Sunday, February 8, 2026
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AcquisitionsIllinoisMidwestMultifamily

Interra Negotiates $8.2M Condo Deconversion Sale in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sale of a condominium deconversion in Chicago’s Buena Park neighborhood for $8.2 million. The undisclosed buyer plans to convert the property’s 34 condo units into apartment rentals. The four-story asset is located at 744 W. Gordon Terrace. Built in 1974, the property includes a mix of studios, one- and two-bedroom units. Joe Smazal of Interra brokered the transaction. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

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AcquisitionsMidwestOhioRetail

RCG Ventures Acquires 110,507 SF Shopping Center in Bowling Green, Ohio

by Kristin Harlow

BOWLING GREEN, OHIO — RCG Ventures has acquired Shoppes on South Main in Bowling Green for an undisclosed price. TJ Maxx, Planet Fitness, Petco, Staples and Dollar General anchor the 110,507-square-foot shopping center. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a public REIT.

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IllinoisIndustrialLeasing ActivityMidwest

Clarke Packing & Crating Signs 108,163 SF Industrial Lease in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Clarke Packing & Crating Co. has signed a 108,163-square-foot industrial lease at Brewster Creek Business Park in Bartlett. Clarke will occupy space within a new 186,000-square-foot facility that features a clear height of 32 feet, 35 exterior docks and parking for 224 cars. Clarke currently leases 63,000 square feet at 4150 Chandler Drive in Hanover Park. Elise Couston, Adam Marshall and Mark Deady of Newmark Knight Frank represented the owner, Barings Real Estate, in the lease transaction. George Pappas of Hartford Associates represented the tenant.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $6.2M Sale of Retail Center in Suburban Chicago

by Kristin Harlow

MIDLOTHIAN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.2 million sale of Mid-Oak Plaza in Midlothian, a southwestern suburb of Chicago. Walgreens and Charter Fitness anchor the 73,284-square-foot retail center, which is located at 14702-14740 S. Cicero Ave. Chad Firsel of Quantum represented the seller, a metro Chicago-based acquisition and development company. A private real estate owner based in southern suburban Chicago was the buyer.

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DevelopmentIllinoisMidwestMultifamily

McShane to Construct 364-Unit Apartment Complex in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — McShane Construction Co. has been selected by developer Interforum Holdings to construct a new apartment community called Canterra Residences in Warrenville, about 30 miles west of Chicago. The 364-unit complex will be built around a central parking garage. Amenities will include a health club, yoga studio, business center, pool and dog wash station. Construction will be done in phases with the entire development slated for completion in late 2020. Baranyk Associates LTD is providing architectural services. Interforum is a privately held real estate development and investment firm based in Northfield, Ill.

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DevelopmentMidwestMissouri

Tarlton to Renovate The Muny Outdoor Musical Theater in St. Louis

by Kristin Harlow

ST. LOUIS — Tarlton Corp. is serving as construction manager for renovations to The Muny, an outdoor musical theater in St. Louis. Public fundraising efforts have raised $100 million for capital improvements and ongoing maintenance of the 11.5-acre property. The scope of the work, which is currently underway, includes rebuilding and revamping the century-old stage. A new revolving platform will help move sets and actors more efficiently. A new climate-controlled orchestra pit will accommodate musicians. Tarlton will construct a full basement, new electrical and mechanical systems, new elevators, restrooms, locker rooms and general storage spaces. H3 Architects is the project architect. The project is slated for completion prior to the start of The Muny’s 2019 season. The Muny is a non-profit 501(c)3 organization.

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AcquisitionsIllinoisIndustrialMidwest

PCCP, Midwest Industrial Funds Acquire 490,000 SF Warehouse in Hodgkins, Illinois

by Kristin Harlow

HODGKINS, ILL. — PCCP and Midwest Industrial Funds have acquired a vacant, 490,000-square-foot warehouse in Hodgkins, about 20 miles southwest of Chicago. The purchase price was not disclosed. The buyers plan to renovate the property and rename it as Hodgkins Center of Commerce. The venture plans to tear down part of the building in order to modernize it with 45 additional exterior docks, new office space, ESFR fire system, new roof and HVAC systems. Upon completion, the property will include 408,000 square feet with 62 dock doors and a clear height of 26 feet. The seller was not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Matthews Brokers $11.6M Sale of Industrial Building in Suburban Chicago

by Kristin Harlow

FRANKLIN PARK, ILL. — Matthews Real Estate Investment Services has brokered the sale of an 87,464-square-foot industrial building in Franklin Park for $11.6 million. DHL occupies the property. Neither the buyer nor the seller was disclosed. Maxx Bauman of Matthews brokered the transaction. The sales price represented a sub-6 percent capitalization rate.

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LoansMichiganMidwestMultifamily

Cohen Financial Arranges $10.6M HUD Loan for Refinancing of Multifamily Property in Michigan

by Kristin Harlow

PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.

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Market ReportsMidwestMidwest Market ReportsOfficeOhio

Cleveland Office Market Is on Very Solid Ground

by Kristin Harlow

U.S. economic growth in 2018 is expected to be the strongest in three years. The steady momentum in the Cleveland office market fully supports this forecast. Overall vacancy rates in the Cleveland metro area align with national trends in the range of 12 to 14 percent, rental rates are increasing modestly with averages in the low $20s per square foot and the market for Class A office space continues to be very tight. Tenant improvement allowances offered by landlords are rising faster than rents in a competitive leasing environment, ranging from $20 to $60 per square foot. Larger, multi-floor blocks of quality space are becoming especially difficult to come by in both the central business district (CBD) as well as the suburbs, making new office construction projects more viable than in the past.   Attraction, retention  When it comes to attracting the best and brightest workforce, office occupiers are seeking vibrant, walkable locations, rich with amenities and character. Building owners and developers in the Cleveland CBD continue to introduce office conversion projects that bring more apartments downtown, helping in turn to strengthen the office market. The K&D Group is currently converting a portion of the iconic 52-story Terminal Tower to …

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