Saturday, February 7, 2026
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Midwest

AcquisitionsMidwestOfficeWisconsin

River Bank Plaza Office Building in Downtown Milwaukee Trades Hands

by Kristin Harlow

MILWAUKEE — CBRE has arranged the sale of River Bank Plaza, an 81,865-square-foot office building in downtown Milwaukee. The sales price was undisclosed. The multi-tenant property is located at 740 N. Plankinton Ave. along the Milwaukee River. Originally constructed in 1912, the eight-story building features 61 parking spaces in an adjacent surface lot. The building’s ground floor is home to restaurant tenant Rock Bottom Brewery. Patrick Gallagher and Matson Holbrook of CBRE represented the seller, Riverbank Plaza LLC. The buyer, 740 Plankinton LLC, plans to redevelop the upper floors into multifamily units.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Muesing Management to Build 348-Unit Workforce Housing Property in Greenfield, Indiana

by Kristin Harlow

GREENFIELD, IND. — Muesing Management Co. Inc. will develop Preserve at Blue Road, a 348-unit workforce housing property in the metro Indianapolis community of Greenfield. Project plans call for 19 buildings on 28 acres. Units will range in size from 541 to 1,400 square feet. Amenities will include a pool, outdoor kitchen, fitness center, dog park, clubhouse and walking trails. Mortgage banking company Merchants Capital provided financing for the project. A timeline for construction was not disclosed.

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DevelopmentIllinoisMidwestMultifamily

McHugh, Crea Construction Complete Interior Renovations on 150 Units at Chicago’s Prairie Shores

by Kristin Harlow

CHICAGO — James McHugh Construction Co. and Crea Construction have completed interior renovations to more than 150 units at Prairie Shores, a five-tower apartment complex in Chicago’s Bronzeville neighborhood. Located on 20 acres at 2801-3001 S. Martin Luther King Drive, Prairie Shores includes a total of 1,675 units and is undergoing a multi-phase renovation. The property was developed from 1957 to 1961. Golub & Co. and Farpoint Development, along with Goldman Sachs, purchased the asset in 2019. McHugh and Crea are overseeing the installation of new appliances, countertops, flooring, plumbing, fixtures and lighting, as well as electrical system upgrades and painting. Designed by Evanston, Ill.-based Kaufman & O’Neil, the renovated units feature white cabinetry and granite countertops in the kitchens as well as more open floor plans.

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DevelopmentIndustrialMidwestMinnesota

United Properties, PCCP Form Joint Venture to Develop 11-Building Industrial Portfolio

by Kristin Harlow

MINNEAPOLIS — CBRE has arranged a $165 million joint venture partnership between United Properties and PCCP for the development of an 11-building industrial portfolio. The properties will total 1.4 million square feet across the Minneapolis, Denver and Austin markets. The joint venture has the potential to carry into a second phase of development with an additional 18 buildings totaling 2.3 million square feet, according to CBRE. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE Minneapolis led the team that arranged the partnership on behalf of United Properties, which is based in Minneapolis. PCCP, formerly known as Pacific Coast Capital Partners, is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles.

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DevelopmentIndianaMidwestMultifamily

Milhaus Breaks Ground on $40M Apartment Community in Suburban Indianapolis

by Kristin Harlow

WHITESTOWN, IND. — Milhaus and partner Humphreys Capital have broken ground on Milhaus Whitestown, a $40 million apartment community in Whitestown, about 15 miles northwest of downtown Indianapolis. Located at 7279 S. Indianapolis Road, the project will include 240 units, 440 surface parking spaces and 40 garage parking spaces. Amenities will include an 8,600-square-foot clubhouse, fitness center, pool, dog park, pickleball court and outdoor lounge. The project team includes CSO as architect, HWC Engineering as engineer and Mitsch Design as interior designer. Completion is slated for May 2022.

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Affordable HousingIllinoisLoansMidwestMultifamilySeniors Housing

Bellwether Enterprise Provides $28.5M in Financing for Renovation of Affordable Seniors Housing Asset in Chicago

by Kristin Harlow

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties Sells 100,000 SF Industrial Building in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.

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AcquisitionsMichiganMidwestRestaurantRetail

Hanley Investment Group Brokers $2.4M Sale of Olive Garden Ground Lease in Metro Detroit

by Kristin Harlow

CHESTERFIELD TOWNSHIP, MICH. — Hanley Investment Group Real Estate Advisors has brokered the $2.4 million sale of an Olive Garden ground lease in Chesterfield Township, about 30 miles north of Detroit. The 7,757-square-foot restaurant property, located at 27169 23 Mile Road, opened in the fall of 2020. The single-tenant building is situated on an outparcel directly in front of a Meijer supermarket. Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a Southern California-based 1031 exchange buyer. Phil Sambazis of Marcus & Millichap represented the seller, a Detroit-based investor. There are 10 years remaining on the ground lease.

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IndustrialMarket ReportsMidwestMidwest Market ReportsNebraska

Omaha Industrial Activity Remains Strong, Particularly in Western Sarpy County

by Kristin Harlow

By John Dickerson, OMNE Partners Our Omaha-area industrial sector has come through the pandemic very well, compared with other commercial sectors. We have not had to work out many rent payment plans with tenants, and industrial users going out of business have been minimal. Omaha has survived and come out of 2020 well economically. Our unemployment rate is the second lowest in the country. Our cost of living has also been lower than most other major cities in the Midwest. This low cost of living carries over to real estate rental rates and operating costs. Leasing activity Industrial leasing has been quite good in Omaha for years. Our vacancy rates have been below 5 percent for a number of years and currently have been about 3.5 percent. By reviewing spaces for lease on Crexi, an internet marketing service, there are about 120 properties that I identified with space available with a total of over 3 million square feet for lease. Rental rates for industrial vary, of course, for typical reasons — age and condition of the property, location and how much a space/building might be finished in office or other special improvements. In Omaha, many flex buildings have users that …

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MidwestOhioRetail

L Brands to Spin Off Victoria’s Secret into Publicly Traded Company

by Kristin Harlow

COLUMBUS, OHIO — The board of directors for L Brands Inc. (NYSE: LB) has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will benefit from a sharpened focus on pursuing growth strategies best suited to each company’s customer base and strategic objectives, adds Sarah Nash, chair of the board for L Brands. The Columbus-based retailer had been evaluating the possibility of either a spinoff or a sale of Victoria’s Secret with input from its financial advisors, Goldman Sachs and JP Morgan. Ultimately, the board decided that the spinoff would provide shareholders with more value than a sale. The transaction is expected to close in August. L Brands reported net sales of $3 billion for the first quarter of the company’s 2021 fiscal year that ended May 1, compared with $1.6 billion …

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