Midwest

OAK BROOK, ILL. — JLL Capital Markets has brokered the $44 million sale of Overlook at Oakbrook, an unanchored retail strip center in Oak Brook that was constructed in 2023 and is located across from Oakbrook Center shopping mall. The property totals 52,876 square feet across seven buildings. The asset is 94 percent occupied by 13 tenants, including Lazy Dog Restaurant and Bar, Panera Bread, Veterinary Emergency Group and Guidepost Montessori. The property features 80 percent national tenancy with no single tenant representing more than 20 percent of income. Michael Nieder, Brian Page and Alex Sharrin of JLL represented the seller, MetLife Investment Management, and procured the buyer, a real estate fund advised by Crow Holdings Capital.

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COLUMBIA, MO. — Core Spaces has acquired The Collective at Columbia, a 972-bed student housing community near the University of Missouri in Columbia. Preiss and a real estate fund advised by Crow Holdings Capital sold the 318-unit property. Located at 3600 Aspen Heights Parkway, The Collective at Columbia offers a mix of two- to four-bedroom floor plans, all in cottage-style layouts. Amenities include a pool, clubhouse, fitness center, sand volleyball court, basketball court, dedicated study lounges and a private shuttle providing direct access to campus. The property is currently fully occupied. The acquisition marks Chicago-based Core’s first investment in Columbia.

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DES MOINES, IOWA — Foth, an engineering services firm, has relocated to the historic Carpenter Building in downtown Des Moines. Savills managed the lease negotiations, project management and office build-out for the 23,500-square-foot space. The project spans the second and third floors with an interconnected stairwell. Constructed in 1918, the Carpenter Building is a 50,000-square-foot property that has recently been transformed into Class A office space. Amenities include a fitness center, game room and conferencing facilities. Ashley Moen and Andrew Yung of Savills managed the lease negotiations for Foth while colleague Jon Theis led the build-out.

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TOPEKA, KAN. — Link Innovation Labs, a 17,000-square-foot hub designed to support startups, researchers, small businesses and industry partners, has opened in Topeka’s Innovation District. Link Innovation Labs offers office space, coworking areas, conference rooms, a dedicated pitch and event space and a flexible lab facility designed for early-stage animal health and bioscience companies. The space includes BSL-1 and BSL-2 laboratories, addressing a growing need for entry-level wet lab capacity for startups advancing alternative proteins, pet therapeutics, herd health technologies and AI-enabled biosecurity solutions. Link Innovation Labs is part of GO Topeka’s broader strategy to strengthen the region’s entrepreneurial ecosystem, support business formation and expansion and create high-quality jobs throughout Topeka and Shawnee County.

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By Michael Poris, McIntosh Poris Architects Long defined by its industrial legacy, Detroit development currently combines ground-up construction with intelligent, innovative adaptive reuse. Brick-and-mortar manufacturing-era remnants include many buildings that originally served the automotive industry. As large-scale manufacturing relocated and Detroit’s population declined, several significant buildings were abandoned. Many are viable for second lives, ones that fulfill current commercial real estate market demands. Adaptive reuse makes sense I co-founded McIntosh Poris in 1994 to protect Detroit’s historic buildings from bulldozers and redesign them for a post-manufacturing economy. At that time, demolition was the most expedient option.  To address this, we focused as much on civic networking and preservation education as architectural design. Implementation involved organizing events with public officials and the local business community to meet leaders of other cities’ successful urban-renewal programs. To make Detroit more attractive to commercial real estate investment, we lobbied for zoning changes. Most relevant, commercial and historic districts were re-evaluated to permit mixed-use redevelopment. Historic preservation became viable, often making sense both financially and culturally. Well before sustainability became a commercial real estate consideration, we educated developers on available adaptive reuse incentives such as historic tax credits. Combined with the inherent efficiencies of reuse, …

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PLATTE CITY, MO. — Colliers has brokered the sale of a 748,833-square-foot industrial facility in Platte City within metro Kansas City. Constructed in 2024, the distribution building is fully leased to Central Power Systems & Services under a long-term lease. The property features a clear height of 36 feet, 463 auto parking stalls, 74 dock doors and seven drive-in doors. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel and John Stafford of Colliers represented the seller, VanTrust Real Estate. The buyer was undisclosed.  

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CHICAGO — JLL Capital Markets has secured $35.6 million in acquisition financing for the Chicago Infill Industrial Seed Portfolio, a collection of four shallow-bay assets totaling 411,781 square feet in the O’Hare, Northwest Cook and North DuPage submarkets. Danny Kaufman, Lucas Borges, Mary Dooley, Emma Berner and Annie Thomas of JLL represented the borrower, a newly formed joint venture between Matterhorn Venture Partners and TPG Angelo Gordon U.S. Real Estate. The transaction represents the initial investment for the joint venture, which is targeting value-add Midwest industrial acquisitions. Built in the mid-1980s, the portfolio features clear heights ranging from 18 to 24 feet, 30 dock doors and four drive-in doors across the four buildings.

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MIDDLETON, WIS. — CBRE has negotiated two 20-year lease extensions totaling 233,694 square feet for Thermo Fisher Scientific’s PPD clinical research business in Middleton near Madison. The Boston-based life sciences company will continue to occupy both laboratory buildings. CBRE’s Chase Brieman and James West represented the landlord, an affiliate of New York City-based global investment manager Nuveen. John Boyle and Roger Williams of Cushman & Wakefield and Craig Stanley and Deana Porter of Broadwing Advisors represented the tenant.

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LAKE FOREST, ILL. — Greenstone Partners has arranged the $8.9 million sale of Conway Park, a 225,000-square-foot office complex in the northern Chicago suburb of Lake Forest. Danny Spitz of Greenstone represented the buyer, The STG Group, a private real estate investment group based in Petaluma, Calif. Matthew Tarshis, Andrew Rubin, Andrew Picchietti, Zack Pearlstein and Andrew Slovis of Frontline Real Estate Partners represented the undisclosed seller. The property is currently 43 percent leased. Three of the five largest tenants have lease terms extending through 2030 and beyond.

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PLAINFIELD, ILL. — Trammell Crow. Co. (TCC) has announced a full-building lease and plans for Phase II of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. RJW Logistics Group has leased Building 1, which totals 788,000 square feet. TCC plans to break ground on Building 2 in the second quarter. That building will also total 788,000 square feet. RJW is a retail-focused logistics and supply chain solutions provider. The Woodridge, Ill.-based company operates more than 16 distribution centers across Illinois, Texas and Pennsylvania. Dominic Carbonari of JLL represented RJW in its lease negotiations. Matt Mulvihill and Phil DeBoer of CBRE represented the landlord. Building 2, which is being built on a speculative basis, will sit on 46 acres and feature a clear height of 40 feet, 80 dock doors expandable to 156 and 211 trailer parking stalls. The site offers proximity to both I-55 and I-80. At full build-out, Plainfield Business Center will encompass more than 8 million square feet of industrial space. Harris Architects designed Plainfield Business Center, and Krusinski Construction Co. was the general contractor for Phase I. Kimley-Horn is the civil engineer.

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