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Midwest

AcquisitionsMidwestMinnesotaMultifamily

Waterton Acquires 30-Story Apartment Tower in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 30-story apartment tower with 370 units in downtown Minneapolis. The seller was a joint venture between Opus Development Co. and Corebridge Real Estate Investors. Opus constructed, designed and developed the property in 2018. Located at 365 Nicollet Mall in the city’s Gateway District, the building features studios, one-, two- and three-bedroom units. There are 50 penthouse units. Amenities at the property include a fitness center, yoga studio, sauna, relaxation room, outdoor pool, entertainment kitchen, recreation lounge, coworking space, golf simulator, pet spa and dog run. Waterton plans to implement a light value-add renovation program across residences and common areas. Plans call for refreshed furniture, fixtures and equipment, as well as new flooring and equipment in the fitness center. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller.

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AcquisitionsIllinoisIndustrialMidwest

JLL Brokers Sale of 289,847 SF Industrial Property in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — JLL Capital Markets has brokered the sale of a two-building industrial property totaling 289,847 square feet in the Chicago suburb of Vernon Hills. Named the Woodlands Light Manufacturing Center, the facilities on Woodlands Parkway are fully leased to Kanaflex Corp. The properties feature clear heights ranging from 19 to 29.5 feet, 12 dock-high doors, six drive-in doors, LED lighting and 247 parking spaces. Ed Halaburt and Kurt Sarbaugh of JLL represented the seller, High Street Logistics Properties. Centaur Capital Partners and Talos Capital LLC purchased the property.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

EquiCap Commercial, NAI Pfefferle Negotiate Sale of 215-Unit Self-Storage Portfolio in Wisconsin

by Kristin Harlow

ARBOR VITAE, ST. GERMAIN AND EAGLE RIVER, WIS. — EquiCap Commercial and NAI Pfefferle have negotiated the sale of Freedom Storage, a self-storage portfolio located in northern Wisconsin. The portfolio consists of three sites totaling 44,300 net rentable square feet across 12 buildings with 215 drive-up units. The sites are located at 11019 Highway 70 in Arbor Vitae, 5881 Highway 70 in St. Germain and 1878 Collins Court in Eagle River. Scott Rihm and Jesse Luke of EquiCap brokered the transaction along with Jonathan Glassco of NAI Pfefferle.

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AcquisitionsIllinoisMidwestMultifamily

Essex Arranges $3M Sale of Three-Building Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Essex Realty Group LLC has arranged the $3 million sale of a three-building multifamily portfolio totaling 55 units in Chicago’s West Chatham neighborhood. The three-story properties feature six studios, 26 one-bedroom units, 12 two-bedroom units and four three-bedroom apartments as well as eight commercial spaces. Joe Kahlhammer of Essex brokered the transaction. The seller was a long-term local owner.

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Leasing ActivityMidwestOfficeOhio

CBRE Opens 17,500 SF Office at Oswald Tower in Cleveland

by Kristin Harlow

CLEVELAND — CBRE has opened its new 17,500-square-foot office on the eighth floor of Oswald Tower at 950 Main Ave. in Cleveland’s Flats neighborhood. The firm has relocated from the second floor of the same building, where it provides leasing and property management services. The new office is part of CBRE’s Workplace360 program, which features innovative technology and a variety of collaborative spaces designed to support hybrid working. CBRE has opened more than 100 Workplace360 offices across the globe. CBRE has been an anchor tenant at the Cleveland office tower since the property was built in 2013.

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DevelopmentMidwestMultifamilyWisconsin

Inland Completes 261-Unit Evoni Apartments in Milwaukee’s Historic Third Ward

by Kristin Harlow

MILWAUKEE — Inland Real Estate Investment Corp. has completed Evoni Apartments in Milwaukee’s Historic Third Ward district. Inland completed the 261-unit luxury apartment project in a joint venture with Kaeding Development Group LLC. Located adjacent to the Henry Maier Festival Park and Lake Michigan, the five-story property features 60 studios, 122 one-bedroom units, 66 two-bedroom units and 13 three-bedroom residences. Amenities include a pool, rooftop lounge, sky deck, outdoor fire pits, a community recreation room, fitness center, yoga room, indoor sauna, dog park, pet washing station and package room. The project marks the fourth investment and second ground-up multifamily development of which Inland Investments has partnered with Kaeding.

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Build-to-RentDevelopmentKansasMidwestSingle-Family Rental

PeakMade, Blue Vista Break Ground on 214-Unit Build-to-Rent Community in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — PeakMade Real Estate and Blue Vista Capital Management have broken ground on Olathe Commons, a 214-unit build-to-rent community in Olathe. Leasing is anticipated to begin in August 2026 prior to the first unit deliveries, with final completion slated for September 2027. Old National Bank provided construction financing, and Open House Group is the joint venture limited partner for the project. Olathe Commons will feature 60 single-family cottages and 154 townhome units. Floor plans will range from two to four bedrooms, and most units will have attached garages. Amenities will include a clubhouse, fitness center, pool, dog park and green space.

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DevelopmentIndustrialMidwestWisconsin

Peak Construction to Build 237,788 SF Spec Industrial Building in Bristol, Wisconsin

by Kristin Harlow

BRISTOL, WIS. — Peak Construction Corp. will construct Building 5A within Bristol Business Park in the Milwaukee suburb of Bristol. Janko Group is the developer. The 237,788-square-foot speculative industrial facility will feature a clear height of 32 feet, 20 docks, two drive-in doors and 303 parking spaces. Completion is slated for the third quarter of 2026. The project team includes Harris Architects Inc. and Manhard Engineering as civil engineer. Peak has served as general contractor for the 225-acre industrial business park’s infrastructure and multiple tenant improvements as well as Building 1 (1 million square feet), Building 2 (314,505 square feet), Building 3 (396,508 square feet), Building 4 (157,043 square feet) and Building 8 (323,970 square feet).

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HealthcareIllinoisLeasing ActivityMidwest

NAI Hiffman Negotiates 87,461 SF Medical Office Lease Renewal in New Lenox, Illinois

by Kristin Harlow

NEW LENOX, ILL. — NAI Hiffman has negotiated an 87,461-square-foot medical office lease renewal for Silver Cross Hospital at 1890 Silver Cross Blvd. in New Lenox, a southwest suburb of Chicago. The 174,855-square-foot, six-story building is known as Pavilion A. Silver Cross healthcare providers occupy the first two levels as well as eight suites on the upper four levels. Other tenants in the building include the Shirley Ryan AbilityLab at Silver Cross and independent healthcare providers. Perry Higa of NAI Hiffman represented Silver Cross in the lease renewal, and Steve Brooks and Katie McReynolds of NexCore Group represented the owner, Prudential Real Estate Investors. The lease was completed far in advance of its expiration in fourth-quarter 2026.

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Leasing ActivityMidwestMinnesotaOffice

Barr Engineering to Relocate Headquarters to 85,000 SF Office in Richfield, Minnesota

by Kristin Harlow

RICHFIELD, MINN. — Barr Engineering Co. has unveiled plans to relocate its headquarters office to One Meridian Crossings in Richfield, a suburb of Minneapolis, in late 2026. The employee-owned engineering and environmental consulting firm serves clients in the fuels, manufacturing, mining, power and public sectors. Incorporated in Minnesota in 1966, Barr maintains offices across North America and client projects worldwide. Approximately half of the company’s 1,100 employees are based in the Twin Cities. Jim Damiani and Teresa Borgen of Newmark represented Barr in the lease negotiations. Barr’s new office will total 85,000 square feet, and the company is relocating from 4300 MarketPointe Drive in Bloomington, Minn.

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