Sunday, November 23, 2025
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IndustrialLeasing ActivityMidwestMissouri

OpenStore Selects Kansas City Market for First Fulfillment Center

by Kristin Harlow

KANSAS CITY, MO. — OpenStore has selected the Kansas City market for its first-ever fulfillment center. The 113,000-square-foot facility is expected to create 46 new jobs and bring $2 million in new annual payroll to the region in the next five years. OpenStore is the largest operator of businesses on Shopify, distributing goods across a range of beauty, home goods, apparel and electronics. The Kansas City distribution center, located at Executive Park Logistics Center, represents a $5 million capital investment and positions OpenStore to provide faster and more efficient service to its growing portfolio of 40 e-commerce brands. The Miami-based e-commerce company says it selected Kansas City due to its central U.S. access point and its robust labor pool with distribution industry experience. The Kansas City region offers access to 90 percent of the contiguous U.S. in two days or less by truck. The Kansas City Area Development Council promotes the region’s business and lifestyle assets to companies and talent around the world.

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DevelopmentIllinoisMidwestOffice

Skender Completes Interior Construction of New Headquarters for SCB in Chicago

by Kristin Harlow

CHICAGO — Skender has completed interior construction of the new 35,000-square-foot headquarters for architectural firm SCB in Chicago. The company relocated from 625 North Michigan to the historic AMA Plaza building, which was designed by famed architect Ludwig Mies van der Rohe. SCB designed its new space on the 25th floor that features a mix of open office, conference rooms, collaboration spaces, a café, library and private executive offices. The build-out also features a shop that enables the firm to create design models for client presentations. A custom 3D model wall in the lobby highlights SCB’s impact on the city’s skyline. The project team also included Syska Hennessy Group as the engineer and JLL as owner’s representative.

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DevelopmentHealthcareMidwestOfficeWisconsin

Irgens Underway on Conversion of Office Property into Healthcare Space in Waukesha, Wisconsin

by Kristin Harlow

WAUKESHA, WIS. — Irgens is underway on the conversion of an office property to healthcare space in the Milwaukee suburb of Waukesha. The 58,223-square-foot building is part of Stone Ridge Business Park. Irgens recapitalized the project, and construction is set to begin later this month. Renovations will include HVAC upgrades, lobby and common area updates, a new fitness and conference center, and new external signage. EUA is the architect, Catalyst Construction is the general contractor and Summit Credit Union is providing financing. The project, named Stone Ridge Medical Commons, is slated to open in spring 2025. Visage Facial Plastic Surgery and Retina & Vitreous Consultants of Wisconsin have both signed leases at the property and will open offices next year. Ben Anderson of Colliers represented Visage. Markel, the building’s original anchor tenant, is relocating to Research One in the Milwaukee County Research Park.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $22M Loan for Refinancing of Michigan Apartment Property

by Kristin Harlow

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments in New Baltimore, a city in eastern Michigan. The apartment property features 776 units. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Sullivan Development Breaks Ground on 34-Unit Willow Creek Villas in Winamac, Indiana

by Kristin Harlow

WINAMAC, IND. — Sullivan Development LLC has broken ground on Willow Creek Villas, a 34-unit affordable housing community in Winamac, a city in northwest Indiana. The development site is within walking distance of a shopping plaza and the largest grocery store in the county, Sanders Foods. Completion is slated for late 2025, and the $9.9 million project will include five buildings. The Indiana Housing and Community Development Authority awarded tax credits through the 2024 Rental Housing Tax Credit General Set-Aside. The project is made possible through collaboration with local partners, including Winamac Town Manager Brad Zellers, Nathan Origer of the Pulaski County Community Development Commission, Charles Mellon Jr. of the Pulaski County Board of Commissioners, and service partners Community Foundation of Pulaski County and PEAK Community Services.

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KansasMarket ReportsMidwestMidwest Market ReportsRetail

How to Transform the Retail Landscape in Topeka, Kansas

by Kristin Harlow

By Cody Foster, Advisors Excel Topeka, the capital city of Kansas, has a population of approximately 125,000 people, located in a 12-county region with over 531,000 residents. The region’s population has grown over the past five years and is expected to increase by another 2.1 percent between 2023 and 2028. With an unemployment rate of around 3.5 percent as of mid-2024, the city’s economic outlook remains stable, providing a solid foundation for redeveloping key commercial properties — including the West Ridge Mall, the third-largest indoor shopping center in Kansas at 992,000 square feet. Since it opened in 1988, the West Ridge Mall has been a significant part of the city’s commercial landscape. The site features ample parking and anchors the Wanamaker Road commercial corridor, the region’s most significant retail hub, which garnered $1 billion in retail, grocery and dining spending during the past 12 months.  However, like many malls nationwide, it faces challenges in a rapidly evolving retail environment. Retail trends: following consumer behavior The West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively.  Various management companies tried to keep the retail …

