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Midwest

DevelopmentIllinoisIndustrialLoansMidwestOfficeSelf-Storage

Byline Bank Provides $9.2M Loan for Office Conversion Project in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — Byline Bank’s Commercial Real Estate Group has provided a $9.2 million loan for the conversion of a 103,109-square-foot office building into self-storage space in the Chicago suburb of Lombard. LSC Development is the developer and borrower. The building, located at the intersection of I-355 and North Avenue, will be transformed into 67,853 square feet of climate-controlled self-storage space with 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed. The project is slated for completion in the first half of 2026. Law firm Blank Rome represented Byline Bank, while Duggan Bertsch LLC represented LSC Development.

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AcquisitionsMidwestMissouriRetail

FNRP Acquires Schnucks-Anchored Shopping Center in Florissant, Missouri

by Kristin Harlow

FLORISSANT, MO. — First National Realty Partners (FNRP) has acquired Florissant Marketplace, a grocery-anchored shopping center in the St. Louis suburb of Florissant. The property is 98 percent leased and anchored by a 70,262-square-foot Schnucks store. The grocer, which maintains over 115 stores in the Midwest, has operated at Florissant Marketplace for more than 20 years. Additional tenants include Crunch Fitness, Pet Supplies Plus, Wing Stop and AT&T. Current inline tenants have a weighted average tenure exceeding 11 years. Chase Young of CBRE represented the undisclosed seller. FNRP now owns four grocery-anchored centers totaling over 950,000 square feet in Missouri. All are located within metro St. Louis.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Completes $29.6M Central Service Center in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Kraus-Anderson has completed Washington County’s new $29.6 million Central Service Center located at 1261 Woodlane Drive next to the Woodbury Village shopping center. The project replaces the existing service center at 2150 Radio Drive in Woodbury. The new center, which will open to the public in late summer, will provide easier transportation and transit options for underserved communities. Designed by Alliance Architects, the 31,375-square-foot building will offer services that include licenses, passports, park permits, homestead applications and property tax payments. It will also house the CareerForce center, an elections polling center and will offer services provided by Public Health, Community Services and Community Corrections. Construction began in May 2024.

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AcquisitionsIllinoisMidwestMultifamily

The Apartment Source, Westward360 Unveil Strategic Merger in Chicago

by Kristin Harlow

CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has unveiled the merger of its property management division with Westward360, a provider of real estate property management services for rental property owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.

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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Merchants Capital Arranges $25.5M in Construction Financing for Minnesota Affordable Housing Project

by Kristin Harlow

SHAKOPEE, MINN. — Merchants Capital has arranged $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee. Merchants Capital provided $14.1 million in 9 percent Low-Income Housing Tax Credit equity and secured an $11.4 million bridge loan from Merchants Bank. Developed by Twin Cities-based developer Beacon Interfaith Housing Collaborative, Prairie Pointe is the only housing development in the area to offer onsite supportive services and rents restricted at 30 percent of the area median income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or those with disabilities, and 14 units will be restricted at 50 percent AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin will provide onsite supportive services. Prairie Pointe will feature one-, two-, three- and four-bedroom units. Community spaces will include a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as …

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 37,287 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 37,287-square-foot industrial building in Elmhurst. The single-tenant property is currently leased on a short-term basis and will be available for lease in September. Constructed in 1970, the building sits on 1.7 acres and features a clear height of 16 feet, two docks, two oversized drive-in doors, parking for over 21 cars and an additional 0.4 acres of secured yard for outdoor storage or additional parking. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the seller and will be retained to market the property for Venture One. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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DevelopmentIllinoisMidwest

Mount Carmel High School Debuts New Performing Arts Center in Chicago

by Kristin Harlow

CHICAGO — The Barry-Hughes Performing Arts Center at Mount Carmel High School in Chicago is now complete. Ware Malcomb provided interior architecture and design services for the renovation of the 70-year-old brick and wood bow-truss building, which is located near Jackson Park in the city’s Woodlawn neighborhood. Mount Carmel High School is an all-boy Catholic high school established in 1900. The latest in a series of campus renovations, the school’s Barry-Hughes Performing Arts Center project transformed an underutilized building into a fully equipped performing arts, music and recording studio facility. The large open space within the performing arts center comprises a flexible theater space that can accommodate audiences of up to 250 patrons. Ancillary uses in the performing arts center include a visual arts flex space, and art and pottery studio, study nooks, a student-run café and storage spaces.

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DevelopmentHospitalityMichiganMidwestRetail

Michigan State Approves Construction of $150M Spartan Gateway District Project, Selects Developer

by Kristin Harlow

EAST LANSING, MICH. — The Michigan State University Board of Trustees has authorized the university to move forward with the construction of the Spartan Gateway District, a public-private campus community development project on the west side of campus along Harrison Road in East Lansing. The university has selected G&G Project Sparta LLC, a joint venture between Lansing, Mich.-based Gillespie Group and Omaha, Neb.-based Goldenrod Cos., as the developer. The project’s price tag is $150 million, according to Crain’s Detroit Business. The Spartan Gateway District encompasses a new hotel and retail space as well as an athletics arena. The Olympics Sports Arena will support volleyball, wrestling, gymnastics, locker rooms and coaching office space in addition to a number of university classrooms. The hotel and retail space would be part of the public-private partnership between the university and the developer. The Spartan Gateway District will be developed in multiple phases. The first phase will include the arena, which is slated to be operational by late 2027. Additional phases featuring a variety of commercial uses including a hotel, housing, office and retail spaces will follow. The timeline for the final phase, which will expand the university’s use of the facilities, is yet to …

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IndianaIndustrialLeasing ActivityMidwest

Simply Good Foods Signs 805,000 SF Industrial Lease in Mount Comfort, Indiana

by Kristin Harlow

MOUNT COMFORT, IND. — Simply Good Foods has signed an 805,000-square-foot industrial lease for seven years in Mount Comfort, an eastern suburb of Indianapolis. The tenant is known for its Quest protein bars and shakes. The Class A building features a clear height of 40 feet, an abundance of trailer and auto parking and accessibility to major transportation routes. The Mount Comfort project is now fully leased. The landlord, CT Realty, has also leased its adjacent 250,000-square-foot facility to Schlage Lock.

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IndustrialLeasing ActivityMidwestMinnesota

Kids in Need Foundation Relocates to 74,364 SF Industrial Space in Little Canada, Minnesota

by Kristin Harlow

LITTLE CANADA, MINN. — Kids in Need Foundation has signed a long-term, 74,364-square-foot industrial lease at 200 S. Owasso Blvd. in Little Canada. The nonprofit organization, which is dedicated to providing suppliers and resources to teachers and students in underserved schools, plans to relocate and occupy the entire building later this spring. The new lease represents an expansion from the organization’s previous home in St. Paul. The new facility will feature a resource center where teachers can access donated school supplies at no cost. The property features nearly 20,000 square feet of office space and 55,000 square feet of warehouse space as well as 54 surface parking spaces and outdoor storage options. John Thompson and Alex Baron of Transwestern Real Estate Services represented the owner, JHM Owasso Properties. Stephen Davidson of Davidson Cos. Inc. represented the tenant.

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