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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Northeast Ohio Industrial Market Turns a Corner

by Kristin Harlow

By Troy Gerspacher, Gerspacher Real Estate Group/CORFAC International After five straight quarters of tenants giving back more space than they took, Northeast Ohio’s industrial market is finally turning a corner. The reason isn’t a sudden rush of new demand. It’s that almost nobody built anything speculative for two straight years, so the modest leasing activity we’re seeing is enough to move the needle. A manufacturing market Northeast Ohio has never been a mega-warehouse market chasing Amazon-style fulfillment. We’re a manufacturing region. Most of the active deals are in buildings under 100,000 square feet run by regional manufacturers and smaller operators who have been here for decades.  Deals aren’t driven by national logistics players making their way in because of population growth. Instead, deals are driven by suppliers to the region’s manufacturing base.   Market data tells the story Data sources all point to the same fact: Cleveland’s industrial market remains very tight. Vacancy stood at 4.3 percent in the first quarter of 2026, with average asking rents around $6.70 per square foot, according to CoStar. That’s particularly notable compared with the national industrial vacancy rate, which started the year at approximately 7.5 percent.  The market also recorded approximately 420,000 square …

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KansasMidwestMissouriMixed-Use

Kansas City Chiefs, Hunt Midwest Launch Two-Point Development

by Kristin Harlow

KANSAS CITY, MO. — The Kansas City Chiefs and Hunt Midwest are launching Two-Point Development, a joint real estate venture that will help shape mixed-use districts around the football franchise’s new stadium in Kansas City, Kan., and its new headquarters and training facility in Olathe, Kan. The long-term strategic partnership is meant to ensure that both developments create year-round sports and entertainment destinations that will spur regional economic activity and create new jobs. Two-Point Development will serve as master developer for the design and development of both districts, overseeing the architects, engineers, land planners and general contractors who will bring the projects to life. In Kansas City, the development will blend entertainment, hospitality, retail, residential and public gathering spaces. In Olathe, the team’s headquarters and practice facility will serve as the centerpiece of a mixed-use environment. The Two-Point Development name stems from Lamar Hunt’s vision for including the two-point conversion in professional football. Hunt founded the Dallas Texans in 1960, and the franchise moved to Kansas City in 1963. The team is under the ownership of the Hunt Family. The Chiefs projects are part of a partnership with support from the State of Kansas, the Kansas Department of Commerce, the …

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AcquisitionsIndustrialMidwestMinnesota

IRG Acquires 422,727 SF Distribution Facility in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Industrial Realty Group LLC (IRG) has acquired a 422,727-square-foot industrial facility located at 411 Farwell Ave. in South St. Paul. The property formerly served as the headquarters of The Sportsman’s Guide, an online and catalog retailer. Situated on 19 acres, the asset features 392,727 square feet of warehouse space and 30,000 square feet of office space. The facility is fully available for occupancy, creating an opportunity for IRG to reposition and market the property to industrial users. The development features cross-dock loading on three sides, 36 dock-high doors, two drive-in doors, a 110-foot truck court, a clear height of 22 feet and substantial employee parking. The site also includes an existing Union Pacific rail spur and rail doors, with activation required for future rail service.

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AcquisitionsIllinoisIndustrialMidwest

SVN Chicago Commercial Arranges $25.5M Sale of Industrial Property in Lake Zurich

by Kristin Harlow

LAKE ZURICH, ILL. — SVN Chicago Commercial has arranged the $25.5 million sale of a 210,000-square-foot industrial property located at 1275 Ensell Road in Lake Zurich. Paul Cawthon and Angelo Labriola of SVN represented the seller. Lyman Phillips and Jeff Feldman of Golden Lion Capital represented the buyer, Cardinal Industrial, led by Michael McFarland and Thomas Homco. The transaction included a newly executed, five-year net lease with GereMarie Corp., the facility’s longtime occupant. The lease includes additional renewal options and is corporately guaranteed by Patrick Industries Inc., the publicly traded parent company of GereMarie. Situated on 8.5 acres, the facility features substantial manufacturing infrastructure, including 10,000 amps of power, reinforced concrete floors, a fully air-conditioned production environment, updated loading docks and newer HVAC and LED lighting systems. GereMarie has occupied the property since 2010 and has completed four major expansions at the site.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $11.5M Sale of Retail Strip Center in Glendale Heights, Illinois

by Kristin Harlow

GLENDALE HEIGHTS, ILL. — Marcus & Millichap has brokered the $11.5 million sale of Bloomingdale Plaza in Glendale Heights. Anchored by Aldi, the 15-suite retail center is fully occupied and includes a two-tenant outlot anchored by Starbucks, which executed a five-year lease extension in August. Longstanding tenants Aldi, Boost Mobile and Glendale Medical have occupied the center for more than 17 years. The center ranks in the top 7 percent of Illinois strip centers by visits, attracting more than 1.4 million annual visitors, according to Marcus & Millichap. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local private investor. Buyer information was not provided.

