EAST DUNDEE AND MOKENA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a three-building, 131,998-square-foot industrial portfolio in metro Chicago. The portfolio, which was fully leased at the time of sale, consists of single and multi-tenant properties that are home to five tenants. Two properties are in East Dundee: 160 Windsor Drive totals 40,764 square feet while 170 Prairie Lake Road totals 38,413 square feet. Both were constructed in 2001. In Mokena, 9645 Willow Lane is a single-tenant building totaling 52,821 square feet. It was built in 1979 and renovated in 2018. Joe Horrigan, Zach Graham and Ryan Bain of CBRE represented the seller. VK Industrial VII is co-sponsored by Venture One and Focus Partners Wealth.
FINDLAY, OHIO — Bernard Financial Group (BFG) has secured a $5.6 million acquisition loan for a 112,396-square-foot industrial facility in Findlay, about 40 miles south of Toledo. Joshua Bernard of BFG arranged the permanent life insurance company loan. The borrower was BKG Dominion 1900 Industrial LLC.
By Tony Avendt, Cushman & Wakefield At first glance, Detroit’s industrial real estate market appears to be entering a period of moderation. Vacancy has crept upward, new supply continues to trickle online and recent quarters have posted negative absorption. Yet beneath these headline indicators lies a more complex — and arguably more resilient — story. The numbers alone do not fully capture how tenant behavior, shifting supply dynamics and a growing pool of “shadow space” are reshaping the market in subtle but meaningful ways. As of the first quarter of 2026, metro Detroit’s industrial vacancy rate stood at 4.1 percent, marking the 11th consecutive quarterly increase and the highest level since 2015. Even so, the market remains significantly tighter than the national average of approximately 7 percent, reinforcing Detroit’s position as one of the more supply-constrained industrial markets in the U.S. Rental performance tells a similarly stable story. Net average asking rents reached $7.40 per square foot in the first quarter — a 2.1 percent year-over-year increase and the highest level since late 2023. While rent growth has moderated from earlier peaks, landlords have largely maintained pricing power, particularly for well-located, modern distribution facilities. Still, the market is recalibrating after …
BROWNSBURG, IND. — Wafra Inc., a New York-based alternative investment firm, has acquired Brownsburg Logistics Park Portfolio, a collection of three industrial buildings totaling 899,080 square feet in Brownsburg. Funds advised by Wafra are acquiring the assets from a venture between Scannell Properties and Manulife Investment Management. Completed in 2022 and 2023, the buildings are home to seven tenants. The portfolio offers direct access to I-74 and is located about 12 miles from the Indianapolis International Airport.
CHICAGO — Skender has completed the 83,000-square-foot build-out of Harrison Street Asset Management’s headquarters at The Fulton, an office property located at 919 W. Fulton Market in Chicago. The real estate and infrastructure investment management firm is relocating from its prior location at 444 W. Lake St. Harrison Street’s three-floor build-out features an atrium stair, dedicated executive suite, a mix of private offices and open work areas as well as large terrace spaces. A central café is equipped with a full bar and built-in audiovisual system to accommodate meetings. SCB was the architect. Skender also served as the base building general contractor for the 535,000-square-foot development, which wrapped construction in April. In addition to office tenants, the property is home to Gibson’s Steakhouse and Equinox Fitness.
LAKE ELMO AND ARDEN HILLS, MINN. — JLL Capital Markets has arranged the sale of Boulder Ponds Senior Living and Round Lake Senior Living, two Class A communities totaling 216 units in the Twin Cities market. JLL represented the seller and developer, Trident Development, and procured the buyer, LTC Properties Inc. Lifespark will remain the operator of both properties, which feature independent living, assisted living and memory care services. Boulder Ponds Senior Living, completed in 2020, is a 95-unit community in Lake Elmo. Round Lake Senior Living, which opened in 2023, is a 121-unit community in Arden Hills.
GREENWOOD, IND. — Matthews has brokered the $9.5 million sale of a Goodwill distribution facility in Greenwood. The transaction marked the highest-priced industrial property sale in the Johnson County submarket over the past year, according to Matthews. Built in 2016, the approximately 125,000-square-foot property sits on 18 acres with immediate access to I-65. The asset is leased to Goodwill Industries of Central Indiana and is positioned alongside major industrial users including Amazon, FedEx and Ulta. Alexander Harrold and Brett Davis of Matthews represented both the seller and the 1031 exchange buyer. Matthews leveraged Artemis, the firm’s proprietary artificial intelligence-powered customer relationship management platform, to identify a targeted pool of qualified industrial investors.
KANSAS CITY, MO. — Morgan Stanley Real Estate Investing (MSREI) has acquired a newly developed, 1.5 million-square-foot distribution facility in Kansas City for $158.5 million. The seller, Hunt Midwest, developed the Class A property as a build-to-suit for retailer Ace Hardware in 2025, marking the first phase of KCI 29 Logistics Park. Measuring a half-mile from end to end, the Ace Hardware retail supply center is the largest distribution center in Kansas City by building footprint, according to MSREI. The property features a cross-dock configuration, clear height of 40 feet and extensive power capacity. Ace Hardware has invested in state-of-the-art automation and warehouse technology for the development. KCI 29 Logistics Park, a 3,300-acre megasite, can support up to 20 million square feet of industrial development. The project is located at the intersection of I-29 and I-435, adjacent to the Kansas City International Airport. The immediate access to regional and national transportation networks offers companies the ability to reach 90 percent of the continental U.S. within two days or less, according to Hunt Midwest. “This acquisition reflects our continued conviction in high-quality net lease investments that combine strong tenant credit, mission-critical operations and institutional-quality real estate,” says David Gross, managing director …
MINNEAPOLIS — Design firm HGA and general contractor Mortenson have completed the Richard M. Schulze Surgical and Critical Care Center, a 10-story, 620,000-square-foot addition to Abbott Northwestern Hospital in Minneapolis. The largest construction project in Allina Health’s history includes 190 private inpatient rooms. The project team worked with Allina Health to integrate new critical care spaces, including 30 advanced operating rooms purpose-built for complex procedures, into the campus’s existing facilities. HGA implemented several infrastructure and planning improvements, including a new consolidated front entrance; the renovation of 200,000 square feet within the existing hospital to integrate new and existing spaces while modernizing critical areas such as operating rooms; and new roadways to improve circulation for the hospital’s emergency department. The hospital remained fully operational throughout the construction project. The project team included multidisciplinary engineering and specialty consultants, including Jacobs. The Schulze Building will welcome its first patients on Saturday, Aug. 29.
OLATHE, KAN. — Chicago-based real estate investment firm 29th Street Capital (29SC) has acquired Chestnut Heights Townhomes, a 161-unit townhome rental community in Olathe. The property will be managed by 29th Street Living, the company’s property management platform. 29SC partnered with Basis Investment Group’s BIG Equity Value-Add Fund II for limited partnership equity for the acquisition of the property and a capital improvement program. Located in Johnson County, Chestnut Heights offers two- and three-bedroom townhomes averaging 1,300 square feet. The community features attached garages and a variety of resident amenities.