WARREN, MICH. — Consumer Cellular has signed a 3,600-square-foot retail lease at The Shoppes at Beaver Creek in Warren, an inner-ring suburb of Detroit. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord, while Adam Goodman of Mid-America Group represented the tenant. The property is located on Van Dyke Avenue between 13 and 14 Mile roads.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has announced that the Toledo-based REIT is exiting the outpatient medical property management business following a portfolio sale to Remedy Medical Properties and Kayne Anderson Real Estate. The portfolio comprises approximately 18 million square feet of outpatient medical facilities across 296 properties in 34 states. Welltower says that the transaction will total $7.2 billion and will be completed in tranches through mid-2026, with the first tranche selling for $2 billion. This acquisition establishes the Remedy Medical and Kayne Anderson Real Estate partnership as the nation’s largest owner of outpatient medical buildings, with more than 52.4 million square feet across approximately 1,104 properties in 44 states. “This acquisition reinforces our position as leading institutional investors in the outpatient healthcare sector and underscores our long-standing, successful partnership with Remedy,” says Al Rabil, CEO of Boca Raton, Fla.-based Kayne Anderson. “We remain focused on building upon our history of delivering superior risk-adjusted returns for investors, while advancing the delivery of high-quality healthcare across the country.” Remedy Medical is assuming all operational responsibilities from Welltower, including property management and leasing functions. The portfolio was 94 percent occupied at the time of the acquisition announcement. Welltower will retain a …
CHICAGO — Associated Bank has provided a $21.1 million construction loan to Wildwood Investments LLC and Concord Capital for the conversion of a 93,707-square-foot office and retail building in Chicago into 72 multifamily units. The seven-story property is located at 230 E. Ohio St. within the Streeterville neighborhood. Plans call for a mix of studio, one-, and two-bedroom units averaging 811 square feet. Existing first-floor retail, including Dao Thai Restaurant & Noodle Palace, Eye Society and YA Skin Studio, will remain open throughout construction. Completion is slated for December 2026. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.
FRASER, MICH. — Inland Real Estate Investment Corp. and Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., have completed an 85,330-square-foot self-storage redevelopment project in Fraser, a northern suburb of Detroit. The property at 31475 Utica Road was formerly a light industrial facility built in 1975. The asset now consists of a two-story, climate-controlled building, along with exterior non-climate-controlled buildings, offering a total of approximately 750 storage units, a 24-hour security system and a drive-in area providing access to the main interior storage area.
PLATTEVILLE, WIS. — Marcus & Millichap has brokered the $5.1 million sale of a 66-unit multifamily portfolio in Platteville, a city in southwestern Wisconsin. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the seller and procured the buyer, a group of investors from out of state. Michael Hughes of Marcus & Millichap Capital Corp. arranged acquisition financing. The sale marked the first time the properties had ever been brought to market. The majority of the portfolio was developed and held by the same family office for more than 40 years. The new ownership plans to improve operations. The buildings feature a mix of floor plans and are situated near the University of Wisconsin-Platteville.
CHICAGO — Pegasus, in cooperation with ParaSell Inc., has arranged the $3.2 million sale of Chatham Plaza, a fully occupied, four-tenant retail strip center positioned within Chatham Market in Chicago. Tenants include Athletico, H&R Block and UPS. The property totals 9,610 square feet, and the weighted average lease term is six years. Katherine Weaver of Pegasus represented the seller, a private fund based in Chicago. The buyer was a Texas-based private fund. The sales price represented a cap rate of 8.5 percent.
COLUMBUS, OHIO — Huntington Construction, a Michigan-based full-service commercial construction company, has expanded its operations to Ohio, including the Cleveland, Cincinnati, Columbus, Dayton and Toledo markets. Huntington has completed thousands of projects for government, commercial, retail, student housing, seniors housing and healthcare for more than 45 years. The firm offers tenant build-out services, historic preservation and adaptive reuse expertise, new construction opportunities and renovation capabilities. The company also maintains an office in Chicago.
COLUMBUS, OHIO — Columbus, Ohio-based Huntington Bancshares Inc. (NASDAQ: HBAN) has entered into an agreement to acquire Cadence Bank (NYSE: CADE), which has headquarters in Houston and Tupelo, Miss., in an all-stock merger of regional banks that is valued at $7.4 billion. Under the terms of the agreement, Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock. Based on Huntington’s closing price of $16.07 per share on October 24, the last full day of trading before the deal was announced, the consideration implies a purchase price of $39.77 per share. Following the closing, which is expected to occur in the first quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand. Cadence currently has about 390 locations across Texas and the surrounding Southern United States, and the new banking entity will have about $276 billion in assets under management. “This is an important next phase of growth for Huntington,” says Steve Steinour, chairman, president and CEO of Huntington Bancshares. “This partnership will extend the reach of our full franchise to 21 states and into new, high-growth markets for which we have a powerful playbook. Today’s announcement …
CHICAGO — McHugh Construction has commenced the office-to-residential conversion of Wacker Place, a 25-story, 248,000-square-foot art deco tower at 65 E. Wacker Place in downtown Chicago. Mavrek Development and partner ACRES Capital LLC recently closed more than $90 million in financing to launch the project. Pappageorge Haymes Partners is the architect, and Cross Street will oversee residential leasing. Originally built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartment units across floors 4-24. McHugh is currently overseeing demolition and structural work to prepare for the residential layouts, building systems and amenity spaces. Floors 1-3 will house a reimagined lobby and building services area while maintaining retail tenant Morton’s The Steakhouse, which occupies space at street level and part of the second floor. Upon completion, Wacker Place will offer a mix of 105 studios, 105 one-bedroom and 42 two-bedroom units. In compliance with Chicago’s Affordable Requirements Ordinance, the project will include 51 affordable housing units offered at a weighted average of 60 percent of the area median income. No parking is planned for the building, which has a Walk Score of 100 and is located steps from multiple transit lines. Amenities will include a third-floor …
LAKE ELMO, MINN. AND LAKEWOOD, OHIO — New Perspective has acquired three senior living communities in metro Twin Cities and Cleveland areas. The properties include New Perspective Lake Elmo, The Fields by New Perspective — a neighboring independent living community — and Haven of Lakewood. New Perspective Lake Elmo offers assisted living and memory care. Haven of Lakewood, which offers assisted living, grows New Perspective’s portfolio to five locations in Ohio.
