Saturday, July 5, 2025
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Midwest

DevelopmentKansasLife SciencesMidwest

18,000 SF Link Innovation Labs to Debut in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Construction has begun on Link Innovation Labs, an 18,000-square-foot innovation incubator in downtown Topeka. Formerly corporate offices for AT&T, the redevelopment project is set to open in January 2026 and will feature wet and dry labs, coworking areas, conference rooms, offices and a coffee shop. The first tenant is Plug and Play Topeka, a launchpad for startups in animal health, ag-tech and food systems. Eight wet and dry labs will total roughly 7,500 square feet. A pitch and event area will span 2,500 square feet and will be dedicated to networking, presentations, conferences and public training events. Link Innovation Labs has $5 million committed from public and private sources. GO Topeka is leading the project. Topeka is centrally located within the Kansas City Animal Health Corridor, the world’s largest concentration of animal health companies and related industries.

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DevelopmentMidwestOhioRetail

Cincinnati Bengals, Hamilton County Reach Deal for $470M Stadium Renovation, Lease Extension

by Kristin Harlow

CINCINNATI — The NFL’s Cincinnati Bengals and Hamilton County have agreed to principal terms for a new lease that keeps the team in Cincinnati playing home games at Paycor Stadium through June 2036. There are 10 additional option years that could extend the lease through June 2046. The agreement also supports a modernization of the 25-year-old stadium. The Bengals will invest $120 million in the $470 million renovation project, covering 75 percent of new improvements to the stadium. The team and the county will continue to collaborate to secure funding from the state to further support the renovation efforts. Paycor Stadium opened in 2000 when the Bengals and Hamilton County came together with the goal of transforming Cincinnati’s riverfront into a sports and entertainment district. The Banks generates more than $2.5 billion in annual economic impact, with the Bengals driving over $1 billion in annual economic impact. Under a new deal, the Bengals and the county are poised to continue transforming the riverfront.

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AcquisitionsIndustrialMidwestOhio

Plymouth Acquires 2 MSF Industrial Portfolio in Ohio for $193M

by Kristin Harlow

OHIO — Plymouth Industrial REIT Inc. has acquired a nearly 2 million-square-foot industrial portfolio across Columbus, Cincinnati and Cleveland for $193 million. The 21-building portfolio is currently 97 percent leased to 75 tenants with a weighted average remaining lease term of 2.8 years. According to Plymouth, in-place rents are approximately 22 percent below current market rates, and the purchase price reflects a 25 percent discount to today’s replacement cost. With this acquisition, Plymouth now owns more than 12 million square feet of industrial space in Ohio. The portfolio will be operated from the company’s Columbus office.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Core Spaces, Harrison Street to Build 1,492-Bed Student Housing Community Near Indiana University

by Kristin Harlow

BLOOMINGTON, IND. — Core Spaces and Harrison Street have partnered to build Hub Bloomington Lincoln, a 1,492-bed student housing community near Indiana University. Located on Lincoln Street within the university’s designated mixed-use student housing zone, the five-story development will include 461 units ranging from studios to five-bedroom layouts. There will be roughly 34,000 square feet of indoor and outdoor amenity spaces, including a fitness center, rooftop pool, basketball court, study areas and a spa with sauna. Construction is underway, and completion is slated for summer 2027. Wells & Wells is the general contractor, and DLR Group is leading architecture and design. TSB Capital Advisors consulted on the joint venture and arranged financing from affiliates of QuadReal Property Group.

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AcquisitionsMidwestNebraskaRetail

Investors Realty Brokers $14.5M Sale of Plaza North Shopping Center in Omaha

by Kristin Harlow

OMAHA, NEB. — Investors Realty Inc. has brokered the sale of the Plaza North Shopping Center in Omaha for $14.5 million. Situated near the intersection of 90th and Fort streets, the grocery-anchored property totals 203,250 square feet. Tenants include Baker’s Supermarket, Fowling Warehouse, Altitude Trampoline Park, Planet Fitness and ArchWell Health. The asset underwent a significant renovation in 2018 and was 92 percent leased at the time of sale. Ember Grummons of Investors Realty represented the seller, Plaza North Station LLC. Sam Seelenfreund of Cleeman Realty Group represented the buyer, Sky Capital Group.

