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DevelopmentIllinoisIndustrialMidwestSelf-Storage

Hernandez Development, XSITE Real Estate to Build 123,000 SF Self-Storage Facility in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Hernandez Development and XSITE Real Estate have purchased a 6-acre parcel in the Chicago suburb of Deer Park with plans to build a Class A self-storage facility. The acquisition price for the site was $2 million. The project marks the fourth self-storage property in Hernandez’s portfolio within the Chicago market, joining two operational facilities in Oswego and Bolingbrook as well as a project currently under construction in Carol Stream. The development will feature a 123,000-square-foot climate-controlled self-storage facility, a 6,098-square-foot multi-tenant building with drive-thru and a dedicated drive-thru-only Scooter’s Coffee. The project site is adjacent to Deer Park Town Center and across from Kildeer Marketplace. Hernandez Construction will serve as general contractor, and Extra Space will operate the facility.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Negotiates $4.5M Sale of Central Park Apartments in Racine, Wisconsin

by Kristin Harlow

RACINE, WIS. — Marcus & Millichap has negotiated the $4.5 million sale of Central Park Apartments in Racine. The 48-unit multifamily property is a low-income housing tax credit community that was built in 1967 and renovated from 2013 to 2015. There are 48 two-bedroom units across 45,600 rentable square feet. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller, a private investor group, and procured the buyer, a private investor. The buyer assumed the in-place Freddie Mac loan, which features an interest rate of 3.07 percent.

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AcquisitionsMidwestMinnesotaMultifamily

Colliers Brokers Sale of 116-Unit Historic Apartment Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Colliers has brokered the sale of ElseWarehouse, a 116-unit apartment building in the North Loop of Minneapolis. The sales price was undisclosed. The transaction marks the first time the historic warehouse apartments have hit the market. Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon of Colliers represented the seller, Greco. North Dakota-based Great States Development was the buyer. Greco converted the 1920s warehouse into apartments in 2012. Located at 730 N. Washington Ave., the property features a variety of one-, two- and three-bedroom units averaging 907 square feet. Amenities include a fitness center, rooftop clubrooms and retail space on the ground floor.

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IllinoisLeasing ActivityMidwestOffice

ComPsych Corp. Signs 50,000 SF Headquarters Lease at Prudential Plaza in Chicago

by Kristin Harlow

CHICAGO — ComPsych Corp. has signed a 50,000-square-foot headquarters lease at Prudential Plaza in Chicago. The mental health, well-being and absence management company will move from NBC Tower, where it occupies 152,000 square feet, to the seventh floor of One Pru in the first quarter of 2027. Wanxiang America Real Estate Group owns the property. Annie Kwasigroch and Dan Heckman of Riverside Investment & Development represented ownership in the lease, while Brian Means and Kellen Monti of JLL represented ComPsych. Prudential Plaza began a multimillion-dollar renovation and rebranding campaign in late 2023 that is ongoing. A glass-enclosed walkway connecting One and Two Pru will is expected to be completed in the next 60 days, enabling tenants to flow between the expanded 72,000-square-foot amenity space across the 11th floor. Other upgrades include a new 20,000-square-foot conferencing center, new coworking spaces, a fully staffed bar with grab-and-go coffee and food options and an entertainment suite with two golf simulators. Additional renovations are underway such as cold plunges and infrared saunas for the fitness center. Later this year, the outdoor deck will be expanded to include a new pickleball court and bar area overlooking Millennium Park. Completed in 1955 and renovated in 2014, …

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DevelopmentMidwestNorth Dakota

Kraus-Anderson Completes $42.5M Bismarck State College Advanced Technology Center in North Dakota

by Kristin Harlow

BISMARCK, N.D. — Kraus-Anderson has completed construction of a new polytechnic education center at Bismarck State College (BSC) in North Dakota. Built on a greenfield site, the $42.5 million project is the only polytechnic education facility in the region, according to Kraus-Anderson. Designed by ICON Architectural Group, the 89,486-square-foot BSC Advanced Technology Center features two flex labs. The three-story building, connected by a skywalk to the BSC National Energy Center of Excellence, also houses a live event venue, digital hive and security operations center. Construction began in October 2022. A ribbon cutting ceremony will take place in March.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

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DevelopmentIndustrialMidwestNebraska

Darland Construction to Build 105,000 SF Packing, Distribution Center for Food Bank in Omaha

by Kristin Harlow

OMAHA, NEB. — Darland Construction will build a nearly 105,000-square-foot packing and distribution center for Food Bank for the Heartland in Omaha. The facility will replace the organization’s current location, which it has outgrown due to a significant increase in demand for emergency food assistance, according to Darland. Since 2018, Food Bank for the Heartland has more than quadrupled its reach and serves 93 counties in Nebraska and western Iowa. The new property will offer expanded cold storage capabilities and a significantly larger Protein Repack Room with a capacity of 4,300 square feet. The new building will be more than 40 percent larger than the current facility, providing increased space for volunteers to repackage food donations. HDR is the architect.

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AcquisitionsLoansMidwestMultifamilyOhio

Berkadia Arranges $49.1M Acquisition Loan for Multifamily Property in Strongsville, Ohio

by Kristin Harlow

STRONGSVILLE, OHIO — Berkadia has arranged a $49.1 million acquisition loan for Chestnut Lake in Strongsville, a southern suburb of Cleveland. The 788-unit multifamily property is located at 17721 Whitney Road and offers amenities such as an outdoor pool, playground, fitness center, hair salon and grilling and picnic areas. Robert Lipson of Berkadia arranged the Fannie Mae loan on behalf of the buyer, New Jersey-based Brookhaven Property Group. The 10-year loan featured a 5.71 percent interest rate and a 30-year amortization schedule.

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DevelopmentIndustrialMidwestMinnesota

Opus Completes 90,000 SF Recycling Facility Expansion for Spectro Alloys Near St. Paul

by Kristin Harlow

ROSEMOUNT, MINN. — Opus has completed a 90,000-square-foot recycling facility expansion for Spectro Alloys in Rosemount, a southern suburb of St. Paul. Spectro Alloys is a secondary foundry alloy producer in the Midwest. The addition enables the company to expand its product offering into billet from post-consumer scrap aluminum. Equipment will be assembled and calibrated in the facility over the next several months. With first production expected during the second half of 2025, the new facility creates an estimated 50 new jobs and adds nearly 120 million pounds per year of additional recycling capacity. Full production ramp-up is expected in the first quarter of 2026. Opus was the design-builder and architect.  

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AcquisitionsIllinoisMidwestOffice

Greenstone Partners Negotiates $5.3M Sale of Creative Loft Office Building in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has negotiated the $5.3 million sale of a creative loft office building located at 405 W. Superior St. in Chicago’s River North neighborhood. The value-add property features a diverse tenant mix, including one retail tenant as well as full-floor occupants spanning a variety of technology, energy and marketing companies. There are also more than two dozen tenants operating under short-term coworking agreements with the Expansive shared office brand. The floor plates are 7,200 square feet. Jason St. John and Danny Spitz of Greenstone represented the seller, Expansive. Mitchell Loveman and Jimena Sayavedra of Newmark represented the buyer, Self-Help Ventures Fund.

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