CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit apartment community in Chicago Ridge, for $10 million. Eastham acquired the property for the portfolio of Eastham Capital Fund V LP in partnership with Bender Cos. in February 2019. Ridgeland Station marked the first collaboration between Eastham and Bender. To date, the partners have co-invested in nine projects with a 10th in the pipeline. Under Bender’s management, Ridgeland Station maintained strong occupancy levels and was 95 percent leased at the time of disposition. Average rents increased 9.7 percent year over year. The community consists of a mix of one- and two-bedroom units.
ST. PETERS, MO. — General contractor MBG is underway on construction of the first Ignite Medical Resort in the St. Louis area. Located in St. Peters, the project is slated for completion in August. The single-story, 60,000-square-foot facility will feature 69 private rooms and 12 semi-private rooms. With elements of high-end hospitality of a 5-star luxury resort, the development features an advanced care model called “LuxeRehab.” The property will feature a lobby, reception desk, café, large windows, landscaped courtyard, two dining rooms, a full commercial kitchen and salon. Rehabilitation services will deploy the latest technology. In addition, Ignite Medical Resort will feature a mock home with a full kitchen, laundry and bathroom where patients are taught and evaluated on readiness to return to independent living. Ignite Medical Resort operates 25 facilities across six states specializing in short-term rehabilitation for a variety of medical needs. Physical, occupational and speech therapy services are provided seven days a week. The project marks the first in the St. Louis market for developer Leo Brown Group.
DES PLAINES, ILL. — Brown Commercial Group has brokered the sale of a 22,050-square-foot food distribution building in the Chicago suburb of Des Plaines for $2.4 million. The property was customized for food distribution and includes nearly 6,000 square feet of cooler space and 2,530 square feet of walk-in freezer space. Mason Hezner and Candace Scurto of Brown represented the seller, Athos Rawls Road LLC. Joe Karmin of Transwestern represented the buyer, GCB LLC, which plans to use the space for a similar food distribution business.
PONTOON BEACH, ILL. — Contegra Construction Co. is underway on a 933,656-square-foot distribution center at Gateway Tradeport in Pontoon Beach, a northeast suburb of St. Louis. Completion is slated for spring 2026. Developed by NorthPoint Development, the project marks the fifth distribution center built by Contegra at the 600-acre master-planned Gateway Tradeport. The industrial development debuted in 2019 and will host more than 3.6 million square feet of space once Contegra’s latest project is completed. The newest addition is a build-to-suit called Gateway Tradeport VI. Located on a 104-acre site, Gateway Tradeport VI will feature a clear height of 36 feet, 175 dock doors, 830 trailer parking spaces and 985 car parking spaces. There will also be a 19,928-square-foot mezzanine and nearly 54,000 square feet of finished space with offices, breakrooms and restrooms.
CHICAGO — Sterling Bay and Affinius Capital have completed Pulaski 55 Logistics Center, an industrial facility located at 4510 W. Ann Lurie Place in Chicago’s Archer Heights neighborhood. The 147,500-square-foot property is situated within Crawford Industrial Park with convenient access to I-55, I-94 and downtown Chicago. The project is located in an Enterprise Zone with an approved 6B real estate tax incentive, providing financial relief for future tenants. Pulaski 55 Logistics Center features 10 loading docks, 102 car parking spaces and adjacent retail options. The project is certified LEED Silver. Colliers is handling leasing efforts for the property.
LIBERTY, MO. — Block & Co. Inc. Realtors has completed the lease-up of Crossroads Shopping Center in the Kansas City suburb of Liberty. The most recent lease transactions were with Total Wireless and Frame It. Additional tenants include Savers, Curves, Sugar Kittens Cat Café & Cattery, Palen Music Center, Dollar General, Pizza Hut and Mi Hacienda. Daniel Brocato and Phil Peck of Block & Co. are the leasing agents for the property.
INDIANAPOLIS — Skender has completed interior construction on a new 15,370-square-foot office for advisory, tax and assurance firm Baker Tilly in Indianapolis. Located at 9229 Delegates Row within the 19-story Keystone Office Park, the workspace features a mix of private offices, open workstations, collaboration areas, conference rooms and a lounge/café. Notable elements include water vapor fireplaces accented by swinging lights, cutting-edge audio/visual technology and integrated security systems. Skender completed the build-out in 21 weeks. Partners by Design served as architect, a d a Design Associates provided design services, COFCO provided furniture, Automation Arts completed audio/visual technology and Southern Lighting designed the lighting.
WAYNE, NEB. — Darland Construction Co. has completed a renovation and addition for Providence Medical Center (PMC), a critical access hospital in Wayne. The first phase of the project included a 20,000-square-foot addition on the hospital’s south side, designed to accommodate the rapidly expanding imaging and specialty outpatient services. The second phase included a new campus main entry and central registration, consolidating radiology services into a unified location. A new concourse connects this area to the remodeled spaces. A dedicated outpatient clinic houses infusion rooms, stress testing, psychiatry, counseling and staff support areas. Following the completion of the addition, Darland transitioned to a 20,000-square-foot remodel, transforming the surgical suite with two new operating rooms, converting an existing OR into an endoscopy suite and adding private pre-op and recovery spaces. Areas for materials management, wound care, cardiac rehab and administrative offices were also updated. A third phase included the installation of a supplemental air handling unit and a renovation of the hospital’s pharmacy.
By Lance Evinger III, Hendricks Commercial Properties In an era where consumers seek more than just products, experience-driven spaces are reshaping the commercial real estate landscape. In Indianapolis, developers and urban planners are increasingly focused on transforming some of the city’s most underutilized yet high-potential areas into dynamic destinations that foster engagement, connection and excitement. Indianapolis boasts a diverse and rapidly evolving commercial real estate market that continues to attract significant investment and development. Key sectors — including office, industrial, retail and mixed-use developments — have experienced steady growth, with a strong focus on adaptive reuse projects and innovative design concepts. The city’s strategic central location, robust infrastructure and thriving convention scene make it a prime destination for businesses and developers alike. Named USA Today’s No. 1 Convention City in the U.S. in 2024, downtown Indianapolis attracts over 10 million visitors annually, a number that continues to grow. In the past year, downtown hotels have set all-time monthly revenue records, fueled by major events like the NFL Combine and NBA All-Star Weekend. At the same time, the Indiana Convention Center has seen a 14.5 percent year-over-year increase in visitors, further cementing the city’s reputation as a top-tier event destination. With …
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JLL: U.S. Retail Sector Remains Optimistic as Market Conditions Shift
CHICAGO — Retail closures are at a cyclical high, totaling a whopping 9,900 business shutdowns in 2024, according to JLL’s fourth-quarter 2024 retail report entitled “United States Retail Market Dynamics.” For the first time in several years, store closures outpaced store openings in a calendar year. Fabric and crafts retailer JOANN, who filed for Chapter 11 bankruptcy protection twice within a year, is shuttering all 800 stores, while major department store chain Macy’s will close 150 stores over the next three years, with 66 closures anticipated in 2025 alone. The highest number of store closures resulted from discount and dollar stores like Family Dollar, CVS Health and Big Lots, as well as specialty retailers like Party City. Retail closures are represented across different size brackets, with more than 55 percent of announced closures identifying with footprints ranging from 5,000 square feet to 20,000 square feet. Expanding retailers such as Dollar General, O’Reilly Automotive and Five Below align with these vacant boxes, while larger, major closures like Bed Bath & Beyond and Toys “R” Us occupy more “desirable” locations. On the flip side, between 2024 and 2025, there were roughly 7,700 new retail store openings announced. Nearly 3,000 of these openings …