Midwest

Greenstone Partners Brokers $19.5M Sale of Retail Center in Chicago

by Kristin Harlow March 10, 2026

CHICAGO — Greenstone Partners has brokered the $19.5 million sale of a 54,000-square-foot retail center located at 1415-1417 N. Kingsbury St. in Chicago’s Clybourn Corridor. A venture between Chicago-based Honore Properties and Peerless Development acquired the fully leased property. Danny Spitz and AJ Patel of Greenstone represented the seller, Los Angeles-based Westwood Financial. The transaction marks the fourth acquisition in the immediate corridor for Honore and Peerless. Spitz previously represented the venture in the acquisition of the adjacent property at 821 W. Eastman St. Originally acquired by Westwood in 2017 via a loan assumption structure, the Kingsbury center underwent a significant repositioning following the departure of Buy Buy Baby. In 2023, ownership executed a lease-up strategy by securing Sky Zone on a 10-year lease for 35,386 square feet. The center is also home to PetSmart, which has operated an 18,524-square-foot store since 2012. The property also features a redevelopment component. The asset includes nearly 500,000 square feet of transferable air rights, creating a future high-density multifamily development opportunity. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $13.7 million in acquisition financing through Great Southern Bank.

March 10, 2026

Development Illinois Industrial Life Sciences Midwest Top Stories

CSL Breaks Ground on $1.5B Expansion of Pharmaceutical Manufacturing Campus in Kankakee, Illinois

by John Nelson March 10, 2026

KANKAKEE, ILL. — CSL, a global pharmaceutical manufacturer based in Melbourne, Australia, has broken ground on a $1.5 billion expansion of its campus in Kankakee, roughly 60 miles southwest of Chicago. The company has operated at the site since purchasing the former Armour Pharmaceutical Co. plant in 2004, according to multiple media outlets. CSL is developing a new 330,000-square-foot facility at the site that will generate 300 permanent jobs and 800 construction jobs, in addition to the 1,200 existing positions at the plant. The new investment builds on the $3 billion that CSL has invested in the United States since 2018, which has created more than 6,500 American jobs. “Illinois is leading the way in life sciences manufacturing, and CSL’s $1.5 billion investment is a powerful vote of confidence in our state,” said Illinois Gov. JB Pritzker in a statement. “CSL’s continued growth in Kankakee County builds on decades of innovation and manufacturing leadership right here in Illinois. We’re proud to partner with CSL as they expand their footprint and deepen their commitment to communities across our state.” The Kankakee campus is expected to supply 100 percent of the U.S. demand for immunoglobulin therapies (i.e., plasma-derived antibodies treatments), according to CSL. …

March 10, 2026

Acquisitions Midwest Nebraska Retail

CBL Properties Acquires Gateway Mall in Lincoln, Nebraska for $43.5M

by Kristin Harlow March 9, 2026

LINCOLN, NEB. — CBL Properties has acquired Gateway Mall in Lincoln for $43.5 million from Washington Prime Group. CBL financed the acquisition with a $21 million loan provided by Symetra Life Insurance Co. The five-year loan features a fixed interest rate of 6.46 percent. The property totals roughly 843,000 square feet. Anchor tenants include Dillard’s, JC Penney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More. In a separate transaction, CBL has entered into a contract for the sale of an open-air center at an approximately 8 percent capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million and is anticipated to close in April.

March 9, 2026

Acquisitions Indiana Midwest Retail

CBRE Brokers Sale of 290,016 SF Village Park Plaza Shopping Center in Metro Indianapolis

by Kristin Harlow March 9, 2026

CARMEL, IND. — CBRE has brokered the sale of Village Park Plaza, a 290,016-square-foot shopping center in the Indianapolis suburb of Carmel. CBRE’s National Retail Partners Midwest team represented Washington Prime Group in the sale of the property to Pine Tree, which acquired the asset in partnership with a state pension fund. Tenants include Kohl’s, Hobby Lobby, Ross Dress for Less, Ulta and Dollar Tree. The property was 99 percent leased at the time of sale.

March 9, 2026

Illinois Leasing Activity Midwest Office

Transwestern Negotiates 72,645 SF Office Lease at Michigan Plaza in Chicago

by Kristin Harlow March 9, 2026

CHICAGO — Transwestern has negotiated a 72,645-square-foot office lease at Michigan Plaza in Chicago. Mark Buth, Kathleen Bertrand and Steve Hennessy of Transwestern represented the landlord, Aegis Asset Management. Jeff Lindenmeyer, Chris O’Leary and Shannon Connerty Morris of Avison Young represented the tenant, the Illinois Housing Development Authority (IHDA). Transwestern also manages the nearly 2 million-square-foot complex. IHDA will occupy space in the 978,693-square-foot 225 N. Michigan Ave. building. The transaction marks the largest new lease in the East Loop submarket since the second quarter of 2023, according to Transwestern. Located on Michigan Avenue south of the Chicago River, Michigan Plaza offers amenities such as multiple tenant lounges, a fitness center and outdoor space. The second-floor lounge is connected to the East Plaza, an outdoor terrace with a bocce ball court and putting green. The third-floor lounge offers a kitchen and conferencing space.

