Friday, June 5, 2026
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Opus Completes Gerdin Fieldhouse at Luther College in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Opus has completed the Gerdin Fieldhouse for Athletics and Wellness at Luther College in Decorah, a city in northeast Iowa. Built in 1963, Luther’s 200,000-square-foot Regents Center had long housed the Luther Norse athletic teams. The facility required both a renovation and a 15,787-square-foot expansion. An historic $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation helped make the project possible.   Work on the Gerdin Fieldhouse began in August 2024 and included the construction of a new 5,787-square-foot public lobby on the property’s north end that includes a new concession stand, restrooms and a Hall of Fame space. Opus also built a new 10,200-square-foot wrestling training complex and completed extensive renovations to the existing basketball and volleyball arena. Athlete training and rehab facilities, locker rooms and meeting and study spaces for all 21 Norse athletic teams were also updated. Opus served as design-builder and worked in partnership with RDG Planning & Design.

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AcquisitionsIndianaMidwestRetail

Encore Brokers $13.8M Sale of Shopping Center in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — Encore Real Estate Investment Services has brokered the $13.8 million sale of Town & Country Shopping Center, a 382,139-square-foot power center situated on 40 acres in Mishawaka. The grocery-anchored property is home to a mix of national, regional and local tenants. Noah Dalaly and Danny Samona of Encore represented the buyer, a California-based investment firm, and the seller, a private family office in Lugano, Switzerland.

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Data CentersDevelopmentIndustrialLoansMidwestMissouri

Google Unveils $15B Infrastructure Investment in New Florence, Missouri

by Kristin Harlow

NEW FLORENCE, MO. — Google has unveiled plans to invest $15 billion in building infrastructure in New Florence, about 75 miles west of St. Louis. The data center project will create thousands of construction jobs over the build period and hundreds of direct operational roles once the facility is up and running. Google is collaborating with the Construction Laborers and Contractors Joint Training Fund of Eastern Missouri to support the Laborers and Contractors Training Center. The project will enable the center to train more than 2,300 construction laborers, including 1,500 apprentices, over the next two years. In accordance with Missouri’s consumer protections in Senate Bill 4, which Gov. Kehoe signed into law in 2025, Google will continue to pay for 100 percent of the power the data center uses and any new infrastructure costs that are directly driven by its operations. To date, Google has contracted to bring more than one gigawatt of new generation capacity to Missouri, and through its partnership with Ameren, the company is supporting the development of more than 500 megawatts of additional capacity. To further address energy affordability, Google has also announced a $20 million Energy Impact Fund to support programs that drive down monthly …

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Affordable HousingDevelopmentIndianaLoansMidwestMultifamily

Merchants Capital Provides $99M in Debt, Tax Credit Equity for Indiana Workforce Housing Community

by Kristin Harlow

FORT WAYNE, IND. — Merchants Capital has provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit workforce housing community now leasing in Fort Wayne. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that opened last month. Merchants Capital secured a $34.4 million Freddie Mac non-LIHTC forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. The Elex offers one-, two- and three-bedroom units, with 207 units rented at market rate and 89 affordable units set aside for residents earning between 30 and 80 percent of the area median income. Affordability is supported via LIHTC equity syndicated by Merchants Capital, state tax credits and tax-increment financing bonds. Named in tribute to The Elex Club, a pioneering women’s organization formed by General Electric’s female employees, The Elex represents Phase II of The Electric Works redevelopment, which is comprised of 18 historical buildings, office space, education and innovation space, retail, residential, hotel and entertainment venues developed across …

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AcquisitionsMidwestNebraskaRetail

DLC, DRA Advisors Acquire 640,328 SF Shadow Lake Towne Center in Papillion, Nebraska

by Kristin Harlow

PAPILLION, NEB. — DLC, in joint venture with a fund managed by DRA Advisors, has acquired Shadow Lake Towne Center in Papillion. The transaction marks DLC’s entry into the metro Omaha market. The shopping center totals 640,328 square feet and is 90 percent leased to tenants such as JC Penney, Dick’s Sporting Goods, Burlington, TJ Maxx, HomeGoods, PetSmart, Ross Dress for Less and Ulta. A Hy-Vee grocery store shadow anchors the property.

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DevelopmentIndianaIndustrialMidwest

Ambrose Breaks Ground on Two-Building Spec Industrial Park in Metro Indianapolis

by Kristin Harlow

GREENWOOD, IND. — Ambrose has broken ground on Indianapolis Logistics Park – South, a 16-acre, two-building industrial park in Greenwood, a suburb directly south of Indianapolis. Building I will offer approximately 105,000 square feet, including a 2,900-square-foot office area. Building II will feature roughly 150,000 square feet, including a 3,200-square-foot office area. Both buildings are being develop on a speculative basis with a clear height of 32 feet. Substantial completion is slated for year-end 2026. The project team includes Compass Commercial Construction, Curran Architecture and Kimley-Horn. JLL is handling leasing and marketing. Pinnacle Bank provided a construction loan.

