Midwest

CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multi-phase project will ultimately include up to 700 residential units, approximately 440,000 square feet of commercial space and publicly accessible open space. The first phase includes two six-story buildings comprising 183 apartments offered in a mix of studio, one-, two- and three-bedroom floor plans. Ninety percent of the homes will be designated as affordable through income and rent restrictions supported by public financing for qualifying low- and moderate-income residents, while the remaining units will be offered at market rate. Funding sources for the $119 million first phase include a $27 million capital loan from CHA, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.3 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee. The financing structure brings together the CHA, the city, Bank of America and other mission-driven investment partners. …

FacebookTwitterLinkedinEmail

NEW ALBANY, OHIO — JLL Capital Markets has arranged the sale of New Albany Tech Park 300, a 300,400-square-foot distribution center in the Columbus suburb of New Albany. John Huguenard, Sean Devaney, Ed Halaburt, Kurt Sarbaugh, Ross Bratcher and Will McCormack of JLL represented the seller, VanTrust Real Estate. Realty Income was the buyer. Completed in 2026, the facility features a clear height of 36 feet, 135-foot truck courts, 30 dock doors, four drive-in doors and a 3,600-amp power capacity. The asset is fully leased to a technology and artificial intelligence company on a long-term basis.

FacebookTwitterLinkedinEmail

EAST LANSING, MICH. — Law firm Fahey Schultz Burzych Rhodes PLC (FSBR) has signed a lease to open a new office in approximately 45,000 square feet of MSU Federal Credit Union’s Headquarters 2 building in East Lansing. Martin Commercial Properties led the coordination of the off-market transaction. Martin’s construction team will also lead the build-out of the new offices, with FSBR targeting a spring 2027 move-in. The lease agreement introduces a new use for space within Headquarters 2 that had previously supported the credit union’s internal operations.

FacebookTwitterLinkedinEmail

PLEASANT PRAIRIE AND WEST BEND, WIS. — Colliers has brokered the sale of two Extra Space-managed self-storage facilities in Wisconsin. Dan Lynch of Colliers represented Bruno Self Storage LLC in the sale to Inland Real Estate. Together, the properties total 171,825 square feet with 1,486 units. The transaction includes a 93,650-square-foot facility in Pleasant Prairie that was completed in 2020 and features 749 climate-controlled units. The other is an 82,175-square-foot property in West Bend completed in 2019 with 727 climate-controlled units.

FacebookTwitterLinkedinEmail
Renaissance-Center-Rendering_Detroit

DETROIT — Dan Gilbert, founder and chairman of mortgage giant Rocket Cos. and real estate company Bedrock, has pledged to commit roughly $1 billion in capital for the redevelopment of Renaissance Center, a landmarked mixed-use property in Detroit. The overall redevelopment cost is currently projected to be $2.2 billion.  As part of the pledge, a new nonprofit organization will be formed to own, redevelop and operate the development and the surrounding Riverfront District. Bedrock will provide project management services on behalf of the nonprofit at no cost.  According to the Detroit Historical Society, construction on Renaissance Center originally began in 1973. The first tower opened in 1976. General Motors purchased the development in 1996 for $73 million to serve as its global headquarters. In 2004, General Motors completed a $500 million renovation of the property. In January, the company completed its move to a new headquarters at Hudson’s Detroit.  In 2024, Bedrock and General Motors established a partnership to explore redevelopment opportunities at Renaissance Center, announcing a conceptual plan for the redevelopment in November of that year.  According to Crain’s Detroit Business, Renaissance Center is currently still owned by General Motors, and Dave Massaron — the company’s vice president of infrastructure and corporate citizenship — says …

FacebookTwitterLinkedinEmail

WILMINGTON, ILL. — Silver Creek Development has sold a 2 million-square-foot industrial facility and adjacent land parcel to Michelin North America for $151 million. Located at 29900 S. Graaskamp Blvd. in Wilmington, about 60 miles southwest of downtown Chicago, the regional distribution property sits on a 91-acre site and is fully occupied by Michelin North America. The company uses the property to house inventory serving dealers and automakers throughout the Midwest and western U.S. Silver Creek acquired the property from Transwestern Development Co. in 2021 for $126 million. Pacific Life Insurance Co. provided $81.9 million in financing for Silver Creek’s original acquisition.

FacebookTwitterLinkedinEmail

LEE’S SUMMIT, MO. — The Rainier Cos. has sold Summit Woods Crossing, a 545,204-square-foot shopping center in Lee’s Summit, about 20 miles southeast of Kansas City. Acquired by Rainier in May 2022, Summit Woods Crossing is located at the southwest corner of I-470 and U.S. Route 50. The property is shadow anchored by SuperTarget and co-anchored by Lowe’s and Kohl’s. Tenants include Best Buy, Michaels, Petco, TJ Maxx, Total Wine, Ulta Beauty and Old Navy. The buyer and sales price were not disclosed.

FacebookTwitterLinkedinEmail

EVANSTON, ILL. — Draper and Kramer Inc. has acquired a 268-unit luxury apartment community in Evanston. The 15-story property, Albion Evanston, will be rebranded as Eva. Draper and Kramer will also assume property management of the community, which was 98.5 percent leased and 98 percent occupied at the time of acquisition. The property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Amenities include a fitness center with indoor-outdoor yoga studio, outdoor heated rooftop pool, rooftop sky club, pet spa, coworking space and a Luxer One package room. The property includes 198 parking spaces. The first floor features 7,090 square feet of fully leased retail space, with current tenants the reform method and IMAGE Studios Salon Suites. JLL represented the undisclosed seller.

FacebookTwitterLinkedinEmail

CLINTON TOWNSHIP, MICH. — Dick’s House of Sport will join the Mall at Partridge Creek as its final anchor store. The tenant will occupy the former Nordstrom space at the west end of the mall, creating a 116,000-square-foot store. The new store will offer a wide assortment of products along with in-store experiences, including a climbing wall, multiple golf bays with TrackMan simulators and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer. Spinoso Real Estate Group handles leasing and management for the mall in Clinton Township.

FacebookTwitterLinkedinEmail

CHICAGO — Rush University System for Health and Endeavor Health have unveiled plans to merge, creating a system of 12 hospitals and more than 400 care sites. An incremental $1 billion investment, funded by Endeavor, will advance community impact, academics and research, and quality and care innovation in communities across the Chicagoland region. The combined system will operate under the Rush name. Upon close, Endeavor President and CEO J.P. Gallagher will be named president and CEO of the unified system. Dr. Omar Lateef, president and CEO of Rush, will continue in this role through the close of the transaction. He will then serve as CEO emeritus and strategic advisor to the CEO. A 20-person system board will be appointed, with equal representation from Rush and Endeavor board members and led by a chair from the Rush system. Together, the organization will have more than 46,000 employees and clinicians serving more than 2 million patients annually across northern Illinois and northwest Indiana. The transaction is expected to close in early 2027, following regulatory review and approval. Rush is a nonprofit health system that includes Rush University Medical Center, Rush University, Rush Copley Medical Center and Rush Oak Park Hospital, as well …

FacebookTwitterLinkedinEmail