Tuesday, September 1, 2026
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HealthcareIndustrialMarket ReportsMidwestMidwest Market ReportsOfficeOhio

Greater Cleveland Market Overview: Growth, Investment and Recognition

by Kristin Harlow

By Kevin Malinowski, Colliers | Cleveland-Akron Greater Cleveland continues to strengthen its position as one of the Midwest’s most competitive business and commercial real estate markets with Ohio’s recognition as CNBC’s No. 1 “State for Business in 2026,” a distinction driven by strong infrastructure, competitive operating costs, strategic market access and a growing supply of development-ready sites. Those advantages are translating into corporate investment, job creation, real estate activity and public-private partnerships across Northeast Ohio. High-profile investments are helping fuel the region’s momentum. According to reports, Cleveland Clinic is investing more than $1 billion in healthcare, research and innovation initiatives, including construction of its new Neurological Institute on its main campus. Nearby, Canon Healthcare USA acquired a building near Cleveland Clinic’s main campus for its U.S. headquarters and operations.  Sherwin-Williams recently completed its new downtown headquarters and suburban research campus. The project is widely regarded as one of the largest corporate investments in the city’s history and reflects the company’s continued presence and investment in the region. Like many other downtown office markets, Cleveland’s office sector is evolving as companies optimize workspace needs. That said, Cleveland has emerged as a notable leader for converting office to residential  with projects such as …

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DevelopmentMidwestMixed-UseOhio

Continental Development Ventures Opens 226-Unit Mixed-Use Project in Bexley, Ohio

by Kristin Harlow

BEXLEY, OHIO — Continental Development Ventures has opened The Fitzgerald, a mixed-use development located at 220 E. Main St. in Bexley, a suburb of Columbus. The project is the transformation of the former Trinity Lutheran Seminary apartment site, acquired from Capital University, into 226 residences above 11,000 square feet of ground-floor retail and restaurant space, 12,500 square feet of office space and a structured parking garage with 300 spaces. Amenities at the property include a fitness center, clubhouse, two outdoor courtyards and a rooftop terrace. The project reflects a multi-year public-private collaboration, including city support for the public parking garage through tax-increment financing. Coastal Ridge Real Estate is the property manager. The Fitzgerald’s dining lineup is anchored by Hudson 29 Kitchen + Drink, a concept from Cameron Mitchell Restaurants that is slated to open in spring 2027.

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AcquisitionsHealthcareMidwestMissouri

Marcus & Millichap Arranges $3.6M Sale of Missouri Medical Office Property

by Kristin Harlow

OSAGE BEACH, MO. — Marcus & Millichap has arranged the $3.6 million sale of Parkside Village, a medical office building with 10 fully occupied suites in Osage Beach. The 28,400-square-foot property is situated within the Lake of the Ozarks region and across from the Lake Regional Health System campus. Built in 2008 and renovated in 2021, the building rises two stories. Most tenants have more than five years remaining on their leases. Alec Coronado of Marcus & Millichap represented the seller, a Missouri-based medical office investor. The buyer was undisclosed.

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DevelopmentIllinoisIndustrialMidwest

Podmajersky to Build 12,000 SF Spec Industrial Facility in Chicago

by Kristin Harlow

CHICAGO — Developer Podmajersky Inc., led by John Podmajersky III, is developing a small-bay industrial facility totaling 12,000 square feet in Chicago’s East Pilsen area. Avison Young has been retained to market the speculative development at 2100 S. Canalport Ave. for lease. The asset will feature a clear height of 24 feet, dock and drive-in loading, flexible power capacity and Enterprise Zone incentives. Completion is slated for 2027. The developer says the project is expected to appeal to light manufacturing users, food producers, contractors, logistics operators, technology startups and last-mile distribution users that increasingly favor infill locations over suburban alternatives.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.1M Sale of Value-Add Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $2.1 million sale of a 13-unit apartment building located at 1433 W. Ardmore Ave. in Chicago’s Edgewater neighborhood. Joe Braun of Interra represented the private seller, while Tommy Richard of Interra represented the local buyer. The transaction marks the first time the asset has traded hands in nearly 50 years. Originally constructed in 1927, the building includes 10 one-bedroom units and three two-bedroom layouts. The buyer plans to undertake a full gut rehab of the property, which is currently less than half occupied, including reconfiguring the existing units and adding new ones.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $20.4M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the $20.4 million sale of a 98-unit multifamily property located at 1515 N. Fremont St. in Chicago’s Lincoln Park neighborhood. The building also features roughly 4,000 square feet of commercial space. Built in 2016, the property offers studio units and features a work-and-play lounge, barbecue and picnic areas, indoor bicycle storage and package locker service. Kyle Stengle of Marcus & Millichap represented the seller, Jack Duncan of Thesis Investment Group, and procured the buyer, Bill Silverstein of Beal Properties.

