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Midwest

DevelopmentIllinoisMidwestOffice

Urban Innovations Completes 15,000 SF Office Build-out for Metropolitan Peace Initiatives in Chicago

by Kristin Harlow

CHICAGO — Urban Innovations has completed a 15,000-square-foot office build-out for Metropolitan Peace Initiatives at 2100 S. Morgan St. in Chicago’s Pilsen neighborhood. The new space houses private and open offices, training rooms, meditation rooms and a kitchen for the Metropolitan Peace Academy, which provides counseling, training and mediation to help prevent street violence in the city. The office also includes a podcast room and 2,000-square-foot gym. Metropolitan Peace Initiatives, a division of Metropolitan Family Services, moved from a previous location. Owned by Pilsen Metropolis LLC, the building was constructed in 1940 and renovated in 2019. Wright & Co. designed the space for the tenant, with MAI Architects working as the building architect. Baum Realty represented ownership, and CBRE represented the tenant in the lease.

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AcquisitionsIndustrialMidwestMinnesota

JLL Income Property Trust Acquires Minneapolis-Area Distribution Center for $66.5M

by Kristin Harlow

MAPLE GROVE, MINN. — JLL Income Property Trust has acquired a Class A industrial business park in the Minneapolis suburb of Maple Grove for $66.5 million. The two-building property totals 443,000 square feet and is fully leased. Constructed in 2023, the asset features 49 dock doors, five drive-in doors, a clear height of 32 feet and ample parking. The seller was undisclosed. As of Sept. 30, industrial investments comprised 32 percent of JLL Income Property Trust’s $6.6 billion portfolio, with $2.1 billion in industrial assets across 59 properties.

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group Breaks Ground on $58.2M Affordable Housing Community in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area. Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.

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AcquisitionsMidwestMultifamilyWisconsin

Northmarq Arranges $57.7M Sale of Luxury Apartment Complex in Greenfield, Wisconsin

by Kristin Harlow

GREENFIELD, WIS. — Northmarq has arranged the $57.7 million sale of Forte at 84South, a 268-unit luxury apartment complex in the Milwaukee suburb of Greenfield. Built in 2018, the property features one-, two- and three-bedroom floor plans. Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb of Northmarq represented the developer and seller, Fiduciary Real Estate Development Inc. The Brookview Companies was the buyer. Brett Hood, David Link, Kevin McCarthy and Cole Boland of Northmarq originated acquisition financing through Fannie Mae.

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AcquisitionsIndianaMidwestRetail

Cooper Group Brokers $10.9M Sale of Shopping Center in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — The Cooper Commercial Investment Group has brokered the sale of the Market Square Shopping Center in Lafayette for $10.9 million. Anchor tenants at the 132,429-square-foot property include Dollar General, the State of Indiana, Indiana BMV and Arni’s Pizza. Dan Cooper of Cooper Group represented the seller, a private investment group out of Kansas. The Michigan-based buyer purchased the asset at 99 percent of the list price. The property was 84 percent leased at the time of sale.

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AcquisitionsMidwestMultifamilyWisconsin

JVM Purchases 236-Unit Mayfair Reserve Apartment Property in Wauwatosa, Wisconsin

by Kristin Harlow

WAUWATOSA, WIS. — JVM Realty Corp. has purchased Mayfair Reserve, a 236-unit luxury apartment property in the Milwaukee suburb of Wauwatosa. Atlantic Residential sold the asset for an undisclosed price. Completed in 2017, Mayfair Reserve offers one- and two-bedroom layouts. Amenities include a fitness center, clubhouse, pool, outdoor kitchen, climate-controlled garage parking, electric vehicle charging station and dog park. Atlantic Residential developed Mayfair Reserve in partnership with Edge Principal. JVM now owns and manages 22 communities throughout the Midwest.

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AcquisitionsIllinoisIndianaIowaMichiganMidwestMinnesotaRetailWisconsin

JLL Brokers Sale of Napa Auto Parts Retail Portfolio in Midwest for $70.2M

by Kristin Harlow

MICHIGAN, MINNESOTA, INDIANA, ILLINOIS, WISCONSIN AND IOWA — JLL Capital Markets has brokered the sale of a 41-property Napa Auto Parts retail portfolio in the Midwest for $70.2 million. The net-leased assets total 342,986 square feet and are located in Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa. There are roughly 18.5 years of weighted average lease term remaining. Alex Sharrin, Jaime Fink, Marcus Pitts and Matt Hazelton of JLL represented the undisclosed buyer and seller. According to JLL, the portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry.

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DevelopmentIllinoisMidwestMultifamily

Synergy Construction Group Completes Station 250 Luxury Apartment Complex in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — Synergy Construction Group has completed Station 250, a 166-unit luxury apartment complex in the Chicago suburb of Mundelein. Synergy served as developer and general contractor, and Ware Malcomb provided architecture, interior design and full site planning services for the transit-oriented project. The four-story development is located next to the Mundelein Village Hall and adjacent to the local Metra rail station. Station 250 features an outdoor pool and 10,700 square feet of indoor amenities, including a coffee bar reception area, fitness center, yoga room, sauna, golf simulator room and coworking lounge.

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IllinoisLeasing ActivityMidwestOffice

Chicago Department of Aviation Signs 99,421 SF Office Lease at US Cellular Plaza

by Kristin Harlow

CHICAGO — The Chicago Department of Aviation (CDA) has signed a 99,421-square-foot office lease at U.S. Cellular Plaza in Chicago. Jonathon Connor, Francis Prock and Jason Simon of Colliers represented the landlord, FCA Partners. The office property totals 637,000 square feet across three buildings. The CDA will occupy floors five through nine in the 8420 building and is relocating from a facility on the O’Hare airport grounds effective immediately. FCA has owned the property debt-free since 2011 and recently completed a $15 million capital improvement campaign. Fred Ishler of Avison Young represented CDA.

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DevelopmentMichiganMidwestRetail

Poag Invests $1.3M in Improvements at RiverTown Crossings Shopping Mall Near Grand Rapids

by Kristin Harlow

GRANDVILLE, MICH. — Poag Development Group has invested more than $1.3 million into property improvements at its recently acquired RiverTown Crossings, a 1.3 million-square-foot regional mall in Grandville near Grand Rapids. The two-story enclosed mall features five anchors — Macy’s, Kohl’s, JC Penney, Celebration Cinemas and Dick’s Sporting Goods. Poag purchased the property in September. The improvements included cleaning up and installing new landscaping, fixing the merry-go-round and significant repairs to the parking lot. Poag aims to redevelop the mall into a mixed-use lifestyle center with restaurants, entertainment and potential residential and hotel uses. The Memphis-based developer is working with JLL as its leasing partner to maximize the potential of the property.

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