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Bluffs-on-Lake_St-Francis-Wis
DevelopmentMidwestMultifamilyWisconsin

Pre-Leasing Begins at M&R Development’s 478-Unit Luxury Apartment Community Near Milwaukee

by Hayden Spiess

ST. FRANCIS, WIS. — Pre-leasing has begun at The Bluffs on Lake, M&R Development’s new 478-unit luxury apartment community located on a bluff overlooking Lake Michigan in St. Francis, Wis., approximately five miles south of downtown Milwaukee. M&R is co-developing the Class A rental project with Campbell Capital Group LLC. Situated on a 21-acre site at 3700 S. Lake Drive, The Bluffs on Lake is a two-phase project. Upon completion, the development will comprise two buildings spanning four and five stories, along with one level of underground parking and 8,000 square feet of ground-floor retail space, some of which is earmarked for a restaurant with outdoor seating.  Move-ins for the 278 apartments in the first phase of The Bluffs on Lake are expected to begin in early December. Construction on the second phase, which will offer 200 units, is expected to begin in early 2027. Residences at The Bluffs on Lake range from convertible one-bath apartments to three-bedroom, two-bath floor plans. Units will feature 602 square feet to 1,274 square feet, with monthly rents varying from $1,674 to $3,932. RMK Management Corp. is overseeing leasing and property management for the community. The Bluffs on Lake will offer some distinct amenities that M&R is introducing for the …

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Dollar-General
AcquisitionsMichiganMidwestRetail

Boulder Group Negotiates Sale of Four-Property Net-Leased Dollar General Retail Portfolio in Michigan

by Hayden Spiess

NORTHERN and CENTRAL MICH. — The Boulder Group has arranged the sale of a four-property portfolio of single-tenant net leased Dollar General properties, all located in Michigan, for $8.3 million. The portfolio consists of four newly constructed Dollar General stores in Gaylord, Reed City, Honor and Vermontville, offering geographic diversification across the northern and central regions of the state. The properties are situated in established communities with convenient highway access, and several benefit from steady year-round tourism and outdoor recreation traffic. Each store serves as a primary source of everyday household essentials for its surrounding rural trade area. Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group, based in Wilmette, Ill., represented both the seller and the buyer in the transaction. The seller was a Midwest-based developer, and the buyer was a Northeast based investment fund. Each property in the portfolio is leased to Dollar General on an absolute triple-net lease with no landlord responsibilities. Three of the four properties represent the 10,640-square-foot Dollar General Plus prototype, which is a larger store format offering an expanded assortment of fresh and refrigerated products.  The leases feature 5 percent rental increases every five years during the primary term and five 5-year renewal options with …

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LoansMidwestOhioSeniors Housing

BWE Provides $28.3M Permanent Loan for Columbus-Area Senior Living Community

by Hayden Spiess

GROVE CITY, OHIO — BWE has provided a $28.3 million permanent loan for Grove City Senior Living, an independent living, assisted living and memory care community in Grove City, part of the Columbus metropolitan area. Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing on behalf of an Ohio-based developer through Fannie Mae. BWE is a Fannie Mae Delegated Underwriting and Servicing (DUS)-approved lender.  The loan will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property, which opened in May 2023. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100 percent loan-to-cost ratio. “When Grove City Senior Living reached full occupancy, our client knew it was the right time to move on from its existing construction debt and find a permanent loan,” says Hawkins. “We considered multiple agency options when determining the right financing for this property. Although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property [for lending]. And we secured strong terms that will allow the borrower to …

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Mohr-Logistics-Park-Building-6_Whiteland-Ind
AcquisitionsIndianaIndustrialMidwest

Colliers Arranges Sale of 1.1 MSF Industrial Facility Near Indianapolis

by Hayden Spiess

WHITELAND, IND. — Colliers has brokered the sale of Mohr Logistics Park Building 6, a 1.1 million-square-foot, single-tenant industrial facility located within the 475-acre Mohr Logistics Park in Whiteland, Indiana, just south of Indianapolis. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse and Tyler Ziebel of Colliers Institutional Industrial Advisors | Central represented the seller, Mohr Capital. The Dallas-based commercial real estate investment firm specializes in the acquisition, development and management of office, industrial, healthcare, hotel and retail properties. The buyer was not disclosed. Fully leased through August 2036 to Cummins Inc. — a global power technology company that designs, manufactures and services engines, power systems and related technologies — the property features a 40-foot clear height, 120 dock doors, four drive-in doors, 652 auto parking spaces, 270 trailer parking spaces and a 140-foot truck court.  The facility provides convenient access to Cummins’ corporate and supply-chain presence throughout Indiana, including its headquarters in Columbus, Indiana, while also offering connectivity to Indianapolis International Airport, home to the world’s second-largest FedEx air hub. “The property’s location at the I-65 and Whiteland Road interchange provides immediate access to Indianapolis’ primary north-south distribution corridor and key regional transportation networks,” says Cantu. “Investors continue to target …

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Arranges Sale of 206-Unit Multifamily Property in Fort Wayne, Indiana

by Kristin Harlow

FORT WAYNE, IND. — Marcus & Millichap has arranged the sale of Shoaff Park Villas, a 206-unit multifamily property in Fort Wayne. Jack Friskney, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Shoaff Park Villas Apartments Inc., and procured the buyer, an Illinois-based investor with a regional portfolio in northern Indiana and southern Michigan. The transaction marked the first time the property had been offered for sale since 1976 after being owned by the same family for 50 years.

