Tuesday, April 7, 2026
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Midwest

AcquisitionsMidwestOhioRetail

Cushman & Wakefield Arranges $38.8M Sale of Whole Foods-Anchored Shopping Center Near Cleveland

by Kristin Harlow

UNIVERSITY HEIGHTS, OHIO — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS Pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan on behalf of the buyer, First National Realty Partners. Sentinel Investments provided the 10-year, fixed-rate loan.

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AcquisitionsMidwestOhioRestaurantRetail

Marcus & Millichap Brokers $2.5M Sale of Raising Cane’s Ground Lease in Hamilton, Ohio

by Kristin Harlow

HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.

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IndianaMidwestRetail

Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Kristin Harlow

INDIANAPOLIS — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020. Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent. “I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.” Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share Monday, Aug. 2, up from $126.53 per share on Friday, July 30.

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IllinoisLeasing ActivityMidwestMultifamily

Wingspan Development Starts Pre-leasing $60M Luxury Apartment Community in Plainfield, Illinois

by Kristin Harlow

PLAINFIELD, ILL. — Wingspan Development Group has started pre-leasing Sixteen30, a new $60 million luxury apartment community in Plainfield, about 35 miles southwest of Chicago. Located at 14750 S. Wallin Drive, the 284-unit property features eight buildings arranged around a 7,500-square-foot clubhouse. Amenities include a pool, fitness center, bocce court, demonstration kitchen, outdoor grilling area, pet spa and 24-hour package room. First move-ins are expected to begin later this summer. Units range in size from 600 to 1,500 square feet and monthly rents range from $1,485 to $2,850. Chicago-based Studio 222 Architects designed the project and Wingspan’s sister company Nicholas & Associates served as the general contractor. Lincoln Property Co. will oversee leasing and property management.

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AcquisitionsHospitalityMichiganMidwest

Pulte Family Management Acquires The Inn at St. John’s in Plymouth, Michigan

by Kristin Harlow

PLYMOUTH, MICH. — Pulte Family Management SJ LLC, a wholly owned for-profit entity of the William J. Pulte Trust, has acquired The Inn at St. John’s in Plymouth, about 30 miles west of Detroit. The Archdiocese of Detroit sold the 118-room property for an undisclosed price. The hotel, conference rooms and reception centers will continue to serve and support business, civic and private events. The golf course will operate as usual, and the chapel will remain available for Catholic weddings. The Pulte family plans to announce property upgrades in the coming months. The late William Pulte was an active philanthropist and founder of home building giant PulteGroup Inc. He also served with a small group of local Catholic business leaders to help finance and transform the former St. John’s Seminary campus into the hotel, conference center and 27-hole golf course. St. John’s Provincial Seminary opened in 1948 and closed in 1988. The inn opened in the early 2000s.

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DevelopmentIndustrialMidwestMinnesota

Endeavor Development, Calibogue Capital Break Ground on 172,224 SF Spec Distribution Center in Suburban Minneapolis

by Kristin Harlow

MAPLE GROVE, MINN. — Endeavor Development and joint venture partner Calibogue Capital have broken ground on Zachary Distribution Center, a 172,224-square-foot speculative distribution center in Maple Grove. Located on Zachary Lane, the project will feature a clear height of 32 feet, 17 loading docks, two drive-in doors and 52 trailer parking stalls. Jon Yanta, Jason Meyer and Brent Masica of Cushman & Wakefield are handling leasing and marketing efforts for the property. Zachary Distribution Center is situated within the Northwest submarket, which is the most active industrial corridor within the Twin Cities, according to Cushman & Wakefield. A timeline for completion was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Arranges $1.7M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow

CHICAGO — Kiser Group has arranged the $1.7 million deconversion sale of 4944 N. Harding Ave. in Chicago’s Albany Park neighborhood. The property includes 13 units, 11 of which are two-bedroom floor plans and two of which are three-bedrooms. The building was renovated and converted to condominiums in 2005. Andy Friedman and Jake Parker of Kiser represented the seller, the condominium association, as well as the buyer, Block & Key. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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IndianaLoansLumentMidwestMultifamily

Lument Provides $50.4M Acquisition Loan for Apartment Community in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

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AcquisitionsIndustrialMichiganMidwestNorthmarq

NorthMarq Arranges $10.3M Acquisition Loan for Industrial Property in Taylor, Michigan

by Kristin Harlow

TAYLOR, MICH. — NorthMarq has arranged a $10.3 million bridge loan for the acquisition of a 243,894-square-foot industrial property in Taylor, about 18 miles southwest of Detroit. The building is located on Trolley Industrial Drive. Reina Abboud of NorthMarq arranged the four-year loan, which features three years of interest-only payments. A bridge and mezzanine lender provided the loan on behalf of the undisclosed borrower.

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