Tuesday, May 19, 2026
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Midwest

DevelopmentIllinoisLeasing ActivityMidwestRetail

Pottery Barn to Open at Westfield Old Orchard Mall Redevelopment in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — Home furnishing retailer Pottery Barn is relocating its store at Westfield Old Orchard, joining Arhaus, Puttshack and Zara in the former Lord & Taylor space set to open in summer 2024. Unibail-Rodamco-Westfield owns Westfield Old Orchard shopping mall, which is undergoing redevelopment. The center is set to welcome six new retailers over the next year. Jewelry brand Little Words Project and Canadian women’s fashion brand Aritzia are opening in December. Urban Outfitters is opening in January, and Italian intimates store Intimissimi is slated to open in the spring. Westfield Old Orchard will also welcome new dining options next year, including local all-day lounge Cupitol and Cafe Castemila, an independently owned café and bakery. The redevelopment of the former Lord & Taylor department store is part of a multi-phase plan at Westfield Old Orchard that was first announced in 2022. Plans also call for new residences, dining establishments, wellness facilities and outdoor amenities such as a public park and event space. More detailed plans will be unveiled in 2024.

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AcquisitionsMidwestMissouriMultifamily

Mia Rose Holdings Sells 156-Unit Apartment Complex in Lake Saint Louis, Missouri

by Kristin Harlow

LAKE SAINT LOUIS, MO. — Mia Rose Holdings has sold The Solstice, a 156-unit Class A apartment complex in Lake Saint Louis, a northwest suburb of St. Louis. The sales price was undisclosed. Minneapolis-based Timberland Partners was the buyer. The Solstice features 48 two-bedroom units and 108 one-bedroom units spread across five buildings. Mia Rose completed development of the property this spring. The St. Louis-based multifamily developer has more than 3,000 units in development across the St. Louis, Northwest Arkansas, Indianapolis and North Texas markets.  

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AcquisitionsIllinoisMidwestRetail

SVN Chicago Brokers $2.4M Sale of Retail Center in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — SVN Chicago Commercial has brokered the sale of Tower Station Center in West Chicago for $2.4 million. The 11-unit retail center, located at 956 N. Neltnor Blvd., is 73 percent occupied. Aldi shadow anchors the property. Ron Weissenhofer and Karen Kulczycki of SVN represented the undisclosed seller. After six months of negotiations, the property sold to an out-of-state buyer completing a 1031 exchange.

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AcquisitionsMidwestMissouriRetail

Marcus & Millichap Arranges $2.4M Sale of Kum & Go-Occupied Property in Sarcoxie, Missouri

by Kristin Harlow

SARCOXIE, MO. — Marcus & Millichap has arranged the $2.4 million sale of a 5,118-square-foot property net leased to Kum & Go in Sarcoxie, a city in Southwest Missouri. The gas station and convenience store has operated at the property for 16 years. The triple-net lease features annual rental increases and a corporate guarantee. Austin Weisenbeck, Sean Sharko and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the buyer, an out-of-state private investor.

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IndianaLeasing ActivityMidwestRetail

Starbucks, Chipotle Sign Leases at Planned Shopping Center in Fort Wayne, Indiana

by Kristin Harlow

FORT WAYNE, IND. — Starbucks Corp. and Chipotle Mexican Grill have signed 10-year leases to open at the planned Wood Creek Commons shopping center in Fort Wayne. The retailers are slated to open in the second quarter of 2024. Dave Horacek and Steve Chen represented the landlord, an entity doing business as BRV-V LLC, in both leases. Starbucks leased a 2,540-square-foot standalone building, while Chipotle leased a 2,325-square-foot standalone building.

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CivicDevelopmentMichiganMidwest

University of Michigan Breaks Ground on Center for Innovation in Detroit

by Kristin Harlow

DETROIT — The University of Michigan (U-M) has broken ground on its Center for Innovation in downtown Detroit. The satellite campus will serve as a graduate school facility, offering masters’ degrees and workforce development programs that will focus on technology and innovation. The center will be funded by a $100 million gift from prominent U-M donor Stephen Ross, $100 million from the state of Michigan, a two-acre land donation from Olympia Development of Michigan, and an additional $50 million will be raised from donors. The project site is near the proposed $1.5 billion, 10-building mixed-use development in The District Detroit from Related Cos. and Olympia Development. Ross is a Detroit native, alum of U-M and chairman of Related Cos. Olympia Development is the real estate development business of the Ilitch family.

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Affordable HousingIndianaLoansMidwestMultifamily

BWE Arranges $19.7M in Acquisition, Rehabilitation Financing for Trio of Indiana Affordable Housing Properties

by Kristin Harlow

ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project. The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 111,594 SF Industrial Building in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 111,594-square-foot industrial building located at 933 Remington Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The property, which features modern office finishes, is located within the Woodfield Business Center. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the seller, a private investor who wished to sell the building in advance of a pending lease expiration in early 2024. Phil Reiff of JLL represented the buyer, NBS Corp., which plans to relocate from its current facility in Elk Grove Village.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $3.2M HUD-Insured Loan for Refinancing of Affordable Housing Community in Minnesota

by Kristin Harlow

BROOKLYN CENTER, MINN. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Ewing Square Townhomes in the Minneapolis suburb of Brooklyn Center. The 23-unit affordable housing community features three- and four-bedroom units, all of which are covered by a Section 8 HAP contract. Amenities include a playground and a clubhouse with a business center. Frank Hogan of Colliers Mortgage originated the 35-year loan, which features a 35-year amortization schedule. The borrower was Ewing Square Acquisition Partners LP, an affiliate of Vitus Group LLC.

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AcquisitionsMidwestRestaurantRetailSouth Dakota

Upland Negotiates Sale of Two Arby’s-Occupied Properties in South Dakota

by Kristin Harlow

SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.

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