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Midwest

AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 234-Unit Multifamily Property in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — CBRE has brokered the sale of River Pointe, a 234-unit multifamily property in Mishawka near South Bend. The sales price was undisclosed. Located at 350 Bercado Circle along the St. Joseph River, the community features a range of one-, two- and three-bedroom floor plans averaging 1,054 square feet. The property was built in 1974 and features amenities such as a pool, dog park, fitness center, newly renovated clubhouse, courtyard and riverfront deck. George Tikijian, Hannah Ott, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, LV Property Management. Monarch Investment and Management was the buyer.

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AcquisitionsIndianaIndustrialMidwest

Brisky Net Lease Arranges $16.4M Sale of Industrial Property in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — Brisky Net Lease has arranged the $16.4 million sale of a 150,000-square-foot industrial building leased to Windstream Communications LLC in Evansville. Built in 2022 and located at 14616 Foundation Ave., the property is situated within the nearly fully developed Vanderburgh Industrial Park. Little Rock, Ark.-based Windstream provides fiber-based broadband to residential and small business customers across 18 states. Brian Brisky of Brisky Net Lease represented the buyer, while Greg Folz of Woodward Commercial Realty Inc. represented the seller.

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Leasing ActivityMidwestRetailWisconsin

Sierra to Open 23,592 SF Store in Oshkosh, Wisconsin

by Kristin Harlow

OSHKOSH, WIS. — Sierra, an outdoor apparel and gear retailer owned by TJX Cos., has signed a lease to open at Oshkosh Center II in Oshkosh, which is situated along Lake Winnebago. The tenant is taking the 23,592-square-foot space formerly home to OfficeMax. Owned by a Midland Atlantic Properties investment fund, Oshkosh Center II is located at 1910 S. Koeller St. and totals 220,000 square feet. Anchor tenants include Target and Pick ‘n Save. Tony Colvin and Dan Cohen of Mid-America Real Estate represented Sierra, which now operates 10 locations in Wisconsin.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Related Midwest Opens Three Mixed-Income Apartment Buildings in Chicago

by Kristin Harlow

CHICAGO — Related Midwest has opened three new residential buildings in Phase 3B of Roosevelt Square, the developer’s 67-acre multi-phase redevelopment project on Chicago’s Near West Side. Developed in partnership with the Chicago Department of Housing and Chicago Housing Authority (CHA), the latest phase adds 207 mixed-income apartment units — including 75 public housing, 40 affordable and 92 market-rate units — and 10,000 square feet of retail space to the former ABLA Homes site. The new buildings, located at 1002 S. Racine Ave., 1257 W. Roosevelt Road and 1357 W. Roosevelt Road, offer a mix of studio, one-, two- and three-bedroom units. The additions build on earlier phases, with nearly 900 mixed-income units completed since 2006. The Chicago Department of Housing invested $17 million in tax-increment financing and $2.5 million in donation tax credits. The City of Chicago issued $76.3 million in tax-exempt bonds, which generated $5.3 million in 4 percent low-income housing tax credits. In total, the redevelopment received approximately $101 million in public investment and financial support. Designed by Chicago-based DesignBridge, the six-story twin buildings at 1257 and 1357 W. Roosevelt each offer 70 units ranging from 556 to 1,191 square feet. Market-rate rents start at $1,650. Amenities …

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group Breaks Ground on $60M Affordable Housing Development in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — The Annex Group has broken ground on Union at Tower District, a roughly $60 million affordable housing community in Topeka. The 4-acre project will offer 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of the area median income. There will be two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of Topeka and Impact Housing Indiana Corp. Citi Community Capital served as both the construction lender and permanent lender. Stifel Public Finance underwrote $35 million in bonds issued by Shawnee County. The Kansas Housing Resources Corp. allocated 4 percent tax credits and tax-exempt bonds. Additional financial support came from WNC, the federal credit investor, and Advantage Capital, the state credit investor. The city provided RHID funding. The project marks Annex Group’s first community in Topeka and its third in Kansas. Completion is slated for January 2027.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires Two Cleveland Apartment Communities for $30.6M

by Kristin Harlow

CLEVELAND — Reynolds Asset Management has acquired Park Lamont and The Lumos in the heart of Cleveland’s University Circle for $30.6 million. The acquisition adds 119 newly constructed units to Reynolds’ portfolio. Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture. Rob Starrett and Steve Jones of Berkadia brokered the sale, while Suzanne Hamilton of ERIEBANK originated financing. Park Lamont and The Lumos were built in 2024 and feature fitness centers and multiple clubrooms. The buildings offer a mix of studio, one- and two-bedroom units as well as three-story townhomes with private rooftop decks and attached garages.

