WHEATON, ILL. — eXp Commercial, a division of eXp World Holdings Inc., has arranged the $1.5 million sale of a multifamily redevelopment property at 100 W. Roosevelt Road in Wheaton. The property includes two 12,000-square-foot office buildings on 1.2 acres. The buyer, a local developer, plans to redevelop the site into 22 multifamily units following successful rezoning from office to residential use. Randolph Taylor of eXp represented the undisclosed seller.
SALINE TOWNSHIP, MICH. — OpenAI, the creator of ChatGPT, has unveiled plans to build a new Stargate campus in Saline Township near Ann Arbor as part of its 4.5-gigawatt partnership with Oracle. Combined with capacity from OpenAI’s six previously announced U.S. Stargate sites with Oracle and SoftBank, this project brings Stargate to more than 8 gigawatts of planned capacity and more than $450 billion in investment over the next three years. In January, the company announced a $500 billion, 10-gigawatt commitment. Related Digital is developing the Stargate Michigan campus. Construction is expected to begin in early 2026 and create more than 2,500 union construction jobs. DTE Energy will serve the campus using existing excess transmission capacity, avoiding impacts on local energy supply. OpenAI says that any upgrades required to support operations will be funded by the project and not local ratepayers. The project will span 1.6 million square feet across three buildings, according to Crain’s Detroit Busienss. OpenAI has previously announced Stargate sites in Texas, New Mexico, Wisconsin and Ohio.
KANSAS CITY, MO. — Twelfth Street Heritage Development Corp. and Flaherty & Collins Properties have broken ground on the $300 million redevelopment of Parade Park Homes, one of the country’s oldest Black-owned housing cooperatives that is located in Kansas City. Plans call for nearly 1,100 multifamily units, 200 of which will be reserved for low-income families and 80 for seniors housing. Additionally, the project will include 27 acres of open green space and 15,000 square feet of community-centered commercial space. Block & Co. Inc. Realtors will serve as the exclusive retail broker for the project. The restoration will include three phases, with Phase I projected to be finished by 2027. The project marks the largest development in East Kansas City’s history, according to Block & Co.
BARTLETT AND JOLIET, ILL. — Mapletree Investments has broken ground on two industrial facilities in metro Chicago. The projects are located at 1360 Schiferl Road in Bartlett and 3600 Houbolt Road (formerly 23551 Vetter Road) in Joliet. Completion is slated for summer 2026. The Bartlett Commerce Center will total 149,100 square feet within the Brewster Creek Business Park. It will be located on an 8.2-acre parcel adjacent to Mapletree’s existing 400,000-square-foot warehouse. Plans call for a clear height of 36 feet, 42 dock doors, two drive-in doors and 181 car parking spaces. Morgan/Harbour Construction is the general contractor. Ryan O’Leary, Jonathan Postweiler and Jeff Fischer of KBC Advisors are overseeing leasing. Situated along the I-80 and I-55 interchange, the 18.1-acre project in Joliet provides direct connectivity to the Joliet Intermodal Center. Upon delivery, the 312,306-square-foot warehouse will meet LEED Silver standards and include a clear height of 40 feet, 59 dock doors, 76 trailer stalls and 204 parking stalls. Keeley Construction is the general contractor. Sean Henrick and Jason West of Cushman & Wakefield are overseeing leasing efforts.
CHICAGO — Interra Realty has brokered the sale of Low-Line Commons, a 95-unit apartment complex in Chicago’s Lakeview neighborhood. Joe Smazal and Mark Dykstra of Interra represented the seller, a joint venture between Wildwood Investments and Contemporary Concepts, and the buyer, Highland Real Estate Partners. The building was 98 percent leased at the time of sale. Constructed in 2024, the property features amenities such as a lounge, coworking space, fitness center, storage lockers, a pickleball court and rooftop deck. Located on North Ashland Avenue, the asset features studio, one-, two- and three-bedroom units.
