Friday, January 16, 2026
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Midwest

AcquisitionsMichiganMidwestRetailWisconsin

Mid-America Brokers Sale of 714,000 SF Retail Portfolio Across Three States

by Kristin Harlow

MICHIGAN, WISCONSIN AND ALABAMA — Mid-America Real Estate Corp. has brokered the sale of a four-property shopping center portfolio totaling over 714,000 square feet of retail space across Michigan, Wisconsin and Alabama. Atlanta-based RCG Ventures sold the portfolio to Beaumont, Texas-based Albanese Cormier. Bison Hollow Shopping Center in Traverse City, Mich., totals 134,798 square feet and is fully leased to Kohl’s, T.J. Maxx and Michaels. The 152,073-square-foot Oak Brook Square in Flint, Mich., is 97 percent leased. Tenants include T.J. Maxx, Hobby Lobby, Five Below, Dollar Tree, Skechers, Bath & Body Works and Buffalo Wild Wings. In Oshkosh, Wis., a two-tenant building totaling 52,302 square feet is fully occupied by Dick’s Sporting Goods and PetSmart. McGowin Park in Mobile, Ala., totals 374,881 square feet and is 98 percent leased to Dick’s House of Sport, Best Buy, Hobby Lobby, Ross, Petco and Old Navy. Ben Wineman of Mid-America brokered the sale in cooperation with Greg Hess of TSCG on McGowin Park; Daniel Stern of Mid-America on Bison Hollow and Oak Brook Square; and Nick Kohlmann, George Ghattas and Dan Rosenfeld of Mid-America on the Wisconsin property.

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AcquisitionsMidwestMissouriMultifamily

Greyhill Group Buys Westminster Place Apartments in St. Louis for $38.2M

by Kristin Harlow

ST. LOUIS — Greyhill Group has purchased Westminster Place Apartments, a 337-unit multifamily property located at 4005 Westminster Place in St. Louis, for $38.2 million. Built during the 1980s to 1990s, the community was 96 percent occupied at the time of sale. Greyhill plans to make improvements to the property and hold it for the long term. The acquisition marks Greyhill’s expansion into its ninth state.

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AcquisitionsIllinoisMidwestRetail

NewMark Merrill Acquires 179,106 SF Lake Meadows Shopping Center in Chicago

by Kristin Harlow

CHICAGO — NewMark Merrill Cos. Inc. has acquired Lake Meadows Shopping Center, a 179,106-square-foot property in Chicago. Draper and Kramer Inc. was the seller. Anchor tenants include Jewel-Osco, LA Fitness, Foot Locker, CVS Pharmacy and Citi Trends. NewMark Merrill now owns or operates eight properties in the Chicago area representing more than 1.6 million square feet and a combined asset value of over $300 million. The company plans to upgrade Lake Meadows with improvements to signage, lighting and gathering spaces. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist, Susan Rorison and Matt Gugliciello represented NewMark Merrill on an internal basis. Michael Nieder, Brian Page and John Dettlaff of JLL represented the seller. Lake Meadows was 85 percent leased at the time of sale.

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DevelopmentIndustrialMidwestRetail

Principle Construction Completes 4,000 SF Circle K Fleet Convenience Store in Suburban Chicago

by Kristin Harlow

WEST DUNDEE, ILL. — Principle Construction has completed a 4,000-square-foot flagship Circle K fleet convenience store at 70 Airport Road in West Dundee, a far northwest Chicago suburb. The store is part of a 56-acre redevelopment project on I-90 at Route 31. Principle installed eight dual-sided fuel dispensers for cars and four dual-sided and two single-sided fuel dispensers for trucks on the building’s exterior. Inside is a 354-square-foot cooler for soda, water, energy drinks and beer. The team built a 52-square-foot freezer for ice cream and pizza. A hot dog island holds condiment dispensers, a soda fountain and coffee station. The redevelopment includes a 1,006-space secured truck parking facility, a comprehensive truck repair and maintenance facility, truck wash, quick-service restaurant and office space for trucking and logistics companies. Gleason Architects designed the space. An affiliate of Speedwagon Capital owns the building.

