Monday, June 15, 2026
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Midwest

AcquisitionsIndianaMidwestRetail

First National Realty Partners Acquires Southern Plaza Shopping Center in Indianapolis

by Kristin Harlow

INDIANAPOLIS — First National Realty Partners (FNRP) has acquired Southern Plaza in Indianapolis for an undisclosed price. A 59,500-square-foot Kroger store anchors the 268,000-square-foot shopping center. A tenant at the center since 1990, Kroger recently updated its storefront and renovated the interior. Additional tenants at the property include Ross Dress for Less, Harbor Freight, Oak Street Health, Goodwill, Rue 21, Qdoba, Cosmo Prof, BMO Bank and Sally Beauty. John May of Prodigy Real Estate Group represented the undisclosed seller.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $11.3M Sale of Townhome Property in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.

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IllinoisIndustrialLeasing ActivityMidwest

Two Tenants Sign Lease Renewals at Industrial Property in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Two tenants have signed industrial lease renewals at 8220 Austin Ave. in Morton Grove, a northern suburb of Chicago. Dynamic Group, a contract cabinet manufacturer, signed a 45,000-square-foot renewal. Johnson & Quin expanded its offsite storage facility to 17,500 square feet at the property. Johnson & Quin is a large volume, personalized direct mail company that has operated in the Chicago area for 146 years. Sam Badger of CBRE represented Johnson & Quin, while Brendan Green and Patrick Turner of Colliers represented ownership, Clear Height Properties.

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AcquisitionsKansasMidwestRetail

Quantum Arranges $3.5M Sale of Retail Strip Center in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — Quantum Real Estate Advisors Inc. has arranged the sale of a multi-tenant retail strip center in Lawrence for $3.5 million. Jersey Mike’s, which recently signed a new 10-year lease, anchors the property, which is located at 4801 Bauer Farm Drive. Zack Hilgendorf of Quantum represented the undisclosed buyer. The property sold to a family office based in Wichita.

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AcquisitionsMidwestRetailWisconsin

Greywolf Partners Negotiates $1M Sale of Convenience Store Portfolio in Wisconsin

by Kristin Harlow

BARABOO, REEDSBURG AND WYOCENA, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has negotiated the sale of a three-property portfolio of gas stations and convenience stores in Wisconsin for $1 million. The properties are located at 516 Ash St. in Baraboo, 306 E. Main St. in Reedsburg and 123 S. Washington St. in Wyocena. Together, the assets total 6,144 square feet. Steve Turner of Greywolf Brokerage represented the seller. Buyer and seller information was not provided.

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LoansMidwestMinnesotaMultifamily

Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.

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IllinoisLeasing ActivityMidwestOffice

IWG to Open Three New Flexible Workspaces in Illinois

by Kristin Harlow

CHAMPAIGN, EDWARDSVILLE AND ROCKFORD, ILL. — IWG, a provider of flexible workspaces, plans to open three new locations in Illinois. The company states that the demand for hybrid working continues to grow with companies of all sizes. IWG will open a new headquarters center at 206 N. Randolph St. in Champaign. Additionally, IWG will open two Regus centers at 101 W. Vandalia St. in Edwardsville and 220 E. State St. in Rockford. Timelines for the openings were not provided. IWG opens the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.

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Affordable HousingLoansMichiganMidwestMultifamily

Greystone Provides $10.8M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Community

by Kristin Harlow

SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

Blueprint Negotiates Sale of 148-Unit Senior Living Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Underway on 31,200 SF Industrial Building for Alvil Trucking in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Principle Construction Corp. is underway on a new 31,200-square-foot industrial building for Alvil Trucking at 2570 Millennium Drive in Elgin. The logistics company is relocating from Elk Grove Village. The project will include a 15,400-square-foot warehouse, 9,800-square-foot truck maintenance area and 6,000 square feet of office space. Additional building features include four dock doors, four drive-in doors and a clear height of 28 feet. Principle is also constructing a 972-square-foot mezzanine storage area and amenities for truckers, including showers and rest areas. More than 50 parking spaces will be available for both trucks and trailers. Harris Architects is the project architect. Principle expects to complete the project before the end of the year.

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