Tuesday, January 27, 2026
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Midwest

AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Negotiates Sale of 23-Unit Multifamily Portfolio in Midlothian, Illinois

by Kristin Harlow

MIDLOTHIAN, ILL. — Marcus & Millichap has negotiated the sale of the Karlov & Keystone Portfolio, a 23-unit multifamily portfolio in Midlothian, a southwest suburb of Chicago. The sales price was undisclosed. Originally built in the 1960s, the properties are located along Karlov and Keystone avenues near I-294 and Route 57. Ryan Engle, Andrean Angelov, Sam Antreasian and Zack Mahoney of Marcus & Millichap represented the seller, a private investor. Engle, Angelov and Antreasian represented the buyer, a private investor.  

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KansasLeasing ActivityMidwestRetail

Hand & Stone Massage and Facial Spa Opens in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Hand & Stone Massage and Facial Spa has opened at 20160 W. 153rd St. in the Kansas City suburb of Olathe. Owned by Lisa and John Paulson, the spa marks the brand’s third location in Kansas. The husband-and-wife team plans to open two more spas in metro Kansas City. The Olathe location offers professional massage services, including Swedish, Himalayan salt, sports, deep tissue, oncology and prenatal. Guests can also enjoy hot stone massages, facials and Neveskin Cryo treatments. All services are performed by experienced estheticians and licensed massage therapists.

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AcquisitionsIowaMidwestMultifamily

MLG Capital Acquires 180-Unit Multifamily Property in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — MLG Capital has acquired Walnut Lake, a 180-unit multifamily property in the western Des Moines suburb of Urbandale. The purchase price was undisclosed. Completed in 2016, the community is located at 4454 NW 142nd St. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Walnut Lake marks MLG’s 10th acquisition in metro Des Moines and brings the owner’s total number of units in Iowa to 1,096. Brett Hood of Northmarq originated a $16.1 million Freddie Mac loan for the acquisition. The five-year loan features a fixed interest rate just below 6 percent.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

Shelbourne Nears Completion of 150-Unit Seniors Housing Development in Suburban St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — Shelbourne Healthcare Development Group is nearing completion of The Lumiere of Chesterfield, an upscale senior living community in the St. Louis suburb of Chesterfield. The developer has tapped Tutera Senior Living & Health Care as the operator. The 193,000-square-foot development will offer 150 units, including 96 independent living, 37 assisted living and 17 memory care units.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Opens 53-Unit Affordable Housing Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has opened Annika Place, a 53-unit affordable housing community in Traverse City. The $14.7 million project offers 29 one-bedroom units and 24 two-bedroom units for residents who earn 30 to 80 percent of the area median income. Rental rates range from $377 to $1,125 per month, depending on the income restriction and size of unit. The Traverse City Housing Commission will provide rental assistance for eight units to be occupied by formerly homeless residents. The four-story development features amenities such as a community kitchen, fitness center, rooftop terrace, patio, picnic table, grill, park benches and playground. Annika Place is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority. Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. Huntington Bank provided a construction loan and permanent financing. The project honors the memory of U.S. Coast Guardsman Douglas Munro, who lost his life at the Guadalcanal on Sept. 27, 1942, because of heroic measures with his Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor. …

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AcquisitionsIndustrialMidwestNAIWisconsin

NAI Pfefferle Brokers Sale of 50,000 SF Manufacturing Building in Sheboygan Falls, Wisconsin

by Kristin Harlow

SHEBOYGAN FALLS, WIS. — NAI Pfefferle has brokered the sale of a 50,000-square-foot manufacturing building located at 520 Forest Ave. in Sheboygan Falls, a city in eastern Wisconsin. The sales price was undisclosed, but the asking price was $3.9 million. John Roberts of NAI Pfefferle brokered the sale. Buyer and seller information was not provided.

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Lilly-Lebanon
DevelopmentIndianaIndustrialMidwestTop Stories

Eli Lilly Plans $5.3B Expansion of Pharmaceutical Manufacturing Facility in Lebanon, Indiana

by Katie Sloan

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has released plans for a $5.3 billion expansion of its manufacturing facility in Lebanon, roughly 27 miles northwest of Indianapolis. The investment is the largest in U.S. history for active pharmaceutical ingredient manufacturing, according to the company.  Lilly began developing the Lebanon site, located within the LEAP Research and Innovation District, in 2023. The expansion will enhance the company’s capacity to manufacture active pharmaceutical ingredients for its Zepbound and Mounjaro injectables, which are both diabetes and weight loss drugs. Lilly’s total investment in the site is now $9 billion.  Upon full build-out, the facility will staff 900 full-time employees. The company expects to begin manufacturing at the property in 2026, with operations scaling up through 2028. The development will include the addition of a learning and training center built in conjunction with the State of Indiana, which will be utilized by the larger LEAP District. Lilly will also partner with the state on new infrastructural additions including roads, water, electricity and other utilities. Since 2020, Lilly has committed more than $16 billion to develop new manufacturing sites in the U.S. and Europe, with developments located in the Research Triangle of North …

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DevelopmentMidwestMissouriMultifamily

ARCO Construction Underway on $61M Apartment Complex in St. Louis

by Kristin Harlow

ST. LOUIS — ARCO Construction Co. is underway on The Rail, a 268-unit apartment complex in St. Louis. The 278,500-square-foot, four-story development will feature studio, one- and two-bedroom floor plans. Amenities will include a courtyard, pool, grilling area, game lounge, group fitness studio, gathering kitchen and three-story parking garage. Completion is slated for this fall. HDA was the architect for the $61 million project.

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AcquisitionsDevelopmentHealthcareMichiganMidwest

UM Health to Buy 11-Acre Site Near Lansing, Build New Healthcare Center

by Kristin Harlow

ONEIDA TOWNSHIP, MICH. — University of Michigan Health has unveiled plans to purchase an 11-acre site near Lansing for a new healthcare center. The purchase price is $2 million, and funding will be provided from U-M Health reserves. The site is at 5677 E. Saginaw Highway in Oneida Township and consists of a former CARite dealership. University of Michigan Health-Sparrow will operate the new ambulatory care center, which is expected to house both primary and specialty care offerings, including radiology and rehabilitation services. Further details regarding construction were not provided.

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