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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $4.1M Sale of Urban Outfitters-Leased Retail Condo in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $4.1 million sale of a 10,600-square-foot, two-level retail condominium in Chicago’s Wicker Park neighborhood that is fully leased to Urban Outfitters. Danny Spitz and Brewster Hague of Greenstone represented the seller, Newcastle Investors. Spitz also brokered Newcastle’s acquisition of the property in 2013. Urban Outfitters has occupied the asset since 2005. The tenant completed an early extension of its lease, which now runs through January 2034.

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AcquisitionsCompany NewsMidwestNew YorkNortheastRetailSoutheastTexasTop StoriesWestern

PSP Investments, Nuveen Launch $790M Grocery-Anchored Retail Joint Venture

by Abby Cox

MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington.    The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …

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AcquisitionsIllinoisMidwestRetail

Pine Tree Acquires Sponsor Interest in 10-Property, $644M Retail Portfolio Across Nine States

by Kristin Harlow

CHICAGO — Chicago-based shopping center owner Pine Tree has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree’s total acquisition activity over the past 12 months to more than $1 billion and grows the company’s assets under management to more than $4 billion. Spanning nine states, the primarily grocery-anchored portfolio is comprised of tenants such as Target, Sam’s Club, Publix, Aldi, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, Dick’s Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less. The properties include: Ahwatukee Foothills Towne Center in Phoenix; Ashley Crossing in Charleston, S.C.; Brookside Marketplace in Chicago; Commonwealth Center in Richmond, Va.; Connecticut Commons in Hartford, Conn.; Independence Commons in Kansas City, Mo.; Poyner Place in Raleigh, N.C.; Route 22 Retail Center in New York City; Towne Center Prado in Atlanta; and University Centre in Wilmington, N.C.

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CivicDevelopmentIllinoisMidwest

Construction Wraps Up on $192M MetroLink Extension to MidAmerica St. Louis Airport

by Kristin Harlow

MASCOUTAH, ILL. — Construction has completed on the MetroLink extension to MidAmerica St. Louis Airport, which is located in Mascoutah. The milestone marks the culmination of a transformative $192 million multimodal investment designed to strengthen regional connectivity, extend transportation options and support long-term economic growth throughout St. Clair County and the bi-state region. The three-part project includes a $154 million, 5.2-mile extension of MetroLink from the Shiloh-Scott Transit Center to MidAmerica St. Louis Airport, $32 million in new roadway infrastructure and a $6 million, 4.5-mile extension of the MetroBikeLink Trail. The MetroLink extension features a new station located directly across from the MidAmerica St. Louis Airport terminal and parking lot and represents the first full MetroLink expansion in roughly 20 years. Upon opening for revenue service in the coming months, the extension will serve as MetroLink’s 39th station. It will position the St. Louis region among the few transit systems in the nation offering a direct rail connection between two airports via MetroLink’s 43-mile light rail system linking MidAmerica St. Louis Airport and St. Louis Lambert International Airport. The project was funded through a partnership between the State of Illinois and the St. Clair County Transit District (SCCTD), including $127 …

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DevelopmentIndianaMidwestMultifamily

Thompson Thrift Breaks Ground on 273-Unit Luxury Multifamily Community in Fishers, Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has broken ground on The Crossing Lofts at Fishers District, a 273-unit luxury multifamily community in the Indianapolis suburb of Fishers. First residents are expected to move in January 2028. The project is situated within The Crossing at Fishers District, the southern portion of Thompson Thrift’s Fishers District master plan and home to the 7,500-seat Fishers Event Center. The four-story community will include 10,000 square feet of ground-floor commercial space and attached structured parking. The Crossing Lofts will offer studio, one- and two-bedroom units with up to 1,440 square feet of space. Amenities will include a heated pool, fitness center, courtyards, a pet spa, social hub, coffee bar, focus suites, resident conference space and a “Minnow Pod,” a temperature-controlled food delivery station designed to keep restaurant and grocery deliveries fresh for residents. Upon completion, The Crossing at Fishers District will include more than 75,000 square feet of retail, restaurant and entertainment space, a 125-room hotel and nearly 500 multifamily units. Thompson Thrift first began work on Fishers District in 2015. Once complete, the $750 million, 123-acre development will include five distinct projects offering multifamily and townhome residences, hotels, office space, dining, shopping and entertainment, all …

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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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