AND MUNSTER, IND. — Bradford Allen has negotiated two leases on behalf of Illinois Retina in the Chicago market. The medical services provider signed a 16,228-square-foot lease in Skokie, Ill., as well as an 8,728-square-foot lease in Munster, Ind., about 30 miles southeast of Chicago. Craig Nadborne of Bradford Allen negotiated the leases for Illinois Retina. Nadborne has completed more than a dozen renewals, relocations, expansions and renegotiations on behalf of the tenant over the past 20 years. The Skokie office is at Concourse Office Plaza. The long-term transaction marked a renewal and expansion from approximately 3,000 square feet. The property comprises two 12-story medical office buildings. Illinois Retina’s Munster office relocated from a smaller facility to 9200 Calumet Ave., a single-story medical office complex.

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Lee & Associates Arranges $5.2M Sale of Industrial Building in Metro Chicago

Kristin Harlow — Mon, 20 Jul 2026 13:45:53 +0000

ELK GROVE VILLAGE, ILL. — Lee & Associates of Illinois has arranged the $5.2 million sale of a 39,879-square-foot industrial building located at 1951 Lively Blvd. in Elk Grove Village. Dustin Albers of Lee & Associates represented the buyer, Sonica International Inc., a global logistics company. John D’Orazio, Jonathan Kohn and Tommy Karnig of Colliers represented the seller, FD Venture Co. LLC.

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Marcus & Millichap Brokers Sale of 45-Room Country Inn & Suites Hotel in Detroit Lakes

Kristin Harlow — Mon, 20 Jul 2026 13:45:12 +0000

DETROIT LAKES, MINN. — Marcus & Millichap has brokered the sale of a 45-room Country Inn & Suites hotel in Detroit Lakes, a city in northwest Minnesota. Joseph Ferguson, Jon Ruzicka, Reed Gizinski and Brock Banken of Marcus & Millichap represented the seller, DL Hotel Group LLC, and procured the South Dakota-based buyer. Built in 1996, the recently renovated property is located just off Highway 10 and within walking distance of Detroit Lake. According to Ferguson, Detroit Lakes remains one of Minnesota’s strongest regional lodging destinations.

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Nicholas & Associates to Build 263-Unit Luxury Apartment Community in Madison, Wisconsin

Kristin Harlow — Fri, 17 Jul 2026 14:15:01 +0000

MADISON, WIS. — Moyer Properties has selected Nicholas & Associates, the construction management and general contracting arm of the Nicholas Family of Cos., to build Aster Flats, a 263-unit luxury apartment community in Madison. The three-building property will be situated on 4.9 acres. Nicholas & Associates will break ground Aug. 18, with construction taking place in phases. Completion is slated for February 2028. Designed by HKM Architects + Planners Inc., Aster Flats will offer studio, one-, two- and three-bedroom units ranging in size from 588 to 1,395 square feet. Amenities will include a clubhouse with a community lounge, entertainment kitchen and fitness and yoga center, a luxury pet spa, indoor bike room and an outdoor heated pool with a grilling terrace and courtyard area. Each of the three buildings will have one or two levels of heated indoor parking.

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Swanson, Martin & Bell Inks 56,760 SF Office Lease in Chicago

Kristin Harlow — Fri, 17 Jul 2026 14:13:57 +0000

CHICAGO — Swanson, Martin & Bell LLP has signed a long-term headquarters lease restructure and renewal at 330 N. Wabash Ave. in Chicago. The 52-story riverside office tower is the last building in the U.S. designed by renowned architect Ludwig Mies van der Rohe. The property features 35,000-square-foot floor plates, floor-to-ceiling windows, 12-foot ceilings and panoramic views of the city. Dan Arends, Dougal Jeppe, Corby Marx, Joe Stevens and John Arends of Colliers represented the tenant, which is known nationally for its extensive jury trial experience. In addition to its Chicago headquarters, the law firm maintains six offices throughout the Midwest. The firm has grown from 13 lawyers in 1992 to over 140 lawyers in 30 practice areas today.

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Marcus & Millichap Brokers $5.8M Sale of Medical Office Property in Davison, Michigan

Kristin Harlow — Fri, 17 Jul 2026 14:13:14 +0000

DAVISON, MICH. — Marcus & Millichap has brokered the $5.8 million sale of a 50,017-square-foot medical office property in Davison, a suburb of Flint. The two-suite office building is situated on 3.3 acres at 1515 Cal Drive. Built in 2003, the property is fully occupied by McLaren Health Management Group and The Cottage of Davison. McLaren provides home health, palliative care, hospice, home infusion, long-term care pharmacy and comprehensive laboratory services. The Cottage of Davison is a full-service memory care community. Jacob Keith and David Weinberg of Marcus & Millichap represented the seller, the owner and build-to-suit developer. A local OBR procured the buyer, a Michigan-based investor.

