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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers Sale of Firestone-Occupied Retail Property in Heath, Ohio

by Kristin Harlow

HEATH, OHIO — The Taylor McMinn Retail Group of Marcus & Millichap has brokered the sale of a newly constructed retail property occupied by Firestone in Heath, about 30 miles east of Columbus. Built in 2025, the property features a 15-year, triple-net corporate-guaranteed lease that includes 5 percent rent increases every five years in the initial term. The asset sold at 98 percent of the list price to an all-cash buyer completing a 1031 exchange. The seller was a preferred developer for Firestone. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap brokered the transaction. “This Firestone closing highlights the growing presence of higher-price-point 1031 exchange and private buyers in the net-lease market, driven by recent interest rate cuts and increased economic stability. We anticipate the buyer pool to continue to expand into 2026 as conditions improve and more capital re-enters the market,” says McMinn.

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AcquisitionsIndianaIndustrialMidwest

Partnership Sells 1.3 MSF Infill Industrial Portfolio in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS — Stos Partners, Cardinal Industrial and Long Wharf Capital have sold the Hoosier Infill Industrial Portfolio to Berkeley Partners. The portfolio comprises 13 industrial parks totaling 1.3 million square feet across 38 buildings in metro Indianapolis. At the time of sale, the assets were approximately 97 percent leased to more than 250 tenants. The firms assembled the portfolio through two off-market transactions. Both were purchased from the assets’ original developer. During the 3.5-year hold period, the partnership executed a value-add strategy that included nearly $6 million in capital improvements, operational modernization and the conversion of leases to triple-net structures. Alex Cantu, Alex Davenport, Jeff Devine, Steve Disse, Tyler Ziebel, Tyler Wilson, Jason Speckman and Sydney Gabriel of Colliers represented the sellers.

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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 580,477 SF Shopping Center in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Mid-America Real Estate Corp. has arranged the sale of Orland Park Place, a 580,477-square-foot shopping center in the southern Chicago suburb of Orland Park. The asset was 93 percent leased at the time of sale. Tenants include Nordstrom Rack, Marshalls, Ross Dress for Less, Dick’s Sporting Goods, Steinhafel’s Furniture, Ashley Home Store, Hobby Lobby, DSW, Barnes & Noble and Planet Fitness. The sale included the primary 568,577-square-foot inline center as well as one 11,900-square-foot freestanding restaurant outparcel. The seller, PMAT Real Estate Investments, retains ownership of the five outlot buildings fronting LaGrange Road that total more than 65,000 square feet. Ben Wineman, Joe Girardi, Rick Drogosz and Patrick Corrigan of Mid-America represented the seller. A private partnership led by Ashkenazy Acquisition Corp. was the buyer. The sales price was $60 million, according to Crain’s Chicago Business.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Merchants Capital Secures Debt, Equity Financing for 200-Unit Workforce Housing Project in Michigan

by Kristin Harlow

WYOMING, MICH. — Merchants Capital has secured $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a mixed-income workforce housing development in Wyoming near Grand Rapids. Magnus Capital Partners is the developer. Merchants Capital arranged a $30.6 million Freddie Mac 4 percent unfunded forward tax-exempt loan, $16.7 million in 4 percent LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank. Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to a trail system, pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The five-story development will include 162 units restricted for households earning between 40 and 80 percent of the area median income and 38 market-rate units. Phase 1 of HōM Flats at 28 West included 226 units and Phase 2 featured 160 units. Upon completion, Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom apartments and 8,894 square feet of ground-floor commercial space within four elevator-serviced buildings. A childcare center, Grō …

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers Two Multifamily Sales in Metro Chicago Totaling $4.7M

by Kristin Harlow

CHICAGO AND PARK RIDGE, ILL. — Interra Realty has brokered the sales of two value-add multifamily properties in the northwest Chicago area for a combined $4.7 million. A two-building, 16-unit property at 1860-1900 N. Parkside Drive in Park Ridge that was built in 1966 sold for $2.8 million, and a 12-unit building at 8544-48 W. Gregory St. in Chicago’s O’Hare submarket that was constructed in 1972 sold for $1.9 million. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented both the confidential buyer and seller of the Park Ridge property. The trio also represented the undisclosed partnership seller of the Chicago asset, with Oleg Komarnytskyy of KOMAR Real Estate representing the private buyer. Both properties were fully occupied at the time of sale. The transaction of 8544-48 W. Gregory marks the first time the asset has traded hands since 1988, and the new ownership plans to renovate apartments as tenants turn over.

