WAYNE, NEB. — Darland Construction Co. has completed a renovation and addition for Providence Medical Center (PMC), a critical access hospital in Wayne. The first phase of the project included a 20,000-square-foot addition on the hospital’s south side, designed to accommodate the rapidly expanding imaging and specialty outpatient services. The second phase included a new campus main entry and central registration, consolidating radiology services into a unified location. A new concourse connects this area to the remodeled spaces. A dedicated outpatient clinic houses infusion rooms, stress testing, psychiatry, counseling and staff support areas. Following the completion of the addition, Darland transitioned to a 20,000-square-foot remodel, transforming the surgical suite with two new operating rooms, converting an existing OR into an endoscopy suite and adding private pre-op and recovery spaces. Areas for materials management, wound care, cardiac rehab and administrative offices were also updated. A third phase included the installation of a supplemental air handling unit and a renovation of the hospital’s pharmacy.
Midwest
By Lance Evinger III, Hendricks Commercial Properties In an era where consumers seek more than just products, experience-driven spaces are reshaping the commercial real estate landscape. In Indianapolis, developers and urban planners are increasingly focused on transforming some of the city’s most underutilized yet high-potential areas into dynamic destinations that foster engagement, connection and excitement. Indianapolis boasts a diverse and rapidly evolving commercial real estate market that continues to attract significant investment and development. Key sectors — including office, industrial, retail and mixed-use developments — have experienced steady growth, with a strong focus on adaptive reuse projects and innovative design concepts. The city’s strategic central location, robust infrastructure and thriving convention scene make it a prime destination for businesses and developers alike. Named USA Today’s No. 1 Convention City in the U.S. in 2024, downtown Indianapolis attracts over 10 million visitors annually, a number that continues to grow. In the past year, downtown hotels have set all-time monthly revenue records, fueled by major events like the NFL Combine and NBA All-Star Weekend. At the same time, the Indiana Convention Center has seen a 14.5 percent year-over-year increase in visitors, further cementing the city’s reputation as a top-tier event destination. With …
AcquisitionsDevelopmentFeaturesHeartland Feature ArchiveIllinoisLeasing ActivityMidwestRestaurantRetail
JLL: U.S. Retail Sector Remains Optimistic as Market Conditions Shift
by John Nelson
CHICAGO — Retail closures are at a cyclical high, totaling a whopping 9,900 business shutdowns in 2024, according to JLL’s fourth-quarter 2024 retail report entitled “United States Retail Market Dynamics.” For the first time in several years, store closures outpaced store openings in a calendar year. Fabric and crafts retailer JOANN, who filed for Chapter 11 bankruptcy protection twice within a year, is shuttering all 800 stores, while major department store chain Macy’s will close 150 stores over the next three years, with 66 closures anticipated in 2025 alone. The highest number of store closures resulted from discount and dollar stores like Family Dollar, CVS Health and Big Lots, as well as specialty retailers like Party City. Retail closures are represented across different size brackets, with more than 55 percent of announced closures identifying with footprints ranging from 5,000 square feet to 20,000 square feet. Expanding retailers such as Dollar General, O’Reilly Automotive and Five Below align with these vacant boxes, while larger, major closures like Bed Bath & Beyond and Toys “R” Us occupy more “desirable” locations. On the flip side, between 2024 and 2025, there were roughly 7,700 new retail store openings announced. Nearly 3,000 of these openings …
LEWIS CENTER, OHIO — A joint venture between Buckingham and Onyx+East has broken ground on a 120-unit build-to-rent (BTR) community in Lewis Center within Orange Township. Named Mural Lewis Center, the development is part of Buckingham’s Mural Collection. The two- to four-bedroom homes will range from 902 to 2,685 square feet and include attached two-car garages and private outdoor spaces. All home and yard maintenance is included, and residents can enjoy a playground, pavilion, dog park, community garden, fire pit and walking trails. The first units will be available for rent beginning in December. Mural Lewis Center comes on the heels of Onyx+East and Buckingham’s first BTR project, Mural Brownsburg, located in suburban Indianapolis.
FITCHBURG, WIS. — Mid-America Real Estate Corp. has arranged the sale of Hatchery Hill Towne Center in the Madison suburb of Fitchburg for an undisclosed price. Shadow anchored by Pick ‘n Save, the 85,880-square-foot shopping center was 80 percent leased at the time of sale. Tenants include Panera Bread, Verizon, Cold Stone Creamery, MOD Pizza, Great Dane Pub & Brewing Co., Anytime Fitness, Kim’s Nails and Tabby & Jack’s Pet Supplies. Rick Drogosz and Dan Rosenfeld of Mid-America represented the seller, Bridge33 Capital. Brar Investments was the buyer.
WESTLAKE, OHIO — New tenants are opening and existing tenants are expanding at Crocker Park lifestyle center in Westlake, a western suburb of Cleveland. New tenants include Color Me Mine, Garage, Océanne, State & Liberty, Ten Seconds Yunnan Rice Noodle, Tradehome Shoes and Vera Bradley. Arhaus and Lucky Shoes are relocating to larger spaces. Additionally, CPL Architecture, Engineering & Planning will soon open an office, and Palmer Holland is expanding its footprint, now occupying a ground-floor space in addition to its third-floor office space. Crocker Park features more than 4.5 million square feet with over 130 local and national retailers and dining options as well as office buildings, luxury apartments and an event venue. Cleveland-based Stark Enterprises is the owner.
SPRING ARBOR, MICH. — Marcus & Millichap has brokered the $5.5 million sale of Village Crossing, a 17-suite retail center in Spring Arbor, about 46 miles west of Ann Arbor. The multi-tenant property totals 53,900 square feet and is situated on Spring Arbor Road. The asset consists of two buildings that are 94.4 percent leased. The anchor tenant is Henry Ford Health, which recently extended its lease for five years with annual rent increases. Darin Gross, Seth Haron and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The deal closed at 97.3 percent of the asking price.
APPLETON, WIS. — NAI Pfefferle has negotiated the sale of a 14,185-square-foot office building in Appleton. The sales price was not disclosed, but the asking price was $2.2 million. Elizabeth Ringgold and Jonathan Glassco of NAI Pfefferle negotiated the sale. Buyer and seller information was not provided.
EDEN PRAIRIE, MINN. — JLL Capital Markets has brokered the sale of Cascade at Town Center, a 204-unit multifamily community in the Minneapolis suburb of Eden Prairie. The property was built in 2001 with 18 additional units added in 2018. Units average 1,158 square feet. Amenities include a gym, clubroom, indoor pool, courtyard and garage parking. Josh Talberg, Joseph Peris and Mark Stern of JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners, and the buyer, FPA Multifamily. Elliott Throne and Scott Loving of JLL originated acquisition financing through Freddie Mac.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged $5.6 million in financing for a three-tenant retail property in the Gold Coast neighborhood of Chicago. The 5,800-square-foot asset was fully leased at the time of the loan closing. A national lender provided the three-year, fixed-rate loan at 6.45 percent. The loan amortizes on a 25-year schedule. Chicago-based JDI Realty was the borrower.