Tuesday, April 7, 2026
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Midwest

IllinoisLoansMidwestMixed-Use

Associated Bank Structures $43.8M in Financing for Redevelopment of Historic Bank Building in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has structured a $43.8 million financing package for the redevelopment of the historic Bridgeview Bank building in Chicago. CEDARst was the borrower. Associated Bank is acting as lead arranger for a $35.4 million construction loan as well as a federal historic tax credit bridge loan in the amount of $3.4 million. Associated Community Development is providing $5 million in federal historic tax credit equity. The existing retail and office building rises 12 stories. The first eight floors were built in 1924 and four stories were added in 1928. Redevelopment plans call for 176 apartment units, 20,484 square feet of traditional office space and 21,184 square feet of shared office space. Amenities will include a lobby, fitness center, roof deck and resident lounge. There will also be 45 surface parking spaces. No changes are planned for the existing 15,195 square feet of ground-floor retail space and offices on floors two through four. Phase I construction of the office redesign is slated for completion in the second quarter of 2022. Phase II, the residential portion, is slated for completion in the first quarter of 2023. In 2019, Associated Bank provided CEDARst with a $13.1 million loan to acquire …

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial Real Estate Sells North Avenue Commerce Center in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.

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DevelopmentIndustrialIowaMidwest

Opus Breaks Ground on 195,500 SF Spec Industrial Project Near Des Moines

by Kristin Harlow

BONDURANT, IOWA — The Opus Group has broken ground on a 195,500-square-foot speculative industrial development in Bondurant, about 14 miles northeast of Des Moines. Known as Commerce Crossings, the project will have convenient access to I-80 and I-35. The building will feature a clear height of 28 feet, 16 drive-in doors, 18 dock doors and 165 vehicle parking stalls. Completion is scheduled for November. The developer and owner, Signature Commercial Real Estate, plans to also build an adjacent building. Opus is serving as design-builder, interior designer, architect and structural engineer. Shive Hattery is the civil engineer.

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AcquisitionsIllinoisMidwestOffice

North Wells Capital, Skydeck Capital Acquire Five-Story Office Building in Chicago’s River North

by Kristin Harlow

CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.

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AcquisitionsMidwestOfficeWisconsin

JLL Brokers $72.2M Sale of Downtown Milwaukee Office Building

by Kristin Harlow

MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.

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DevelopmentIllinoisIndustrialMidwest

CRG Breaks Ground on 1 MSF Spec Industrial Project in Country Club Hills, Illinois

by Kristin Harlow

COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.

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DevelopmentMidwestMinnesotaMultifamily

PCCP, Doran to Develop 350-Unit Apartment Project in Minnetonka, Minnesota

by Kristin Harlow

MINNETONKA, MINN. — A joint venture between PCCP and Doran Cos. has unveiled plans to develop a 350-unit apartment project at 5959 Shady Oak Road in Minnetonka, a suburb of the Twin Cities. The developer is scheduled to break ground on the project within the next month and the first units are expected to be ready for occupancy in spring 2023. Of the 350 units, 57 percent will be one-bedroom floor plans. Amenities will include a dog park, community garden, clubhouse, outdoor patio, pool and garage parking. The project will be situated adjacent to Opus Park.

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group to Build $43M Affordable Housing Project in Lawrence, Kansas

by Kristin Harlow

LAWRENCE, KAN. — The Annex Group has unveiled plans to develop Union at the Loop, a $43 million affordable housing project in Lawrence, about midway between Topeka and Kansas City. Located at 3250 Michigan St., the project will include 248 units for renters earning up to 60 percent of the area median income. In Lawrence, that translates to an income up to $57,300. Amenities will include a community room, exercise room, playground and computer room. The development will be within walking distance of public transportation, grocery stores and restaurants. Completion is slated for October 2022. Partners on the project include Hayes Gibson Property Services, Wallace Architects LLC, Summit LIHTC Consulting and Crocket Engineering. Kansas Housing Resources Corp. provided a 4 percent tax credit allocation alongside a tax-exempt bond issuance by Kansas Development Finance Authority. Merchants Capital provided a $35 million construction loan. Aegon Real Assets provided $16.7 million in tax credit equity.

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LoansMichiganMidwestMultifamily

Dwight Capital Provides $32.8M HUD-Insured Loan for Refinancing of Apartment Complex in Clarkston, Michigan

by Kristin Harlow

CLARKSTON, MICH. — Dwight Capital has provided a $32.8 million HUD 223(f) loan for the refinancing of Legends of Fox Creek in Clarkston, about 40 miles northwest of Detroit. The garden-style apartment complex includes 339 units across 14 buildings. Amenities include a clubhouse, business center, fitness center, swimming pool, picnic area and dog park. Josh Sasouness of Dwight Capital originated the loan, which benefitted from a Green Mortgage Insurance Premium reduction since the property qualifies as energy-efficient housing.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Cincinnati Industrial Market Is Positioned for Even More Growth

by Kristin Harlow

By Jeff Bender, Cushman & Wakefield Cincinnati and Northern Kentucky have the same logistical advantages they’ve always had, with their location within a day’s drive of two-thirds of the U.S. population, allowing reach and penetration to major metro areas. With those advantages, the region has enjoyed a robust industrial market, similar to most key markets in the country.  Lessons learned from the pandemic, the pending opening of a nearly 1 million-square-foot e-commerce national air hub and growth of the Cincinnati/Northern Kentucky Airport (CVG) will truly differentiate the market from an occupier’s perspective. What’s more, that increased demand and Cincinnati’s topographical constraints, creating new supply limitations, will continue to make it a darling of institutional investors. Quick delivery model Amazon’s presence and $1.5 billion investment near the airport and Cincinnati’s central location place it in a prime spot for fulfillment, a big demand driver over the next decade. For example, let’s say you need to buy or repair a laptop, smart phone, tablet or any other electronic device. The order for a new computer could be fulfilled the next day most anywhere in the world even if the order is placed late in the evening. With a repair, you box it …

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