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Caddell Construction Opens New Office in Columbus, Ohio

Kristin Harlow — Fri, 17 Jul 2026 14:12:20 +0000

COLUMBUS, OHIO — Caddell Construction has opened a new corporate office in Columbus within Grandview Yard. Despite launching its first corporate office in the state, the company is not new to Ohio — its first job dates back to 1989. The move comes as Caddell continues to experience significant growth across Ohio and the Midwest, driven by increasing demand for mission-critical, advanced manufacturing, education and complex commercial projects. Vice President Justin Spafford will lead the Columbus office, which features gathering spaces at the front of the building. The expansion is supported by Caddell executive and longtime Columbus construction leader Bob Cunningham, who joined Caddell in early 2025. Alabama-based Caddell is a full-service general contractor with more than $24 billion in projects across 38 countries.

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Partnership to Develop Chicago’s First Geothermal-Powered Multifamily Community

Abby Cox — Fri, 17 Jul 2026 11:45:00 +0000

CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S.…

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Inland, Reuter Walton to Develop 342-Unit Citywalk Apartments in Rochester, Minnesota

Kristin Harlow — Thu, 16 Jul 2026 13:54:10 +0000

ROCHESTER, MINN. — Inland National Development Co. LLC, a member company of The Inland Real Estate Group of Cos. Inc., and Reuter Walton Development LLC will co-develop Citywalk Apartments, a 342-unit multifamily community in downtown Rochester directly across from Mayo Clinic’s campus. Construction is expected to begin this month, with completion anticipated in 2028. The project will include a mix of apartments and 90 short-term, fully furnished units designed to support the evolving needs of Rochester’s healthcare and business community. Plans call for more than 250 climate-controlled underground parking spaces complete with electric vehicle charging stations. Residents will have access to a clubroom, fitness center, indoor-outdoor rooftop sky terrace, pool, coworking and conference room, golf simulator and game lounge.

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Lee & Associates Brokers Sale of 455,858 SF Industrial Property in Lansing, Illinois

Kristin Harlow — Thu, 16 Jul 2026 13:53:38 +0000

LANSING, ILL. — Lee & Associates of Illinois has brokered the sale of a 455,858-square-foot warehouse located at 16801 Exchange Ave. in Lansing, a south suburb of Chicago. Walter Murphy of Lee & Associates represented the buyer, RBT Industries (The Great Escape), a retailer of home leisure products. RBT will occupy 313,982 square feet of the building while the remainder will be leased to LKQ Corp. Stephanie Park, Colin Green and Traci Payette of CBRE represented the seller, Plymouth Industrial REIT Inc.

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Principle Construction Completes Warehouse Renovation for POLI FILM America in Hampshire, Illinois

Kristin Harlow — Thu, 16 Jul 2026 13:53:04 +0000

HAMPSHIRE, ILL. — Principle Construction Corp. has completed a warehouse renovation for POLI FILM America Inc. at One Elgiloy Drive in Hampshire, a far northwest suburb of Chicago. The project provides the protective plastic film manufacturer with a streamlined, rectangular floor plan designed to optimize high-volume manufacturing operations. The centerpiece of the project involved relocating 12 precast concrete panels from an existing 133-foot wall. By moving these panels and integrating new ones, Principle enclosed the inner section of a previously L-shaped warehouse, converting it into a contiguous space. Principle also expanded the west side dock apron and added two new dock positions in the existing warehouse space. The addition of 38,956 square feet to the manufacturing facility included a new entry door and a drive-in door, a gas-fired make-up air unit, ballasted roof and lighting. Principle also installed an infiltration pit for increased stormwater management capacity. Harris Architects was the architect.

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Kiser Group Arranges $5.7M Sale of Chicago Apartment Building

Kristin Harlow — Thu, 16 Jul 2026 13:52:20 +0000

CHICAGO — Kiser Group has arranged the $5.7 million sale of a 43-unit apartment building located at 5123-31 S. University Ave. in Chicago’s Hyde Park neighborhood. Lee Kiser brokered the transaction. The Norm Levin Trust sold the property to Florin Pavel. Situated a few blocks from the University of Chicago, the asset was 97.7 percent occupied at the time of sale. The buyer completed a 1031 exchange and plans to renovate and reposition the asset to better serve student housing demand. The same family had owned the property since 1962.

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Des Moines at the Midpoint: Demand Is Real, Space Is the Variable

Kristin Harlow — Thu, 16 Jul 2026 12:33:00 +0000

By Aaron Hyde and Justin Lossner, JLL Regional markets like Des Moines are no longer waiting their turn. Retailers and office users that once bypassed mid-sized metros for coastal or high-growth markets are compressing their timelines and arriving here ahead of schedule. Heading into the second half of 2026, that shift is already playing out on the ground. Des Moines faces constrained supply and steady demand—not excess capacity. Across retail and office, the question isn’t whether tenants want to be here, but whether growth can physically occur. Retail: strong demand Retail vacancy in metro Des Moines sits around 3.5 percent, the tightest rate in over a decade. Demand spans categories: Quick-service restaurants, banks, auto tenants, fitness and junior box soft goods retailers all absorb space as it becomes available. Retailers are no longer simply looking for the next door down the street. They’re expanding regionally, and markets like Des Moines are benefiting as larger metros tighten. National retailers now enter Des Moines earlier in their expansion cycles. In fact, roughly 36 percent of new national retail leases were signed within five months of space becoming available. Des Moines is consistent with that velocity. Space — not demand — limits growth…