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Market ReportsMidwestMidwest Market ReportsMinnesotaOffice

Minneapolis-St. Paul: Everything Everywhere All at Once 

by Kristin Harlow

By Teresa Borgen, Newmark From record-high leasing rates to historically low office sales volume, the Minneapolis-St. Paul market continues to present a complex and evolving landscape. Still recovering from lasting effects of COVID-19 and civil unrest during 2020, some submarkets are thriving, while others continue their gradual recovery. Here’s a synopsis of what’s happening in the market.   The haves and have-nots While the Minneapolis central business district (CBD) has been among the slowest downtown office markets in the U.S. to recover since the pandemic turmoil of 2020, recent activity suggests the submarket is showing signs of revival. Several high-profile relocations among national law firms underscore the trend, with firms such as Husch Blackwell, Cozen O’Connor, Faegre Drinker, Saul Ewing and Robins Kaplan making long-term commitments, some even growing their footprint.  The Minneapolis CBD has also attracted several recent relocations from the suburbs, with tenants like HNTB, Yardstik and Pepper Foster Consulting moving for enhanced accessibility to public transit and easier opportunities for growth. Given the migration to suburban office markets between 2020 and 2022, these moves and expansions are encouraging signs for the Minneapolis CBD, as well as other downtown markets in the U.S. While these developments are certainly …

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1237-W-Division-St_Chicago
AcquisitionsIllinoisIndustrialMidwestTop Stories

Amazon Acquires Chicago Distribution Facility from Logistics Property Co. for $195M 

by Hayden Spiess

CHICAGO — Logistics Property Co. has sold a distribution facility located at 1237 W. Division St. in Chicago for $195 million. Amazon (NASDAQ: AMZN) has been reported as the buyer by multiple media outlets.    Situated near downtown Chicago and totaling 571,423 square feet, the property was the first multi-story logistics facility to be developed in the Midwest, according to JLL. The facility was purpose-built for distribution operations and features clear heights over 34 feet, 56 loading docks, 135-foot truck court depths, a dedicated second-floor truck ramp and 10,000 amps of power.  Parking capacity at the facility includes a 292,500-square-foot rooftop parking deck and an adjacent five-level parking structure, which together accommodate up to 1,590 automobiles or 763 vans.  According to JLL Capital Markets, which brokered the sale, more than 1 million residents live within a five-mile radius of the property, which is situated roughly three miles from Chicago’s central business district, with convenient access to Chicago O’Hare International and Chicago Midway International airports. Amazon plans to begin operations at the facility in late 2027 or early 2028 and use the property as a same-day delivery center, according to the Chicago Sun-Times. Logistics Property Co. completed the development in late 2024. In …

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group Opens 192-Unit Affordable Housing Community in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — The Annex Group has opened Union at Bluffs Run, a 192-unit affordable housing community in Council Bluffs. The $58.2 million property features one-, two- and three-bedroom units that are restricted to households whose income level is at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, dog walking area and picnic area. Partners on the project include DCCM, Snyder and Associates and the City of Council Bluffs. Merchants Capital provided more than $22 million in total equity and over $24 million in permanent debt financing. Merchants Bank provided more than $40 million in construction financing. Fannie Mae was also a partner. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Impact Housing Indiana is an organization dedicated to supporting residents of affordable housing communities within The Annex Group portfolio.

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AcquisitionsMidwestMissouriRetail

Newmark Arranges $20M Sale of Liberty Corners Shopping Center in Metro Kansas City

by Kristin Harlow

LIBERTY, MO. — Newmark has arranged the $20 million sale of Liberty Corners, a grocery-anchored shopping center in the Kansas City suburb of Liberty. First Washington Realty acquired the 125,000-square-foot property from Brixmor Property Group. Conor Lalor, Keely Polczynski and Tim McKay of Newmark represented the seller. Colleague Brian Schneiderman also supported the assignment. Price Chopper, which occupies 56,000 square feet and has been a tenant at the property since 1986, recently committed approximately $6.5 million toward a remodel and extended its lease through 2037.

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DevelopmentIllinoisMidwestOffice

Flexday Launches Four Fractional Office Suites at PNC Centre in Chicago

by Kristin Harlow

CHICAGO — Flexday, a national provider of flexible office solutions, has launched four fractional office suites at PNC Centre in Chicago’s Loop. The suites total more than 25,000 square feet and are designed to accommodate teams of 10 to 70 with flexible lease terms. The launch was made possible through a partnership with MetLife Investment Management, the building’s ownership group, as part of a broader capital investment in PNC Centre that includes a newly renovated lobby and upgraded tenant amenities. Brad Despot, Kim Doyle and Catherine Walsh of JLL represent MetLife at PNC Centre.

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