Wednesday, April 29, 2026
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DevelopmentHospitalityIndianaMidwest

AC Hotels by Marriott to Open First Indiana Property in Fishers

by Kristin Harlow

FISHERS, IND. — AC Hotels by Marriott has committed to opening its first Indiana location at The Union at Fishers District in the Indianapolis suburb of Fishers. Thompson Thrift is the master developer of Fishers District. Local hotelier Dora Hospitality will own and operate the 135-room hotel. Seated on top of approximately 15,000 square feet of retail space, the property will feature meeting space, fitness equipment and European-inspired beverage and food offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the Fishers District. In addition to the AC Hotel, the mixed-use development will incorporate approximately 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment units and 70,000 square feet of Class A office space. Construction of The Union is expected to begin this quarter. Thompson Thrift is actively negotiating leases on the remaining 30 percent of retail space and has signed leases with restaurants such as Piedra, Niku Sushi, Kitchen Social, Everbowl and Racha Thai. Thompson Thrift began work on the Fishers District in 2015. Once completed the $750 million development will span 123 acres with an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options.

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IllinoisIndustrialLeasing ActivityMidwest

Nonprofit David C. Cook Leases 152,014 SF of Industrial Space in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — David C. Cook, a 150-year-old nonprofit Christian ministry dedicated to equipping the global church with printed and digital resources, music and media, has leased 152,014 square feet of industrial space at 1700 Madeline Lane in Elgin. The space will serve as the main distribution center for the organization’s books and curricula divisions. David C. Cook, which got its start in the Chicagoland area and has had a presence in Elgin since the 1880s, is relocating within the submarket. The nonprofit is the anchor tenant in Seefried Industrial Properties’ recently completed speculative building, with 168,932 square feet available for lease. The property is strategically located along Chicago’s I-90 industrial corridor and features a clear height of 32 feet. John Hamilton of CBRE represented the tenant. Doug Pilcher and Jason West of Cushman & Wakefield represented the landlord, a joint venture between Seefried and a U.S.-based family office.

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AcquisitionsDevelopmentMidwestMissouriRetail

Block & Co. Buys 18-Acre Retail Development Site in Suburban St. Louis

by Kristin Harlow

WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.

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AcquisitionsIllinoisMidwestOffice

Special Olympics Illinois Purchases Flex Office Building in Chicago for $4.7M

by Kristin Harlow

CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.

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AcquisitionsIndustrialMarylandMinnesotaTop Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties.  The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed.  “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.”  According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc.  Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

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DevelopmentMidwestMissouriMixed-Use

Cordish to Redevelop Millennium Hotel Site Adjacent to St. Louis Gateway Arch

by Kristin Harlow

ST. LOUIS — St. Louis-based nonprofit Gateway Arch Park Foundation has selected The Cordish Companies to redevelop the Millennium Hotel property, located at 200 S. 4th St. adjacent to the St. Louis Gateway Arch. The downtown site has stood vacant since 2014. In November 2024, the foundation issued a request for development proposals, just months after it announced that it was under contract to purchase the Millennium Hotel site. The request for proposals (RFP) allowed for either adaptive reuse of the structures on the property or demolition of the existing buildings. The three qualified responses to the RFP all called for demolition. Cordish’s nearly $670 million preliminary plan integrates 1.3 million square feet of residential, office, commercial, cultural and public spaces. Key proposed elements include upscale residential, Class A office space, public spaces, an amphitheater, food hall, event space, a potential home for Gateway Arch National Park’s archives, enhanced streetscapes, pedestrian-friendly spaces, landscaping and art installations. The redevelopment plan is scheduled for review during the Land Clearance for Redevelopment Authority board meeting on Tuesday, Feb. 25.

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IllinoisLoansLumentMidwestMultifamily

Lument Provides $110.8M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow

CHICAGO — Lument has provided $110.8 million in Fannie Mae loans for the refinancing of a six-property multifamily portfolio in Chicago. The loans refinance existing bank debt for the borrower, BJB Properties, a Chicago-based owner-operator that owns and manages over 70 communities. Evan Hom of Lument led the transaction. All loans feature fixed interest rates, 10-year terms and 35-year amortization schedules. The properties total 769 units and are located in the Near North Side, the Loop, Rogers Park and Lincoln Park. Approximately half of the units are affordable to renters earning up to 80 percent of the area median income. All of the communities average nearly 100 percent occupancy.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires 432-Unit Multifamily Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.

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DevelopmentIllinoisMidwestMultifamily

McShane Construction Completes 124-Unit Apartment Community in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. has completed Redwood Crystal Lake, a 124-unit, single-story apartment property in the Chicago suburb of Crystal Lake. Redwood Living Inc. is the developer. Designed by Mann Parsons Gray Architects, the community integrates 25 townhome-style buildings with four to six units each. Each of the two-bedroom units feature an attached two-car garage and patio. Amenities include designated green spaces, pet waste stations and designated guest parking.

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DevelopmentIndustrialMidwestOhio

Meridian Design Build to Construct Two Spec Industrial Buildings in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Hillwood has selected Meridian Design Build to construct two Class A speculative industrial buildings at its Central Columbus Commerce 71 development in Columbus. The buildings will total 624,004 square feet and will be located on a 48-acre redevelopment site at the southwest corner of Windsor and Joyce avenues. Construction is underway at the project site. The team includes Red Architecture and civil engineer Kimley-Horn and Associates Inc. Joel Yakovac and Michael Linder of Colliers are marketing the development for lease.

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