PAULDING, OHIO — Marcus & Millichap has negotiated the $2.9 million sale of Whispering Pines, a 48-unit multifamily property in Paulding, about 64 miles southwest of Toledo. All but one of the units are two-bedroom floor plans. The property also includes 67 self-storage units. Teddy Kenny, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Covington Properties LLC, and procured the buyer, Colarusso Properties LLC. The buyer plans to implement professional third-party property management and complete a value-add strategy by renovating unit interiors and improving operations at the property, which was built in 1989.
FISHERS, IND. — Merchants Capital has secured more than $56 million in financing for the acquisition and substantial rehabilitation of Cumberland Crossing, a 232-unit affordable housing property in Fishers developed by Birge & Held. The re-syndication of tax credits will extend Cumberland Crossing’s affordability period for an additional 30 years, with rent restrictions for half of the units at 50 percent of the area median income (AMI) and the other half of the units at 60 percent AMI. Birge & Held acquired the property via transfer of physical assets and assumed the existing $14.4 million HUD 223(f) loan, which was originated in 2019. Merchants Capital simultaneously closed a $17.2 million HUD 241(a) supplemental permanent mortgage for the property that will be drawn as renovations progress. Additionally, Merchants Capital provided $19.9 million in federal low-income housing tax credits and $4.4 million in solar tax credits, with equity bridge loan financing provided by a third-party bank. Cumberland Crossing features one-, two- and three-bedroom garden-style apartment units. The tenant in-place rehab includes the installation of solar power for electricity as well as common area and exterior updates, including new siding and windows, garage and carport repairs, updated landscaping, sidewalk improvements and parking lot …
NILES, ILL. — KPR Centers has acquired Pointe Plaza, a nearly 195,000-square-foot, grocery-anchored shopping center in the Chicago suburb of Niles, for $40 million. Built in 1999, the property is approximately 94 percent leased and anchored by Fresh Farms, Ross Dress for Less, dd’s Discounts and Daiso in addition to more than 20 retailers and restaurants. The asset is shadow-anchored by Walmart, which was not part of the acquisition. CBRE’s Richard Frolik, Christian Williams and George Good represented the undisclosed seller. KPR now owns and self-manages more than 10 million square feet of retail space in 20 states.
DES MOINES, IOWA — Woda Cooper Cos. Inc. has opened Alley Landing, a 40-unit affordable housing community constructed on the site of the former Plaza Lanes bowling alley in Des Moines. The city provided a HOME loan and an American Rescue Plan Act loan. The city also granted project-based vouchers for eight Permanent Supportive Housing (PSH) units through the Metropolitan Housing Authority. Veterans are prioritized for the PSH units. Alley Landing features one-, two- and three-bedroom units that are targeted to residents earning up to 60 percent of the area median income. Rents range from $790 to $1,140 per month, depending on income limits and size of unit. The four-story building features amenities such as a multipurpose room, dog park and playground. Families Forward will provide onsite service coordination for the PSH units and direct support in areas such as vocational training, budgeting and financial literacy. The Iowa Finance Authority allocated housing tax credits and provided a second HOME loan. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust provided the first permanent mortgage. Polk County Housing Trust Fund provided an additional loan. Hooker DeJong Inc. …
DOWNERS GROVE, ILL. — Greenstone Partners has brokered the $6.2 million sale of a multi-tenant flex industrial building in the Chicago suburb of Downers Grove. Located in DuPage County near I-88 and I-355, the property traded for $128 per square foot. The asset is fully leased to tenants such as LPMS USA, BTI Communications Group, Affiliated Customer Service Inc. and Advocate Home Health Services. Advocate and Affiliated have occupied the property for more than 25 years and together represent 50 percent of the building’s square footage. The property’s weighted average lease term is five years. Ownership has invested more than $770,000 in capital improvements since 2020, including a full roof replacement, parking lot milling and repaving, tuckpointing, regrading, landscaping upgrades, new paint and several new HVAC units. Jason St. John of Greenstone represented the seller, a locally based investment partnership, and procured the buyer, an East Coast-based investment group. The asset sold for 98 percent of the list price.