March 9, 2026

Development Illinois Loans Midwest Multifamily

Associated Bank Provides $7.6M Construction Loan for Chicago Apartment Building

by Kristin Harlow March 9, 2026

CHICAGO — Associated Bank has provided a $7.6 million construction loan for a five-story, 40-unit apartment building located at 4725 N. Clifton Ave. in Chicago. CEDARst Cos. is developing the transit-oriented project, which is named Clifton Uptown. Located in the heart of the Uptown Square Historic District, the property will feature 12 studio units, 28 one-bedroom units and 1,839 square feet of ground-floor retail space. The site is adjacent to the CTA Red Line Lawrence Station that is in the final stages of a $2.1 billion Red and Purple Line modernization project. Daniel Barrins of Associated Bank managed the loan arrangements and closing.

March 9, 2026

Development Features Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Webinar Western

Webinar: Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value

by Sarah Daniels March 9, 2026

The March 2 France Media webinar “Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value,” hosted by France Media and sponsored by National Flood Experts, examined how flood zones and evolving regulatory requirements are shaping development and financing outlooks. Flood risk is often treated as a late-stage compliance issue, but it can influence site design, permitting timelines, construction costs (and cost expectations) and long-term insurance expenses. Flood maps established by federal and local authorities define development constraints such as base flood elevations and floodways. Because these maps are updated slowly and regulations vary by municipality, developers frequently encounter unexpected complications during permitting, including the need for additional engineering studies, modeling requirements and extended approval timelines. The webinar panelists emphasized ways that developers can mitigate these risks by approaching flood zones strategically and incorporating flood analysis earlier in the development lifecycle. Early collaboration can identify opportunities to cut costs and avoid delays. Watch this brief webinar to learn about common problems caused by flood zones, changes in regulatory needs and practical pathways to help reduce or eliminate flood zone requirements (to increase the value of properties). Click here to download the slide presentation. …

March 9, 2026

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 131,748 SF Grocery-Anchored Retail Property in Chicago

by Kristin Harlow March 6, 2026

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of 3030 North Broadway, a Mariano’s-anchored retail property serving Chicago’s Lakeview and Lincoln Park neighborhoods. Additional tenants at the five-story, 131,748-square-foot asset include Club Studio, PNC, Starbucks and Fresh Dental. Ben Wineman and Joe Girardi of Mid-America represented the seller, SITE Centers. The buyer was L3 Capital.

March 6, 2026

Acquisitions Midwest Minnesota Multifamily Seniors Housing

Colliers Arranges Sale of 121-Unit Active Adult Community in St. Paul

by Kristin Harlow March 6, 2026

ST. PAUL, MINN. — Colliers has arranged the sale of Graham Place Senior Apartments, a 121-unit, 55-plus community located at 1745 Graham Ave. in St. Paul’s Highland neighborhood. The Low-Income Housing Tax Credit property, built in 2005, features 42 one-bedroom units and 79 two-bedroom units. Amenities include a fitness center, business center, corner store, beauty salon, guest suite accommodations, underground parking and 24-hour emergency maintenance. Northstar Properties of Minnesota Inc. was the buyer. Dan Linnell, Mox Gunderson, Adam Haydon, Devon Dvorak and Drew Jackson of Colliers represented the buyer and undisclosed seller.

March 6, 2026

Loans Midwest Minnesota Multifamily

Northmarq Provides $22.7M Agency Loan for Refinancing of Minnesota Apartment Building

by Kristin Harlow March 6, 2026

EXCELSIOR, MINN. — Northmarq has provided a $22.7 million Fannie Mae loan for the refinancing of One West Drive, a boutique apartment building with 49 units in Excelsior. Andy Finn of Northmarq arranged the permanent fixed-rate financing on behalf of the borrower, which included Monarch Development Partners, Red Leaf Partners and Blue Baukol Capital Partners. Completed in late 2024, One West Drive is situated on the site of the former Excelsior City Hall. The property features seven connected two-story buildings. Units come in one-, two- and three-bedroom layouts as well as two-bedroom rowhomes with private rooftops and garages. Amenities include a spa pool, fitness and yoga studio, private dining room, coworking lounge, outdoor grilling area, resident garden, two-story lobby and dog run.

March 6, 2026

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