INDIANAPOLIS — Cronheim Hotel Capital has provided a $30 million loan to finance the recently converted 128-room Aloft Indianapolis Downtown hotel. The borrower, Everwood Hospitality Partners, converted the historic Stock Yards Bank & Trust Co. office building into the hotel. Beau Williams of Cronheim originated the loan. The asset is within walking distance of the Indiana Convention Center, Lucas Oil Stadium, Gainbridge Field and Monument Circle.
CHICAGO — Greenstone Partners has brokered the sale of 821 W. Eastman, a 23,150-square-foot multi-tenant property in Chicago’s Lincoln Park neighborhood. The British International School of Chicago anchors the building, occupying 65 percent of the rentable square footage with 17 years remaining on its lease. Other tenants include Bright Horizons, a provider of early education that has occupied the space since 2007, and Hill Family Pet Care, which offers daycare, boarding, grooming and training services. Danny Spitz of Greenstone represented the seller and procured the buyer, a partnership between Honore Properties and Peerless Development.
TROY, MICH. — L. Mason Capitani/CORFAC International has negotiated the sale of a 70,000-square-foot office building in Troy for an undisclosed price. The three-story property is located at 950 Stephenson Highway with convenient access to I-75. Amenities include ample parking, onsite property management, day porter service, shared conference rooms, a shared common area kitchen and an auditorium on the first floor. Robert Gojcaj of L. Mason Capitani represented the buyer, which plans to undertake cosmetic improvements.
MINNEAPOLIS — Meyer Borgman Johnson has signed a long-term office lease to occupy the 20th floor of RSM Plaza in Minneapolis. The multi-specialty structural design practice plans to move its corporate headquarters into the 12,277-square-foot space on June 1. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Golub & Co. Jeffrey LaFavre and Zach Synstegaard of IAG Commercial represented the tenant, which maintains seven offices across the U.S. and is relocating from 510 Marquette Ave. RSM Plaza, a 416,000-square-foot office tower, underwent a $10 million renovation in 2018 that revitalized the lobby and added amenities such has The Perch Lounge, The Pocket Park and conferencing and collaborative meeting spaces. The property is home to 801 Chophouse and 8th Street Grill & Taphouse.
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a multifamily portfolio comprised of 112 units across four properties in Michigan’s “Thumb Region.” Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization. The portfolio features a mix of studio to three-bedroom units and is located near the Lake Huron shoreline.
By Andy Gutman, Farbman Group Detroit’s office market, like many other large cities across the Midwest, has experienced many shifts — specifically in the office sector. Despite the challenges Detroit has seen over the past few years, the city has also shown great resilience. As companies continue to reconsider and revise their office needs, and workspaces evolve, Detroit is well positioned to capitalize on office occupancy in 2025 thanks to its historical assets, as well as opportunities in the city that are ripe for redevelopment. Tech, transportation and tenacity One of the city’s strengths in the office sector is its potential to rebound faster than many other Midwest cities. Unlike other markets that are overbuilt with more pain coming in the form of downsizing, such as Chicago, Detroit has avoided oversupply and isn’t overburdened with soaring vacancy rates. The city’s office market vacancy rate has slowly declined over the last several quarters — a positive sign for the local market. Detroit has also benefitted from steady and incremental growth, particularly by incubation, innovation and technology-focused tenants. It’s these types of tenants who have assisted in revitalizing the city’s urban core. The market is also characterized by a higher proportion of …
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate has negotiated the sale of the historic Pantagraph building in downtown Bloomington. Lifelong Access, a provider of community health and support services, purchased the 54,000-square-foot building at 301 W. Washington St. that was formerly home to the Pantagraph newspaper. The acquisition was made possible through a $21.7 million grant from the Healthcare Transformation Capital Investment Grant program, administered by the Illinois Department of Healthcare and Family Services. Meghan O’Neal-Rogozinski and Michael O’Neal of AXIS 360 represented the seller, while Robbie Osenga of AXIS 360 represented the buyer. The property will serve as the home of a collaboration between Lifelong Access, Chestnut Health Systems, the Regional Office of Education and other local nonprofit organizations to provide a one-stop support services hub primarily focused on youth. Renovations are expected to begin this fall with plans to preserve elements of the building’s historic character.
LEE’S SUMMIT, MO. — Prudent Growth Partners LLC has acquired Douglas Square in the Kansas City suburb of Lee’s Summit for $11.6 million. The 59,451-square-foot shopping center was built in 1999 and is home to 18 local and national tenants. The property is situated on NE Douglas Street with proximity to I-470. Prudent Growth is a private equity real estate investment company based in Chapel Hill, N.C.
ST. LOUIS — Three new tenants have signed leases at 500 N. Broadway, a 22-story office tower in downtown St. Louis totaling 416,777 square feet. St. Louis-based engineering consulting firm EDM signed a 9,430-square-foot lease to establish a new and upgraded workspace on the 12th floor. Newly formed law firm Moore, Skelton, Lindsey LLC signed a 2,543-square-foot lease and moved into its inaugural space on the 16th floor this month. Jovick Brothers, a fast casual restaurateur, inked an 1,800-square-foot lease on the ground floor. Operations for its first café began in the fourth quarter of 2024. CBRE’s Rick Messey represented the landlord in the leases. The property has undergone several renovations, including an updated lobby and common area finishes, a new larger conference facility and kitchen, full-service fitness room with new showers, lockers and equipment, a spin studio with elliptical equipment and spin bikes, and a micro-mart.
CHICAGO — BWE has arranged an $8 million loan for the refinancing of Mayfair Plaza in Chicago. The three-building, 28,771-square-foot retail strip center was fully leased at the time of loan closing. Tenants include Starbucks, T-Mobile, a dentist’s office and local Chicago restaurants. Ryan Morris of BWE arranged the five-year loan, which features a 30-year amortization period. The lender and borrower were not provided.