Wednesday, June 17, 2026
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DevelopmentIllinoisIndustrialMidwest

Krusinski to Complete Tenant Improvement Project for Electric Vehicle Repair Facility in Chicago

by Kristin Harlow

CHICAGO — Dayton Street Partners has selected Krusinski Construction Co. to complete a tenant improvement project for an automotive and clean energy company. The Loomis facility will support a new electric vehicle repair facility on the edge of the Chicago city limits. Krusinski will revitalize the existing building by installing replacement overhead doors, renovating the restroom block to meet ADA compliance and enhancing the exterior lighting for safer access and security purposes. The project will also include the installation of new windows and a roof drainage system to accommodate the tenant’s needs. Completion is slated for next month. A+M Architects is the project architect, and Jacob & Hefner Associates Inc. is the civil engineer.

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IndustrialKansasMarket ReportsMidwestMidwest Market Reports

Demand for Logistics, Manufacturing Space Drives Wichita’s Pipeline of Projects

by Kristin Harlow

By Grant Glasgow, SIOR, NAI Martens The industrial real estate market across the Wichita metropolitan statistical area (MSA) closed out 2025 with stable fundamentals, a healthy pipeline of projects and strong demand for large-format logistics and manufacturing space. Despite a modest increase in overall vacancy, the market continues to reflect the region’s strategic position as a logistics and manufacturing hub with lasting appeal to both regional users and national firms. Metrics point to equilibrium As of the fourth quarter of 2025, Wichita’s multi-tenant industrial inventory totaled approximately 43.6 million square feet across more than 1,300 buildings. The overall vacancy rate stood at 9 percent, a tick higher than the mid-year figure.  While this figure might suggest slack in the market, it is important to note that the rise in vacancy is primarily due to smaller-bay space turning over and the inclusion of buildings actively being marketed but not yet move-in ready, such as the Wichita Business Park redevelopment at the former Towne West Square Mall. For context, the vacancy rate for larger industrial buildings — those over 100,000 square feet — was just 2.8 percent, highlighting a persistent shortage of modern bulk space. Asking rents averaged $6.07 per square foot …

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

Scion to Acquire Operating Business of Student Quarters

by Kristin Harlow

CHICAGO AND ATLANTA — The Scion Group, a Chicago-based owner-operator of student housing communities, has entered into a definitive agreement to acquire the operating business of Student Quarters (SQ), an Atlanta-based operator with interests in approximately $1.5 billion of student housing assets. SQ’s senior leadership will retain asset ownership positions. The SQ portfolio comprises approximately 13,000 beds across 21 markets, with 77 percent market overlap with Scion’s existing footprint. In addition to acquiring the SQ operating business, Scion will also invest both in underlying real estate and related fund structures. The transaction is being funded entirely with Scion’s balance sheet and is expected to close in the third quarter, subject to customary closing conditions. Prior to this transaction, Scion’s portfolio consisted of more than 105,000 beds across 161 communities in 89 U.S. markets.

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IllinoisLoansMidwestMultifamily

BWE Arranges $133M Loan to Recapitalize Luxury Apartment Community in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — BWE has arranged a $133 million first mortgage loan to recapitalize The Henry at Harms Woods, a 294-unit apartment community with 8,000 square feet of ground-floor retail space in Skokie. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the financing on behalf of the sponsor, a joint venture between Tucker Development and Wingspan Development Group. Sourced from an institutional bank lender, the loan enables ownership to lower their cost of capital from the construction financing while maintaining the flexibility needed to complete lease-up and stabilize the asset. Completed in late 2025, The Henry at Harms Woods features 245 apartment units and 49 for-rent townhomes with attached two-car garages. Amenities include a pool, courtyard, fitness center, work-from-home spaces and direct access to hundreds of acres of surrounding natural open space.