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KansasLeasing ActivityMidwestMixed-UseRetail

Anthropologie to Open at Bluhawk Mixed-Use Development in Suburban Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — Anthropologie will join Bluhawk, a 277-acre mixed-use destination in Overland Park, in summer 2027. The store marks the retailer’s third Kansas City-area location to date. Home to AdventHealth Sports Park, Bluhawk brings together retail, dining, hospitality, entertainment and youth sports in a walkable setting. Previously announced tenants at the project include L.L.Bean, Barnes & Noble, J.Crew Factory and the newly opened Buckle.

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Build-to-RentDevelopmentIowaMidwestSingle-Family Rental

Stark Enterprises to Develop 164-Unit Build-to-Rent Community in Grimes, Iowa

by Kristin Harlow

GRIMES, IOWA — Stark Enterprises, a Cleveland-based developer, is expanding its residential portfolio into Iowa with Blue Creek Village, a 164-unit build-to-rent community in Grimes. The land acquisition is complete, and the development is fully capitalized. Construction is expected to begin this year, with the first homes slated for delivery in 2027. The project marks the first development in Iowa for Stark Enterprises. Blue Creek Village will feature 164 ranch-style rental homes across 33.8 acres. Each residence is designed with open-concept layouts, private outdoor space and attached two-car garages. Units will average 1,189 square feet and come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubhouse, pool, pickleball court, multi-sport simulator, dog park and outdoor gathering spaces. Stark Living, Stark Enterprises’ residential platform, will develop the property, and the company’s in-house construction arm, Arbor Construction, will serve as general contractor.

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AcquisitionsIllinoisMidwestRetail

Boulder Group Arranges $2.8M Sale of Huntington Bank-Occupied Retail Property in Metro Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — The Boulder Group has arranged the $2.8 million sale of a single-tenant retail property net leased to Huntington Bank at 401 Deerfield Parkway in Buffalo Grove. The tenant occupies a 2.5-acre parcel that includes five drive-thru lanes. The 4,680-square-foot building was constructed in 1995. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, a Midwest-based real estate fund, and the buyer, a West Coast-based individual investor. Huntington Bank’s lease expires on July 31, 2031. The lease includes two five-year renewal options.

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DevelopmentIllinoisMidwestMultifamily

First Move-Ins to Begin Soon at The Bellwether Office-to-Residential Conversion Project in Chicago

by Kristin Harlow

CHICAGO — First move-ins are expected to begin later this month or early September for The Bellwether, an office-to-residential conversion of the building at 79 W. Monroe in Chicago’s Loop. RMK Management Corp. has been hired to oversee leasing and property management for the 14-story, 117-unit community, which is currently 57 percent leased. Originally built in 1905, the property underwent a major expansion in 1924, serving as office space and a bank headquarters over the years. In 2025, R2 Cos. began redevelopment of the structure. The project marks the first office-to-residential conversion to be completed as part of the city’s LaSalle Street revitalization initiative, which provides private funding and tax-increment financing assistance for mixed-income residential projects and other neighborhood-oriented amenities in the corridor. The Bellwether features studio, one- and two-bedroom units measuring 425 to 1,178 square feet, with rents ranging from $1,996 to $4,887 per month. The property includes 41 Affordable Requirements Ordinance units. Amenities include a variety of remote workspaces on the 14th floor, a bar area, fitness center, two sauna rooms, a game room, dog spa and rooftop deck.    

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