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AcquisitionsContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastWestern

Navigating Fannie Mae, Freddie Mac Small Balance Multifamily Loan Programs

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Most multifamily real estate owners need to finance or refinance their apartment community at some point. Many utilize the small balance multifamily loan programs available through Fannie Mae and Freddie Mac to do so. Understanding how lenders navigate each phase of the loan cycle can give owners a strategic advantage, especially in a time of elevated rate volatility. A significant amount of multifamily debt is maturing in 2026. Borrowers should not wait to refinance to avoid the concentrated competition later in the year when lenders are faced with refinancing demand. In addition, modest rent growth today offers refinancing upside; and finally, Fannie Mae and Freddie Mac have higher production caps in 2026, providing more runway for lending. The following overview, based on Regions Real Estate Capital Markets’ experience, outlines five key phases of the process, with helpful tips throughout: 1. Screening and Term Sheet Loan screening kicks off the relationship between borrower and lender. The lender’s production representative often conducts an introductory call with the borrower, who completes an application and provides due diligence items. Access a checklist of items to provide to Regions for screening here. Tip #1: Get all required (and …

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IllinoisIndustrialLoansMidwest

IPA Capital Markets Arranges $96.7M in Financing for Industrial Portfolio in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $96.7 million in financing for three industrial properties in Rockford. Frank Montalto and Ethan Splan of IPA secured the three-year, nonrecourse financing with Bank OZK on behalf of Craig Erdmier, a Northern Illinois-based design-build and construction management professional and general contractor. The portfolio comprises more than 650,000 square feet, including two fully stabilized buildings totaling 503,395 square feet. The financing will be used to consolidate the stabilized assets and support the construction of the third facility, which will total roughly 155,000 square feet. Each building was developed as a build-to-suit for a global pharmaceutical services provider.

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AcquisitionsIndianaMidwestMultifamilyStudent Housing

Inland, Scion Buy 489-Bed Student Housing Community at Purdue University in Indiana

by Kristin Harlow

WEST LAFAYETTE, IND. — Inland Real Estate Acquisitions LLC and The Scion Group have purchased Fuse, a 489-bed student housing community located directly across the street from Purdue University’s Mackey Arena and Ross-Ade Stadium in West Lafayette. The property at 720 Northwestern Ave. rises five stories with 229 units. Amenities include a clubhouse, game room, yoga and dance studio, terrace and outdoor lounge, a fitness center and business center with private study rooms. The buyers acquired the property as part of a portfolio with two other communities in Waco, Texas, and Charlottesville, Va. Mark Cosenza and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate. TSB Capital Advisors consulted for the buyers and TSB Realty represented the sellers. Walker & Dunlop arranged fixed-rate loans for the portfolio through Freddie Mac.

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AcquisitionsIllinoisMidwestMultifamily

S2 Capital Acquires 344-Unit Ovaltine Apartments in Villa Park, Illinois

by Kristin Harlow

VILLA PARK, ILL. — S2 Capital has acquired Ovaltine Apartments, a 344-unit multifamily property in the western Chicago suburb of Villa Park. The acquisition marks the firm’s first investment in the greater Chicago area. Originally converted from the historic Ovaltine chocolate factory in 2001, Ovaltine Apartments offers loft-style units. The property’s average occupancy has remained above 95 percent since January 2024. Approximately 98 percent of the units remain unrenovated or only partially upgraded, providing S2 the opportunity to execute a comprehensive renovation plan. S2 acquired the asset through its S2 Real Estate Fund II.

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AcquisitionsIndustrialMidwestOhio

ICP Acquires 408,000 SF Former True Value Hardware Distribution Facility in Westlake, Ohio

by Kristin Harlow

WESTLAKE, OHIO — Industrial Commercial Properties (ICP) has acquired the former True Value Hardware distribution facility at 26025 1st St. in Westlake, about 12 miles west of downtown Cleveland. The 408,000-square-foot property features a clear height of 25 feet and sits on 21.6 acres. ICP will transform the facility with advanced building systems, improved dock and loading areas and a modernized look. The updated space, available in the second quarter of 2026, will offer flexible layouts for industrial, manufacturing and distribution businesses. Joe Messina, David Stecker and Joe Warren of JLL helped facilitate the transaction and will continue as the leasing team.

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