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AcquisitionsIllinoisIndustrialLoansMidwest

Marcus & Millichap Brokers $15M Sale of Industrial Property Near St. Louis

by Kristin Harlow

ALTON, ILL. — Marcus & Millichap has brokered the $15 million sale of Alton Center Business Park, a 450,000-square-foot industrial property located in the St. Louis suburb of Alton. Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged $12.4 million in acquisition financing on behalf of the buyer, Rockford Asset Management. Alton Center Business Park sits on 133.8 acres and features 22 dock-high doors, five grade-level doors, clear heights between 23 and 25 feet and outdoor storage capacity. Imperial Manufacturing Group anchors the property, which was 70 percent leased at the time of sale. Tyler Sharp and Adam Abushagur of Marcus & Millichap represented the seller, a private family partnership, in the transaction and procured the buyer. Frank Montalto and Ethan Splan of IPA arranged the three-year loan, which carries multiple extension options and a 75 percent loan-to-cost ratio, through a direct bridge lender.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

North Arrow, Turnstone Development to Build 36-Unit Seniors Housing Project in Du Quoin, Illinois

by Kristin Harlow

DU QUOIN, ILL. — North Arrow Partners, in partnership with Turnstone Development, has closed on the financing and commenced construction on The Blackstone, a 36-unit seniors housing development in Du Quoin, a city in southern Illinois. Located at 1223 S. Washington St., the two-story independent living property will be reserved for seniors age 55 and up. Amenities will include a garden and fitness center. The Illinois Housing Development Authority, Hudson Capital and Associated Bank are providing financing and support.

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LoansMidwestMinnesotaMultifamily

Gantry Arranges $39.5M Permanent Loan for Apartment Complex in Woodbury, Minnesota

by Kristin Harlow

WOODBURY, MINN. — Gantry has arranged a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury, an apartment complex located in the Twin Cities suburb of Woodbury. The property features 207 units spread across a podium-style, mid-rise apartment building, satellite townhomes and carriage houses with attached parking garages. Floor plans range from one- to three-bedroom units, and all units contain in-unit washer and dryers, walk-in closets, patios and stainless steel appliances. Amenities include a fitness center, pool and clubhouse facilities. Joe Monteleone and Bonnie Monteleone of Gantry arranged the 10-year, fixed-rate Freddie Mac loan, which features five years of interest-only payments that transitions to 35-year amortization.

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DevelopmentIllinoisMidwestMultifamily

Range Group Nears Completion of 72-Unit Luxury Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Range Group is nearing completion of 465 Carpenter, a 72-unit luxury apartment building on the border of Chicago’s Fulton Market and West Town neighborhoods. Floor plans will consist of studio, convertible, one- and two-bedroom units, and amenities at the five-story boutique property will include a rooftop deck, fitness studio, coworking lounge and pet wash. Cross Street, which is marketing and leasing the building, has begun hard-hat tours with prospective residents ahead of an expected July move-in. 

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AcquisitionsHealthcareMidwestOhio

Cooper Group Brokers Sale of Single-Tenant Medical Building in Wadsworth, Ohio 

by Kristin Harlow

WADSWORTH, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical building occupied by Cleveland Clinic Urgent Care in Wadsworth near Akron. The property recently received nearly $7 million in upgrades from the Cleveland Clinic to transform the asset into a modern urgent care facility with onsite imaging and lab services. Dan Cooper of Cooper Group represented the seller, a private New York-based investor. The property sold at a 5.6 percent cap rate to another private investor based out of New York in an all-cash transaction.

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IllinoisLeasing ActivityMidwestOffice

NAI Hiffman Negotiates 2,748 SF Office Lease in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — NAI Hiffman has negotiated a 2,748-square-foot office lease for Horn-McGowan Insurance Agency at 5500 Pearl Street in Rosemont. The lease brings the four-story building to 100 percent occupancy. Owner Integris Ventures purchased 5500 Pearl Steet in 2018 and upgraded the amenities to include a fitness center, lounge, game room and boardroom. NAI Hiffman was engaged by ownership in 2019 to oversee the upgrades and leasing and marketing strategy. Jason Wurtz, Jack Reardon and Sarah Walker of NAI Hiffman represented Integris Ventures in the negotiations. 

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