Sunday, November 23, 2025
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Midwest

AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $6.6M Sale of Apartment, Retail Property in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $6.6 million sale of a 33-unit apartment and retail building located at 5704 S. Harper Ave. in Chicago’s Hyde Park neighborhood. The corner property includes 28 one-bedroom apartment units and five commercial spaces, which are leased to Subway, a bike shop, convenience store, barbershop and real estate office. The residential portion was also fully leased at the time of sale. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, a private family partnership.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $3M Sale of Historic Apartment Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Soleil Apartments in Minneapolis for $3 million. Located at 1425 LaSalle Ave. in the city’s Loring Park neighborhood, the property was built in 1914. Soleil Apartments features 41 apartment units and one retail unit that is leased until 2029. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the seller, Soleil Properties LLC. Jon Ruzicka, broker of record in Minnesota, assisted on the transaction. The undisclosed buyer offered to purchase the property on a contract for deed.

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MidwestWisconsin

Brokerage Firm Hunter Real Estate Launches in Milwaukee

by Kristin Harlow

MILWAUKEE — Local commercial real estate veteran Matt Hunter has launched Hunter Real Estate LLC in Milwaukee. Hunter most recently served as an executive vice president at JLL. Hunter Real Estate will focus on representing local, privately owned companies on both the tenant and landlord side across all property types. The firm’s office is on the 26th floor of the Associated Bank River Center building, located at 111 E. Kilbourn Ave.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Examine the Cincinnati Industrial Market with Perspective, Patience in Mind

by Kristin Harlow

By Jeff Bender, Thomas McCormick and Seattle Stein, Cushman & Wakefield We’ve been doing this for a while. Every cycle with gang-busters demand and absorption comes to an end, as does every downturn. So, with the Cincinnati industrial market, we find ourselves in the doldrums since mid-2023, and we may not fully turn the corner until next year.  Perspective and context matter, though. We’re coming off record absorption and demand at the end of 2020 and through 2022, when we also closed the year with an unsustainable 1.7 percent vacancy rate. Before the entire world paused for COVID in early and mid-2020, we had a record year in 2019 as well.  While vacancy hovers around 6 percent at mid-year, that is basically the Cincinnati industrial market’s historical average. Four consecutive quarters of negative net absorption certainly defines “doldrums,” but that must be weighed against the previous 48 consecutive quarters of positive net absorption through mid-2023. We’ve also seen a slight increase in asking rental rates, up to $6.25 per square foot, despite negative absorption. So, despite a lackluster past 12 months, we have positive momentum, and that’s bolstered by many of the factors that have always made Cincinnati one of …

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Marcus & Millichap Brokers Sale of 142-Unit Build-to-Rent Community in Greenfield, Indiana

by Kristin Harlow

GREENFIELD, IND. — Marcus & Millichap has brokered the sale of Sandalwood West, a 142-unit build-to-rent community in the eastern Indianapolis suburb of Greenfield. The sales price was undisclosed. Completed in 2023, the property features a mix of three-, four- and five-bedroom homes. Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. The property is situated in Hancock County, which is experiencing multifamily vacancy of 1.5 percent and rental growth of 11.4 percent over the past 12 months, according to Harris.

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LoansMichiganMidwestOffice

Bernard Financial Group Arranges $7.9M Loan for Refinancing of Office Property in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Bernard Financial Group (BFG) has arranged a $7.9 million loan for the refinancing of a 100,007-square-foot flex office property in Ann Arbor. Dennis Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, an entity doing business as 2725/2805 Associates LLC. Genworth Life Insurance Co. provided the loan.

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DevelopmentMidwestMissouriRetail

IMPACT Strategies Breaks Ground on Pre-Owned Car Dealership for Clement in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — IMPACT Strategies Inc. has broken ground on a new pre-owned car dealership for Clement Auto Group in St. Charles, a northwest suburb of St. Louis. Clement will be able to stay operational throughout the project. IMPACT will manage the demolition of the existing sales building and construction of a new building at 3621 Veterans Memorial Parkway off I-70. The project consists of an 11,700-square-foot building featuring a showroom, celebration bay, service drive and new sales lot. Completion is slated for spring 2025. Clement maintains four new car dealerships and two pre-owned dealerships in metro St. Louis.

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Leasing ActivityMidwestMissouriRestaurantRetail

Napoli Group to Open New Restaurant at The James Apartment Complex in Kirkwood, Missouri

by Kristin Harlow

KIRKWOOD, MO. — The Napoli Group has signed a lease to open its sixth location at The James apartment complex in Kirkwood, a western suburb of St. Louis. Napoli Kirkwood, which will feature the restaurant group’s signature wood-fired pizza, is slated to open during the fourth quarter. The restaurant will occupy the 4,684-square-foot, ground-floor retail space and will also feature a 1,000-square-foot outdoor patio. High Street Residential, the residential subsidiary of Trammell Crow Co., opened The James in March. Greystar is handling leasing and management for the apartment units.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Brown Commercial Group Negotiates Two Retail Leases for Parlor Doughnuts in Metro Chicago

by Kristin Harlow

BOLINGBROOK AND ROLLING MEADOWS, ILL. — Brown Commercial Group has negotiated two retail leases that will bring the first Parlor Doughnuts franchises to the Chicago market. Luke Dummitt, Dan Brown and Trinity Scurto of Brown Commercial Group represented a private investor in leasing two suburban locations that will be used for high-end doughnut and coffee shop locations. The properties include 1301 Algonquin Road in Rolling Meadows and 227 Weber Road in Bolingbrook. Each store will total nearly 3,000 square feet and is expected to open by year-end. Parlor Doughnuts launched in Evansville, Ind., in 2019 and now maintains more than 70 locations nationwide.

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United-Center-Redevelopment-Chicago
DevelopmentIllinoisMidwestMixed-UseTop Stories

Bulls, Blackhawks Owners Unveil Plans for $7B Transformation of Chicago Athletic District

by Taylor Williams

CHICAGO — The owners of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks have unveiled plans for the transformation of the area around their shared venue, the United Center. The initiative is known as The 1901 Project, and development costs are estimated at $7 billion. Michael Reinsdorf, CEO of the Bulls and son of owner Jerry Reinsdorf, formally announced the project on Tuesday, July 23. The elder Reinsdorf, along with Blackhawks owner Danny Wirtz, co-owns the United Center, where both teams have played since 1994. The name is a reference to the venue’s address at 1901 W. Madison St. The 1901 Project will be privately funded by the Reinsdorf and Wirtz families and developed in phases over approximately 10 years. The areas in question span roughly 55 acres on the city’s west side. Phase I could commence as soon as next spring, pending the completion of various permitting and approvals processes. Preliminary plans call for a mix of uses, including more than 1,000 transit-oriented residential units and a new entertainment venue that can accommodate up to 6,000 people. The residential component will feature both market-rate and affordable housing units. International architecture firm RIOS will lead design and planning. The 1901 …

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