Tuesday, April 28, 2026
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AcquisitionsMidwestMinnesotaRetail

Hanley Investment Group Brokers $8.2M Sale of Two Retail Buildings in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the $8.2 million sale of two newly constructed retail buildings in the Minneapolis suburb of Coon Rapids. The transaction included a 3,893-square-foot, single-tenant property occupied by Café Zupas and a 6,297-square-foot, two-tenant building home to Dave’s Hot Chicken and Chapter Aesthetic Studio. Both properties feature drive-thrus and are located at the signalized entrance to Riverdale Commons, a shopping center anchored by Target and Home Depot. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with Robert Wise and Jeff Jiovanazzo of CBRE, represented the seller, TOLD Development Co. Curbline Properties was the buyer.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Negotiates $3.3M Sale of Retail Property in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Greenstone Partners has negotiated the $3.3 million sale of a 4,747-square-foot retail property in Chicago’s Wicker Park neighborhood. The asset on North Damen Avenue is fully leased to Chipotle and Playa Bowls and sold for 99 percent of the list price. Chipotle has operated at the property since 2004 and recently exercised its last remaining five-year renewal option. Playa Bowls entered into a new 10-year lease. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company. Buyer information was not provided.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers $59.5M Sale of Apartment Property in Noblesville, Indiana

by Kristin Harlow

NOBLESVILLE, IND. — CBRE has brokered the $59.5 million sale of Autum Breeze, a 280-unit apartment property in the Indianapolis suburb of Noblesville. Built in 2009, the community features a range of one-, two- and three-bedroom floor plans averaging 1,066 square feet. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Autumn Breeze is located at 14901 Beauty Berry Lane proximate to Hamilton Town Center, IU Health Saxony Hospital and Ascension St. Vincent Fishers Hospital and within walking distance of the Ruoff Home Mortgage Music Center. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, Lightstone Group. IRT was the buyer.

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AcquisitionsMidwestMultifamilyNebraska

Northmarq Arranges Sale of 566-Unit Multifamily Portfolio in Nebraska

by Kristin Harlow

BELLEVUE AND LINCOLN, NEB. — Northmarq has arranged the sale of two multifamily properties in Nebraska totaling 566 units. The sales price was undisclosed. The portfolio includes The Vue in Bellevue and Lakeview Park in Lincoln. Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone of Northmarq represented the seller, a joint venture between Vantage Capital Advisors and Cherry Tree Capital Partners. The buyer was a private Canadian investment firm. Built in 2000, The Vue features 330 units. Lakeview Park is a garden-style community built in 1995 that includes 236 units. Both properties feature recently renovated clubhouses along with pools, fitness centers and package lockers.

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IllinoisIndustrialLeasing ActivityMidwest

Popcorn Factory Signs Industrial Lease Renewals Totaling 149,000 SF in Suburban Chicago

by Kristin Harlow

LAKE FOREST, ILL. — The Popcorn Factory has signed industrial lease renewals totaling 149,000 square feet in the Chicago suburb of Lake Forest. The transactions span two properties — 28160 N. Keith Drive and 13970 W. Laurel Drive — where the tenant’s manufacturing operations have been based for more than 25 years. Corey Chase of Newmark represented Popcorn Factory, which first moved into the 70,000-square-foot facility at Laurel before expanding to the adjacent 78,000-square-foot property at Keith. As part of the expansion, a tunnel connecting the two contiguous properties was built. Today, the facilities require substantial renovations. Seeking to motivate the tenant to stay in place, ownership agreed to implement a seven-figure capital improvement and modernization to meet the requirements. The scope of work includes enhancements to the power system, modernization of dock doors, improvements to the parking lot and a modernized lunchroom.

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AcquisitionsIndianaMidwestMultifamily

GMF Group Acquires Three Manufactured Housing Communities in Indiana

by Kristin Harlow

INDIANAPOLIS AND HUNTINGTON, IND. — GMF Group has acquired three manufactured housing communities in Indiana for an undisclosed price. The purchases include Brookfield Estates in Indianapolis, East Indy Estates in Indianapolis and Huntington Estates in Huntington. The communities feature a combined 301 lots and offer a range of amenities. Palm Beach, Fla.-based GMF’s portfolio includes approximately 4,300 lots and units across Florida, North Carolina and Indiana.

