CHICAGO, CLEVELAND, CINCINNATI AND COLUMBUS — Investcorp has sold a portfolio of Midwest industrial properties for $365 million. The assets total approximately 3.5 million square feet and are located within metro Chicago, Cleveland, Cincinnati and Columbus. The portfolio includes a group of 23 light industrial facilities spanning more than 2 million square feet across Columbus, Cincinnati and Cleveland as well as an eight-building, 1 million-square-foot industrial park located three miles from the Chicago O’Hare International Airport and a 434,000-square-foot distribution facility in metro Cleveland.
MINNEAPOLIS — Oppidan Investment Co. has sold The Pillars of Prospect Park, a senior living community in Minneapolis, for $140 million, according to a recently published certificate of real estate value. Ventas, doing business as VLSHRE PILLARS LLC, was the buyer. Oppidan originally opened the community in May 2020. Situated with proximity to the University of Minnesota campus, the property features 283 units, including 133 independent living, 106 assisted living and 44 memory care units. Amenities include an onsite bistro, salon spa, chapel, fitness center, golf simulator and roof deck.
ST. CHARLES, ILL. — JLL Capital Markets has brokered the $17.3 million sale of a freestanding retail property occupied by Whole Foods in the western Chicago suburb of St. Charles. The newly renovated building features a 20-year NN lease with the tenant. The property was formerly home to Blue Goose Market, a grocer that operated at the site for nearly a century as downtown St. Charles’ only grocery store. Alex Sharrin, Mohsin Mirza and Torri Rosene of JLL represented the sellers, Swanson Development Group and Fort Union. The buyer was an affiliate of Benenson Capital Partners.
GILBERTS, ILL. — Opus has broken ground on a 52,174-square-foot build-to-suit facility for Elgin Recycling in Gilberts, about 50 miles northwest of Chicago. The project will be part of Turnberry Lakes Business Park, where Elgin Recycling’s headquarters and one its four Chicago-area recycling scrap yards are also located. Elgin Recycling is a family-owned operation that processes ferrous and non-ferrous metals, exotic alloys and electronics. The new Gilberts location will process recycled electronics from public drop-off facilities, breaking them down into components that will then be transported to electronics components recyclers. The Gilberts facility will feature a clear height of 28 feet, six dock doors, two drive-in doors and up to 58 vehicle parking stalls. Opus is the design-builder for the project and is working in partnership with Architects Plus Design Studio PLLC, the architect of record, and Structural Integrity Inc., the structural engineer of record. Completion is slated for January.
OSWEGO, ILL. — Lynd Development Group, a division of The Lynd Group, has received a $64 million loan from Starwood Capital to refinance Home at Ashcroft, a 178-unit, luxury build-to-rent community in the western Chicago suburb of Oswego. The new financing replaces a $66 million construction loan provided by Delaware Life and Steeprock Capital. Construction began in 2022 and is now complete. The property is more than 82 percent occupied. Home at Ashcroft features three-bedroom, single-story homes averaging 1,775 square feet. Each residence includes a two-car garage and covered patio. Monthly rents range from $2,800 to $4,000. Amenities include a clubhouse, pool, fitness center, game room, private library, grilling stations, dog park and landscaped walking trail.
SOUTH ELGIN, ILL. — Continental Properties has opened Authentix South Elgin, a 336-unit, garden-style apartment community in South Elgin. Located at 1300 N. Lancaster Road, the property features a mix of studio, one-, two- and three-bedroom units. Amenities include a resort-style pool, community clubhouse with a coffee bar, outdoor grill area, 24-hour fitness center, two pet playgrounds and a pet spa. Authentix Apartments, owned and operated by Continental Properties, is a national brand of garden-style communities.
MILWAUKEE — The Annex Group has broken ground on Union at Rose Park, a $25.8 million affordable housing community in Milwaukee. The property will offer 75 one-, two- and three-bedroom units for households earning a range of income levels starting at 30 percent of the area median income to market rate. Nine units will be targeted to veterans. Amenities will include a community room, fitness center and business center. The development will include rooftop solar panels and is designed to meet Enterprise Green Community Standards. Project partners include Ware Malcomb, raSmith, Integrity Structural Corp., Latimer Sommers & Associates, Terracon, Heartland Energy Consultants, Baker Tilly, ACC Management Group and Impact Housing Indiana, an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. Impact Housing Indiana will have a dedicated onsite space within Union at Rose Park. Advantage Capital provided more than $9 million in federal equity and just under $3 million in state credit equity for the project. The Wisconsin Housing and Economic Development Authority allocated 4 percent tax credits, approximately $13.5 million in tax-exempt bonds and both a $1 million Vacancy-to-Vitality loan and a $125,000 Infrastructure Access Funding loan. Cedar Rapids Bank & Trust served as construction …
INGALLS, IND. — B&B Group, a Central Indiana property services company, has broken ground on its new headquarters at Park 69 within Ingalls, a northwest suburb of Indianapolis. The facility will serve as the headquarters for Real Time Detention and Real Time Furniture and is situated about a five-minute drive from the companies’ current offices in Noblesville. The relocation is expected to be completed in 2026. Developed by Podell Partners, the combined headquarters will span 36,000 square feet and feature a two-story office and showroom, column-free warehouse space and professional outside storage. B&B Group, Real Time Detention and Real Time Furniture plan to bring more than 25 jobs to Madison County. The project marks the second industrial facility developed by Podell Partners at Park 69, which encompasses 23 acres of master-planned industrial and multi-use space. The project received a 10-year real property tax abatement. Cam Kucic and Korey Ryan of Colliers represented the landlord in the transaction. Steve Schaub of Avison Young represented the tenant. Elements Financial provided construction financing. Systems Builders is serving as the general contractor.
DEER PARK, ILL. — Four new retail tenants have signed leases to open at Deer Park Town Center in the Chicago suburb of Deer Park. LaserAway, now open, occupies an 1,819-square-foot store next to Sleep Number and offers laser hair removal technology and treatments. Eye care retailer Warby Parker will open in November. The 2,512-square-foot store is currently under construction and located near Banana Republic. Also opening in November, American Eagle will occupy 5,800 square feet. The space next to Bath & Body Works is currently under construction. Toastique, opening in winter 2025, serves gourmet toast, juice and coffee. The 1,400-square-foot restaurant will be the first Illinois location for the brand. Managed by JLL, Deer Park Town Center is an outdoor lifestyle shopping center that is home to more than 60 retail, restaurant and service brands.
By Joe Mahoney, Opus In today’s industrial landscape, where some U.S. metros are grappling with double-digit vacancies and an oversupply of speculative product, the Minneapolis-St. Paul metropolitan area continues to stand apart. With consistently strong fundamentals, measured development, disciplined absorption and diverse demand, the Twin Cities have historically avoided the peaks and valleys of fluctuating supply and demand that plague other cities. Looking at current data, during the first two quarters of 2025, industrial vacancies here hovered around 4 percent while the national average was 9.3 percent, according to CBRE. In fact, the Twin Cities have the fifth lowest industrial vacancy rate in the country. Steadfast economics This stability is no accident. The Twin Cities of Minneapolis and St. Paul rank as the 13th largest industrial market in the country due to a number of factors. Among the most impactful, they have a robust corporate base that includes 17 Fortune 500 companies in industries ranging from manufacturing, technology, agriculture and healthcare to medtech, energy, retail and financial services. This diversity helps drive consistent demand. In addition, above-average wages that outpace inflation, below-average unemployment rates and above-average job growth, household resiliency and demographic stability together help make Minnesota a good place …