Sunday, November 23, 2025
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Midwest

AcquisitionsMidwestMinnesotaOffice

MAG Capital Partners Buys 44,298 SF Headquarters Building in Eagan, Minnesota

by Kristin Harlow

EAGAN, MINN. — In a sale-leaseback transaction, MAG Capital Partners has acquired a 44,298-square-foot headquarters building in the Minneapolis suburb of Eagan. The property at 1300 Corporate Center Curve serves as the corporate headquarters of Asset Marketing Services, a direct-to-consumer retailer of collective coins. The building was constructed in 1999 and renovated in 2016. Daniel Macks and Phil DiGennaro of STREAM Capital Partners advised the seller. Led by principals Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

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DevelopmentMichiganMidwestOffice

Farbman Group Completes Atrium Renovation at New Center One Office Building in Detroit

by Kristin Harlow

DETROIT — Farbman Group has completed an atrium renovation at New Center One, a 600,000-square-foot office building in Detroit’s New Center. The renovations include new furniture, faux grass and live plants installation, upgraded LED lighting and new paint for the elevator façade. Michelle Davis of Davis & Davis managed and executed the design of the new atrium. The space will serve as a lunch and meeting spot for tenants.  

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Briarwood-Hines
DevelopmentMichiganMidwestMixed-UseMultifamilyRetailTop Stories

Hines, Simon Break Ground on Mixed-Use Development at Briarwood Mall in Ann Arbor

by Katie Sloan

ANN ARBOR, MICH. — A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor.  Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza.  The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology. Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure.  The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.  “It’s an exciting time for Ann Arbor as we break ground …

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CivicDevelopmentMichiganMidwest

Michigan State University Plans New Arena, Approves Construction of $200M Plant Sciences Building

by Kristin Harlow

EAST LANSING, MICH. — The Michigan State University Board of Trustees has authorized the administration to begin a planning study to construct a new venue at the corner of Harrison and Trowbridge roads in East Lansing. The project involves the construction of a new hotel and retail space along with an athletics arena on 14 acres of vacant land on the west side of campus. The arena will support volleyball, wrestling and gymnastics, and will feature locker rooms, coaching office space and university classrooms. The hotel and retail space would be part of a public-private partnership between the university and the chosen developer. The authorization by the board enables the university to initiate the forma bidding process for potential developers before moving into the Request for Proposal period in the coming weeks. Additionally, the board voted to authorize construction of a new $200 million Plant and Environmental Sciences Building. The 200,000-square-foot facility, located at the corner of Farm Lane and Wilson Road, will provide critical laboratory space for approximately 40 principal investigators and their teams researching food security and climate adaptation. Construction is scheduled to begin this fall, with completion slated for December 2026.

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AcquisitionsIndustrialMidwestOhio

Easterly Government Properties Acquires 99,246 SF Facility Near Wright-Patterson Air Force Base in Ohio

by Kristin Harlow

BEAVERCREEK, OHIO — Easterly Government Properties Inc. (NYSE: DEA) has acquired a 99,246-square-foot facility fully leased to Northrop Grumman Systems Corp. in Beavercreek, a suburb of Dayton. The purchase price was undisclosed. Northrop Grumman, a multinational aerospace and defense company, has occupied the build-to-suit facility since 2012. The property sits adjacent to Gate 22B at the Wright-Patterson Air Force Base, the main access point for the Air Force Research Laboratory’s headquarters and the Air Force Institute of Technology. With this acquisition, Easterly owns 95 properties totaling 9.3 million square feet. The Washington, D.C.-based firm focuses on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government.

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DevelopmentIllinoisMidwestRetail

Save A Lot, Yellow Banana to Reopen Six Remodeled Grocery Stores in Chicago

by Kristin Harlow

CHICAGO — Save A Lot, a discount grocery chain, and Yellow Banana, a retail grocery platform that owns and operates Save A Lot locations, are reopening six remodeled stores in different neighborhoods across Chicago. The stores have undergone extensive interior and exterior renovations. The property at 420 S. Pulaski Road opened Sept. 5, while the stores at 10700 S. Halsted St., 2858 E. 83rd St., 7240 S. Stony Island Ave., 7908 S. Halsted St. and 4439 W. 63rd St. will reopen later this fall. Renovations include new flooring, lighting, equipment, HVAC systems, dairy and meat cases, paint, décor, fixtures and signage. The project is a collaboration between Yellow Banana, the City of Chicago, city representatives and community organizations. The city committed more than $13 million to support the capital improvement needs of the six stores. According to a release, the temporarily closed stores faced several challenges, including delays in construction, equipment setbacks due to supply chain disruptions and utility connection issues following vandalization incidents that left two stores without power for nearly three months. Founded in 1977, Save A Lot is the largest independently owned and operated discount grocery store chain in the U.S. with roughly 750 stores in 32 …

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Leasing ActivityMidwestRetailWisconsin

Burlington Leases 22,000 SF at Memorial Mall in Sheboygan, Wisconsin

by Kristin Harlow

SHEBOYGAN, WIS. — Burlington Stores Inc. has signed a 22,000-square-foot retail lease at Memorial Mall in Sheboygan, about 55 miles north of Milwaukee. The property is located at 3347 Kohler Memorial Drive. Mike Fitzgerald and Dan Rosenfeld of Mid-America Real Estate represented the landlord, Meijer Stores LP.

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AcquisitionsIllinoisMidwestRetail

AXIS 360 Brokers Sale of Car Wash Property in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the sale of a car wash property located at 1701 Morrissey Drive in the Chicago suburb of Bloomington. The sales price was undisclosed. Meghan O’Neal-Rogozinski of AXIS 360 represented the buyer, 150 Partners LLC, which plans to continue operating the car wash while implementing significant upgrades in the coming months. Matthews Real Estate Investment Services represented the seller, Parkway Car Wash LLC.

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Big-Lots-Inglewood-California
Company NewsMidwestOhioRetailTop Stories

Big Lots Files for Chapter 11 Bankruptcy, Enters into Sale Agreement with Nexus Capital

by Taylor Williams

COLUMBUS, OHIO — Big Lots (NYSE: BIG) has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would take the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its stores and online platform open and operational during the reorganization process as well as to be able to pay its employees and “certain critical vendors in the ordinary course of business.” The sale is expected to close during the fourth quarter, assuming Nexus is the winning bidder. In connection with this court-supervised process, Big Lots has secured commitments for $707.5 million in debtor-in-possession (DIP) financing, including $35 million in new financing from certain current lenders. Coupled with cash from ongoing operations, the financing is expected to provide sufficient liquidity for the sale process. The announcement comes after multiple reports of an imminent bankruptcy filing for Big Lots, …

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HealthcareMichiganMidwest

Henry Ford Health, Ascension Michigan Move Forward with Proposed Joint Venture

by Kristin Harlow

DETROIT — Detroit-based Henry Ford Health and Ascension Michigan have unveiled plans to close their proposed joint venture on Sept. 30 and launch their newly combined organization on Oct. 1. The joint venture will bring Ascension’s southeast Michigan and Genesys healthcare facilities under the Henry Ford brand. The properties include eight hospitals and an addiction treatment center, according to Crain’s Detroit Business. Carol Schmidt, senior vice president of Ascension and CEO of Ascension Michigan, will support the first phase of transition and integration, partnering with Henry Ford Health President and CEO Bob Riney. The combined organization would employ approximately 50,000 team members at more than 550 sites across Michigan. Crain’s reports that Ascension is left with four hospitals in the state, all in the southwest area.  

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