Sunday, November 23, 2025
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Midwest

Leasing ActivityMidwestMissouriOffice

Midas Construction Rebrands to Midas Building Group, Relocates Headquarters in Suburban St. Louis

by Kristin Harlow

FENTON, MO. — Midas Construction is rebranding to Midas Building Group (MBG). The firm builds hospitality, multifamily and senior living projects throughout the Midwest with active projects in Missouri, Illinois, Indiana and Ohio. MBG is also settling into a new and larger headquarters on the Maritz Corporate Campus at 1400 S. Highway Drive in Fenton, a suburb of St. Louis. The company previously occupied 5,226 square feet in Clayton. MBG’s new 12,005-square-foot office in Fenton features a 5,076-square-foot warehouse space. Campus amenities include a fitness center, multiple auditoriums and conference facilities, a full-service cafeteria and walking trails. The MBG family of companies includes American Cabinet Factory and Collaborative Carpentry. The firm also maintains a regional office in Indianapolis.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Northeast Ohio Industrial Market Sparks Investor, Developer Interest

by Kristin Harlow

By George Pofok, Cushman & Wakefield | CRESCO Real Estate The Northeast Ohio market has consistently been a stable industrial hub, and over the last couple years, has been attracting the interest of investors and developers from other regions. Spanning approximately 527 million square feet, this market stretches from Cleveland down I-77 to include Akron-Canton.  In the second quarter of 2024, the overall vacancy rate decreased to 2.8 percent, driven by 1.1 million square feet of positive direct absorption, a strong recovery from the negative absorption in the first quarter. Over the past few years, the vacancy rate has remained between 2.4 and 3 percent.  Leasing activity kicked off the year robustly, with 4 million square feet of leases in the first quarter. However, it normalized in the second quarter, with 1.6 million square feet leased, which was slightly below the usual pace. The market is expected to remain stagnant due to limited inventory and a lack of new speculative construction starts, which continue to hinder demand from local and regional tenants seeking to expand and backfill spaces.  Leasing deals are trending longer, between five to 10 years, with annual rental rate increases averaging 3 to 4 percent. Meanwhile, the …

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Affordable HousingDevelopmentIllinoisLoansMidwestMultifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of Three-Building Woodridge Commerce Center in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Colliers has arranged the sale of Woodridge Commerce Center, a three-building industrial complex in the southwest Chicago suburb of Woodridge. The sales price was undisclosed. Built in 2006, the buildings are situated on 12 acres in the center of International Centre Business Park. They feature clear heights ranging from 18 to 20 feet, a mix of private and shared loading and parking for 447 cars. Woodridge Commerce Center is 96 percent leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20 percent below current market rates. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a Chicago-area limited liability company. Colliers also arranged the property’s sale to Unilev in 2021.

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DevelopmentIllinoisMidwestMultifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

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Leasing ActivityMichiganMidwestOffice

Crescent College and Career Preparatory Academy Leases 66,000 SF Office Building in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Crescent College and Career Preparatory Academy, a charter school network, has leased a 66,000-square-foot office building at 26200 Lahser Road in Southfield. The three-story property is known as Lahser Center II. According to a release, the move will enable Crescent to expand and modernize its middle and high school programs. Jake Cinti, Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Charles Howard of Transwestern, represented the tenant. Matthew Schiffman of PA Commercial represented the landlord, Lahser Southfield LLC, doing business as Foster Financial Co. Inc. The tenant will relocate from its current location at 26555 Franklin Road in Southfield, where it has been leasing space from the Christian Tabernacle Church since 2017.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.  

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IllinoisLeasing ActivityMidwestMultifamily

Lendlease Nears Lease-up of The Reed at Southbank Apartment Tower in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Lendlease is nearing the lease-up of The Reed at Southbank, a 41-story apartment tower located at 234 W. Polk St. in Chicago’s South Loop. The rental units are now 95 percent occupied. Located along the Chicago River immediately south of the Loop, The Reed is the second high-rise completed in the seven-acre Southbank master plan. The property includes 226 units in a mix of studio, one-, two- and three-bedroom floor plans in addition to 214 condominiums on the upper floors. The tower’s eighth-floor amenity suite includes a 15,000-square-foot outdoor deck with a resort-style pool and cabanas, sunning lawn, fire pits, kitchens and dining areas. Additional amenities include a wet lounge adjacent to the pool deck, indoor-outdoor fitness center, show kitchen, lounge room, virtual sports simulation room, salon, massage room and media room. The Reed is immediately adjacent to Southbank Park, a two-acre green space privately developed by Lendlease as a public amenity. Designed by Hoerr Schaudt, whose plan was implemented by Confluence, the park features a central lawn, natural stone amphitheater and meandering walkways that connect to a new riverwalk. The Reed holds LEED Gold, Fitwel and Energy Star certifications. Green initiatives at the property include the use …

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AcquisitionsIllinoisMidwestMultifamily

GREA Brokers Sale of 139-Unit Apartment Building in Chicago’s Lakeview East Neighborhood

by Kristin Harlow

CHICAGO — GREA has brokered the sale of a high-rise apartment building with 139 units in Chicago’s Lakeview East neighborhood for an undisclosed price. With separate lobbies at 535 W. Cornelia Ave. and 534 W. Stratford Place, the property contains a mix of studio, one-, three- and four-bedroom units. The studio and one-bedroom layouts range in size from 278 to 904 square feet and are located on the Cornelia side of the building, while the three- and four-bedroom units range in size from 2,260 to 2,959 square feet and are situated on the Stratford side. Bill Montana and Chris Sackley of GREA represented the private owner in the sale. The asset sold to a local family with an established portfolio of apartment properties throughout the northside neighborhoods of Chicago.

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DevelopmentIowaMidwestRetail

Topgolf to Open First Iowa Location in West Des Moines in September

by Kristin Harlow

WEST DES MOINES, IOWA — Topgolf is scheduled to open its first venue in Iowa, Topgolf Des Moines, on Friday, Sept. 6. The location marks Topgolf’s 101st global outdoor venue and is situated at 7655 Mills Civic Parkway within The Parkways development in West Des Moines. Employing 300 people, Topgolf Des Moines features 72 outdoor climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables. The venue is equipped with Topgolf’s Toptracer technology, which traces each golf ball’s flight path, distance and other metrics. Guests also enjoy a full-service restaurant and bar helmed by executive chefs.

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