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KansasMarket ReportsMidwestMidwest Market ReportsMultifamily

Topeka’s Housing Market Builds Momentum as Demand Outpaces Supply

by Kristin Harlow

By Bob Ross, Greater Topeka Chamber of Commerce The Topeka, Kansas, housing market continues to distinguish itself as one of the most competitive and resilient markets in the Midwest — offering a compelling case for developers seeking opportunity in a high-demand, undersupplied environment. New data from the Sunflower Association of Realtors underscores that strength. In February, the Topeka metropolitan area recorded 166 home sales, matching the pace from the same period last year, with total sales volume reaching $33.9 million. The median home price stood at $184,000 (compared with the national average of $360,591), while homes sold in an average of just 13 days (compared with the national average of 39 days) — an exceptionally fast turnaround compared with peer markets. Perhaps most notably, homes in Topeka sold for 100 percent of their list price and 98.7 percent of their original list price, a clear signal of strong buyer competition. By contrast, homes in the Greater Kansas City market took an average of 57 days to sell and closed at just 96.3 percent of original list price. Taken together, the data paints a clear picture: Demand in Topeka is not only strong — it is accelerating. Area employers frequently note …

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ArizonaColoradoIndianaLoansMinnesotaMultifamilyTop Stories

Harbor Group, Garrett Cos., Telis Group Receive $351M Refinancing for Multifamily Portfolio

by Hayden Spiess

NORFOLK, VA. — Affiliates of Harbor Group International, in partnership with The Garrett Cos. and Telis Group, have received a $351 million loan for the refinancing of an eight-property multifamily portfolio across four states. ACRE, a vertically integrated real estate fund manager, provided the financing.  Totaling 1,573 units, the portfolio is located in Arizona, Colorado, Indiana and Minnesota, with properties in the Denver, Colorado Springs, Phoenix, Indianapolis and Minneapolis metropolitan areas. The communities included in the portfolio were developed between 2024 and 2026 and are part of a larger, 11-property portfolio that was refinanced by the borrowers in January 2025.  Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Rimer, Michael Ianno, Nicholas Gillhooley, Craig West, Kevin Walsh and Holden Barry of Walker & Dunlop Capital Markets secured the loan on behalf of the borrowers. “This refinancing represents another important milestone for the portfolio and highlights the collaborative approach among all parties involved,” says Eric Garrett, CEO of The Garrett Cos. “We continue to see strong operating performance across the assets and remain confident in the long-term fundamentals supporting these markets.” Headquartered in Norfolk, Va., Harbor Group International is a privately owned global real estate investment and management …

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AcquisitionsDevelopmentHospitalityIndianaMidwest

Keystone Group Buys 378-Room Sheraton Indianapolis City Centre, Plans to Transform into Renaissance Hotel

by Kristin Harlow

INDIANAPOLIS — Keystone Group has purchased the 378-room Sheraton Indianapolis City Centre Hotel located at 31 W. Ohio St. in the heart of downtown Indianapolis. The company plans to transform the property into a Renaissance hotel, Keystone’s first hotel under Marriott International’s Renaissance Hotel’s lifestyle brand. Keystone plans to introduce a multi-phase series of enhancements to the property, including reimagining the rooftop bar and pool concept, major improvements to the 537-space public parking garage, luxury upgrades throughout all interior and exterior spaces, a signature ground-floor restaurant and new lobby coffee shop, a pedestrian skywalk connection with 120 Monument Circle, a comprehensive façade restoration, upgraded ballroom and event spaces and a reinvented arrival and lobby space. Construction is anticipated to span approximately two years. The hotel will remain fully operational throughout the transformation.

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DevelopmentIllinoisIndustrialMidwest

TCC Breaks Ground on 788,320 SF Spec Warehouse in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on Building 2 of Plainfield Business Center in Plainfield, about 40 miles southwest of downtown Chicago. The 788,320-square-foot spec warehouse is slated for completion by the third quarter of 2027. Matt Mulvihill and Phil DeBoer of CBRE are marketing the building for sale or lease. Building 2 will feature a clear height of 40 feet, 80 dock doors and 211 trailer parking stalls. The site offers proximity to both I-55 and I-80. At full build-out, Plainfield Business Center will encompass more than 8 million square feet of industrial space across 600 acres. Building 1, which also measures 788,320 square feet, was delivered earlier this year and is fully leased to RJW Logistics Group. Harris Architects and Kimley-Horn and Associates designed Plainfield Business Center, while FCL Builders is the general contractor.

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