Wednesday, February 4, 2026
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DevelopmentHealthcareIllinoisMidwest

Lurie Children’s Opens 75,000 SF Outpatient Center in Metro Chicago

by Kristin Harlow

SCHAUMBURG, ILL. — Ann & Robert H. Lurie Children’s Hospital of Chicago has opened its new 75,000-square-foot outpatient center in Schaumburg. The project consolidates services from former locations in Arlington Heights, Hoffman Estates and Huntley into one facility. The center will offer a range of specialties and an ambulatory infusion center. The project team included HKS as architect, Skender as general contractor, IMEG Corp. as structural and mechanical engineer and V3 Cos. as civil engineer. In addition to its main hospital in downtown Chicago, Lurie Children’s now offers care through 17 outpatient centers, six primary care locations and 10 partner hospitals across Chicagoland.

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AcquisitionsMichiganMidwestOffice

LREH Michigan Acquires 74,500 SF Office Building in Suburban Detroit

by Kristin Harlow

BLOOMFIELD HILLS, MICH. — LREH Michigan LLC has acquired Square Lake Office Park II at 1750 S. Telegraph Road in Bloomfield Hills. The 74,500-square-foot, three-story office building features a lakefront setting and is fully occupied. Mason Capitani of L. Mason Capitani/CORFAC International represented the buyer, which maintains a portfolio in excess of 2 million square feet of Class A office space across metro Detroit. Liberty Property & Asset Management will provide property management services for the building moving forward.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

McShane to Build 50-Unit Affordable Housing Development in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — McShane Construction Co. will build The Conway at Huxley Yards in Madison for developer Lincoln Avenue Communities. The affordable housing development will feature 50 units in a five-story building with four residential floors atop a precast parking garage. Amenities will include a fitness room, community room, mail room and leasing area. The project was designed to achieve Wisconsin Green Built Homes Gold Certification and Energy Star Multifamily Certification and is part of the EPA Indoor AirPlus program. Completion is slated for the third quarter of 2026. Knothe & Bruce Architects is the project architect.

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IllinoisLeasing ActivityMidwestOffice

Lee & Associates of Illinois to Relocate to One Lincoln Centre in Oakbrook Terrace

by Kristin Harlow

OAKBROOK TERRACE, ILL. — Lee & Associates of Illinois has signed a long-term office lease at One Lincoln Centre in Oakbrook Terrace. The move, set for third-quarter 2026 occupancy, marks the firm’s first transition out of the Rosemont area since its 2002 inception. Built in 1986, One Lincoln Centre is a 318,000-square-foot property. Lee & Associates of Illinois will occupy space on the 14th floor. The move will accommodate the company’s growth, housing more than 60 employees across its brokerage and Lee Asset Management divisions. The company will remain in its current space at 9450 W. Bryn Mawr Ave. until the relocation. Hamilton Partners, the owner of One Lincoln Centre, was self-represented.

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Affordable HousingDevelopmentLoansMidwestMultifamilyWisconsin

CPC Mortgage Provides $16.4M in Financing for 164-Unit Affordable Housing Project in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — CPC Mortgage Co., a subsidiary of The Community Preservation Corp., has provided a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permeant financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment project in Madison’s Triangle neighborhood. Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will provide 164 affordable housing units at 755 Braxton Place. The project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments and Parkside Highrise and Townhomes — collectively known as the CDA Triangle Sites. Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s low-income housing tax credit syndicator; and Baker Tilly, providing expertise as the project’s consultant. The 10-acre site is shared with the Bayview Foundation and two medical buildings. All of the units will be designated as affordable for households earning at or below 60 percent of the area median income. …

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LoansMichiganMidwestOffice

BWE Secures $15.5M Refinancing for Office Building in Troy, Michigan

by Kristin Harlow

TROY, MICH. — BWE has secured a $15.5 million loan for the refinancing of Troy Corporate Center, a Class A office building in Troy. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the loan on behalf of the borrower, Integris Ventures. A life insurance company provided the nonrecourse loan, which features a 30-year amortization. Integris began a value-add business plan after acquiring the 189,790-square-foot, six-story property in 2021. After renovation, the building is nearly fully occupied. Amenities include a micromarket, conference and event space, covered parking, locker rooms and a fitness facility.

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IllinoisLeasing ActivityMidwestRetail

Sky Zone Signs 40,103 SF Retail Lease at Gurnee Mills Mall in Metro Chicago  

by Kristin Harlow

GURNEE, ILL. — Family entertainment tenant Sky Zone has signed a 40,103-square-foot retail lease at Gurnee Mills Mall in the northern Chicago suburb of Gurnee. Sean McCourt and Alex Corno of CBRE represented the landlord, Simon Property Group. Gurnee Mills Mall is home to more than 200 retail, dining and entertainment options.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $3.6M Sale of Retail Building in Des Plaines, Illinois

by Kristin Harlow

DES PLAINES, ILL. — Greenstone Partners has brokered the $3.6 million sale of a newly constructed, single-tenant retail building occupied by Guzman y Gomez in the Chicago suburb of Des Plaines. The quick-service restaurant specializes in fresh Mexican cuisine. Founded in Australia, the brand has expanded to more than 250 restaurants across Australia, Singapore, Japan and the U.S. The Des Plaines property at 2741 Mannheim Road marks the sixth U.S. location. Brewster Hague and Danny Spitz of Greenstone represented the seller, an Illinois-based developer, and procured the buyer, a local private investor.

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IllinoisLeasing ActivityMidwestOffice

DesignPac Inks 17,447 SF Flex Office Lease in Oak Brook, Illinois

by Kristin Harlow

OAK BROOK, ILL. — DesignPac, a subsidiary of 1-800-Flowers.com Inc., has inked a long-term lease for 17,447 square feet of flex office space at 2100 Swift Drive in the Chicago suburb of Oak Brook. Corey Chase of Newmark represented the tenant, which is a provider of gourmet gift baskets and sets for major retailers across North America. The new space will support the company’s multifaceted operations, including its design studio and showroom, product packaging and light manufacturing. Experimental Holdings owns the three-story, 58,010-square-foot property, which underwent a significant renovation in 2017. Ownership is adding an overhead door to the first floor to create a flex space that will enable the tenant to efficiently move products in and out of the facility. Patrick Kiefer and Dan O’Neill of NAI Hiffman represented the landlord.

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Market ReportsMidwestMidwest Market ReportsMinnesotaMultifamily

Twin Cities Apartment Market Enters Period of Recalibration

by Kristin Harlow

By Chris Collins, Marcus & Millichap The Minneapolis–St. Paul apartment market is currently experiencing a transformation, shaped by shifting economic conditions, changing demographics and evolving public policy. Having strong fundamentals in past multifamily housing development, the Twin Cities have entered a period of recalibration.  After years of record-breaking development numbers, the construction pipeline has slowed dramatically, while demand remains across the metro. Like many markets, the Twin Cities face affordability challenges, aging populations and regulatory uncertainty. A major factor of the current market is the sharp decrease in new apartment construction. Following a peak in multifamily housing permits of more than 15,000 in 2022, the Twin Cities saw a sharp decline to just 7,400 from April 2024 to March 2025. This steep reduction is largely driven by public policy such as rent control, operating costs and rising construction costs, which now average in the low to mid-$300,000 per unit, while the market value of newly built apartments hovers near $250,000.  As a result, many developers find it financially unfeasible to break ground on new projects without substantial public subsidies. The construction pipeline has declined by more than 50 percent from its peak, and the number of units under construction will …

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