Monday, March 9, 2026
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AcquisitionsIllinoisMidwestRetail

SVN Chicago Commercial Brokers $9M Sale of Shopping Center in Hoffman Estates, Illinois

by Kristin Harlow

HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has brokered the $9 million sale of Barrington Square Town Center, a 101,769-square-foot shopping center situated on 11 acres in Hoffman Estates. The transaction marks the first time the property has traded hands since 1979. Wayne Caplan and Al Lindeman of SVN Chicago represented the Dutch-based ownership group, Depa Holding Co., along with its U.S. partner, Caruso Development Corp. Harris Ali of Sky High Real Estate represented the buyer, a local investment group. The center on West Higgins Road is adjacent to a 7.2-acre site slated to be developed as Grand Reserve of Hoffman Estates, a 330-unit luxury apartment development. The property is nearly fully leased and traded at a cap rate of 9 percent.

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AcquisitionsHospitalityKansasLoansMidwest

Ariel Property Advisors Secures $12.4M Acquisition Loan for Hampton Inn Hotel in Kansas

by Kristin Harlow

DODGE CITY, KAN. — Ariel Property Advisors’ Capital Services Group has secured a $12.4 million acquisition loan for a 108-room Hampton Inn & Suites hotel in Dodge City within southwest Kansas. Matt Swerdlow and Matthew Dzbanek of Ariel arranged the fixed-rate loan through a regional balance sheet lender. The loan featured a 6.5 percent interest rate and a 25-year amortization schedule.

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AcquisitionsMidwestMultifamilySeniors HousingWisconsin

Northmarq Arranges $10.7M Sale of Senior Living Portfolio in Madison Metro Area

by Kristin Harlow

MADISON AND VERONA, WIS. — Northmarq has arranged the $10.7 million sale of Westminster and Prairie Oaks II, two senior living communities totaling 102 units in the Madison metro area. Both properties operate under low-income housing tax credit restrictions through 2032 and are designated for residents age 55 and older. Westminster in Verona was built in 2003, and Prairie Oaks II in Madison was constructed in 2002. Both feature one- and two-bedroom floor plans with amenities such as underground heated parking, community lounges, fitness and business centers and onsite management. Jake Lamb, Parker Stewart, Dominic Martinez and Alex Malzone of Northmarq represented the seller, Lakeside Capital Advisors. TPW Properties was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

CRG Sells 66,552 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow

FRANKLIN PARK, ILL. — CRG has sold The Cubes at ORD, a newly constructed industrial building totaling 66,552 square feet in Franklin Park, located immediately southeast of the Chicago O’Hare International Airport. Developed on a speculative basis in 2025, the facility is fully leased to Worldwide Flight Services. The infill development offers direct access to I-294 and features 20 exterior dock doors, two drive-in doors, 11 trailer storage spaces and parking for 70 vehicles. Erik Foster, Mike Wilson, Brian Colson and Brian Pomorski of Avison Young represented CRG in the transaction. Matt Mulvihill of CBRE represented the tenant. The buyer and sales price were undisclosed. CRG integrated partner LJC designed The Cubes at ORD, while parent company Clayco served as general contractor.

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AcquisitionsIllinoisMidwestRetail

Greenstone Parters Brokers $5.6M Sale of Retail Property in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the $5.6 million sale of a retail and medical property located at 1455 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood. The urban infill asset sold for 98 percent of the list price to a New York-based buyer. The two-story property features 11,370 rentable square feet, roughly 125 feet of frontage along North Milwaukee Avenue and a private surface parking lot with 23 dedicated spaces. Barry’s Bootcamp occupies the ground floor. The upper level is leased to medical services provider Kindbody, formerly Vios Fertility Institute. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company, and procured the buyer.

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IndustrialMarket ReportsMichiganMidwestMidwest Market Reports

Return of the Spec: Metro Detroit’s Next Industrial Chapter

by Kristin Harlow

By Ryan Brittain, Colliers Speculative construction has always carried a certain boldness in industrial real estate. Building without a tenant can either signal visionary thinking or a bold bet on future demand.  In metro Detroit, that confidence was on full display during the post-COVID boom. To meet the surge in tenant demand, highly respected industrial developers raced to deliver modern distribution space across the region. At the height, preleasing was not always necessary but often occurred. Developers pushed forward on new Class A warehouses, confident that tenant requirements would catch up and, for a time, they did. Yet here we are in 2026, and speculative development is not an idea of the past. It is returning, this time with more discipline. This is not another Resurgit cineribus Detroit comeback story, but rather a thoughtful recalibration. The “Return of the Spec” reflects a market that has matured and learned, not one that has overheated. To understand it today, it helps to revisit how we arrived. As a wave of newly completed speculative projects delivered (at one point, the market saw 12 million square feet under construction), availability expanded. Shortly thereafter, the automotive industry hit an uncertain patch in late 2023. Vacancy …

