Wednesday, January 14, 2026
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Midwest

Build-to-RentIllinoisLoansMidwestSingle-Family Rental

Lynd Receives $64M Loan for Refinancing of Build-to-Rent Property in Metro Chicago

by Kristin Harlow

OSWEGO, ILL. — Lynd Development Group, a division of The Lynd Group, has received a $64 million loan from Starwood Capital to refinance Home at Ashcroft, a 178-unit, luxury build-to-rent community in the western Chicago suburb of Oswego. The new financing replaces a $66 million construction loan provided by Delaware Life and Steeprock Capital. Construction began in 2022 and is now complete. The property is more than 82 percent occupied. Home at Ashcroft features three-bedroom, single-story homes averaging 1,775 square feet. Each residence includes a two-car garage and covered patio. Monthly rents range from $2,800 to $4,000. Amenities include a clubhouse, pool, fitness center, game room, private library, grilling stations, dog park and landscaped walking trail.

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DevelopmentIllinoisMidwestMultifamily

Continental Properties Completes 336-Unit Apartment Development in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Continental Properties has opened Authentix South Elgin, a 336-unit, garden-style apartment community in South Elgin. Located at 1300 N. Lancaster Road, the property features a mix of studio, one-, two- and three-bedroom units. Amenities include a resort-style pool, community clubhouse with a coffee bar, outdoor grill area, 24-hour fitness center, two pet playgrounds and a pet spa. Authentix Apartments, owned and operated by Continental Properties, is a national brand of garden-style communities.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Annex Group Breaks Ground on $25.8M Affordable Housing Community in Milwaukee

by Kristin Harlow

MILWAUKEE — The Annex Group has broken ground on Union at Rose Park, a $25.8 million affordable housing community in Milwaukee. The property will offer 75 one-, two- and three-bedroom units for households earning a range of income levels starting at 30 percent of the area median income to market rate. Nine units will be targeted to veterans. Amenities will include a community room, fitness center and business center. The development will include rooftop solar panels and is designed to meet Enterprise Green Community Standards. Project partners include Ware Malcomb, raSmith, Integrity Structural Corp., Latimer Sommers & Associates, Terracon, Heartland Energy Consultants, Baker Tilly, ACC Management Group and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. Impact Housing Indiana will have a dedicated onsite space within Union at Rose Park. Advantage Capital provided more than $9 million in federal equity and just under $3 million in state credit equity for the project. The Wisconsin Housing and Economic Development Authority allocated 4 percent tax credits, approximately $13.5 million in tax-exempt bonds and both a $1 million Vacancy-to-Vitality loan and a $125,000 Infrastructure Access Funding loan. Cedar Rapids Bank & Trust served as construction …

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DevelopmentIndianaIndustrialMidwest

B&B Group to Open 36,000 SF Headquarters in Ingalls, Indiana

by Kristin Harlow

INGALLS, IND. — B&B Group, a Central Indiana property services company, has broken ground on its new headquarters at Park 69 within Ingalls, a northwest suburb of Indianapolis. The facility will serve as the headquarters for Real Time Detention and Real Time Furniture and is situated about a five-minute drive from the companies’ current offices in Noblesville. The relocation is expected to be completed in 2026. Developed by Podell Partners, the combined headquarters will span 36,000 square feet and feature a two-story office and showroom, column-free warehouse space and professional outside storage. B&B Group, Real Time Detention and Real Time Furniture plan to bring more than 25 jobs to Madison County. The project marks the second industrial facility developed by Podell Partners at Park 69, which encompasses 23 acres of master-planned industrial and multi-use space. The project received a 10-year real property tax abatement. Cam Kucic and Korey Ryan of Colliers represented the landlord in the transaction. Steve Schaub of Avison Young represented the tenant. Elements Financial provided construction financing. Systems Builders is serving as the general contractor.

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IllinoisLeasing ActivityMidwestRetail

Four New Retail Tenants Sign Leases at Deer Park Town Center in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Four new retail tenants have signed leases to open at Deer Park Town Center in the Chicago suburb of Deer Park. LaserAway, now open, occupies an 1,819-square-foot store next to Sleep Number and offers laser hair removal technology and treatments. Eye care retailer Warby Parker will open in November. The 2,512-square-foot store is currently under construction and located near Banana Republic. Also opening in November, American Eagle will occupy 5,800 square feet. The space next to Bath & Body Works is currently under construction. Toastique, opening in winter 2025, serves gourmet toast, juice and coffee. The 1,400-square-foot restaurant will be the first Illinois location for the brand. Managed by JLL, Deer Park Town Center is an outdoor lifestyle shopping center that is home to more than 60 retail, restaurant and service brands.  

