Midwest

Pegasus Arranges $3.2M Sale of Chatham Plaza Retail Property in Chicago

by Kristin Harlow October 27, 2025

CHICAGO — Pegasus, in cooperation with ParaSell Inc., has arranged the $3.2 million sale of Chatham Plaza, a fully occupied, four-tenant retail strip center positioned within Chatham Market in Chicago. Tenants include Athletico, H&R Block and UPS. The property totals 9,610 square feet, and the weighted average lease term is six years. Katherine Weaver of Pegasus represented the seller, a private fund based in Chicago. The buyer was a Texas-based private fund. The sales price represented a cap rate of 8.5 percent.

October 27, 2025

Midwest Ohio

Huntington Construction Expands Operations to Ohio

by Kristin Harlow October 27, 2025

COLUMBUS, OHIO — Huntington Construction, a Michigan-based full-service commercial construction company, has expanded its operations to Ohio, including the Cleveland, Cincinnati, Columbus, Dayton and Toledo markets. Huntington has completed thousands of projects for government, commercial, retail, student housing, seniors housing and healthcare for more than 45 years. The firm offers tenant build-out services, historic preservation and adaptive reuse expertise, new construction opportunities and renovation capabilities. The company also maintains an office in Chicago.

October 27, 2025

Company News Midwest Mississippi Ohio Southeast Texas Top Stories

Huntington Bancshares Agrees to Acquire Cadence Bank for $7.4B

by Taylor Williams October 27, 2025

COLUMBUS, OHIO — Columbus, Ohio-based Huntington Bancshares Inc. (NASDAQ: HBAN) has entered into an agreement to acquire Cadence Bank (NYSE: CADE), which has headquarters in Houston and Tupelo, Miss., in an all-stock merger of regional banks that is valued at $7.4 billion. Under the terms of the agreement, Huntington will issue 2.475 shares of common stock for each outstanding share of Cadence common stock. Based on Huntington’s closing price of $16.07 per share on October 24, the last full day of trading before the deal was announced, the consideration implies a purchase price of $39.77 per share. Following the closing, which is expected to occur in the first quarter of 2026, Cadence Bank teams and branches will operate under the Huntington Bank name and brand. Cadence currently has about 390 locations across Texas and the surrounding Southern United States, and the new banking entity will have about $276 billion in assets under management. “This is an important next phase of growth for Huntington,” says Steve Steinour, chairman, president and CEO of Huntington Bancshares. “This partnership will extend the reach of our full franchise to 21 states and into new, high-growth markets for which we have a powerful playbook. Today’s announcement …

October 27, 2025

Development Illinois Midwest Multifamily Office

McHugh Construction Begins Work on Wacker Place Office-to-Residential Conversion in Chicago

by Kristin Harlow October 24, 2025

CHICAGO — McHugh Construction has commenced the office-to-residential conversion of Wacker Place, a 25-story, 248,000-square-foot art deco tower at 65 E. Wacker Place in downtown Chicago. Mavrek Development and partner ACRES Capital LLC recently closed more than $90 million in financing to launch the project. Pappageorge Haymes Partners is the architect, and Cross Street will oversee residential leasing. Originally built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartment units across floors 4-24. McHugh is currently overseeing demolition and structural work to prepare for the residential layouts, building systems and amenity spaces. Floors 1-3 will house a reimagined lobby and building services area while maintaining retail tenant Morton’s The Steakhouse, which occupies space at street level and part of the second floor. Upon completion, Wacker Place will offer a mix of 105 studios, 105 one-bedroom and 42 two-bedroom units. In compliance with Chicago’s Affordable Requirements Ordinance, the project will include 51 affordable housing units offered at a weighted average of 60 percent of the area median income. No parking is planned for the building, which has a Walk Score of 100 and is located steps from multiple transit lines. Amenities will include a third-floor …

October 24, 2025

Acquisitions Midwest Minnesota Ohio

New Perspective Acquires Three Seniors Housing Properties in Minnesota, Ohio

by Kristin Harlow October 24, 2025

LAKE ELMO, MINN. AND LAKEWOOD, OHIO — New Perspective has acquired three senior living communities in metro Twin Cities and Cleveland areas. The properties include New Perspective Lake Elmo, The Fields by New Perspective — a neighboring independent living community — and Haven of Lakewood. New Perspective Lake Elmo offers assisted living and memory care. Haven of Lakewood, which offers assisted living, grows New Perspective’s portfolio to five locations in Ohio.

