Wednesday, February 11, 2026
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Midwest

AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $32.5M Sale of Townhome Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Falcon Heights Townhomes in Rochester for $32.5 million. Built in 2019, the 120-unit rental property comprises floor plans that range in size from 1,250 to 1,400 square feet. Amenities include a fitness center, pool and Wi-Fi throughout the community, which is located at 4400 Red Hawk Drive SE. Brad Barham, Chris Collins, Evan Miller and John Solari of Marcus & Millichap represented the seller, the original developer of the asset. The team also procured the buyer, a private investor.

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AcquisitionsHealthcareIllinoisMidwest

CA Health and Science Trust Acquires 95,000 SF Medical Office Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — CA Health and Science Trust Inc. (CAHST) has acquired a 95,000-square-foot medical office building in Elgin for an undisclosed price. A publicly traded REIT was the seller. The four-story property is home to tenants such as Derick Dermatology, Suburban Orthopedics and Northwestern Medicine. The building is located at 1600 Randall Road near I-90 and is adjacent to Advocate Sherman Hospital. The latest investment from CAHST is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures for the acquisition, development and renovation of medical office and life sciences buildings.

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IllinoisLeasing ActivityMidwestOffice

MoLo Solutions Signs 93,710 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — MoLo Solutions, a third-party logistics company within the transportation industry, has signed a 93,710-square-foot office lease at 167 N. Green St. in Chicago’s Fulton Market neighborhood. MoLo connects clients with truck drivers and other shipping solutions. The company plans to expand significantly over the next few years. The property features a meeting area, onsite parking, gym, rooftop garden and NBA-sized basketball court. Kayla Beljan of MB Real Estate represented MoLo in the lease. Paige O’Neil and Annie Aldrich of Shapack Partners represented the undisclosed landlord.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.5M Sale of Apartment Property in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Interra Realty has negotiated the $5.5 million sale of 1050-1110 N. Wheeling Road in Mount Prospect, a northwest suburb of Chicago. The property consists of three buildings and 42 units. Built in 1965, the apartment property was 95 percent leased at the time of sale. Craig Martin of Interra represented the seller, Chicago-based 29th Street Capital, as well as the private buyer. The seller had extensively updated units with vinyl plank flooring, stone countertops, stainless steel appliances and new windows. The buyer plans to make additional minor enhancements.

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AcquisitionsIndianaMichiganMidwestRetail

First Merchants Bank Agrees to Acquire Level One Bank for $323.5M

by Kristin Harlow

MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.

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AcquisitionsIllinoisMidwestRetail

Union Investment Real Estate Purchases High-End Retail Property in Chicago

by Kristin Harlow

CHICAGO — Union Investment Real Estate has purchased 59-65 E. Oak St., a one-block stretch of high-end retail space in Chicago. The purchase price was $120 million, according to Crain’s Chicago Business. The price represents the largest amount paid for any retail asset sold in Chicago since 2016, according to CBRE. Keely Polczynski of CBRE Capital Markets represented both the buyer and the seller, Jenel Real Estate, which acquired two separate parcels in 2016, demolished them and rebuilt a 32,000-square-foot building that now houses high-end retailers Chanel, Van Cleef & Arpels, Moncler and Le Colonial. Based in Germany, Union Investment is an international investment manager specializing in open-ended real estate funds for private and institutional investors.

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DevelopmentMidwestMinnesotaMixed-Use

Kraus-Anderson Breaks Ground on North Loop Green Mixed-Use Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson has broken ground on North Loop Green, a mixed-use development in the North Loop neighborhood of Minneapolis. Hines, along with partners AFL-CIO Building Investment Trust and Marquee Development, are the developers. Plans call for 350,000 square feet of office space, 350 residential units, 100 hospitality units and 17,000 square feet of retail and restaurant space. A key feature of the project will be The Green, a one-acre green space that will host community events. The project architect, ESG Architects, plans to move its office to the development. Completion is slated for spring 2024. Brent Robertson of JLL will lead leasing efforts for the office component.

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Build-to-RentLoansMidwestNorthmarqWisconsin

Northmarq Provides $12.2M Freddie Mac Loan for Build-to-Rent Community in Oak Creek, Wisconsin

by Kristin Harlow

OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022. Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.

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AcquisitionsIllinoisMidwestMultifamilyStudent Housing

Friedman Brokers Sale of 269-Unit Off-Campus Housing Community Near Southern Illinois University

by Kristin Harlow

CARBONDALE, ILL. — Friedman Real Estate has brokered the sale of University Village in Carbondale for an undisclosed price. The 269-unit apartment community, situated on nearly 17 acres, is located about a mile from Southern Illinois University. Below-market rents at the property, built in 1973, present a value-add opportunity for the undisclosed buyer. Rich Deptula and Kellen Duggan of Friedman advised both parties in the transaction.

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build-for-rent (BFR) Walker & Dunlop
Build-to-RentContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth

by Sarah Daniels

Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …

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