Wednesday, October 28, 2026
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Midwest

Affordable HousingDevelopmentMidwestMultifamilyNorth Dakota

Annex Group Unveils Plans to Build 262-Unit Affordable Housing Property in Fargo

by Kristin Harlow

FARGO, N.D. — The Annex Group has unveiled plans to build Central at the Horizon, a 262-unit affordable housing property in Fargo. The units will be designated for households earning up to 60 percent of the area median income. The project will consist of four stories of residential units above a one-story parking garage. Amenities will include a community center, fitness center, business center, play area and picnic area. Partners on the project include BVH Architecture, Summit LIHTC Consulting, MBN Engineering, Braun Intertec and Impact Housing Indiana Corp. The City of Fargo and The State of North Dakota Department of Commerce approved Renaissance Zone tax abatements for the development. The North Dakota Housing Finance Agency (NDHFA) provided $3 million though the state’s Housing Incentive Fund program. WNC provided $38 million in total equity, while Citi Community Capital provided ore than $36 million in permanent debt financing as well as $66 million in construction financing. NDHFA issued 4 percent tax credits and $47.5 million in tax-exempt multifamily housing bonds. The project, slated to open in summer 2028, marks Annex’s first community in North Dakota.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

Aerospace Momentum Fuels Industrial Growth in St. Louis Region 

by Kristin Harlow

By Mary Lamie, Bi-State Development and St. Louis Regional Freightway The St. Louis region’s workforce, multimodal infrastructure and industrial real estate assets have long attracted manufacturers and logistics operators. Today, new analysis highlights another competitive advantage: its role as the anchor of the emerging I-44 Aerospace Supply Chain Corridor. Stretching approximately 650 miles from the St. Louis region through Tulsa and Oklahoma City and into the Dallas-Fort Worth metro area, the corridor connects one of the nation’s most concentrated networks of aerospace manufacturers, defense contractors, suppliers and maintenance providers.  According to the 2026 St. Louis Regional Industrial Real Estate Market Indicators & Workforce Statistics Report, the corridor supports more than 1.6 million aerospace manufacturing and related jobs and generates more than $250 billion in economic activity. Perhaps most significant, one in five of those jobs is located in the St. Louis region, underscoring the area’s importance as a leading aerospace manufacturing and logistics hub.  “The I-44 Aerospace Supply Chain Corridor is the logistics backbone of America’s aerospace industry,” says Doug Rasmussen, founder and CEO of Steadfast City Economic and Community Partners, which prepared the report for the St. Louis Regional Freightway.  The data support that conclusion. Aerospace manufacturing jobs along …

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Affordable HousingDevelopmentIllinoisMidwestMixed-UseMultifamily

Habitat, Cabrera Capital Break Ground on LeClaire Courts Mixed-Use Redevelopment in Chicago

by Kristin Harlow

CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multi-phase project will ultimately include up to 700 residential units, approximately 440,000 square feet of commercial space and publicly accessible open space. The first phase includes two six-story buildings comprising 183 apartments offered in a mix of studio, one-, two- and three-bedroom floor plans. Ninety percent of the homes will be designated as affordable through income and rent restrictions supported by public financing for qualifying low- and moderate-income residents, while the remaining units will be offered at market rate. Funding sources for the $119 million first phase include a $27 million capital loan from CHA, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.3 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee. The financing structure brings together the CHA, the city, Bank of America and other mission-driven investment partners. …

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AcquisitionsIndustrialMidwestOhio

JLL Arranges Sale of 300,400 SF Industrial Facility in New Albany, Ohio

by Kristin Harlow

NEW ALBANY, OHIO — JLL Capital Markets has arranged the sale of New Albany Tech Park 300, a 300,400-square-foot distribution center in the Columbus suburb of New Albany. John Huguenard, Sean Devaney, Ed Halaburt, Kurt Sarbaugh, Ross Bratcher and Will McCormack of JLL represented the seller, VanTrust Real Estate. Realty Income was the buyer. Completed in 2026, the facility features a clear height of 36 feet, 135-foot truck courts, 30 dock doors, four drive-in doors and a 3,600-amp power capacity. The asset is fully leased to a technology and artificial intelligence company on a long-term basis.

