Sunday, November 23, 2025
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Midwest

AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Negotiates $3.4M Sale of Harbor Town Inn & Suites Hotel in Manitowoc, Wisconsin

by Kristin Harlow

MANITOWOC, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Harbor Town Inn & Suites, an 80-room hotel in Manitowoc along Lake Michigan. Built in 1978 and located at 4004 Calumet Ave., the property is independently operated. Amenities include a business center, game room, onsite laundry and outdoor patio. Jared Plamann and Jake Erickson of Marcus & Millichap represented the seller, a family that had owned the property for 34 years, and procured the local buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

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AcquisitionsMidwestNAIOfficeWisconsin

NAI Pfefferle Arranges Sale of 17,000 SF Office Building in Baldwin, Wisconsin

by Kristin Harlow

BALDWIN, WIS. — NAI Pfefferle has arranged the sale of a 17,000-square-foot office building in Baldwin, about 50 miles east of Minneapolis. The property is located at 890 Spruce St. The sales price was undisclosed, but the asking price was $2.3 million. TJ Morice of NAI Pfefferle and Don Timmerman of Keller Williams brokered the sale.

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IllinoisMidwestRetail

Lamar Johnson Collaborative Releases Renderings for Transformative Vision for Chicago’s Michigan Avenue

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC), a full-service architecture firm based in Chicago, has released renderings for a transformative vision for Michigan Avenue’s Magnificent Mile retail corridor in downtown Chicago. The Magnificent Mile Association commissioned the plan, known as MM2050, to explore innovative solutions for addressing vacancies spurred by the pandemic. LJC created a series of conceptual renderings, guided by four design pillars: people, place, technology and experience. The renderings showcase ideas for enhancing public spaces, improving pedestrian connectivity and encouraging sustainable, mixed-use development. The MM2050 renderings are currently on display at the Chicago Architecture Center (CAC) as part of a newly launched exhibition titled The New Magnificent: Visions to Renew and Reconnect the Mag Mile. The exhibit is part of the CAC’s Loop as Lab: Reshaping Downtowns initiative, which explores post-pandemic ideas for revitalizing Chicago’s central business district. The LJC designs are one of two concepts from architectural firms on display. LJC’s vision focuses on four points of improvement along the mile-long corridor:

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IllinoisMidwestRestaurantRetail

Mediterranean Fast-Casual Restaurant Roti Files for Chapter 11 Bankruptcy

by Kristin Harlow

CHICAGO — Roti, a Mediterranean fast-casual restaurant group based in Chicago, has filed for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances. Roti intends to keep its locations across Chicago, Minneapolis and the Washington, D.C. metro areas operating. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges, including financial performance, higher costs, mixed location performance and tough market conditions,” says Justin Seamonds, CEO and prime minister of fun at Roti. Roti says it was disproportionately affected by the COVID pandemic as 50 percent of its restaurants are based in downtown districts. The company states that the current restaurant climate is mired in a consumer spending downturn.

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AcquisitionsMidwestMultifamilyWisconsin

CBRE Negotiates Sale of Two Apartment Properties in Madison, Wisconsin, for $34M

by Kristin Harlow

MADISON, WIS. — CBRE has negotiated the sale of Royster Commons and 515@Royster, two apartment properties totaling 174 units in Madison. Weidner Apartment Homes purchased the communities from Ruedebusch Development & Construction for $34 million. Gretchen Richards, Patrick Gallagher, Matson Holbrook and Ted Nevermann of CBRE represented the seller. CBRE also provided acquisition financing for the buyer. Built in 2019, Royster Commons includes 86 units averaging 956 square feet each. Constructed in 2022, the 88-unit 515@Royster features floor plans averaging 791 square feet each.

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AcquisitionsIllinoisIndustrialMidwest

DarwinPW Realty/CORFAC International Brokers Sale of Three-Acre Industrial Outdoor Storage Property in Chicago

by Kristin Harlow

CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 14,000-square-foot building and 3.3 acres of industrial outdoor storage at 4150 S. Packers Ave. in Chicago’s Stockyards neighborhood. The sales price was undisclosed. The property is situated within an Enterprise Zone and is zoned for industrial use. Ed Wabick and Terry Lynch of DarwinPW Realty/CORFAC International represented the seller, Stockyard Bricks. The buyer, Midwest Trailer Repair, intends to use the site and building to expand its business. Humberto Garcia of Realty at Home represented the buyer.

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HealthcareLeasing ActivityMichiganMidwest

LifeStance Health Signs 4,810 SF Medical Office Lease in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Behavioral Health Practice Services LLC, doing business as LifeStance Health, has signed a 4,810-square-foot medical office lease at 2251 N. Squirrel Road in Auburn Hills. David McHabnay and James Mitchell of Dominion Real Estate Advisors LLC represented the landlord, Five Points Professional Office Building LLC. Brandon Carnegie and Jamee Jester of CBRE represented the tenant, which signed an 89-month lease.

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Affordable HousingIllinoisLoansMidwestMultifamily

FHLBank Chicago Launches $300M LIHTC Collateral Pilot Program

by Kristin Harlow

CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, which provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. While all FHLBank Chicago members are eligible to participate, up to $200 million of the LIHTC Collateral Pilot Program funding will be reserved for members with assets under $1.46 billion, including CDFIs. The LIHTC program is a key federal tax policy designed to incentivize private investment in the development and preservation of affordable rental housing in the United States for lower-income households. Loans needed to fund LIHTC projects are often sold to investors for securitization, but projects meeting local or specialized needs may have smaller loan amounts that can be challenging and more expensive to finance, since the lender may have to hold the loans in their portfolio. “Our members are working to address needs and gaps in affordable housing …

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DevelopmentIllinoisLoansMidwestMultifamily

JLL Arranges $31M Construction Loan for Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged a $31 million loan in the form of a participating mortgage for the construction of 1529 N Fremont, a 132-unit apartment building in Chicago’s Lincoln Park neighborhood. Construction is expected to begin this quarter on the five-story project, which will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Units will average 500 square feet each. Amenities will include a fitness studio, coworking lounge and activated outdoor space. Lucas Borges and Ryan Sullivan of JLL arranged the loan on behalf of the borrowers, CityPads and Wayland Real Estate Capital. A life insurance company provided the four-year loan.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $12M Sale of Multifamily Property in Suburban Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $12 million sale of The Groves Apartments, a 120-unit multifamily property in the Minneapolis suburb of Brooklyn Park. Built in 1967, the asset features 60 one-bedroom units and 60 two-bedroom units. Amenities include a fitness center, community room, playground and garage units. Zach Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

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