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IndustrialMarket ReportsMidwestMidwest Market ReportsMinnesota

Minneapolis-St. Paul Industrial Market Is Proving its Staying Power

by Kristin Harlow

By Joe Mahoney, Opus In today’s industrial landscape, where some U.S. metros are grappling with double-digit vacancies and an oversupply of speculative product, the Minneapolis-St. Paul metropolitan area continues to stand apart. With consistently strong fundamentals, measured development, disciplined absorption and diverse demand, the Twin Cities have historically avoided the peaks and valleys of fluctuating supply and demand that plague other cities. Looking at current data, during the first two quarters of 2025, industrial vacancies here hovered around 4 percent while the national average was 9.3 percent, according to CBRE. In fact, the Twin Cities have the fifth lowest industrial vacancy rate in the country.  Steadfast economics This stability is no accident. The Twin Cities of Minneapolis and St. Paul rank as the 13th largest industrial market in the country due to a number of factors. Among the most impactful, they have a robust corporate base that includes 17 Fortune 500 companies in industries ranging from manufacturing, technology, agriculture and healthcare to medtech, energy, retail and financial services. This diversity helps drive consistent demand. In addition, above-average wages that outpace inflation, below-average unemployment rates and above-average job growth, household resiliency and demographic stability together help make Minnesota a good place …

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AcquisitionsKansasMidwestOfficeRetail

KBS Sells 10-Building Park Place Village Office, Retail Property in Leawood, Kansas for $100M

by Kristin Harlow

LEAWOOD, KAN. — KBS has sold Park Place Village, a 10-building, 484,980-square-foot office and retail property in the Kansas City suburb of Leawood, for $100 million. DFW Land, a development company that specializes in the acquisition, development and sale of land in the Dallas-Fort Worth Metroplex area, was the buyer. Park Place Village was owned by KBS Real Estate Investment Trust III and purchased in 2015. Developed in phases between 2007 and 2013, the property features amenities such as boutique shops, upscale restaurants, a fitness center, bike storage, electric vehicle charging stations, onsite parking and a rooftop terrace. The surrounding area is home to shopping and entertainment venues, parking garages, the Aloft Hotel, 201 apartment units, 30 townhouses and 27 lofts. The asset was fully leased at the time of sale. Derek Fohl and Gary Carr of Newmark represented KBS in the sale with support from the brokerage firm’s Jim Postweiler, Peter Harwood, Jack Trager, Jake Paschen, Robert Hill, Chris Murphy and Austin Sheehan. Attorneys Bruce Fischer and Howard Chu along with paralegal Amanda Kennedy of Greenberg Traurig LLP represented KBS as legal counsel in the disposition. Ari Schwartzbard and Bill Weber of Newmark arranged a $62 million acquisition loan on …

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DevelopmentMidwestMinnesotaOffice

Opus Breaks Ground on 115,000 SF Spec Office Building in Edina, Minnesota

by Kristin Harlow

EDINA, MINN. — Opus has broken ground on Arcadia, a 115,000-square-foot speculative office building at 5100 Eden Ave. in the Minneapolis suburb of Edina. The building will also serve as the developer’s headquarters. Arcadia is located in Edina’s Grandview District on the site of the former Eden 100 building. The development will include a six-story, multi-tenant office building with amenities such as a lobby with fireplace, gathering spaces, conference rooms, an employee training room, private tenant clubroom, workout facility and outdoor terrace. Opus is the developer and design-builder and will occupy Arcadia’s top floor, taking approximately 28,000 square feet. Joe Conzemius, Larissa Bodine, Anne Rinde and Elle Westphal of CBRE are marketing the remaining space for lease. ESG Architecture & Design is the architect of record.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Arranges $11.1M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Essex Realty Group LLC has arranged the $11.1 million sale of 2407 W. Eastwood Avenue, a 40-unit apartment building in Chicago’s Lincoln Square neighborhood. Completed in 2017, the property features ground-floor retail space and studio and one-bedroom apartments. Amenities include garage parking, bike storage and shared laundry facilities. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed seller.

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IllinoisIndustrialLeasing ActivityMidwest

Brown Commercial Group Negotiates 53,854 SF Industrial Lease in Hoffman Estates, Illinois

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Brown Commercial Group has negotiated a 53,854-square-foot industrial lease at 2685 N. Eagle Way in the Chicago suburb of Hoffman Estates. The tenant, FCA Packaging, is expanding into an additional location in Chicagoland. Candace Scurto of Brown Commercial represented FCA Packaging, which provides customized packaging products and services for businesses in the warehouse and logistics sectors. The leased space is within the Ninety Logistics Center, which features I-90 tollway visibility and connectivity to the O’Hare submarket. Mike Sedjo and Ben Dickey of CBRE represented the landlord, Brennan Investment Group.

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