Monday, June 15, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Midwest

AcquisitionsIllinoisMidwestMultifamily

Waterton Acquires Alta Roosevelt Apartments in Chicago for $170M

by Kristin Harlow

CHICAGO — Waterton has acquired Alta Roosevelt Apartments in Chicago’s South Loop. Atlanta-based Wood Partners sold the property for $170 million, according to Crain’s Chicago Business. Located at 801 S. Financial Place and built in 2017, Alta Roosevelt features 496 units. Amenities include 50,000 square feet of common area space, which features an outdoor pool and spa, outdoor lounge with grilling stations and TVs, a dog park, bike room, package room, game room with bowling lanes, fitness center, yoga studio and entertainment kitchen. The property also includes a four-story parking garage. Waterton plans to rebrand the asset as The Elle, a nod to both Eleanor Roosevelt and Chicago’s elevated train station known as the “L.” Waterton will also make upgrades to the amenities. Danny Kaufman, Trent Niederberger, Lucas Borges and Mike Halbach of JLL arranged $99.5 million in acquisition financing on behalf of Waterton. The Freddie Mac loan features a seven-year term and a fixed interest rate.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMichiganMidwest

Kroger Opens 135,000 SF Customer Fulfillment Center in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — The Kroger Co. has opened its newest customer fulfillment center (CFC) in Romulus. Powered by the Ocado Group, the roughly 135,000-square-foot CFC will leverage advanced robotics technology and creative solutions for Kroger delivery services. Kroger utilizes temperature-controlled vans and machine-learning algorithms that optimize delivery routes for grocery deliveries. Machine-learning algorithms adjust themselves to perform better as they are exposed to more data. Orders are delivered to customers’ doorsteps by trained Kroger associates. The CFC in Romulus will reach customers up to 90 minutes from the site and will employ more than 700 associates. Kroger first announced its partnership with Ocado, a technology company that specializes in grocery e-commerce, in 2018. Kroger currently operates CFCs in Ohio, Florida, Georgia, Wisconsin, Texas and Michigan. Additional centers are slated for California, Maryland, Arizona, Ohio, North Carolina and Colorado as well as South Florida and the Northeast.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialMidwest

Marcus & Millichap Arranges $1.6M Sale of Industrial Property in Rolling Meadows, Illinois

by Kristin Harlow

ROLLING MEADOWS, ILL. — Marcus & Millichap has arranged the $1.5 million sale of Carnegie Street Business Center in the Chicago suburb of Rolling Meadows. The industrial property, located at 1225 Carnegie St., spans 25,800 square feet, includes seven suites ranging in size from 1,800 to 6,200 square feet. Peter Doughty of Marcus & Millichap represented the seller, a local private investor. Neil Bresnahan of Marcus & Millichap secured and represented the buyer, also a local private investor.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHealthcareIllinoisMidwest

Cooper Group Brokers $1.5M Sale of Oak Street Health-Occupied Property in Peoria, Illinois

by Kristin Harlow

PEORIA, ILL. — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property occupied by Oak Street Health in Peoria for $1.5 million. Dan Cooper of Cooper Group represented the seller, a private investment fund. The property sold to an all-cash buyer based in California. The sales price represented a cap rate of 6.7 percent. The property sold for 97 percent of the list price. Oak Street Health operates roughly 125 medical centers across 20 states and maintains a joint venture partnership with Humana Inc. Oak Street Health executed a new 10-year lease for the Peoria property in 2021.

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisLeasing ActivityMidwestRetail

Anytime Fitness Signs 6,276 SF Retail Lease in Belvidere, Illinois

by Kristin Harlow

BELVIDERE, ILL. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.

Continue Reading
FacebookTwitterLinkedinEmail
Dermody-Logistics
DevelopmentIllinoisIndustrialMidwestOfficeTop Stories

Dermody Properties Completes Acquisition of Former Allstate Campus in Metro Chicago, Plans 3.2 MSF Industrial Campus

by Katie Sloan

GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million.  Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development.  Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023.  “This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.” The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from …

Continue Reading
FacebookTwitterLinkedinEmail
Dana Wade LIHTC Walker Dunlop
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestNortheastSoutheastTexasWalker & DunlopWestern

Shortage of Tax Credits, Higher Interest Rates Plague Affordable Housing

by Sarah Daniels

Forty-year-high inflation rates that are outpacing wage growth and eating away at personal income are exacerbating already outsized resident demand for affordable housing financed by the federal Low-Income Housing Tax Credit (LIHTC) program. But it seems that obstacles to supplying new units to meet that demand are only multiplying. Those range from a shortage of housing tax credits needed to fund new supply to resistance to multifamily development at the local level. Meanwhile, higher mortgage rates are making home buying more difficult and expensive. In turn, that is creating more apartment renters, thereby putting upward pressure on rental rates. In September, for example, the average monthly rent price nationwide hit $1,759, an increase of 7.8 percent from the prior year, according to Realtor.com’s monthly rental report. That’s also nearly 25 percent higher than September 2019, the organization reports. What’s more, from 2015 through 2020  — long before mortgage rates spiked — the U.S. lost 4.7 million apartment units with rents less than $1,000 per month, according to U.S. Apartment Demand Through 2035, a report by the National Multifamily Housing Council and National Apartment Association. “Demand for affordable units is only going to become more acute between now and the end of …

Continue Reading
FacebookTwitterLinkedinEmail
IndianaMarket ReportsMidwestMidwest Market ReportsOffice

Three Indicators of a Rebounding Office Market in Indianapolis

by Kristin Harlow

By Traci Kapsalis, JLL It’s no secret that the COVID-19 pandemic turned every office market across the globe upside down. In the process, quality of life, health and well-being have become top priorities for office workers, as well as a push for hybrid and flexible working models.  To understand and support these evolving expectations, local governments, employers and landlords are working together to identify and shape their new future of work. In fact, new research from JLL reports that the next three years will be a critical phase for commercial real estate strategy, representing a crucial window of opportunity that will determine how successful companies (and cities) will be in adapting to rapid changes. At the crossroads of America, the Indianapolis market is well on its way to a reimagined office environment. Here are three demonstrable signs. 1. Flight to quality dominates the office market Leasing activity for Class A office properties is strong in Indianapolis. According to a recent report, activity in this sector is reaching new heights as it achieved 248,000 square feet of occupancy growth in the second quarter — the highest in a single quarter in over four years — and hit record-high rents of almost …

Continue Reading
FacebookTwitterLinkedinEmail
LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $16.8M Loan for Refinancing of Michigan Multifamily Property

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged a $16.8 million Freddie Mac loan for the refinancing of a 206-unit multifamily property in Clinton Township, about 25 miles north of Detroit. Dennis Bernard and Adam Ferguson of Bernard arranged the loan on behalf of the borrower, Oxford Square Limited Dividend Housing Association LP. Loan terms were not provided.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Pennrose, NEST Open $13M LGBTQ-Friendly Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow

CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 to 60 percent of the area median income, with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National Low-Income Housing Coalition reports only 43 available rental homes per every 100 low-income renters in Ohio. Studies also show that LGBTQ seniors experience higher rates of housing discrimination and poverty, making them especially at risk of housing vulnerability. The community is named in recognition of the late John Montgomery Arthur, a Cincinnati native and husband of the plaintiff in the Supreme Court case that legalized same-sex marriage in the United States. This $13 million redevelopment was financed through Low-Income Housing Tax Credits from the Ohio Housing Finance Agency, equity syndicated by CREA, HOME funding from the City of Cincinnati, an award from the Affordable Housing Program of the Federal Home Loan Bank …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts