Wednesday, May 14, 2025
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Midwest

AcquisitionsHealthcareMichiganMidwest

Marcus & Millichap Brokers Sale-Leaseback of 9,231 SF Medical Office Building in Metro Detroit

by Kristin Harlow

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale-leaseback of a 9,231-square-foot medical office building in Rochester Hills, a northern suburb of Detroit. Located at 2940 Crooks Road and built in 2005, the asset is leased to Stonebrooke Family Physicians. Seth Haron, Darin Gross and Ashish Vakhariya of Marcus & Millichap represented the seller and procured the buyer. The building features 7,431 square feet of clinical space on the first floor and 1,800 square feet of administrative space on the lower level. Stonebrooke Family Physicians provides care for all age groups, with eight providers currently at the facility.

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KansasLeasing ActivityMidwestRestaurantRetail

Saladworks to Open First Kansas City-Area Location in Overland Park’s Bluhawk Development

by Kristin Harlow

OVERLAND PARK, KAN. — Saladworks, a Pennsylvania-based health restaurant chain, has secured its first Kansas City-area location at the Bluhawk mixed-use development in Overland Park. Grant Summers of Block & Co. Inc. Realtors co-represented the tenant along with Locate AI, a San Francisco-based commercial real estate firm. JLL represented the landlord. Saladworks’ new location will undergo a full build-out and will join other restaurants such as Red Door Woodfired Grill, Tropical Smoothie Café, Jinya Ramen Bar, Freddy’s Steakburgers, Cactus Grill and Andy’s Frozen Custard. Bluhawk features a sports facility, retail, restaurants, entertainment, multifamily, office and healthcare space. Woworks, the parent company of Saladworks, maintains more than 350 stores nationwide. Other Woworks brands include Frutta Bowls, Garbanzo Mediterranean Fresh, The Simple Greek, Barberitos and Z!Eats. Construction on the 2,048-square-foot Saladworks in Overland Park is slated for completion this fall.

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DevelopmentIndustrialMidwestMissouri

Wieland Expands Operations in Metro St. Louis with $500M Manufacturing Facility

by Kristin Harlow

ST. LOUIS — Wieland, a global supplier of high-quality copper and copper alloy solutions, is expanding its operations in the St. Louis region, investing $500 million in a new facility. Construction began in early March. The expansion will retain 800 jobs. Wieland, which manufactures products for the electric vehicle industry, contributes to the nearly 16,000 skilled metals industry workers in the area. The company also makes parts for construction, munitions, coinage and electronics. Wieland maintains recycling facilities in Granite City and produces welded copper tubes in Cuba, Mo. The St. Louis region ranks second in the United States for minerals and ores exports, primarily including metals and metal products, according to the St. Louis Regional Freightway.

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CivicDevelopmentMidwestNebraska

Assemble Lincoln Selects Site for 125,000 SF Downtown Convention Center in Nebraska

by Kristin Harlow

LINCOLN, NEB. — Assemble Lincoln, Lancaster County’s standing committee overseeing the development of Lincoln’s Downtown Convention Center, has selected the Garfield Public/Private site near South 13th and M streets as the location for Lincoln’s convention center. After a process that began in fall 2023 following two feasibility studies in 2022 and 2023 by CSL, commissioned by the Downtown Lincoln Association, Lincoln Downtown Rotary #14 and Visit Lincoln, three sites were shortlisted as finalists in July 2024. The convention center is estimated to come with an investment between $111 million and $120 million and have an impact of $18.5 million in total economic output annually, supporting 230 jobs and generating nearly $1.3 million in tax revenue per year. Next steps in the process to develop the site include beginning outreach and preliminary negotiations with landowners of the parcels being considered for development, submitting Lancaster County’s Turn Back Tax application to the state, understanding the anticipated timeline of approval of the application and when funds would become available if approved, determining a schedule for issuing design, preconstruction and construction management request for proposals and building a master schedule and budget for development of the site. The selected site is situated directly across …

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DevelopmentIllinoisLoansMidwestMultifamilyStudent Housing

