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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on Expansion Project at Maple River Schools in Minnesota

by Kristin Harlow

MAPLETON, MINN. — Kraus-Anderson (KA) has broken ground on an expansion project at Maple River Schools in Mapleton within southern Minnesota. The project includes two new classrooms and an outdoor track and field facility with a discus and shot-put area and a sand jump pit. Designed by ISG, the expansion is part of a long-range facilities plan funded by a $63.3 million bond referendum passed in February 2020. Construction is slated for completion in July. In fall 2022, KA completed the new K-12 school for the Maple River School District. Located in Mapleton, the centralized campus serves students in the rural communities of Amboy, Good Thunder, Mapleton and Minesota Lake. The 200,000-square-foot school features three gymnasiums, a 500-seat auditorium, early childhood classrooms and a separate middle/high school wing with ag science and career and tech classrooms.

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AcquisitionsMidwestMultifamilyWisconsin

Kiser Group Brokers $5.2M Sale of 120-Unit Multifamily Portfolio in Milwaukee

by Kristin Harlow

MILWAUKEE — Kiser Group has brokered the sale of a 120-unit multifamily portfolio in Milwaukee’s Near West Side for $5.2 million. The four-property portfolio, which was 93 percent leased at the time of sale, included 2848 W. Wells St., 2929 W. Wisconsin Ave., 2635 W. Juneau Ave. and 2625 W. Juneau Ave. Luis Robles of Kiser brokered the transaction. The buyer owns a significant number of nearby assets. The deal represents the highest-volume multifamily sale in the Near West Side in 2025, according to Kiser.

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HealthcareLeasing ActivityMichiganMidwest

Oral Surgery Partners Signs 4,930 SF Lease in Clinton Township, Michigan

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — Dr. Joseph Allamat, an oral surgeon who operates his business under the company name Oral Surgery Partners, has signed an 11-year lease for 4,930 square feet at 15870 19 Mile Road in Clinton Township. The lease marks the doctor’s second oral surgery center in Macomb County. Andrew Boncore Sr. of Dominion Real Estate Advisors LLC represented the undisclosed landlord. Emil Cherkasov of Forward Commercial represented the tenant.

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Student Housing Portfolio
AcquisitionsFloridaIndianaNorth CarolinaStudent HousingTexasTop Stories

Newmark Brokers Sale of 3,693-Bed Student Housing Portfolio Across Four States

by Hayden Spiess

NEW YORK CITY — Newmark Group has brokered the sale of a student housing portfolio situated across four states. Located near major public universities in Florida, Texas, Indiana and North Carolina, the portfolio comprises five properties housing 3,693 beds across 1,248 units.  A joint venture between Nuveen and The Preiss Co. was the seller. The buyer and sales price were not disclosed, though Newmark states the transaction represents the largest U.S. student housing portfolio sale this year. The undisclosed communities serve students attending the University of Texas at Austin, North Carolina State University, Texas State University, the University of Florida and Indiana University. Each property is situated an average of roughly 0.9 miles within its respective campus.  Amenities at the communities include swimming pools, grilling stations, fitness centers, outdoor recreation areas and study rooms.  The Preiss Co. recently closed on the recapitalization of the portfolio, which Newmark also arranged. As part of the recapitalization, all five properties will undergo renovations to shared amenity spaces. Planned upgrades include the addition of modern furniture, updated finishes and state-of-the-art fitness equipment.  Several properties will also receive unit interior renovations including the addition of modern cabinetry, updated flooring, contemporary fixtures and hardware, new lighting …

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DevelopmentIllinoisMidwestMultifamilyOffice

Leopardo, GMA Construction Break Ground on Office-to-Multifamily Conversion Project in Chicago

by Kristin Harlow

CHICAGO — A joint venture between Leopardo Cos. and GMA Construction Group has broken ground on 79 W. Monroe, Chicago’s first office-to-multifamily conversion under the city’s LaSalle Street Reimagined initiative. Ware Malcomb is providing architecture and interior design services for the transformation of the 14-story property, which is known as the Rector Building and is located in The Loop. The project team includes developer R2 Cos. and building owner Lagfin. Built in 1905, 79 W. Monroe is the oldest surviving commercial structure designed by Chicago architect Jarvis Hunt. The renovation project includes converting seven floors to create 117 multifamily units with 41 units designated as affordable housing. There will also be an upscale lobby and an indoor-outdoor amenity floor, including a tenant lounge, fitness center, outdoor areas, bike storage, a dog wash station and gaming room. Preservation and building landmark efforts will focus on retaining and repairing the building’s exterior masonry, including brick, stone and terra-cotta elements. To enhance energy efficiency and reduce costs for future tenants, the existing single-pane windows will be replaced with double-pane insulated glass, matching the existing profile as required by the local Historic Review Board.

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DevelopmentIndustrialMidwestMinnesota

Opus Completes 131,578 SF Dayton Parkway Business Center in Minnesota

by Kristin Harlow

DAYTON, MINN. — Opus has completed Dayton Parkway Business Center in Dayton near I-94. The 131,578-square-foot speculative distribution and light manufacturing facility is located at 17800 Territorial Road. The project included tenant improvements for TurbinePROs, a field services provider for rotating equipment at power generation and process plants. TurbinePROs is the first tenant at Dayton Parkway Business Center and is leasing 87,597 square feet, including 12,000 square feet of office space. The new space replaces the company’s 30,000-square-foot home in Rogers. TurbinePROs is currently transitioning into its new location and will be fully operational by the end of the month. Dayton Parkway Business Center’s remaining 43,091 square feet offers prospective tenants six dock doors, two drive-in doors, a clear height of 32 feet, 115 vehicle parking stalls and 14 trailer parking stalls. Opus was the developer, design-builder and architect. Dan Swartz and Austin Lovin of CBRE are marketing the remaining space for lease.

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Leasing ActivityMidwestMissouriOffice

Baker Sterchi Cowden & Rice Signs 22,800 SF Office Lease at Deloitte Building in St. Louis

by Kristin Harlow

ST. LOUIS — Baker Sterchi Cowden & Rice LLC, a civil litigation defense and trial law firm, has signed a 22,800-square-foot office lease to occupy the entire ninth floor of the Deloitte Building in downtown St. Louis. The firm is relocating from 100 North Broadway. Owner Stanton Road Capital (SRC) is delivering The Outpost, its tenant amenity package, at the Deloitte Building. Scheduled for completion by the end of the year, The Outpost will include a fully modernized fitness center, 100-person conference facility, Wi-Fi-enabled tenant lounge and fresh grab-and-go food-and-beverage options. With the new lease, there has been 72,800 square feet of leasing activity at the Deloitte Building in the last six months. Brandon Wappelhorst, Nick Fiquette and Tom Bajardi of Sansone Group represented SRC in the lease with Baker Sterchi Cowden & Rice. Rick Messey and Rollie Fors of CBRE represented the tenant.

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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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