PARK RIDGE, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Shops of Uptown, a 70,144-square-foot, grocery-anchored retail center in the Chicago suburb of Park Ridge. Anchored by Trader Joe’s, The Shops of Uptown is part of the larger Uptown mixed-use development. Joe Girardi and Patrick Corrigan of Mid-America represented the seller, Phillips Edison Co. An institutional investment manager was the buyer.
By Ben Azulay, Bradford Allen Downtown Chicago’s office market is entering a period defined less by the disruptions of recent years and more by the opportunities taking shape in their wake. Tenants are committing or recommitting to quality space, investors are acquiring assets at more compelling valuations and office-to-residential conversions are removing obsolete supply. Leasing activity pulled back in the first quarter of 2026, with approximately 1.6 million square feet of direct deals completed, according to Bradford Allen’s first-quarter downtown Chicago office market report. That is down from just over 2 million square feet in fourth-quarter 2025. Several notable transactions reflect a market increasingly defined by location and building quality. Global food brand Mars Snacking made the quarter’s most significant commitment, signing a new 169,816-square-foot headquarters lease at Fulton Labs, 400 N. Aberdeen St. in Fulton Market, while also absorbing the 37,672-square-foot former Kellanova space in River North as part of a broader expansion that will bring more than 600 new jobs and $100 million in investment to the city. In its second expansion in the building in four years, IMC Financial Markets leased an additional 104,000 square feet at Willis Tower, bringing its total footprint there to approximately 250,000 …
OVERLAND, MO. — Northmarq has secured $13.7 million in acquisition financing for Innerbelt Business Center, a 191,925-square-foot flex/showroom property in Overland near St. Louis. Lucas Goring and Andy Finn of Northmarq arranged the financing on behalf of Fountain Real Estate Capital through a regional bank. The five-year loan features three years of interest-only payments along with future funding. The property is close to stabilization, but Fountain will look to push rents to market as leases reach expiration, according to Northmarq.
DAYTON, OHIO — Industrial Realty Group LLC (IRG) and PREP Funds have acquired 5870 Poe Ave. in Dayton with plans to reposition the 160,000-square-foot property as Dayton Commerce Center. The asset is comprised of a 155,000-square-foot main building with 40,000 square feet of office space, six docks, four drive-in doors and heavy crane infrastructure. The property also includes a standalone 5,000-square-foot building. Both structures offer clear heights of 18 feet. Construction upgrades are slated to begin immediately, and ownership is actively marketing the space for lease.
HILLSIDE AND FOREST PARK, ILL. — Lee & Associates of Illinois has negotiated two industrial leases totaling 131,417 square feet in the western suburbs of Chicago. Sean Austin of Lee & Associates represented Nuvomed Inc., a company that develops and sells affordable health and wellness products, in its lease of 54,087 square feet at 200 Fencl Lane in Hillside. Tom Rodeno and Patrick Turner of Colliers represented the owner, Clear Height Properties. Austin also represented Recyclops Inc., a recycling and sustainability company that provides curbside recycling pickup, in its lease of 77,330 square feet at 7750 Industrial Drive in Forest Park. The same Colliers duo represented the landlord, ML Realty Partners.
KETTERING, OHIO — Bernard Financial Group has arranged a $7 million permanent loan for the refinancing of a 250-unit multifamily property in Kettering, an inner suburb of Dayton. Joshua Bernard arranged the loan through a life insurance company on behalf of the borrower, Fox Hunt Owner LLC.
CHICAGO — Chicago-based JLL Capital Markets and GA Group Real Estate have brokered the $75 million sale-leaseback of a 46-property Family Dollar retail portfolio across 19 states. JLL’s net lease team and GA Group represented the seller, FD Retail Properties LLC. An institutional real estate investor was the buyer. According to JLL, the transaction demonstrates strong investor appetite for strategically located discount retail assets backed by established national operators, particularly when coupled with geographic diversification that mitigates single-market risk.
FAIRLAND, IND. — Prime Beverage Group, a beverage contract manufacturer, has expanded into the Indianapolis market. The company has secured approvals to establish a beverage production facility in Fairland, a southeast suburb of Indianapolis. The property is part of Velocity 74 Trade Center, an industrial development from Browning Real Estate Partners. The tenant also maintains production and warehousing operations in North Carolina. According to Prime, the new Midwest location will provide improved supply chain efficiency, faster turnaround times and greater accessibility for its brand partners in Midwest markets. The Indiana facility totals 915,720 square feet. Warren Snowdon of Foundry Commercial and Brian Zurawski of Colliers represented Prime. Jimmy Cohoat and Jason Speckman of Colliers represented Browning.
CHICAGO — The Missner Group, in partnership with Thackeray Partners, has completed a 180,000-square-foot industrial development at 4002 S. Princeton Ave. in Chicago’s Fuller Park neighborhood. Located within Chicago Stockyards Industrial Park, the project marks Missner’s third in the historic industrial district. The speculative facility can accommodate up to four tenants. Larry Goldwasser of CBRE is handling leasing.
KANSAS CITY, MO. — Gart Properties has acquired Village at Burlington Creek, a 158,000-square-foot, grocery-anchored shopping center in Kansas City’s Northland corridor. Situated less than 10 miles from downtown with direct access to I-29, Village at Burlington Creek is home to Sprouts Farmers Market, Orangetheory Fitness, Club Pilates, Caribou Coffee, Taco Bell and a variety of daily needs businesses. The acquisition marks Gart’s first outside of Colorado. Chris Robertson of Newmark Zimmer represented Gart. PNC financed the transaction.
