Friday, November 21, 2025
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IllinoisLeasing ActivityMidwestMultifamilyRestaurantRetail

Egg Harbor Cafe to Open at Optima Verdana Apartments in Suburban Chicago

by Kristin Harlow

WILMETTE, ILL. — Egg Harbor Cafe will open at Optima Verdana, a six-story, 100-unit luxury apartment complex in downtown Wilmette, on Tuesday, Aug. 26. Optima Inc. owns the property. The 4,100-square-foot restaurant maintains seating for 140 and is situated directly across from Wilmette’s Metra commuter rail station. Currently fully leased, the residences at Optima Verdana opened in 2023. Floor plans range from 660 to 2,790 square feet. Specializing in breakfast, brunch and lunch, Egg Harbor Cafe operates in Illinois, Wisconsin and Georgia. The new Wilmette location represents the second Egg Harbor within an Optima community, joining the Streeterville location that opened in 2019 at the 490-unit Optima Signature high-rise in downtown Chicago. Optima is planning a new 128-unit luxury building just south of Optima Verdana. Known as Optima Lumina, the project will replace the long-vacant former Imperial Motors car dealership. The developer intends to retain the existing Starbucks within the project’s 5,900 square feet of new commercial space. Optima Verdana and Optima Lumina will be separated by a new public, landscaped plaza.

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CivicDevelopmentMidwestNorth Dakota

Kraus-Anderson Breaks Ground on $78M Military Gallery at North Dakota Heritage Center & State Museum

by Kristin Harlow

BISMARCK, N.D. — Kraus-Anderson has broken ground on a $78 million Military Gallery at the North Dakota Heritage Center & State Museum in Bismarck. The North Dakota National Guard and the State Historical Society of North Dakota and their respective foundations are partnering on concept and design of the gallery. State government teams and representatives from military branches, tribal nations, private business, veterans’ organizations and additional public and private entities are helping to shape the content. The gallery will connect to the ND Heritage Center & State Museum on its south side. The project will offer two floors of immersive exhibits and engaging experiences that tell stories of the state’s military history from early Native American practices before statehood to today. Designed by Zerr Berg Architects and BWBR Architects, the 67,000-square-foot project features a 20,000-square-foot military gallery plus ample space for large events, a North Dakota National Guard Regimental room, expanded food service and an outdoor courtyard and amphitheater. Completion is slated for fall 2027.

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AcquisitionsMidwestOhioRetail

JLL Brokers Sale of 386,754 SF Shopping Center in Brooklyn, Ohio

by Kristin Harlow

BROOKLYN, OHIO — JLL Capital Markets has brokered the sale of Ridge Park Square, a dual-grocery-anchored shopping center in Brooklyn near Cleveland. The 386,754-square-foot property is located at the intersection of I-480 and Ridge Road. Marc’s and Grocery Outlet are the grocery anchors. The center was 95 percent leased at the time of sale to tenants such as TJ Maxx, Ross Dress for Less, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture. Michael Nieder, Brian Page and Mohsin Mirza of JLL represented the seller, an affiliate of Zeisler Morgan Properties. The buyer was RCG Ventures LLC. The asset had never been marketed since its original development in 1989, according to Nieder.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Cinnaire Provides $38M to Preserve Affordable Housing at Countryside Townhouses Near Grand Rapids

by Kristin Harlow

KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.

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DevelopmentIllinoisLeasing ActivityMidwestOffice

Beacon Capital Completes $32M Renovation of Chicago Office Building

by Kristin Harlow

CHICAGO — Beacon Capital Partners has completed a $32 million renovation at 333 West Wacker Drive in Chicago. Since acquiring the building in June 2024, Beacon has leased more than 205,000 rentable square feet, increasing occupancy from 83 percent to 90 percent. The upgrades include an entirely new ground-floor lobby, a two-level fitness and wellness center, a rooftop tenant lounge and conference center, a renovated Goodwin’s deli and a new café and bar offering. Beacon is also underway on three new, fully furnished model suites totaling 30,000 rentable square feet that are set to deliver in November. Notable new tenants include JBT Corp., Forvis Mazars and Eclipse Business Capital. Lease expansions and extensions have been completed with FGMK; Kelley, Drye & Warren; and Teachers Retirement System of Illinois. Hines is the property manager, and The Telos Group provides leasing services for the property.

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AcquisitionsIndianaIndustrialMidwest

CBRE Arranges $5.3M Sale of Industrial Property in Bremen, Indiana

by Kristin Harlow

BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.

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AcquisitionsMidwestMinnesotaRetail

KPR Centers Acquires 451,700 SF Shoppes at Knollwood in Metro Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — KPR Centers, a New York-based retail real estate development and investment group, has acquired Shoppes at Knollwood, a 451,700-square-foot grocery-anchored shopping center in the Minneapolis suburb of St. Louis Park. The property is nearly 99 percent leased and anchored by Cub Foods, DSW, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx and Ulta Beauty. Christian Williams, Richard Frolik and Michael Wilson of CBRE represented the seller. Delivered in 1955 as Knollwood Mall, the asset has undergone several renovations over the decades, including its transformation into an enclosed mall in 1980. The center reverted to its open-air design in 2015 through a $30 million investment. KPR now owns and self-manages approximately 10 million square feet of retail space in 20 states. This purchase signals the owner’s entry into the Minnesota market. Over the last 18 months, KPR has acquired 12 centers totaling nearly 3 million square feet of space for approximately $400 million.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Opens 449-Bed Student Housing Community at Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community located steps from Purdue University. The project at 147 W. Wood St. marks Subtext’s second development in West Lafayette and the first to launch under its new EVER brand. The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes. Amenities include a resort-style courtyard with a pool, hot tub and jumbotron, along with a fitness center, yoga studio, coffee bar, open study lounges, outdoor kitchen, pet spa and bike storage. Subtext developed the project in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust provided financing. ESG Architecture & Design served as architect and interior designer, and Brinkmann Constructors was the general contractor.

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Leasing ActivityMidwestOfficeOhio

Jones Day Signs 382,019 SF Office Lease Renewal at North Point Tower in Cleveland

by Kristin Harlow

CLEVELAND — Jones Day, a 130-year-old global law firm headquartered in Cleveland, has signed a 382,019-square-foot office lease renewal at North Point Tower in Cleveland. Jared Friedman and David Gimple of Friedman Real Estate negotiated the 10-year lease, which includes 30,622 square feet in the 1001 Building and 351,397 square feet encompassing the entire 901 Building. Friedman represented the landlord and also provides property management services for the two-building complex.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Lamar Johnson Collaborative Designs All-Electric Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC) has designed Humboldt Park Passive Living, a four-story, all-electric building at 750 N. Avers Ave. in Chicago’s West Humboldt Park neighborhood. Developed by 548 Capital, the project will bring 60 affordable housing units and 7,700 square feet of ground-floor retail space to the community, including space planned for a grocery store and café. It is expected to become the largest affordable housing building in Chicago constructed to meet Passive House standards, a performance-driven framework for reducing energy use while improving indoor air quality, according to LJC. The building will feature a ground-level community space, partially covered outdoor plaza and upper-floor terraces that double as communal gathering areas and rainwater collection zones. Apartments will include studio, one-, two- and three-bedroom layouts with 13 units reserved for residents with disabilities. Completion is slated for 2026.

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