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Leasing ActivityMichiganMidwestOffice

Law Firm Inks 45,000 SF Office Lease in East Lansing, Michigan

by Kristin Harlow

EAST LANSING, MICH. — Law firm Fahey Schultz Burzych Rhodes PLC (FSBR) has signed a lease to open a new office in approximately 45,000 square feet of MSU Federal Credit Union’s Headquarters 2 building in East Lansing. Martin Commercial Properties led the coordination of the off-market transaction. Martin’s construction team will also lead the build-out of the new offices, with FSBR targeting a spring 2027 move-in. The lease agreement introduces a new use for space within Headquarters 2 that had previously supported the credit union’s internal operations.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Colliers Brokers Sale of Two-Property Self-Storage Portfolio in Wisconsin

by Kristin Harlow

PLEASANT PRAIRIE AND WEST BEND, WIS. — Colliers has brokered the sale of two Extra Space-managed self-storage facilities in Wisconsin. Dan Lynch of Colliers represented Bruno Self Storage LLC in the sale to Inland Real Estate. Together, the properties total 171,825 square feet with 1,486 units. The transaction includes a 93,650-square-foot facility in Pleasant Prairie that was completed in 2020 and features 749 climate-controlled units. The other is an 82,175-square-foot property in West Bend completed in 2019 with 727 climate-controlled units.

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Renaissance-Center-Rendering_Detroit
DevelopmentMichiganMidwestMixed-UseTop Stories

Dan Gilbert Pledges $1B Capital Commitment for Renaissance Center Redevelopment in Detroit

by Hayden Spiess

DETROIT — Dan Gilbert, founder and chairman of mortgage giant Rocket Cos. and real estate company Bedrock, has pledged to commit roughly $1 billion in capital for the redevelopment of Renaissance Center, a landmarked mixed-use property in Detroit. The overall redevelopment cost is currently projected to be $2.2 billion.  As part of the pledge, a new nonprofit organization will be formed to own, redevelop and operate the development and the surrounding Riverfront District. Bedrock will provide project management services on behalf of the nonprofit at no cost.  According to the Detroit Historical Society, construction on Renaissance Center originally began in 1973. The first tower opened in 1976. General Motors purchased the development in 1996 for $73 million to serve as its global headquarters. In 2004, General Motors completed a $500 million renovation of the property. In January, the company completed its move to a new headquarters at Hudson’s Detroit.  In 2024, Bedrock and General Motors established a partnership to explore redevelopment opportunities at Renaissance Center, announcing a conceptual plan for the redevelopment in November of that year.  According to Crain’s Detroit Business, Renaissance Center is currently still owned by General Motors, and Dave Massaron — the company’s vice president of infrastructure and corporate citizenship — says …

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AcquisitionsIllinoisIndustrialMidwest

Silver Creek Development Sells 2 MSF Industrial Facility in Illinois to Michelin North America for $151M

by Kristin Harlow

WILMINGTON, ILL. — Silver Creek Development has sold a 2 million-square-foot industrial facility and adjacent land parcel to Michelin North America for $151 million. Located at 29900 S. Graaskamp Blvd. in Wilmington, about 60 miles southwest of downtown Chicago, the regional distribution property sits on a 91-acre site and is fully occupied by Michelin North America. The company uses the property to house inventory serving dealers and automakers throughout the Midwest and western U.S. Silver Creek acquired the property from Transwestern Development Co. in 2021 for $126 million. Pacific Life Insurance Co. provided $81.9 million in financing for Silver Creek’s original acquisition.

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AcquisitionsMidwestMissouriRetail

Rainier Cos. Disposes of 545,204 SF Summit Woods Crossing Shopping Center in Metro Kansas City

by Kristin Harlow

LEE’S SUMMIT, MO. — The Rainier Cos. has sold Summit Woods Crossing, a 545,204-square-foot shopping center in Lee’s Summit, about 20 miles southeast of Kansas City. Acquired by Rainier in May 2022, Summit Woods Crossing is located at the southwest corner of I-470 and U.S. Route 50. The property is shadow anchored by SuperTarget and co-anchored by Lowe’s and Kohl’s. Tenants include Best Buy, Michaels, Petco, TJ Maxx, Total Wine, Ulta Beauty and Old Navy. The buyer and sales price were not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Draper and Kramer Acquires 268-Unit Apartment Community in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Draper and Kramer Inc. has acquired a 268-unit luxury apartment community in Evanston. The 15-story property, Albion Evanston, will be rebranded as Eva. Draper and Kramer will also assume property management of the community, which was 98.5 percent leased and 98 percent occupied at the time of acquisition. The property offers studio, one- and two-bedroom floor plans ranging from 441 to 1,988 square feet. Amenities include a fitness center with indoor-outdoor yoga studio, outdoor heated rooftop pool, rooftop sky club, pet spa, coworking space and a Luxer One package room. The property includes 198 parking spaces. The first floor features 7,090 square feet of fully leased retail space, with current tenants the reform method and IMAGE Studios Salon Suites. JLL represented the undisclosed seller.

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