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MidwestOhioRetail

Federal Judge Blocks Kroger-Albertsons Merger

by Kristin Harlow

CINCINNATI AND BOISE, IDAHO — A judge in the Oregon federal court has blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. U.S. District Judge Adrienne Nelson agreed with the Federal Trade Commission’s argument that Kroger would become the dominant player in traditional supermarkets if the deal passed, and rejected the companies’ counterargument that selling 579 stores to C&S Wholesale Grocers would replace the lost competition. In a press release issued today, Albertsons announced that it has exercised its right to terminate its merger agreement with Kroger. Additionally, Albertsons has filed a lawsuit against Kroger in the Delaware Court of Chancery. Albertsons states that Kroger refused to offer an adequate divesture package and repeatedly ignored regulators’ concerns, causing the merger to be blocked. Boise-based Albertsons operates 2,267 retail food and drug stores across 34 states and the District of Columbia under more than 20 banners such as Safeway, Jewel-Osco, Shaw’s, Acme and Tom Thumb. Cincinnati-based Kroger operates nearly 2,800 stores in 35 states under two dozen banners such as Mariano’s, Harris Teeter and Pick ‘n Save.

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DevelopmentMidwestMixed-UseOhio

Haslam Sports Group, Cleveland Browns Select Lincoln Property Co. as Development Partner for 176-Acre Entertainment District

by Kristin Harlow

BROOK PARK, OHIO — Haslam Sports Group (HSG) and the Cleveland Browns have selected Lincoln Property Co. as the development partner for the Browns’ 176-acre mixed-use entertainment district in the suburb of Brook Park. The development, designed by HKS, will be anchored by a new enclosed stadium for the 80-year-old NFL franchise, which is owned by Haslam. Located adjacent to Cleveland Hopkins International Airport, the 67,000-seat stadium will also host concerts, sports tournaments, events and conferences year-round. The entertainment district surrounding the stadium will be developed across multiple phases and will ultimately include 300,000 square feet of retail space, two upscale hotels, 1,100 apartments and 500,000 square feet of office space. Phase I, which is planned to deliver along with the stadium in 2029, will include 450 hotel rooms, 575 apartment units, 96,000 square feet of traditional retail and 137,000 square feet of experiential retail.

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AcquisitionsIllinoisIndustrialMidwest

MDH Partners Purchases 2.2 MSF Industrial Portfolio in Minooka, Illinois

by Kristin Harlow

MINOOKA, ILL. — MDH Partners has purchased Minooka Interstate Logistics Portfolio, a 2.2 million-square-foot industrial portfolio in Minooka, about 60 miles outside Chicago. The purchase price was undisclosed. The portfolio is comprised of three Class A facilities that are fully leased. Houston Hawley of MDH Partners sourced the deal. Adam Tyler, Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the undisclosed seller. The building at 200 International Parkway South totals 473,280 square feet and is fully leased to BMW of North America, which utilizes the facility to service hundreds of dealerships located between Colorado and Michigan. The building at 1460 Cargo Court is 705,661 square feet and is fully leased to Kellanova, which distributes Kellogg’s global snacks and international cereals. The 1 million-square-foot facility at 6225 E. Minnoka Road is fully leased by WK Kellogg, which distributes Kellogg’s U.S. breakfast cereals and is the largest distribution center for WK Kellogg in the Midwest. The buildings were constructed in 2002 and 2008.

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AcquisitionsMichiganMidwestRetail

Continental Realty Corp. Sells Oakland Plaza Shopping Center in Troy, Michigan for $25.6M

by Kristin Harlow

TROY, MICH. — Continental Realty Corp. (CRC) has sold Oakland Plaza, a nearly 167,000-square-foot shopping center in Troy, for $25.6 million. Atlanta-based RCG Ventures LLC was the buyer. CRC acquired the asset as part of a two-property portfolio in 2021, signaling its entry into the Michigan real estate market and its first acquisition on behalf of Continental Realty Opportunistic Retail Fund I LP. Ben Wineman, Daniel Stern and Patrick Corrigan of Mid-America Real Estate Corp. represented CRC in the disposition. During its hold period, CRC improved occupancy of the center from 71 percent to 97 percent. New leases with DSW, Kids Empire, Rally House, Paris Banh Mi, Mochinut and Witch Topokki total 53,000 square feet. CRC also repainted the entire center, resurfaced columns, repaved the surface parking lot and replaced common area light fixtures. Completed in 1979 and renovated by the previous ownership group in 1994 and 2014, Oakland Plaza consists of two buildings anchored by TJ Maxx, Michaels and Planet Fitness. The asset is across the street from the 1.5 million-square-foot Oakland Mall.

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