Friday, January 16, 2026
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DevelopmentIndustrialMidwestMinnesota

Standard, Endeavor to Build 174,288 SF Cobalt Business Center in Suburban Minneapolis

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — Standard Real Estate Investments LP and Endeavor Development have formed a joint venture to develop Cobalt Business Center in the Minneapolis suburb of Mendota Heights. The 174,288-square-foot industrial building is slated for completion in the second quarter of 2026. Endeavor received approval from the city last month and plans to begin demolition of the existing building, which was formerly occupied by Le Cordon Bleu College of Culinary Arts. The project, situated in the Minneapolis Airport submarket, will feature a clear height of 32 feet, 15 dock positions, LED light fixtures and 4,000 amps of power.

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Leasing ActivityMidwestOfficeWisconsin

Cresa Negotiates 21,996 SF Office Headquarters Lease for Recovery.com in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Cresa has negotiated a 21,996-square-foot office lease for Recovery.com, which is more than doubling its headquarters space, in Madison. The new office is located at 316 W. Washington Ave. and the lease commences in September. The online provider of educational information about treatment for addiction and mental health will consolidate two existing local offices at 100 State St. and 301 S. Blount St. Matt Apter and Ross Rikkers of Cresa represented the tenant, while Jim Cavanaugh and Katie Brueske of Boerke represented the owner, Hovde Properties. Located two blocks from Capitol Square, the building totals 152,968 square feet and features a fitness center and Red Sushi, a restaurant on the ground floor.

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DevelopmentIllinoisLoansMidwestMultifamily

JLL Arranges $124M in Equity, Construction Financing for Luxury Apartment Project in Wheaton, Illinois

by Kristin Harlow

WHEATON, ILL. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $124 million for The Faywell, a 334-unit luxury apartment project in downtown Wheaton. Matthew Schoenfeldt and Mary Dooley of JLL worked on behalf of Banner Real Estate Group to identify an institutional joint venture partner and also arranged $84 million in construction financing through PNC Bank. The transit-oriented development will offer access to the Wheaton Metra station. The project site was an assemblage of 13 parcels from seven sellers. The Faywell will rise seven stories and units will average 956 square feet. There will be a mix of studios, one- and two-bedroom apartments along with direct-entry townhomes. The property will include 4,504 square feet of ground-floor retail space fully leased to Egg Harbor Café, which had an existing location on the site and signed a new long-term lease. Amenities will include three courtyards, a resort-style pool, hot tub, rooftop decks, a fitness center, coworking space and 438 parking spaces. Construction is slated for completion in the first quarter of 2027.

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DevelopmentHealthcareMidwestMinnesota

HealthPartners Breaks Ground on 400,000 SF Hospital in Stillwater, Minnesota

by Kristin Harlow

STILLWATER, MINN. — HealthPartners has broken ground on its new HealthPartners Lakeview Hospital in Stillwater, an eastern suburb of the Twin Cities. Kraus-Anderson is the construction manager for the six-story, 400,000-square-foot hospital and clinic campus. The project is slated to open in early 2028. The new location will offer expanded specialized services such as a family birth center, TRIA Orthopedics Clinic, cardiac catheterization lab, cancer care and improved emergency and critical care. The campus will include walking trails and nature views from patient rooms. HealthPartners acquired the project site in 2017, but design planning halted at the pandemic’s onset. Planning resumed in 2022, and the architects were chosen by late 2023. Over the past 18 months, efforts have concentrated on design development and community engagement.  

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IowaLoansMidwestMinnesotaMultifamily

Dwight Capital Provides $61.9M in HUD-Insured Loans for Two Multifamily Communities in Iowa, Minnesota

by Kristin Harlow

BETTENDORF, IOWA, AND ST. PAUL, MINN. — Dwight Capital has provided two HUD 223(f) loans totaling $61.9 million for Springs at Bettendorf in Bettendorf, Iowa, and The Grove in St. Paul. Menomonee Falls, Wis.-based Continental Properties was the borrower. Springs at Bettendorf is a townhome-style community with 15 two-story buildings totaling 316 units. There are studio, one-, two- and three-bedroom layouts, and 75 units feature attached garages. Residents have access to a fitness center, pool, dog park and car wash station.   The Grove is a six-story community with 118 units across studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, rooftop sky lounge, community room and storage units. The property also features 4,300 square feet of ground-floor commercial space across two retail suites. The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs and establish funds for future capital expenditures.

