Tuesday, June 10, 2025
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DevelopmentIndianaMidwestMultifamily

TWG to Build $58M Apartment Complex in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Developer TWG has unveiled plans to build Rise on Meridian, a $58 million apartment complex on the southside of Indianapolis. Located at 915 S. Meridian St., the project will rise six stories with 269 units and 3,500 square feet of retail space. Amenities will include a pool, lounge, courtyard, dog park, second-floor balcony, coworking space, bicycle storage and garage parking. Construction is expected to begin this month, with the first units becoming available in winter 2023. The units will vary from 562 to 954 square feet, and monthly rents will range between $1,200 and $2,100. The City of Indianapolis contributed tax-increment financing bonds, enabling 5 percent of the units to be reserved for residents who earn at or below 30 percent of the area median income.

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IllinoisIndustrialLoansMidwest

JLL Arranges $13.2M Acquisition Loan for Industrial Property in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.

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IllinoisLeasing ActivityMidwestOffice

Datassential Leases 13,806 SF in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Datassential has leased 13,806 square feet of office space at 1201 W. Lake St. in Chicago’s Fulton Market district. The company helps food and beverage users develop, launch and sell new concepts by leveraging data. Datassential will move from 18 S. Michigan Ave. when the new lease commences in January. McCaffery and New York Life owns the 135,000-square-foot building, which was constructed in 2019. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. JLL’s Craig Coupe, Brad Despot and Mike Curran represented building ownership.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.2M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $5.2 million sale of 3546 N. Southport Ave., a property in the Southport Corridor of Chicago’s Lakeview neighborhood that includes 21 apartment units and two commercial spaces. Built in 1930, the building includes 12 studios and nine one-bedroom units that were 97 percent leased at the time of sale. Real Good Juice Co. and The Denim Lounge fully lease the commercial space. Brad Feldman of Interra represented the seller, a family trust that had owned the building for nearly 50 years. Feldman also represented the buyer, which plans to renovate the units, update hallways and add a bike room.

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AcquisitionsHospitalityIowaMidwest

Mumford Co. Brokers Sale of Relax Inn Hotel in Osceola, Iowa

by Kristin Harlow

OSCEOLA, IOWA — Mumford Co. has brokered the sale of the 35-room Relax Inn hotel property in Osceola, about 45 miles south of Des Moines. The sales price was undisclosed. The hotel was formerly branded as Americas Best Value Inn until May of this year. David Mumford and George Arvanitis of Mumford represented the seller, Rikita LLC. Iowa-based Silverado Farms LLC was the buyer.

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IllinoisMarket ReportsMidwestMidwest Market ReportsMultifamily

Condo Deconversions Will Continue in Chicagoland Area

by Kristin Harlow

If we consider that 2017 was the year that deconversion sales in Chicago began in earnest, we are now four years into the cycle. I’m frequently asked my opinion of how much longer this cycle will last, and what it will look like going forward. To me, that comes down mainly to supply and demand, with an eye on change in the relevant state and city statutes governing these sales. The supply of condominiums in Chicago is still plentiful, especially condominiums that were converted from apartment buildings. While there was a bit of a condo-buying frenzy in the early part of 2021 as the world opened back up, that frenzy has dissipated. Condominiums that would typically take a couple of months to sell sold in days, and often at asking price. With that said, there was little meaningful price appreciation. The factors that hinder appreciation of these condominiums did not change: high amounts of rental units in the association; lack of amenities; and aging buildings that are either behind on maintenance or expensive to keep up. Those factors are unlikely to ever change. The current demand for multifamily properties is quite strong. Most investors sat on the sidelines in 2020, …

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AcquisitionsFeaturesIllinoisMidwestRestaurantRetail

JLL: Shoppers Returning to Lifestyle Shopping Centers Propels Investor Resurgence

by John Nelson

CHICAGO — Lifestyle shopping centers, or open-air malls, may be one of the most undervalued retail asset classes currently. According to JLL, increased customer foot traffic, declining vacancies coupled with growing rental rates and broad-based expansion plans from retailers are bolstering confidence, as well as signaling that lifestyle shopping centers will come back strongly. While smaller grocery-anchored retail centers have dominated investment demand recently, the increase in COVID-19 vaccinations and reopenings are motivating shoppers — and investors — to return to other retail segments. Lifestyle centers were conceived as a modern-day interpretation of the mall and are known for their outdoor settings and incorporation of other uses like office, apartments and hotels. Their tenant mixes also usually include upscale, national chains, as well as specialty retail with dining and entertainment options. “Leasing demand from new tenants in the market, such as digitally native brands, as well as traditional mall retailers looking for an off-mall growth strategy, are accelerating the desirability of this asset class to consumers,” said Chris Angelone, senior managing director of JLL and co-leader of its capital markets retail division. “Investors are taking notice and will seek out performance and growth potential. Two to four years from now, …

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DevelopmentIndustrialMidwestOfficeOhio

Sherwin-Williams Breaks Ground on 600,000 SF Global R&D Center Near Cleveland

by Kristin Harlow

BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.

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AcquisitionsKansasMidwestMultifamily

Marcus & Millichap Brokers Sale of 225-Unit Apartment Complex Near Kansas City

by Kristin Harlow

OVERLAND PARK, KAN. — Marcus & Millichap has brokered the sale of Carson Street Towers, a 225-unit apartment complex in the Kansas City suburb of Overland Park. The sales price was undisclosed. Built in 2020, the property sits on just over two acres. Amenities include a fitness center, pool and covered parking. Jason Hornik, Greg Parker, Ryan Bowlby, Greg Price and Drew Isaac of Marcus & Millichap represented the seller, a private investor. The brokerage team also procured the buyer, Continental Realty Group.

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Leasing ActivityMidwestOfficeOhio

Taft Signs 50,000 SF Office Lease at Huntington Center in Downtown Columbus

by Kristin Harlow

COLUMBUS, OHIO — Law firm Taft has signed a long-term lease for 50,000 square feet at Huntington Center, a 1 million-square-foot office tower in downtown Columbus. Taft will relocate to the 37-story building in late 2022 and will occupy three floors. Developed by Hines in 1984, Huntington Center is located directly across from Ohio Statehouse, the state capitol building. The property underwent an $18 million renovation in 2019. Collin Wheeler and Brandon Ellis of CBRE represented Hines in the lease transaction. Jeff Carey of JLL represented Taft.

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