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IndustrialKansasLeasing ActivityMidwest

PROtect Signs 41,698 SF Lease to Anchor Wichita Business Park in Kansas

by Kristin Harlow

WICHITA, KAN. — Wichita-based PROtect, a national provider of safety, reliability and compliance services, has signed a 41,698-square-foot lease to serve as the lead tenant at Wichita Business Park in 2026. The company will consolidate and expand its corporate headquarters and Wichita operations center at Wichita Business Park, which is the redevelopment of Towne West Square Mall. Industrial Realty Group and PREP Funds acquired the mall in early 2025. Conversion plans call for a 591,893-square-foot, multi-tenant campus on 26 acres. Grant Glasgow and Scott Salome of NAI Martens represented the tenant and landlord in the lease.

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AcquisitionsHospitalityIllinoisMidwest

Pebblebrook Hotel Trust Sells Westin Michigan Avenue Chicago Hotel for $72M

by Kristin Harlow

CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.

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DevelopmentMidwestMissouriMixed-UseRetail

Staenberg Group Begins Site Work for Chesterfield Mall Redevelopment in Metro St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — The Staenberg Group (TSG) has begun utility work and site grading for Downtown Chesterfield, the redevelopment of the former Chesterfield Mall site into a mixed-use destination in suburban St. Louis. This phase of work includes utility installation and relocation needed to support future development as well as site grading focused on the new road network and the 3.3-acre park that will serve as the centerpiece of Downtown Chesterfield. These early infrastructure improvements help transition the project site from demolition to active development. Plans call for a mix of residential, hotel, restaurant, entertainment, office and community spaces. The overall project’s price tag is $2 billion, according to The St. Louis Business Journal.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of 89-Unit Luxury Apartment Building in Shakopee, Minnesota

by Kristin Harlow

SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of The DECO, an 89-unit luxury apartment building in the Minneapolis suburb of Shakopee. Joseph Peris and Josh Talberg of JLL represented the seller, Enclave Development. The buyer was LouMin Holdings, a locally based multifamily investment firm. Completed in 2021, The DECO features a rooftop sundeck, fitness center, clubroom, underground parking and ground-floor retail space occupied by Mana Brewing. The development is situated on the site of Shakopee’s original City Hall from 1883. LouMin has engaged Sail Management to oversee day-to-day operations of the five-story property. The acquisition was funded through an equity raise and supported by institutional financing, including a Fannie Mae loan.

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AcquisitionsIndianaIndustrialMidwest

Greenstone Partners Arranges $10.3M Sale of Indianapolis Industrial Property

by Kristin Harlow

INDIANAPOLIS — Greenstone Partners has arranged the $10.3 million sale of a multi-tenant, shallow bay industrial property totaling 120,886 square feet in Indianapolis. The building is located at 2402 Shadeland Ave. within the Warren Park submarket. Jason St. John of Greenstone represented the seller, a Chicago-based family office, and procured the buyer, a Florida-based real estate investment group. The transaction represents the second highest price per square foot for a multi-tenant industrial investment over 100,000 square feet in Indianapolis, according to CoStar. The property is home to seven tenants, and suite sizes average just over 17,000 square feet. Ownership has invested more than $1 million in capital improvements over the past four years. Major projects include a $726,000 full roof replacement backed by a 20-year warranty, as well as $133,000 in parking lot milling, repaving and restriping. Additional upgrades include HVAC repairs and replacements.

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