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DevelopmentMidwestMixed-UseMultifamilyOfficeOhio

Nationwide Realty Investors to Redevelop 18-Story Office Tower in Columbus into Mixed-Use Destination

by Kristin Harlow

COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans to redevelop the 18-story office tower at 280 High, formerly known as Two Nationwide Plaza, in downtown Columbus. In celebration of Nationwide’s 100-year anniversary, the building will be renamed The Centennial on High. Residential plans call for 148 upscale units across 15 floors, including a newly created penthouse level. Each residential floor will feature five balcony-adorned units. Amenities will include a fitness center, lounge, clubroom and a courtyard along High Street positioned 15 feet below plaza level. The project will also preserve and enhance the building’s office component, with approximately 75,000 square feet of dedicated office space. Anchor tenants include Carpenter Lipps LLP and the Ohio Farm Bureau. Nationwide began 100 years ago as the Farm Bureau Mutual Automobile Insurance Co. serving Ohio farmers. The commercial spaces are operational today, and Nationwide Realty Investors anticipates completing the first residences by mid-2027.

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AcquisitionsLoansMidwestMultifamilyWisconsin

Berkadia Arranges $69M in Acquisition Financing for Two Multifamily Properties in Wisconsin

by Kristin Harlow

PLEASANT PRAIRIE, WIS. — Berkadia has arranged the sale and $69 million in acquisition financing for Cobblestone Creek and Fountain Ridge, two multifamily properties in Pleasant Prairie within Kenosha County. Pete Evans and Richard Evans of Berkadia represented the undisclosed seller, while Laura Cathlina, Chris Blechschmidt and Emily Stang of Berkadia arranged Freddie Mac financing on behalf of the buyer, Illinois-based Santefort Real Estate Group. Cobblestone Creek is a four-building, 164-unit community built from 2013 to 2015. Fountain Ridge consists of 262 units across 13 buildings and was built from 2017 to 2019. Both properties have been consistently fully occupied and present value-add upside, according to Berkadia.

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DevelopmentMichiganMidwestOffice

Michigan Central to Debut 17,000 SF The Mezz Workspace in April

by Kristin Harlow

DETROIT — This April, Michigan Central will open The Michigan Central Mezz, a new work and collaboration space that expands access to the innovation district in Detroit. The Mezz spans 17,000 square feet on the mezzanine level of Michigan Central Station. The workspace offers a variety of desks and work setups, meeting rooms, quiet zones, a kitchen and private wellness rooms. Access to The Mezz requires Michigan Central membership. The network at Michigan Central includes founding partners Ford Motor Co., Google, the State of Michigan, the City of Detroit, Henry Ford Health and Newlab, a venture platform that partners with Michigan Central to support the mobility, energy and manufacturing startups that are part of the district. More than 2,000 professionals and 240 companies work across the 30-acre Michigan Central.

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IllinoisLeasing ActivityMidwestOfficeRestaurantRetail

Espiritu to Open 10,000 SF Restaurant at One East Wacker Office Building in Chicago

by Kristin Harlow

CHICAGO — Fine dining restaurant and bar concept Espiritu has signed a lease to open a roughly 10,000-square-foot ground-floor space at One East Wacker, a Chicago office building owned by AmTrustRE. Espiritu comes from the restaurateurs behind Chicago Cut Steakhouse and Cerdito Muerto, Matt Moore and Emidio Oceguera. The dining concept blends classic Chicago dishes with a modern Mexican flair. In addition to 10,000 square feet of indoor space, the restaurant will include 2,200 square feet of adjoining outdoor patio area along Wacker Drive. Dana Moyles of Dana Moyles Real Estate Services represented Espiritu in the lease, while John Vance and Will Winter of Stone Real Estate represented the landlord. AmTrustRE has also secured three new office leases at the property, including Flight Centre Travel Group (USA) Inc., the Trade Commission of Spain in Chicago and the Consulate General of Bosnia and Herzegovina in Chicago. Signed to 7,216 square feet of office space on the 13th floor, Flight Centre Travel Group is one of the world’s largest global travel agencies. JLL’s Sarah Silva and Bess Cooney represented the tenant. The Trade Commission Office of Spain, of the Government of the Kingdom of Spain, will occupy 4,326 square feet on the …

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