Tuesday, April 21, 2026
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AcquisitionsMidwestOfficeWisconsin

JLL Negotiates $27.3M Sale of Office Building in Middleton, Wisconsin

by Kristin Harlow

MIDDLETON, WIS. — JLL Capital Markets has negotiated the $27.3 million sale of a 200,000-square-foot office building in Middleton near Madison. The fully leased property is located at 7974 UW Health Court. UW Health occupies the four-story building and utilizes it for its administrative departments, including management, information services, compliance and patient billing services. Jaime Fink of JLL represented the seller, Investors Associated LLP. Fink also procured the buyer, AJC Investment Group, a family office located in Bloomfield Hills, Mich.

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DevelopmentIndustrialMidwestMissouri

Brinkmann Constructors Completes 600,000 SF Industrial Build-out for Urban Outfitters in Raymore, Missouri

by Kristin Harlow

RAYMORE, MO. — Brinkmann Constructors has completed the conversion of a 1 million-square-foot speculative warehouse into a 600,000-square-foot industrial facility for Urban Outfitters Inc. in Raymore, a southern suburb of Kansas City. The renovated space will accommodate dry cleaning and laundry operations as well as function as a distribution hub for Nuuly, a subscription-based clothing rental service from Urban Outfitters. Tenant improvements involved the separation of the additional 400,000 square feet to allow for future operational expansion or tenant use. The project also included the addition of a boiler room, chiller system, custom modular central plan, washers and dryers, and an automated carousel that can hold up to 2 million garments simultaneously.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.4M Sale of Apartment Building in Berwyn, Illinois

by Kristin Harlow

BERWYN, ILL. — Interra Realty has brokered the $10.4 million sale of reVerb Century Station in the Chicago suburb of Berwyn. The 52-unit apartment building features 10,662 square feet of ground-floor commercial space. The sales price represents a record price for multifamily or mixed-use properties in Berwyn, according to CoStar. Constructed in 2010 and located at 3200 S. Oak Park Ave., the property features four ground-floor retail suites, 12 one-bedroom apartments and 40 two-bedroom units. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed seller. The team also represented the buyer, an investment group that assumed the loan from the seller. The buyer plans to renovate common areas and add a package system for residents.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Acquires Seven-Building Industrial Portfolio in Wood Dale, Illinois

by Kristin Harlow

WOOD DALE, ILL. — Brennan Investment Group has acquired a seven-building industrial portfolio in the Chicago suburb of Wood Dale for an undisclosed price. The portfolio totals 280,947 square feet across 12.5 contiguous acres. The assets had been institutionally owned for over 20 years and are fully leased to a variety of tenants. Brennan owns roughly 10 million square feet in Chicagoland.

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AcquisitionsCompany NewsIllinoisIndustrialMidwestSelf-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

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DevelopmentKansasMidwestOffice

Vantage Point to Develop 145,000 SF Office Phase of The Quarry Mixed-Use Development in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Vantage Point Properties has unveiled plans to develop the office phase of The Quarry mixed-use development in Lenexa. The three-building project will include 145,000 square feet of Class A office space. The overall development was originally announced as Reflections at City Center in summer 2022. The name evolved as a result of the geologic and design characteristics of the property, according to Paul Jackson, CEO of Vantage Point. “As we began our site work for the apartment portion of the project, we unearthed large limestone boulders that we decided would be fun and unique to use in our central park area and around the site. That process took on a life of its own, and we decided to change the development name accordingly.” As a salute the original project name, the apartment complex has been named Reflections Apartments. The 338-unit complex is slated for completion in summer 2025. The office portion of The Quarry will include three buildings totaling 25,000 square feet, 55,000 square feet and 65,000 square feet. The 25,000-square-foot building offers drive-thru availability for a potential bank tenant. Rooftop space opportunities or balcony availabilities are options for full-floor tenants as are exterior signage opportunities with …

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DevelopmentIllinoisMidwestRetail

NewQuest Asia-Pacific Retail to Redevelop 140,892 SF Shopping Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — NewQuest Asia-Pacific Retail is scheduled to break ground in February on the redevelopment of a former Dominick’s-anchored shopping center in Naperville. The Houston-based developer acquired the 140,892-square-foot property eight months ago in an off-market transaction. The 27-year-old center is 35 percent leased. NewQuest Asia-Pacific Retail specializes in development opportunities in markets with high Asian populations. The developer plans to reposition the Naperville shopping center with an Asian focus and incorporate green spaces. To date, roughly 62,000 square feet of leases are in various stages of negotiations, including a commitment from a specialty grocer. Teso Life, a Japanese fashion casual store, is leasing 18,016 square feet. Completion is slated for summer 2025. Nearly 20 percent of Naperville’s population is Asian, according to NewQuest.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 10,600 SF Dollar General-Occupied Property in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a recently developed property occupied by Dollar General in Rockford for an undisclosed price. Constructed in 2021, the freestanding building totals 10,600 square feet. Dan Waszak of Quantum represented the buyer, a New York City-based investor. The seller was a Midwest-based developer.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Arranges $1.1M Loan for Construction of 40-Unit Affordable Seniors Housing Project in East Canton, Ohio

by Kristin Harlow

EAST CANTON, OHIO — BWE has arranged a $1.1 million loan for the construction of HOPE Senior Village in East Canton, about 30 miles southeast of Akron. Bob Morton of BWE structured the USDA RHS 538 GRRHP loan, which features a 40-year, fixed-rate term and a 40-year amortization schedule. The development will consist of eight buildings, each containing five one- and two-bedroom units. Of the 40 units, seven are designated for residents earning up to 30 percent of the area median income (AMI), 17 are reserved for those earning up to 50 percent AMI and 16 are designated for residents earning up to 60 percent AMI. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.

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Zachary Richards adaptive reuse quote Bohler
BohlerContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastOfficeRetailSoutheastWestern

Adaptive Reuse Developers Repurpose Antiquated Real Estate to Benefit Contemporary Consumers

by Sarah Daniels

Commercial property conversions can offer significant advantages over conventional ground-up real estate developments. Conversions can provide a head start on construction with established entitlements, existing structures, in-place utilities and entry to choice locations in otherwise built-out submarkets. Consider the Universal Buildings, Post Brothers’ conversion of two 1960s-era office buildings into more than 600 residential units and ground-floor retail just north of the District of Columbia’s Dupont Circle. The 15-story complex will feature a two-level, glass-walled fitness and recovery center with more than 10,000 square feet of training zones, equipment and classrooms. The developer is housing the fitness center and other amenities in a new atrium that replaces the upper levels of structured parking originally built within one of the former office buildings. “The location is incredible — there is probably no greater location in any major city in the country for conversion,” says Josh Guelbart, Post Brothers’ Co-Chief Operating Officer. “Having the entire block means we have light, air and hilltop views of Kalorama, Adams Morgan and Dupont Circle, three of the finest residential neighborhoods in the District. There isn’t room for new buildings of scale in those neighborhoods, and that really made this existing, large building attractive to us.” …

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