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DevelopmentIllinoisIndustrialMidwest

Venture One Begins Development of 130,000 SF Industrial Build-to-Suit in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Venture One Real Estate has begun development of a new 130,000-square-foot production facility for Silesia Group in the Chicago suburb of Huntley. The project is located off Route 47 near the I-90 interchange at the Huntley Industrial Park and will more than triple Silesia’s footprint in the U.S. Integrating research, manufacturing and warehousing operations, the new facility will serve Silesia’s customers throughout the Americas. Meridian Design Build will oversee construction, and Ware Malcomb is the project architect. Brian Kling of Colliers represented Silesia throughout the site selection and development process.

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AcquisitionsLoansMidwestMultifamilyOhio

Dwight Mortgage Trust Provides $29.5M Bridge Loan for Multifamily Property in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $29.5 million bridge loan for the acquisition and substantial rehabilitation of Colonial Village, a 508-unit multifamily property in Columbus. Situated on a 25-acre site, Colonial Village consists of 92 one- and two-story buildings with 204 one-bedroom units, 24 two-bedroom units and 280 two-bedroom townhomes. Amenities include a clubhouse, picnic area, dog park and onsite management. The planned interior renovations include updated kitchen appliances and cabinets, in-unit washers/dryers, quartz countertops, updated bathroom vanities, vinyl plank flooring and new hardware. Exterior improvements will include brick restoration and painting, roof repairs, renovation of the clubhouse and leasing office, installation of a central HVAC system, parking lot repairs and enhanced landscaping. Loan proceeds will finance the property acquisition, cover transaction costs, establish reserves and fund renovations. Pepper Pike Capital was the borrower. David Scheer of Dwight originated the loan.

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DevelopmentIndustrialMidwestWisconsin

Zilber Property Group to Develop 142,000 SF Spec Industrial Building in Caledonia, Wisconsin

by Kristin Harlow

CALEDONIA, WIS. — Zilber Property Group (ZPG) has unveiled plans to develop a new speculative industrial facility totaling 142,000 square feet at Caledonia Corporate Park in the southern Milwaukee suburb of Caledonia. Named Zilber Industrial 2 at Caledonia Corporate Park, the facility will feature a clear height of 32 feet, high-bay LED warehouse lighting, an ESFR sprinkler system, onsite trailer parking and options for expandable truck loading and vehicle parking. Construction is expected to begin this summer, with occupancy slated for this winter. The building marks the third within ZPG’s 93-acre Caledonia Corporate Park. Site preparation and infrastructure work began at the park in August 2022. ZPG completed Zilber Industrial 1 in spring 2023. The 233,250-square-foot building is fully leased. In early 2025, ZPG completed a 311,000-square-foot build-to-suit for Saputo Cheese USA Inc. The park includes 54 acres of remaining developable land, with capacity for up to four additional buildings totaling approximately 860,000 square feet.

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AcquisitionsHealthcareMidwestMinnesota

CBRE Brokers Sale of 89,052 SF Medical Outpatient Building in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — CBRE has brokered the sale of Arbor Lakes Medical Building, an 89,052-square-foot medical outpatient building located at 12000 Elm Creek Blvd. in Maple Grove. The property is 97 percent leased to tenants such as M Health Fairview, North Memorial Health, Reproductive Medicine and Infertility Associates, Northstar Neurological Clinic, Midwest Radiology and South Lake Pediatrics Clinic. Services offered at the building include imaging, oral surgery, dentistry, physical therapy, reproductive medicine/fertility care and ophthalmology. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Jesse Greshin and Trent Jemmett of CBRE partnered with Ryan Watts of CBRE and Steve Brown of Forte Real Estate Partners to represent the seller, Minnesota-based Olympus Ventures. The buyer and sales price were undisclosed.

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