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IllinoisLeasing ActivityMidwestOffice

ComPsych Relocates Global Headquarters to Prudential Plaza in Chicago

by Kristin Harlow

CHICAGO — ComPsych Corp., an organizational mental health, well-being and absence management company, has relocated its global headquarters to One Prudential Plaza at 130 E. Randolph St. in Chicago. The 50,000-square-foot office includes a media production studio, conference rooms and collaboration areas. Every workstation features adaptable, ergonomic furniture. Brian Means and Kellen Monti of JLL represented ComPsych.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

McShane to Build 76-Unit Affordable Housing Community in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Volker Development has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing community in Madison. The project marks Fond Du Lac, Wis.-based Volker’s first in Dane County and its 27th development in Wisconsin. Kelly Station will feature a five-story, podium-style building with four stories of wood framing atop an above-grade precast parking garage. Amenities will include a second-floor roof amenity plaza, fifth-floor clubroom and rooftop deck, a fitness center, community room and local community service organization suite. The property will also feature an onsite Madison BCycle station. The project was designed to achieve Wisconsin Green Built Homes certification. A rooftop solar array will help offset electricity usage in the building’s common area and a “blue roof” system, an advanced stormwater management solution, will help reduce runoff. Completion is slated for October 2026. Knothe & Bruce Architects is the architect of record.

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Market ReportsMidwestMidwest Market ReportsOffice

Smart Design, Outdoor Spaces and Sustainability Help Reimagine the Office

by Kristin Harlow

By Maria Davis and Colton Rupprecht, R&R Real Estate Advisors In the real estate industry, customer expectations around office space have undergone a significant shift — both in what they need and what they want. It’s not just about square footage anymore; it’s about how that space functions, feels and aligns with the values of the companies who occupy it.  This transformation is playing out in three critical areas: the rise of small, amenity-packed spaces; a surge in outdoor-focused design that brings the comforts of home into the workplace; and a more rooted and interactive approach to sustainability.  Smarter spaces As more companies return to in-office work, many are rethinking how they use space — prioritizing flight to quality. Increasingly, customers are gravitating toward compact offices that offer high-impact amenities rather than expansive square footage. These smaller footprints are more efficient, but they also demand more thoughtful design and planning. Technology is key in amenity designing, as efficient developers are integrating infrastructure that anticipates the needs of a tech-forward workforce. Whether it’s bracketing out spaces for high-speed fiber and built-in video conferencing hubs or artificial intelligence (AI)-powered building systems that manage lighting, the design is important in making a more …

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DevelopmentHealthcareMidwestSouth Dakota

Kraus-Anderson Begins $13M Expansion at Huron Regional Medical Center in South Dakota

by Kristin Harlow

HURON, S.D. — Kraus-Anderson has begun a $13 million expansion at Huron Regional Medical Center in South Dakota. Designed by Wold HFR Design, the 7,500-square-foot addition will feature four new operating rooms, staff lockers and a lounge. The project also includes an 11,581-square-foot renovation of the existing OR suite, endoscopy rooms and pre- and post-operating rooms; and a new 19,081-square-foot sterile processing area and support spaces. Completion is slated for November 2026.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Negotiates $5.7M Sale of Multifamily Portfolio in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — SVN Chicago Commercial has negotiated the $5.7 million sale of a 100-unit multifamily portfolio in DeKalb. The seven-building portfolio is located on Fotis Drive, Regent Drive, Spiros Court and Edgebrook Drive. DJ Szymanowski of SVN Chicago represented the buyer and seller. The transaction closed in less than seven weeks. The portfolio offers value-add opportunity, according to the brokerage firm.

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