Tuesday, January 13, 2026
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Midwest

LoansMidwestMinnesotaMultifamily

JLL Arranges $50M Refinancing for Multifamily Property in Eden Prairie, Minnesota

by Kristin Harlow

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $50 million refinancing for The Fox & The Grouse, a 237-unit multifamily property in the Golden Triangle neighborhood of Eden Prairie. The first units of The Fox & The Grouse Phase I delivered in December 2024, and construction was completed in April 2025. The development features 205,561 square feet of rentable space across alcove, one-, two- and three-bedroom units averaging 867 square feet. The project includes a 25 percent affordable housing component, with 49 units reserved for residents at 50 percent of the area median income (AMI) and 12 units at 80 percent AMI. Amenities include an outdoor pool, golf simulator, pickleball courts, a wellness center, work-from-home spaces, a theater room and underground parking. Scott Loving, Josh Talberg, Joe Peris, Will Hintz and Colin Ryan of JLL represented the borrower, a partnership of Greco and Eagle Ridge Partners, as well as joint venture equity partner Amstar Group. JLL arranged the five-year loan through PNC Bank.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.4M Sale of Retail Center in Ottawa, Illinois

by Kristin Harlow

OTTAWA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of a 10-suite, two-building retail center in Ottawa. Aldi shadow-anchors the property, which is home to Dollar Tree, Sherwin-Williams, Athletico Physical Therapy, Hibbett Sports and World Finance Corp. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private Chicagoland investment group. Sharko and Weisenbeck, along with the brokerage’s Phoebe Klein, represented the buyer, a private 1031 exchange investor based in New York. The sale closed at 99.4 percent of the list price, achieving the highest price per square foot for a shopping center in Ottawa in the past five years, according to Mendoza. The property also included a half-acre parcel of developable land suited for a single-tenant drive-thru.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Investment Group Buys 80,000 SF Industrial Building in Metro Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Brennan Investment Group has acquired an 80,000-square-foot industrial building situated on 8.8 acres in the Chicago suburb of Woodridge. The property is located within the I-55 submarket at the intersection of I-55 and I-355. Brennan says the property was acquired to address the region’s shortage of functional small-bay industrial product, as the vacancy rate is less than 1 percent among spaces under 50,000 square feet in the I-55 submarket. Brennan plans to reposition the building by demising it into four 20,000-square-foot suites complete with spec offices, individual docks and drive-in doors and a large, secured yard. The building was originally constructed in 2007.

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Leasing ActivityMichiganMidwestOffice

NAI Wisinski of West Michigan Relocates Kalamazoo Office  

by Kristin Harlow

KALAMAZOO, MICH. — NAI Wisinski of West Michigan has relocated its Kalamazoo office to a new space at 650 Trade Centre Way in Portage. The building is a five-minute drive from the firm’s previous location on Whites Road. The 2,400-square-foot office features seven private offices and an open workspace. The company says the new layout supports its expanding brokerage and property management services across the region. NAI Wisinski opened its Kalamazoo location in 2013.

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AcquisitionsIllinoisMidwestRetail

Cushman & Wakefield Negotiates Sale of 91,415 SF Retail Center in Suburban Chicago

by Kristin Harlow

BATAVIA, ILL. — Cushman & Wakefield has negotiated the sale of Fabyan Randall Plaza, a 91,415-square-foot regional retail center anchored by Trader Joe’s in Batavia, a western suburb of Chicago. Other retailers include Sierra, Dollar Tree and a freestanding Walgreens. Evan Halkias and David Matheis of Cushman & Wakefield, along with Glenn Rudy of Newmark Pacific, represented the seller, NetCo Investments Inc. The buyer was a private investor.

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DevelopmentHospitalityMidwestMissouri

Midas Hospitality, Bryan Properties Open 123-Room Element Hotel in Branson, Missouri

by Kristin Harlow

BRANSON, MO. — Midas Hospitality and Bryan Properties have opened a 123-room Element Hotel by Westin in Branson. The asset is owned by Bryan Properties and managed by Midas Hospitality. Located at 511 Pat Nash Drive, the hotel is situated near Ballparks of America and the adjacent Branson Theater District. The 73,637-square-foot property offers a fitness center, outdoor saline pool, fire pits and complimentary breakfast.