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JLL Arranges $28.2M Sale of Westwood Town Center in Suburban Cleveland

Kristin Harlow — Wed, 15 Jul 2026 13:57:42 +0000

ROCKY RIVER, OHIO — JLL Capital Markets has arranged the $28.2 million sale of Westwood Town Center, a shopping center in Rocky River near Cleveland. Built in 1988, the property totals 226,155 square feet. Anchor tenants include Home Depot, which accounts for 30 percent of income and recently extended its lease, and Marc’s, a regional grocer that accounts for 25 percent of income. Additional tenants include AMC Theatres, which operates the only six-screen theater within a five-mile radius, Dollar Tree, FedEx and Third Federal Savings & Loan. The center is currently 95 percent occupied. Michael Nieder and Brian Page of JLL represented the seller, Zeisler Morgan Properties. The buyer was KPR Centers.

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Marcus & Millichap Brokers Sale of 916-Unit Self-Storage Property in Chicago

Kristin Harlow — Wed, 15 Jul 2026 13:57:00 +0000

CHICAGO — Marcus & Millichap has brokered the sale of a 916-unit Public Storage property in Chicago. Completed in 2024, the self-storage facility consists of climate-controlled units totaling 72,899 rentable square feet. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, an Illinois-based limited liability company. Delaney procured the buyer, a Texas-based limited liability company.

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HODC Opens 48-Unit Permanent Supportive Housing Community in Northbrook, Illinois

Kristin Harlow — Wed, 15 Jul 2026 13:56:06 +0000

NORTHBROOK, ILL. — Nonprofit developer Housing Opportunity Development Corp. (HODC) has opened Poupard Place, a permanent supportive housing community in Northbrook. The 48-unit, four-story community at 1593 Shermer Road provides affordable housing for individuals and families living with disabilities. The development was made possible through a collaborative partnership among HODC, Illinois Housing Development Authority, Cook County, National Equity Fund, Federal Home Loan Bank of Chicago, Village Bank & Trust and many other public and private partners. The Village of Northbrook unanimously approved the project and donated the land. The project team included architect Cordogan, Clark & Associates and general contractor Skender.

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Greenstone Partners Negotiates $4M Sale of Apartment, Retail Building in Chicago

Kristin Harlow — Wed, 15 Jul 2026 13:53:57 +0000

CHICAGO — Greenstone Partners has negotiated the $4 million sale of a fully leased property located along Restaurant Row in Chicago’s Fulton Market neighborhood. Located at 1012 W. Randolph St., the four-story asset totals 6,500 square feet and includes a ground-floor retail space leased to Rōti Modern Mediterranean and three loft-style apartments. At the time of sale, the property was fully occupied. Danny Spitz, Tom Galvin and Brewster Hague of Greenstone represented the seller. The buyer was Los Angeles-based Foundational Real Estate.

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JLL Secures $332M Refinancing for Luxury Multifamily Tower in Chicago

Kristin Harlow — Tue, 14 Jul 2026 14:01:45 +0000

CHICAGO — JLL Capital Markets has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower. Standing 76 stories and 893 feet tall, the property is Chicago’s tallest rental tower, according to JLL. Located at 1210 S. Indiana Ave. along Grant Park, NEMA Chicago includes 800 units. Architect Rafael Viñoly designed the property, which was completed in 2019. David Rockwell designed the interiors. NEMA Chicago features 70,000 square feet of amenity spaces, including indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building features 764 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which comprise private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace. Danny Kaufman, Medina Spiodic and Youngsoo Yang of JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Co. JLL also arranged the mezzanine loan through PGIM’s real estate business.

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Mapletree Breaks Ground on 419,520 SF Spec Industrial Facility in Joliet, Illinois

Kristin Harlow — Tue, 14 Jul 2026 14:00:47 +0000

JOLIET, ILL. — Mapletree Investments has broken ground on a 419,520-square-foot speculative industrial facility in Joliet. Completion of the 29-acre project is slated for the first quarter of 2027. Situated along the I-80 and I-55 interchange, the development will provide direct connectivity to the Joliet Intermodal Center, North America’s largest inland port that is home to the Union Pacific and BNSF Joliet Intermodal Terminals. The property will feature a clear height of 40 feet, 78 dock doors, four drive-in doors, 172 car parking spaces and 97 trailer stalls. Singapore-based Mapletree currently owns and operates approximately 9.8 million square feet of industrial assets in Chicagoland. The group’s broader U.S. logistics footprint totals more than 60 million square feet. The project team includes Keeley Construction and Colliers.

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