Cushman & Wakefield Arranges Equity Financing for University of Illinois Student Housing Development with 241 Beds

by Kristin Harlow

CHAMPAIGN, ILL. — Cushman & Wakefield has arranged limited partner (LP) equity financing for the development of 505 S 5th Street, a Class A student housing project in Champaign serving students attending the University of Illinois’ Urbana-Champaign campus. The project will be located adjacent to campus and in the heart of Campustown. The development site is fully entitled and shovel-ready, with groundbreaking slated for this month. Completion is anticipated ahead of the 2026-2027 academic school year. The community will feature 241 beds and amenities such as a fitness center, yoga studio, sauna, study rooms, business center, clubroom and outdoor lounge area. Kristian Brown, Travis Prince, Shawn Lubic, Victoria Marks, Susan Tjarksen and Brendon Urban of Cushman & Wakefield arranged the financing on behalf of Hartman Capital, a Champaign-based firm specializing in student housing at the University of Illinois. Quilvest Capital Partners, a global private investment firm, provided the LP equity.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Logistics Property Co. Buys Development Site Next to Chicago O’Hare Airport, Plans to Build 123,000 SF Warehouse

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Logistics Property Co. LLC has acquired a nearly 6-acre site at 2700 York Road in Elk Grove Village located just west of the Chicago O’Hare International Airport. Construction on the site is expected to commence in May. When complete, the development will feature a 123,000-square-foot rear-load warehouse with 16 dock doors, two drive-in doors and 125 auto parking spaces. Aaron Martell and Ben Fish of Logistics Property Co. worked with Ed Lowenbaum of Cresa on the purchase. Jacob & Hefner Associates is the civil engineer. The project is slated for completion in the second quarter of 2026.

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Leasing ActivityMidwestOhioRetail

New Tenants Open at Great Northern Mall in North Olmsted, Ohio

by Kristin Harlow

NORTH OLMSTED, OHIO — New tenants have opened at Great Northern Mall in North Olmsted, a western suburb of Cleveland. Prime Time Sports & Framing is a custom framing shop specializing in sports and entertainment memorabilia. The 7,916-square-foot space, located in the Dillard’s wing, features autographed memorabilia from Cleveland Browns and The Ohio State University players. Tracy’s Trinkets & Treasures, located near Phoenix Theatres, features more than 30 local and small handcrafted businesses. The 7,828-square-foot store offers a variety of goods, including organic bath products, candles, jewelry, wreaths, t-shirts and baked goods. Coming soon to Great Northern Mall are Build the Pho, One Pot and Texas Roadhouse. Projected to open this spring, Vietnamese restaurant Build the Pho will occupy 3,800 square feet with a patio. Slated to open in the fall, One Pot will serve Korean barbecue in its 5,600-square-foot space with a patio. Texas Roadhouse will occupy 7,900 square feet near JC Penney and is scheduled to open this fall. Operated by Pacific Retail Capital Partners, Great Northern Mall spans 1.2 million square feet with a mix of 100 national and local brands.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Frontline Development, Woda Cooper Break Ground on $17.6M Affordable Housing Community in Cleveland

by Kristin Harlow

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $3.4M Sale of Retail Property in Urbana, Illinois

by Kristin Harlow

URBANA, ILL. — Marcus & Millichap has brokered the $3.4 million sale of Gateway Shoppes at Five Points in Urbana. The 12-suite retail property consists of two strip centers totaling 29,595 square feet that were 95 percent leased at the time of sale. Jeremie Johnson and Nathan Whalen of Marcus & Millichap represented the seller, Prairie Holdings Newton LLC. David O’Keefe, Steve Bogoyevac and Johnathan Weir of Marcus & Millichap procured the buyer, Nikolas Chugay. Michael Derk of Marcus & Millichap Capital Corp. secured a $2.7 million acquisition loan on behalf of the buyer. The 10-year loan features a 6.74 percent interest rate with a 30-year amortization period and 80 percent loan-to-value ratio.

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AcquisitionsIndustrialMichiganMidwest

TruCore Investments Acquires 30,770 SF Industrial Building in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — TruCore Investments has acquired a fully leased industrial building totaling 30,770 square feet at 4908 Contec Drive in Lansing. Built in 1999, the facility sits on 2.2 acres and features 24,050 square feet of warehouse space and 6,720 square feet of office space. There are 55 parking spaces, two conference rooms, a reception area, breakroom, two docks, two drive-in doors and a 24-foot warehouse ceiling height. The property is fully leased to Extend Your Reach, a full-service mail and marketing company. Christopher Miller of Martin Commercial Properties brokered the transaction.

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