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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $4.1M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has negotiated the $4.1 million sale of a five-suite retail property located at 600 S. Dearborn St. in Chicago. The asset totals 12,132 square feet of ground-floor space within the historic Transportation Building. The retail space is fully leased to a mix of five tenants, including 7-Eleven and Sofi Restaurant. Mark Krantz and Derrick Dougherty of Marcus & Millichap procured the buyer, a Washington, D.C.-based private investor. The agents worked with Steve Filippo of Marcus & Millichap Capital Corp.

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AcquisitionsMidwestOhioRetail

Cooper Group Arranges $1.6M Sale of Shopping Center in Austintown, Ohio

by Kristin Harlow

AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has arranged the $1.6 million sale of Falcon Commons in Austintown, a southeast suburb of Cleveland. The five-unit retail center features tenured tenants Subway and Little Caesar’s. Dan Cooper of Cooper Group represented the seller, a private investment group out of Central Ohio. The Kentucky-based buyer purchased the asset at a cap rate of 7.3 percent and over 95 percent of the list price. Falcon Commons was 80 percent leased at the time of sale.

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AcquisitionsDevelopmentKansasMidwestMixed-UseRetailTop Stories

IRG, Provider to Redevelop 60-Acre Towne West Square Mall in Wichita, Kansas

by John Nelson

WICHITA, KAN. — Industrial Realty Group LLC (IRG) and Provider Real Estate Partners LLC (PREP) have acquired Towne West Square Mall, a 650,000-square-foot shopping mall in southwest Wichita. The partnership plans to redevelop the 60-acre property into a multi-tenant campus called Wichita Business Park. “The City of Wichita is thrilled to have new ownership of this property and is excited about the redevelopment plan proposed by IRG and PREP,” says Wichita Mayor Lily Wu. After nearly 44 years in operation, Towne West Square Mall closed its doors officially over the July 4 weekend. The last three businesses to remain operating at the mall include Dillard’s and JC Penney, which were the mall’s original department store anchors, and locally owned and operated Boulevard Theatres, according to local media outlets. IRG and PREP plan on redeveloping the property through a conversion of the former mall and department store space. The team will expand the former mall’s retail and commercial uses to offer modern office, light industrial, advanced manufacturing, research-and-development and flex spaces. In May, Wichita’s Planning Commission and City Council approved a zoning overlay that will help facilitate the redevelopment of Towne West Square Mall. “We are confident in Wichita Business Park’s …

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AcquisitionsMidwestMultifamilyWisconsin

Midloch, Hempel Acquire 118-Unit Apartment Building in Milwaukee’s Pabst District for $19.2M

by Kristin Harlow

MILWAUKEE — Midloch Investment Partners and Hempel Real Estate have acquired The Malt House, a 118-unit apartment building in Milwaukee’s historic Pabst District, for $19.2 million. The brick building was originally constructed in 1882 as the malt house for the Pabst Brewing Co. The property was extensively redeveloped as a luxury multifamily asset between 2016 and 2021. Amenities include a fitness center, package room, movie screening room, coworking lounge, game room and rooftop deck. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield brokered the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential will handle property management and leasing. The buyers plan to make common area improvements, some unit upgrades and address deferred maintenance. Midloch also owns the Brewery District Parking Garage adjacent to The Malt House.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.8M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style properties feature 94 units. Joe Smazal of Interra represented the confidential local buyer as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller. Situated on North California Avenue and built in 1961, the properties include 38 studios, 53 one-bedroom units and three two-bedroom floor plans. The buildings present a value-add opportunity through modernization of units and operational enhancements, according to Interra.

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AcquisitionsIllinoisLoansMidwestOffice

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

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DevelopmentIowaMidwestRetail

Crunch Fitness Opens 60,000 SF Facility in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Fitness Ventures LLC, the second largest Crunch Fitness franchisee, has opened its 60th Crunch Fitness with a new 60,000-square-foot facility in Des Moines. Located at 1200 E. Army Post Road, the new club is the company’s second Crunch location in Iowa. Built as a 3.0 Crunch model, the Des Moines location represents a $5 million investment. The club features cardio and strength equipment, a group fitness studio, dry saunas, performance turf, HydroMassage, tanning and the HIITZone. Fitness Ventures has partnered with Meaningful Partners, a private equity firm that invested in the company in 2024. The partnership has helped accelerate growth through a mix of new club development, mergers and acquisitions. Fitness Ventures is on pace to reach 75 clubs by the end of the year. The company plans to open 20 new locations annually.

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AcquisitionsIndustrialMichiganMidwest

Friedman Real Estate Arranges $2.6M Sale of Industrial Property in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Friedman Real Estate has arranged the sale of a 28,640-square-foot industrial property in the Detroit suburb of Farmington Hills for $2.6 million. The facility is located at 24450 Indoplex Circle. Phil Konopitski of Friedman represented the undisclosed buyer.

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ElmTree-Funds
AcquisitionsCompany NewsMissouriNew YorkTop Stories

BlackRock to Acquire Net-Lease Industrial Investor ElmTree Funds

by Hayden Spiess

NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states.  Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.)  “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …

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DevelopmentMidwestMultifamilyWisconsin

Continental, Three Leaf Open 267-Unit Westrock Residences in Hartland, Wisconsin

by Kristin Harlow

HARTLAND, WIS. — Continental Properties and Three Leaf Partners have opened Westrock Residences, a 267-unit townhome and apartment property in the Milwaukee suburb of Hartland. The community offers one-, two- and three-bedroom stacked flat apartments as well as two- and three-bedroom, two-story townhome-style residences. Amenities include a resort-style pool, clubhouse, fitness center, golf simulator, dog run, playground and more than two miles of walking paths. Monthly rents start at $1,890, according to the property’s website.

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