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DevelopmentIowaMidwestMultifamilySeniors Housing

Woda Cooper, Parallel Housing Break Ground on 52-Unit Affordable Seniors Housing Community in Iowa

by Kristin Harlow

DAVENPORT, IOWA — Woda Cooper Cos. Inc. and co-developer Parallel Housing Inc. have broken ground on Timber Ridge, a 52-unit affordable housing community for seniors age 62 and older in Davenport. Units are targeted for renters who earn up to 60 percent of the area median income. The three-story building will offer 32 one-bedroom units and 20 two-bedroom apartments. Projected rents are $565 to $975 per month, depending on unit size and income restriction. Amenities will include a multipurpose room, dog park and outdoor seating. Timber Ridge will be ENERGY STAR certified. The City of Davenport approved a HOME loan as part of the project’s financing. Primary financing was supported by the allocation of 9 percent housing tax credits by the Iowa Finance Authority. KeyBank Community Development Lending and Investment provided the construction loan and tax credit equity investment. Cedar Rapids Bank & Trust is providing a permanent mortgage. Timber Ridge marks Woda Cooper’s eighth affordable housing community in Iowa and its first in Davenport. Hooker DeJong Inc. is the architect, Woda Construction Inc. is the general contractor and IMEG Corp. is the civil engineer. Woda Management & Real Estate LLC will handle leasing and property management.

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AcquisitionsMidwestMinnesotaNet LeaseRetail

Marcus & Millichap Brokers $6.1M Sale of Childcare Facility in Albertville, Minnesota

by Kristin Harlow

ALBERTVILLE, MINN. — Marcus & Millichap has brokered the $6.1 million sale of a net-leased childcare facility occupied by Everbrook Academy in Albertville, a northwest suburb of Minneapolis. Everbrook Academy has a new 15-year triple-net lease guaranteed by Learning Care Group. The tenant operates more than 1,150 schools nationwide. Built in 2025, the property totals 11,758 square feet. Spencer Berkley, Mark Ruble, Chris Lind and Zack House of Marcus & Millichap, in association with the firm’s Minnesota broker of record Jon Ruzicka, represented the seller, a Minnesota-based limited liability company. Buyer information was not released.

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AcquisitionsDevelopmentIllinoisMidwestMultifamilyOffice

eXp Commercial Arranges $1.5M Sale of Multifamily Redevelopment Site in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — eXp Commercial, a division of eXp World Holdings Inc., has arranged the $1.5 million sale of a multifamily redevelopment property at 100 W. Roosevelt Road in Wheaton. The property includes two 12,000-square-foot office buildings on 1.2 acres. The buyer, a local developer, plans to redevelop the site into 22 multifamily units following successful rezoning from office to residential use. Randolph Taylor of eXp represented the undisclosed seller.

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Data CentersDevelopmentIndustrialMichiganMidwest

OpenAI Plans to Build Data Center Near Ann Arbor, Invest $450B Over Next Three Years

by Kristin Harlow

SALINE TOWNSHIP, MICH. — OpenAI, the creator of ChatGPT, has unveiled plans to build a new Stargate campus in Saline Township near Ann Arbor as part of its 4.5-gigawatt partnership with Oracle. Combined with capacity from OpenAI’s six previously announced U.S. Stargate sites with Oracle and SoftBank, this project brings Stargate to more than 8 gigawatts of planned capacity and more than $450 billion in investment over the next three years. In January, the company announced a $500 billion, 10-gigawatt commitment. Related Digital is developing the Stargate Michigan campus. Construction is expected to begin in early 2026 and create more than 2,500 union construction jobs. DTE Energy will serve the campus using existing excess transmission capacity, avoiding impacts on local energy supply. OpenAI says that any upgrades required to support operations will be funded by the project and not local ratepayers. The project will span 1.6 million square feet across three buildings, according to Crain’s Detroit Busienss. OpenAI has previously announced Stargate sites in Texas, New Mexico, Wisconsin and Ohio.

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