Wednesday, August 5, 2026
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OpusBrooklynPark
IndustrialMidwestMinnesota

Opus to Develop Spec Industrial Office/Warehouse Building in Brooklyn Park, Minn.

by Danielle Everson

BROOKLYN PARK, MINN. — The Opus Group plans to develop a 145,800-square-foot speculative industrial office and warehouse facility in Brooklyn Park. The new property will be located at the intersection of 85th Avenue and Wyoming Avenue North. The building will be conducive for single or multi-tenant occupancy. Construction of the facility will begin in May and completion is scheduled for this fall. Opus Development Co. and Founders Properties will own the property. Opus Development Co. will be the project’s developer. Opus Design Build is the design-builder for the project and Opus AE Group is the architect and engineer of record. Cushman & Wakefield/NorthMarq will market the property for lease.

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IllinoisMidwestOffice

Panasonic Signs 48,813 SF Lease at Continental Towers in Rolling Meadows, Ill.

by Danielle Everson

ROLLING MEADOWS, ILL. — Panasonic Corp. of North America has signed a long-term lease for 48,813 square feet at Continental Towers in Rolling Meadows. The office, which moves from 5201 Tollview Road in Rolling Meadows, will serve as the consumer electronics company’s Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease begins in June 2015. Continental Towers is a 911,341-square-foot, three-tower office complex. Amenities include a 30,000-square-foot, full-service fitness center, a conference/training facility and a Foodbarz deli. The buildings is situated on a 34-acre corporate campus which is visible along I-90. Mitch Loveman and Kevin Duckler of Newmark Grubb Knight Frank represented Panasonic in the transaction. GlenStar Properties’ Dave Trumpy and Bill Debb represented ownership.

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IllinoisMidwest

South Street Capital Changes Name to R2 Cos.

by Danielle Everson

CHICAGO — South Street Capital, a Chicago-based real estate firm, has changed its name to R2 Cos. Managing principal Matt Garrison will continue to lead the company. “We have grown to a national owner and operator of multiple asset types with a fully integrated, end-to-end operations platform and expansive network of relationships in many markets” says Garrison. “Our new name and brand reflects our data-driven approach to investment, as well as our growth and aspirations for the future.” R2 currently owns and operates more than 1.5 million square feet of commercial real estate in Chicago and Minneapolis and also operates a discretionary mid-market yield fund, R2 Yield Plus.

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LoansMidwestMinnesotaRetail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

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Rock-Run-North
MidwestOfficeOhio

Time Equities Inc. Acquires Six Office Buildings in Independence, Ohio for $20M

by Danielle Everson

INDEPENDENCE, OHIO — Time Equities Inc. has acquired a six-property office portfolio in Independence for $20 million. The Rockside Office Portfolio includes six commercial buildings spread across three office parks totaling 422,037 square feet. Buildings within this acquisition include: Rock Run North, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Rock Run Center, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Freedom Square I, a four-story, Class B, 40,435-square-foot building located at 4401 Rockside Road; Freedom Square II, a five-story, Class B, 114,680-square-foot building located at 6000 Freedom Square Drive; Freedom Square III, a four-story, Class A, 71,052-square-foot building located at 4511 Rockside Road; Oak Tree Place, a five-story, Class B, 69,318-square-foot building located at 6111 Oak Tree Boulevard. The portfolio was 66 percent occupied to 29 tenants at the time of sale. Jim Postweiler of JLL Capital Markets Group brokered the deal on behalf of the seller, Duke Realty. In-house counsel represented TEI while Angela Hsu of Duke Realty represented the seller. JLL will manage the property. CBRE will lease space within the portfolio.

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LoansMidwestMinnesotaOffice

Grandbridge Finances $4.9M for Office/Warehouse in Chanhassen, Minn.

by Danielle Everson

CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.

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CivicIllinoisMidwest

Holland Breaks Ground on New 105,000 SF School in Wayne City, Ill.

by Danielle Everson

WAYNE CITY, ILL. — Holland Construction Services Inc. has broken ground on a new K-12 grade school in Wayne City. The new school will include separate wings for K-2nd grade, 3rd-6th grade, junior high and high school, which will lay adjacent to a common area, shared reading room and cafeteria. The new facility will also feature a competition gymnasium and a smaller elementary school gym. Construction of the 105,000-square-foot school is scheduled for completion in August 2016. The school district’s existing facility was built in the 1930’s with multiple additions added throughout the years. After construction is complete, all grades will move to the new building and the current school will be demolished. O’Fallon, Ill.-based FGM Architects is designing the new school.

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MidwestMultifamilyWisconsin

Lee & Associates Brokers $2M Land Sale in Madison, Wis.

by Danielle Everson

MADISON, WIS. — Lee & Associates has brokered the $2 million sale of land at 149 E. Wilson St. in Madison. McGrath Projects purchased the property and plans to build a luxury multistory housing project on the site. Steve Doran of Lee & Associates of Madison and Debby Dines of Dines Inc. were the brokers involved in the transaction. McShane Construction was the seller.

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ItascaParkPlace
IllinoisMidwestOfficeRetail

Adelphia Properties Arranges $1.2M Sale of Itasca Park Place Plaza

by Danielle Everson

ITASCA, ILL. — Adelphia Properties has arranged the $1.2 million sale of Itasca Park Place Plaza in Itasca. The 22,000-square-foot property is located at 913-935 Irving Park Road. The strip center includes retail and office spaces. Simeon Spirrison and George Spirrison of Adelphia Properties represented the seller and the buyer, both private investors.

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21cHotel_Indianapolis
HospitalityIndianaMidwestMixed-Use

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

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