October 24, 2025

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 293-Unit Apartment Community in Carol Stream, Illinois

by Kristin Harlow October 24, 2025

CAROL STREAM, ILL. — JLL Capital Markets has brokered the sale of Renaissance at Carol Stream, a 293-unit apartment community in the western Chicago suburb of Carol Stream in DuPage County. Built in 1970, the property features a pool, full-size indoor basketball court and fitness center. There are 17 buildings, and units average 883 square feet. Current ownership has renovated 129 units. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Chicago-based Bender Cos. The buyer was Highlands Vista Group.

October 24, 2025

Acquisitions Midwest Mixed-Use Wisconsin

Colliers Negotiates $6.8M Sale of Mixed-Use Portfolio in Brookfield, Wisconsin

by Kristin Harlow October 24, 2025

BROOKFIELD, WIS. — Colliers has negotiated the $6.8 million sale of Six65 Brookfield in suburban Milwaukee. The portfolio features a 24-unit apartment building and a three-unit mixed-use property along Brookfield Road. Ted Stratman and Tyler Hague of Colliers brokered the transaction. The asset sold to a California-based investor completing a 1031 exchange.

October 24, 2025

Kansas Leasing Activity Midwest Retail

Made in KC to Open at Oak Park Mall in Overland Park, Kansas

by Kristin Harlow October 24, 2025

OVERLAND PARK, KAN. — Made in KC, a retailer selling local goods, gifts and apparel, will open at Oak Park Mall in the Kansas City suburb of Overland Park. The deal marks the brand’s 11th location in metro Kansas City. David Block of Block & Co. Inc. Realtors represented the tenant, which provides a platform for 200 local artists, designers and makers to reach customers throughout Kansas City and across the country. The new store at Oak Park Mall will span 1,560 square feet on the upper level closest to Dillard’s. The store is expected to open soon and will occupy the former Nine Leather & Watches space.

October 24, 2025

Warehouse image. Industrial photo by CHUTTERSNAP on Unsplash.

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Mixed-Use Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Report: Q3 Results Shaped by Market Uncertainty, Questions of Legality, Tariffs, AI Considerations

by Sarah Daniels October 24, 2025

Lee & Associates’ 2025 Q3 North America Market Report examines a commercial real estate landscape experiencing some pauses as the effects of exogenous forces work their way through the market. Economic and legal questions, the second- and third-order effects of tariffs, persistently high costs, unemployment concerns and the new realities of artificial intelligence (AI) have combined to produce mixed results across all property types. Demand for office and retail has increased (and their respective pipelines remain constrained). Of the four property types covered in the report — industrial, office, retail and multifamily — only retail saw transaction momentum in the previous quarter. Meanwhile, the overbuilt industrial and multifamily sectors have witnessed weakening or negative demand in the third quarter. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below reveal a market that seems to be holding its breath, awaiting new information. Industrial Overview: Markets Await Tariff Clarity Net absorption of industrial space increased in the third quarter across North America, but demand was weak and failed again to keep pace with the supply of new buildings, while tenant growth remained hobbled by tariff concerns and interest rates. In the United States, following 8.1 million square feet …

October 24, 2025

Development Illinois Industrial Midwest

Hillwood, Clarius Break Ground on 920,123 SF University Park Logistics Center in Metro Chicago

by Kristin Harlow October 23, 2025

UNIVERSITY PARK, ILL. — Hillwood and Clarius Partners have broken ground on University Park Logistics Center, a 970,123-square-foot speculative industrial development in University Park, a southern suburb of Chicago. Situated by the I-57 interchange at Stuenkel Road, the site provides access to 85.5 million people within a single day’s drive, according to the developers. David Bercu and Jim Estus of Colliers are marketing the project for lease.

October 23, 2025

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