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IllinoisLoansMidwestOffice

Tishman Speyer Receives $340M Loan for Refinancing of Chicago Office Complex

by Kristin Harlow

CHICAGO — Tishman Speyer has received a $340 million CMBS loan for the refinancing of The Franklin, a two-tower office complex in Chicago’s West Loop. JPMorgan led the single asset single borrower (SASB) loan with Bank of America and Deutsche Bank serving as co-lenders. Proceeds from the five-year, floating-rate loan will be used to pay off The Franklin’s existing loan and fund ongoing leasing efforts. Tishman Speyer has secured 460,000 square feet of new leases and extensions at the property since June 2025, leaving the asset 84 percent leased. Tenants at the 2.5 million-square-foot campus include The Options Clearing Corp., Robert W. Baird, Amazon Web Services, Guggenheim Partners and The Trade Desk. The Franklin encompasses a 60-story tower at 227 W. Monroe St. and a 34-story tower at 222 W. Adams St.

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KansasLoansMidwestMultifamilyStudent Housing

Gantry Arranges $22.8M Loan for Kansas Student Housing Property

by Kristin Harlow

PITTSBURG, KAN. — Gantry has arranged a $22.8 million permanent CMBS loan for University Digs, a multifamily property located at 1902 S. Broadway St. in Pittsburg, directly adjacent to Pittsburg University. The three-story, 190-unit community features a mix of studio, one- and two-bedroom floor plans. Originally built in 1960, University Digs has undergone extensive renovations since its original construction. Amenities include a pool, clubhouse, volleyball court, pickleball court and onsite management. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate loan features interest-only payments for the full term.

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IllinoisIndustrialLeasing ActivityMidwest

BDK Express Signs 120,985 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — BDK Express, a trucking and logistics company, has signed a full-building industrial lease totaling 120,985 square feet at 951 Thorndale Ave. in Bensenville. Paddy Dwyer, Joe Bronson and Pat Clifford of NAI Hiffman represented the landlord, Prologis. The Class B distribution center features a clear height of 24 feet, 20 loading docks and immediate access to I-390 as well as proximity to the Chicago O’Hare International Airport.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

McShane to Build 52-Unit Affordable Housing Community in Portage, Wisconsin

by Kristin Harlow

PORTAGE, WIS. — Impact Seven, in partnership with Harmony Housing Partners, has selected McShane Construction Co. to build River Crossing, a 52-unit affordable housing community in Portage. Positioned on a 2-acre site at 2941 Hunters Trail, the development will consist of a podium-style building atop a one-level underground parking garage with 52 spaces. A portion of the units will accommodate adults with disabilities. Residents will have access to 13,000 square feet of amenities, including a community room, quiet lounge, media room, pet spa, fitness center and storage lockers. Completion is slated for October 2027. Continuum Architects + Planners is the architect, and General Engineering Co. is the civil engineer.

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IllinoisLoansMidwestMultifamily

Knighthead Funding Provides $32M Loan for Refinancing of Metro Chicago Apartment Community

by Kristin Harlow

GLENVIEW, ILL. — Knighthead Funding has provided a $32 million loan for the refinancing of Cerca, a newly constructed multifamily community in Glenview. The loan refinances a previous construction facility and provides proceeds to pay off the property’s preferred equity investor. Jonathan Daniel, Peter Illuzzi and Joseph Marraccini of Knighthead originated the loan on behalf of the borrower, The Drake Group. Amenities at the 62-unit property include fitness rooms, a private dining area, conference rooms, an amenity deck, dog spa and grilling stations. The property also includes 6,886 square feet of ground-floor retail space. Daniel Gillard, Philip Galligan, Michael Gurwin and Ryan Planek of JLL represented the borrower.

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