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Leasing ActivityMidwestMissouriOffice

JLL Negotiates Five Office Leases Totaling 120,000 SF in Fenton, Missouri

by Kristin Harlow

FENTON, MO. — JLL has negotiated five new office leases totaling more than 120,000 square feet at 1400 S. Highway Drive in Fenton near St. Louis. The building is now 95 percent leased. The tenants come from a wide range of industries, with Delta Dental being the largest lease at 69,000 square feet. The Maritz family, a local owner, is the landlord. The family’s company, Maritz, also operates on the campus.

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DevelopmentHospitalityMidwestOhio

Nationwide Realty Investors Nears Completion of Renovations at Hotel, Conference Center in Metro Columbus

by Kristin Harlow

LEWIS CENTER, OHIO — Nationwide Realty Investors is nearing completion of renovations at Nationwide Hotel and Conference Center, a 20-acre hotel and event complex in Lewis Center, a northern suburb of Columbus. In conjunction with the renovations, the property will be rebranded as The Ohioan Hotel & Event Center later this summer. The newly completed event center renovations include renovated and modernized ballrooms, expanded pre-function and post-function spaces and a new private outdoor courtyard with multiple fireplaces. Additional renovations underway include updates to the 193 guestrooms and suites. The hotel will remain open throughout the phased renovations. The 2,000-square-foot pub will also be given a refresh later this fall. Nationwide also commissioned three Ohio-based artists to create original artworks for display throughout the event center. What began as a radio station in the 1940s evolved into Green Meadows Inn during the 1960s. The property then became a training center for Nationwide Insurance in the 1970s and ultimately expanded into a full-scale conference and hotel destination by the early 2000s.

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DevelopmentIndustrialMidwestWisconsin

HSA Commercial Begins Development of 226,321 SF Spec Industrial Facility in Oconomowoc, Wisconsin

by Kristin Harlow

OCONOMOWOC, WIS. — HSA Commercial Real Estate has begun development of a 226,321-square-foot speculative industrial facility at Pabst Farms, a 1,500-acre master-planned community in Oconomowoc, about 35 miles west of Milwaukee. Located one mile southwest of the I-94 and Highway 67 interchange, the Class A warehouse is slated for completion in the fourth quarter. Situated on 17.3 acres, the project will accommodate users seeking as little as 40,800 square feet. The building will feature a clear height of 32 feet, 50-foot-by-50-foot column spacing with a 60-foot speed bay, more than 30 dock doors, four drive-in doors, 342 automobile parking spaces and 140 trailer stalls. Cushman & Wakefield | Boerke is handling leasing for the property. Cornerstone Architects, a Nelson company, is the project architect. Pinnacle Engineering is the civil engineer, and Riley Construction is the general contractor. Nearly 1,000 acres have been developed across the residential, retail, healthcare and education sectors within Pabst Farms, which was created in 2002. The remaining 450 acres will be built under an updated 2024 master plan that further integrates commercial, industrial and innovation uses.

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DevelopmentHospitalityMidwestNebraska

Midas Hospitality Develops 102-Room Hotel Near Casino, Racetrack in Nebraska

by Kristin Harlow

COLUMBUS, NEB. — Midas Hospitality has developed a dual-branded hotel featuring Fairfield Inn & Suites and Townplace Suites near Harrah’s Racing and Casino in Columbus, a city in eastern Nebraska. The four-story property is under the Marriott umbrella. Locally based Foreman Lumber built the project, which caters to short-term and long-term stays with the 54-room Fairfield Inn & Suites and the Townplace Suites, which offers 48 extended-stay rooms. Amenities include a fitness center, pool, flex space, outdoor patio, meeting room and complimentary breakfast. The casino and horse racing venue came about following the passage of three Nebraska constitutional amendments in 2020, which legalized casino gambling adjacent to horse racing venues in the state.

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AcquisitionsMichiganMidwestRetail

SPERRY Negotiates Sale of Two Grocery-Anchored Shopping Centers in Southeast Michigan

by Kristin Harlow

ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has negotiated the sale of two grocery-anchored shopping centers in southeast Michigan. One property totals 73,253 square feet in Ortonville while the other spans 67,248 square feet in Flushing. Robert Pliska of SPERRY represented the seller, the Bueche family, who will continue to operate the grocery stores while selling the real estate. Laurencelle Properties was the buyer.

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