Sunday, April 26, 2026
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Midwest

DevelopmentIllinoisMidwest

Northwestern University Breaks Ground on New $800M Ryan Field

by Kristin Harlow

EVANSTON, ILL. — Northwestern University has broken ground on its new Ryan Field in Evanston. Total project costs of the new football stadium are estimated at $800 million, according to local media reports. The privately funded project is expected to create more than 2,900 jobs and nearly $660 million in economic impact to the city and surrounding areas. Most of the funding comes from Pat Ryan Sr., founder of Aon Corp. The facility is slated to open in 2026 and will include a community park and public green spaces. Northwestern is targeting 35 percent of total subcontracted spending between local, minority-owned and women-owned businesses for the construction of the new stadium, totaling an estimated $208 million. Turner-Walsh is leading construction. Demolition of the former 98-year-old stadium wrapped up this month, according to the Chicago Tribune.

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IndustrialLoansMidwestMinnesotaSelf-Storage

Värde Partners Provides $185M Loan for Refinancing of Self-Storage Portfolio Across Six States

by Kristin Harlow

MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.

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AcquisitionsIllinoisMidwestRetail

Next Realty Sells 60,000 SF Grocery-Anchored Retail Center in Barrington, Illinois

by Kristin Harlow

BARRINGTON, ILL. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington for an undisclosed price. Heinen’s grocery store anchors the 60,000-square-foot retail center. Additional tenants include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014. A private investor was the buyer.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamilySeniors Housing

Volunteers of America National Services Opens 80-Unit Affordable Seniors Housing Community in Anoka, Minnesota  

by Kristin Harlow

ANOKA, MINN. — Volunteers of America National Services has opened Nolte River Place, an 80-unit affordable seniors housing community in Anoka, a northern suburb of Minneapolis. The property features one- and two-bedroom units, eight of which are reserved for formerly unhoused senior veterans and 10 are designated units for Project Rental Assistance Contracts vouchers. Amenities include a community room, exercise room, underground parking, hair salon and library. Volunteers of America is a faith-based nonprofit with programs in 46 states.

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AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Negotiates $2M Sale of Industrial Outdoor Storage Facility in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap has negotiated the $2 million sale of a 23,820-square-foot industrial outdoor storage facility in Aurora. Located at 901 Ridgeway Ave., the three-acre property features four buildings with an expansive lot for outdoor storage and parking. Jeff Rowlett of Marcus & Millichap represented the seller, Ridgeway Partners LLC. Michael Kammes of Re/Max Commercial procured the buyer, RDAA Express Inc. Steven Weinstock assisted in closing the transaction as the broker of record in Illinois.

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AcquisitionsHospitalityMidwestWisconsin

Apple Hospitality REIT Acquires Embassy Suites Hotel in Madison, Wisconsin, for $79.5M

by Kristin Harlow

MADISON, WIS. — Apple Hospitality REIT Inc. has acquired the 262-room Embassy Suites by Hilton Madison Downtown hotel for $79.5 million. The seller was undisclosed. The newly built property is located at 231 S. Pinckney St. near Monona Terrace Community and Convention Center as well as the Wisconsin State Capitol. Apple’s portfolio includes 224 hotels with 30,066 guest rooms throughout 37 states and Washington, D.C.

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DevelopmentHealthcareHospitalityLoansMidwestOhio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

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HealthcareLeasing ActivityMidwestMinnesota

Life Link III Signs 12,827 SF Medical Office Lease at Shoreview Business Campus in Suburban Minneapolis

by Kristin Harlow

SHOREVIEW, MINN. — Life Link III has signed a 12,827-square-foot medical office lease at Shoreview Business Campus, a flex property in the northeast Minneapolis suburb of Shoreview. The nonprofit medical air transportation company has begun occupying the new space. The property is 91 percent leased with three additional medical office tenants, including Allina Medical Clinic, Allina Health Urgent Care and Courage Kenny Sports & Physical Therapy. The RMR Group is the property manager, and Diversified Healthcare Trust is the building owner. John Ryden, Jerry Driessen and Maxx Schindel of CBRE represented ownership in the lease.

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DevelopmentIllinoisIndustrialMidwestOffice

Ironworkers Local 63 Opens 12,000 SF Training Center in Broadview, Illinois

by Kristin Harlow

BROADVIEW, ILL. — Ironworkers Local 63 has opened its new 12,000-square-foot training center at 2525 Lexington St. in Broadview, about 12 miles west of downtown Chicago. Dubbed the “glass house” and designed by Gensler, the property is visible from I-290. Tradespeople within Ironworkers Local 63 help build the glass facades on skyscrapers in Chicagoland. Inside, the facility provides lab-like instruction spaces, a pressurized testing chamber, five-ton bridge crane and adaptable training structure. Skyline Construction was the general contractor.

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AcquisitionsMidwestRetailWisconsin

Colliers Brokers $3.4M Sale of Two-Tenant Retail Property in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.

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