Friday, December 12, 2025
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Midwest

IndustrialKansasLeasing ActivityMidwest

PROtect Signs 41,698 SF Lease to Anchor Wichita Business Park in Kansas

by Kristin Harlow

WICHITA, KAN. — Wichita-based PROtect, a national provider of safety, reliability and compliance services, has signed a 41,698-square-foot lease to serve as the lead tenant at Wichita Business Park in 2026. The company will consolidate and expand its corporate headquarters and Wichita operations center at Wichita Business Park, which is the redevelopment of Towne West Square Mall. Industrial Realty Group and PREP Funds acquired the mall in early 2025. Conversion plans call for a 591,893-square-foot, multi-tenant campus on 26 acres. Grant Glasgow and Scott Salome of NAI Martens represented the tenant and landlord in the lease.

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AcquisitionsHospitalityIllinoisMidwest

Pebblebrook Hotel Trust Sells Westin Michigan Avenue Chicago Hotel for $72M

by Kristin Harlow

CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.

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DevelopmentMidwestMissouriMixed-UseRetail

Staenberg Group Begins Site Work for Chesterfield Mall Redevelopment in Metro St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — The Staenberg Group (TSG) has begun utility work and site grading for Downtown Chesterfield, the redevelopment of the former Chesterfield Mall site into a mixed-use destination in suburban St. Louis. This phase of work includes utility installation and relocation needed to support future development as well as site grading focused on the new road network and the 3.3-acre park that will serve as the centerpiece of Downtown Chesterfield. These early infrastructure improvements help transition the project site from demolition to active development. Plans call for a mix of residential, hotel, restaurant, entertainment, office and community spaces. The overall project’s price tag is $2 billion, according to The St. Louis Business Journal.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of 89-Unit Luxury Apartment Building in Shakopee, Minnesota

by Kristin Harlow

SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of The DECO, an 89-unit luxury apartment building in the Minneapolis suburb of Shakopee. Joseph Peris and Josh Talberg of JLL represented the seller, Enclave Development. The buyer was LouMin Holdings, a locally based multifamily investment firm. Completed in 2021, The DECO features a rooftop sundeck, fitness center, clubroom, underground parking and ground-floor retail space occupied by Mana Brewing. The development is situated on the site of Shakopee’s original City Hall from 1883. LouMin has engaged Sail Management to oversee day-to-day operations of the five-story property. The acquisition was funded through an equity raise and supported by institutional financing, including a Fannie Mae loan.

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AcquisitionsIndianaIndustrialMidwest

Greenstone Partners Arranges $10.3M Sale of Indianapolis Industrial Property

by Kristin Harlow

INDIANAPOLIS — Greenstone Partners has arranged the $10.3 million sale of a multi-tenant, shallow bay industrial property totaling 120,886 square feet in Indianapolis. The building is located at 2402 Shadeland Ave. within the Warren Park submarket. Jason St. John of Greenstone represented the seller, a Chicago-based family office, and procured the buyer, a Florida-based real estate investment group. The transaction represents the second highest price per square foot for a multi-tenant industrial investment over 100,000 square feet in Indianapolis, according to CoStar. The property is home to seven tenants, and suite sizes average just over 17,000 square feet. Ownership has invested more than $1 million in capital improvements over the past four years. Major projects include a $726,000 full roof replacement backed by a 20-year warranty, as well as $133,000 in parking lot milling, repaving and restriping. Additional upgrades include HVAC repairs and replacements.

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Leasing ActivityMidwestMinnesotaOffice

Regus to Open 30,000 SF Coworking Space at SPS Tower in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Regus, part of International Workplace Group (IWG), will open a new 30,000-square-foot coworking space on the 21st and 22nd floors of SPS Tower in downtown Minneapolis. Patrick Braswell of Record Real Estate Partners and Teresa Borgen of Newmark represented Regus. The new facility will include private offices, meeting rooms, coworking and creative spaces. IWG operates five other locations in the Twin Cities. SPS Tower, a 655,070-square-foot office building, received 66,000 square feet of new and renewed leases in the third quarter. Three businesses signed new leases. Schechter Dokken Kanter, a Twin Cities-based CFO, accounting and tax firm, leased 14,000 square feet and is moving from Washington Square. Steve and Andrew Chirhart of Tatonka Real Estate represented the tenant. Emergent Software is moving into a 6,700-square-foot spec suite. Matt Elder and Amanda Frelita of Newmark represented the tenant. Heritage Wealth Advisors leased a 4,200-square-foot spec suite and is moving from 60 S. 6th St. Additionally, three existing tenants renewed their leases in the building. These include Skolnick, Bardwell and Johnson Law Firm (4,700 square feet), Ryan Garry Law Firm (3,100 square feet) and Stewart Title (4,200 square feet). Josh Johnson of CBRE represented Stewart Title. Owned by Sumitomo Corp., …

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Subtext Acquires 259-Bed District Flats Student Housing Property in Columbia, Missouri

by Kristin Harlow

COLUMBIA, MO. — Developer Subtext has acquired District Flats, a six-story student housing property serving students at the University of Missouri in Columbia. The asset marks the first deal under Subtext’s acquisitions arm. The 259-bed, 119-unit building offers floor plans of one-, two- and four-bedroom layouts. The property is undergoing a brand repositioning and capital improvement program, including redesigned amenity spaces, an upgraded fitness center and new study areas. Stephen VanLeer and Mike Brady of JLL arranged acquisition financing through Webster Bank.

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DevelopmentIllinoisIndustrialMidwest

Contegra Completes 611,000 SF Warehouse for McLeod Express in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Contegra Construction has completed a 611,000-square-foot warehouse for transportation company McLeod Express in the central Illinois city of Decatur. The project marks the second warehouse for the family-owned company, supplementing its existing warehouse operations from a 100,000-square-foot facility that McLeod has owned and operated since 2001. The new building is located about one mile from the I-72 exchange and three miles from the Midwest Inland Port. Situated on a 37-acre site at 3960 E. Mound Road, the project features a clear height of 36 feet, 56 dock doors, four drive-through doors and parking for 63 cars and 64 trucks. The building also houses a two-story, 6,000-square-foot office space. McLeod manages a fleet of more than 300 trucks and 900 trailers.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Brokers $4.3M Sale of Cotton Creek Apartments in Metro Chicago

by Kristin Harlow

ISLAND LAKE, ILL. — Essex Realty Group LLC has brokered the sale of Cotton Creek Apartments, a 32-unit property in the northern Chicago suburb of Island Lake. Brian Karmowski and Anthony Citriglia of Essex represented the seller, while colleague Jimmy Donahue represented the buyer. Cotton Creek Apartments features nine one-bedroom units and 23 two-bedroom residences. The property has received recent capital improvements, including full tear-off roof replacements, new boiler and heating tanks and a partial parking lot replacement.

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AcquisitionsHospitalityIndianaMidwest

Marcus & Millichap Arranges Sale of 137-Room Homewood Suites Hotel in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Marcus & Millichap has arranged the sale of a 137-room Homewood Suites hotel in the Indianapolis suburb of Carmel. Michael Klar and Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, Schahet Hotels LLC. The transaction received additional support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team. Homewood Suites by Hilton Indianapolis Carmel is an extended-stay property located at 11355 N. Meridian St. just off Highway 31. The hotel features indoor and outdoor pools, a business center, fitness facilities and meeting space.

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