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AcquisitionsKansasLeasing ActivityMidwestRetail

Block & Co. Negotiates Sale, Lease of Village West Discount Liquors Store in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has negotiated the sale and new lease of the Village West Discount Liquors store in Kansas City. Village West Discount Liquors sold the property at 11010 Parallel Parkway and leased 8,029 square feet to new ownership. Grant Summers of Block & Co. represented the buyer, 110th and Parallel, KC Development LLC. Summers also negotiated the lease of the space to South Hills LLC, which is the new acting operator for Village West Discount Liquors. Daniel Brocato of Block & Co. represented the tenant in the lease.

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IndustrialMarket ReportsMidwestMidwest Market Reports

A Developer’s Guide to Midwest Industrial Hot Spots

by Kristin Harlow

Developers identify industrial hot spots as areas with low vacancy rates that justify speculative construction. These centrally located sites offer convenient highway access and proximity to a wide labor pool.  In the Midwest, examples of industrial development hot spots where demand has remained strong include Chicago, Minneapolis, Columbus and Louisville, according to Steve Schnur, chief operating officer with Chicago-based CRG. He cites these markets because of their affordability, business-friendly environment and robust logistics infrastructure. These areas tend to keep a healthy supply-demand balance, he adds. Luckily for those whose livelihood is tied to the industrial property type, 2025 is expected to bring a return to pre-pandemic demand drivers, according to CBRE’s “U.S. Real Estate Market Outlook 2025.” The brokerage firm states that industrial occupiers will focus on longer-term strategies to improve warehouse efficiency, ensure supply chain resiliency and meet the needs of an evolving consumer base.  At the beginning of this year, CRG inked a lease with States Manufacturing for 503,440 square feet at The Cubes at French Lake in metro Minneapolis. The 1 million-square-foot facility, completed in 2024, marked the largest speculative industrial project ever developed in the state, according to the developer.  On the other end of the …

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DevelopmentIndianaLeasing ActivityMidwestOffice

Bradford Allen Underway on Redevelopment of 245,783 SF Headquarters Space for Andretti Global in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Bradford Allen has negotiated a lease for TWG Motorsports, parent company of Andretti Global, at the former IndyStar Pulliam Production Center located at 8278 Georgetown Road in Indianapolis. The firm is redeveloping the 245,783-square-foot space to serve as the headquarters of Andretti Global’s INDYCAR, INDY NXT and Formula E teams. The renovated facility will have both office and industrial space and accommodate approximately 300 employees. Construction has begun and will be coordinated concurrently with the removal of several three-story printing presses from the building. The project is expected to be completed by this summer. The facility marks Bradford Allen’s second project for TWG Motorsports, the first being a nearly 400,000-square-foot motorsports facility under construction in Fishers, Ind. Built in 1995, 8278 Georgetown Road served as a production facility for the Indianapolis Star until 2024. Bradford Allen will modernize the building’s technology, introduce tailored workspaces and fabrication zones, and incorporate employee amenities such as a fitness center, dining space and pit-stop performance area. Additional project partners include ABEL Construction Co. and Merriman Schmitt Architects. Both firms have experience with motorsports facilities.

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AcquisitionsMidwestMinnesota

Transwestern Arranges Sale of Bethany Global University Campus in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of the Bethany Global University campus in the Minneapolis suburb of Bloomington. Substance Church purchased the 32.7-acre campus, which features 341,036 square feet across 16 buildings, for an undisclosed price. Owner-user Substance Church is a mission-driven organization that intends to use the property for purposes similar to Bethany Global University. The land is zoned for institutional and religious purposes, and Substance Church plans to repurpose many of the existing apartment, dormitory, educational and support services buildings. The property, which had been under Bethany’s ownership since the 1940s, was made available for sale as part of a strategic restructuring initiative. The university recently shifted from an in-person learning environment to an online platform. Mike Salmen and Erik Coglianese of Transwestern represented Bethany Fellowship.

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