Sunday, November 23, 2025
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Midwest

AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Negotiates $2M Sale of Industrial Outdoor Storage Facility in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap has negotiated the $2 million sale of a 23,820-square-foot industrial outdoor storage facility in Aurora. Located at 901 Ridgeway Ave., the three-acre property features four buildings with an expansive lot for outdoor storage and parking. Jeff Rowlett of Marcus & Millichap represented the seller, Ridgeway Partners LLC. Michael Kammes of Re/Max Commercial procured the buyer, RDAA Express Inc. Steven Weinstock assisted in closing the transaction as the broker of record in Illinois.

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AcquisitionsHospitalityMidwestWisconsin

Apple Hospitality REIT Acquires Embassy Suites Hotel in Madison, Wisconsin, for $79.5M

by Kristin Harlow

MADISON, WIS. — Apple Hospitality REIT Inc. has acquired the 262-room Embassy Suites by Hilton Madison Downtown hotel for $79.5 million. The seller was undisclosed. The newly built property is located at 231 S. Pinckney St. near Monona Terrace Community and Convention Center as well as the Wisconsin State Capitol. Apple’s portfolio includes 224 hotels with 30,066 guest rooms throughout 37 states and Washington, D.C.

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DevelopmentHealthcareHospitalityLoansMidwestOhio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

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HealthcareLeasing ActivityMidwestMinnesota

Life Link III Signs 12,827 SF Medical Office Lease at Shoreview Business Campus in Suburban Minneapolis

by Kristin Harlow

SHOREVIEW, MINN. — Life Link III has signed a 12,827-square-foot medical office lease at Shoreview Business Campus, a flex property in the northeast Minneapolis suburb of Shoreview. The nonprofit medical air transportation company has begun occupying the new space. The property is 91 percent leased with three additional medical office tenants, including Allina Medical Clinic, Allina Health Urgent Care and Courage Kenny Sports & Physical Therapy. The RMR Group is the property manager, and Diversified Healthcare Trust is the building owner. John Ryden, Jerry Driessen and Maxx Schindel of CBRE represented ownership in the lease.

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DevelopmentIllinoisIndustrialMidwestOffice

Ironworkers Local 63 Opens 12,000 SF Training Center in Broadview, Illinois

by Kristin Harlow

BROADVIEW, ILL. — Ironworkers Local 63 has opened its new 12,000-square-foot training center at 2525 Lexington St. in Broadview, about 12 miles west of downtown Chicago. Dubbed the “glass house” and designed by Gensler, the property is visible from I-290. Tradespeople within Ironworkers Local 63 help build the glass facades on skyscrapers in Chicagoland. Inside, the facility provides lab-like instruction spaces, a pressurized testing chamber, five-ton bridge crane and adaptable training structure. Skyline Construction was the general contractor.

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AcquisitionsMidwestRetailWisconsin

Colliers Brokers $3.4M Sale of Two-Tenant Retail Property in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.

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AcquisitionsIowaMidwestMultifamilyStudent Housing

ARTISAN, EOS Residential Acquire 537-Bed Student Housing Community Near Iowa State University 

by Kristin Harlow

AMES, IOWA— A joint venture between ARTISAN Capital Group and EOS Residential Investors has acquired Union on Lincoln Way, a 537-bed student housing community located near the Iowa State University campus in Ames. Built in 2018, the property offers 177 fully furnished units in studio through five-bedroom configurations. Shared amenities include a swimming pool, fitness center, business center and study rooms. The development also features 11,000 square feet of retail space. Haverkamp Properties has been tapped to manage the community, which will be rebranded 2700 Lincoln. Improvements to the property’s amenity and common spaces are planned by the new ownership. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greystar. The acquisition involved Freddie Mac financing.

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Completes $7.6M Renovation Project for Prairie Lakes Healthcare in South Dakota

by Kristin Harlow

WATERTOWN, S.D. — Kraus-Anderson has completed a $7.6 million critical care unit (CCU) and kidney dialysis unit renovations for Prairie Lakes Healthcare at 401 9th Ave. NW in Watertown, a city in eastern South Dakota. Designed by BWBR Architects, the 15,000-square-foot project was constructed in two phases. The first phase included the second-floor CCU, featuring eight new patient rooms and a dedicated air handler. The second phase featured the new kidney dialysis unit with 10 new infusion bays, including two isolation rooms.

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IllinoisIndustrialLeasing ActivityMidwest

Beverage Distributor Signs 22,500 SF Industrial Lease in Dupo, Illinois

by Kristin Harlow

DUPO, ILL. — An unnamed beverage distributor has signed a 22,500-square-foot industrial lease at 729 Prairie Dupont Drive in Dupo, about 10 miles south of St. Louis. The warehouse features 2,400 square feet of office space, one recessed dock door, two drive-in doors and clear heights ranging from 24 to 28 feet. The Class B building, constructed in 2008, is situated near I-255 and the St. Louis Downtown Airport. George Cibula and Luke Ferzacca of DarwinPW Realty/CORFAC International, along with Joel Meyer and Ben Bacino of Intelica/CORFAC International, represented the tenant, which has begun occupying the space. Steve Zuber of Barber Murphy Commercial represented ownership.

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AcquisitionsIndustrialMidwestMinnesota

Transwestern Arranges Sale of 13,095 SF Industrial Building in Bloomington, Minnesota

by Kristin Harlow

BLOOMINGTON, MINN. — Transwestern Real Estate Services has arranged the sale of a 13,095-square-foot industrial building in Bloomington for an undisclosed price. Russ Crawford of Transwestern represented the buyer, Pickle O LLC, which plans to occupy the building with the option to divide space for additional tenants. Brian Netz and Lucas Long of Newmark represented the seller, Common Ground Properties LLC. Numerous property improvements were completed prior to the sale, including LED lighting upgrades, new office finishes and ADA-compliant restrooms.

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