MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.
NEW TOWN, N.D. — Kraus-Anderson has completed a $100 million, 146,200-square-foot renovation and addition at 4 Bears Casino & Lodge, which is located on the western shore of Lake Sakakawea in New Town. Kraus-Anderson demolished the former two-story hotel and remodeled the existing casino, adding a seven-story, 108,000-square-foot hotel tower with 90 guest rooms. The total room count is now 264. Renovations included extending the existing gaming area and remodeling the 20,271-square-foot restaurant into a sports bar with a dining room and gaming stations. New construction includes a seventh-floor, 2,500-square-foot ballroom, meeting rooms and a fine dining steakhouse. Additions include a new Sakakawea Spa with couples’ massage, a gift shop, fitness room and a hair and nail salon. The project team included Wenaha Group, a Native-owned owner’s representative firm and TBE Architects, a St. Louis-based, Native American-founded design firm. Construction of the new hotel tower began in June 2023.
BELLWOOD, ILL. — Ryan Cos. US Inc., in joint venture with Washington Capital Management Inc., has broken ground on a 190,000-square-foot speculative industrial facility in Bellwood, about 13 miles west of Chicago’s downtown Loop. The project is on the 13-acre site of the former SureBuilt building. The facility will feature a clear height of 32 feet and immediate access to several interstates as well as proximity to the Chicago O’Hare airport. The flexible design will accommodate uses from warehousing and distribution to light manufacturing. Ryan is the developer and builder. Completion is slated for spring 2027.
NAPERVILLE, ILL. — Advocate Health and Hospitals Corp., a wholly owned subsidiary of Advocate Health, has purchased the Advocate Health Cardiovascular ASTC & Outpatient Center in Naperville for $23.4 million. HSG Medical and Capital Healthcare Properties sold the 42,438-square-foot, single-tenant medical facility. Developed by HSG Medical and Capital Healthcare Properties, the newly redeveloped property is a cardiovascular ambulatory surgery treatment center (ASTC) and outpatient facility. The building was purpose-built to serve as an extension of Advocate’s cardiology program at Advocate Good Samaritan Hospital and houses a dedicated cardiac catheterization operating room, prep and post-recovery services, cardiovascular specialty clinician offices, primary care, cardiac diagnostics, a lab and imaging services. The redevelopment project converted an existing building into the modern medical facility. Alex Sharrin of JLL represented the sellers, while Tom Hollinden of CBRE represented the buyer.
STEVENS POINT, WIS. — Marcus & Millichap has arranged the $8.2 million sale of Northpoint Shopping Center, an 11-suite retail strip center in Stevens Point, a city in central Wisconsin. Built in 1968, the 62,956-square-foot property is fully occupied by tenants such as Dollar Tree, Anytime Fitness, U.S. Cellular and Firehouse Subs. The asset is within walking distance of the University of Wisconsin-Stevens Point. Dan Bowar of Marcus & Millichap procured the buyer, Hastings Properties LLC.
EAST PEORIA, ILL. — Flaherty & Collins Properties has opened Phase I of Blutowne in East Peoria. The 219-unit, $66 million luxury apartment project includes studio, one- and two-bedroom residences along with 10,000 square feet of ground-floor retail space. Amenities include a heated saltwater pool, fitness center and rooftop sky lounge. Flaherty & Collins is preparing for Phase II, which will add 262 luxury apartment units and 12,000 square feet of retail space.
LITTLE CHUTE, WIS. — Zilber Property Group has acquired a 208,000-square-foot industrial building in Little Chute, about 25 miles southwest of Green Bay. Constructed in 1997 and renovated in 2010, the property is fully occupied by Progressive Converting Inc., an independent paper converter. The acquisition marks Zilber’s first in the Fox Valley area. The company now owns and manages nearly 10 million square feet across more than 50 industrial buildings in Wisconsin.
CEDARBURG, WIS. — Elm Grove, Wis.-based Luther Group has broken ground on an 86,800-square-foot spec industrial building in southeast Wisconsin’s Cedarburg. The project will be situated on 8 acres within Highway 60 Business Park, and flexible leasing options will be offered ranging from 15,000 to 86,800 square feet. Completion is slated for December 2026. Colliers is handling leasing.
TERRE HAUTE, IND. — Hanley Investment Group Real Estate Advisors has arranged the $5.3 million sale of Eastview Commons, a newly constructed, four-tenant retail property in Terre Haute. Hanley’s Dylan Mallory, in association with ParaSell Inc., represented the seller, Terre Haute-based Gibson Development. The buyer was a private investor based in Pennsylvania. Built in 2025, Eastview Commons is fully occupied and anchored by Chipotle. Additional tenants include Azzip Pizza, Route 46 Liquors and Nailvana. The 9,140-square-foot property is positioned as a pad to a Walmart Supercenter and is located less than a quarter-mile from the planned Lost Creek Landing, a new shopping center by Gibson Development.
The headline numbers in commercial real estate rarely tell the full story. First-quarter 2026 data is a case in point: Lee & Associates reports that industrial and multifamily are slowly absorbing a historic supply surge, office is staging an uneven recovery, and retail is contending with a shortage of quality space rather than a glut of it. Here’s a sector-by-sector look at where U.S. commercial real estate stands heading into the rest of the year — and which markets are bucking the trend. Sponsored: Download Lee & Associates’ 2026 Q1 North America Market report. Industrial Overview: Logistics Demand Moderates; Small Space Needs Gain There was continued weakness in the first quarter across North American industrial markets. The slowing has produced an overhang of newly delivered speculative logistics space, while rent growth has fallen to virtually nil. In the United States, net absorption totaled 32.8 million square feet in Q1, or 0.2 percent of the 19.3-billion-square-foot inventory. It was the lowest rate of tenant growth in more than a decade aside from the 17.6-million-square-foot contraction in Q2 following the U.S.’s initial tariff announcements. The overall vacancy rate in Q1 settled at 7.5 percent, which has nearly doubled since 2022 as new …
