Tuesday, April 28, 2026
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Midwest

Affordable HousingDevelopmentIllinoisMidwestMultifamily

East Lake Management & Development to Build 161-Unit Workforce Housing Community in Illinois Medical District

by Kristin Harlow

CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.

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AcquisitionsMidwestNebraskaRetail

MAG Capital Partners Sells 88,000 SF Athletic Facility in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — MAG Capital Partners LLC has sold an approximately 88,000-square-foot athletic and tennis facility in Lincoln to the property’s tenant, Genesis Health Clubs. The sales price was undisclosed. MAG Capital Partners purchased the property, located at 5300 Old Cheney Road, in 2017 and leased it to Genesis. The property offers tennis, racquetball, aquatics, youth programs, tanning, massage therapy, a café and pro shop. Plans for a major remodel are underway. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi. Genesis operates 57 locations across six states.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $20.8M Loan for Refinancing of Rana Village Apartments in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $20.8 million Fannie Mae loan for the refinancing of Rana Village, a 113-unit apartment complex in Minneapolis. The six-story building was constructed in 2019. Amenities include a playground, fitness center, business center and covered parking. The fixed-rate loan features a 10-year term and a 30-year amortization schedule. Rana Village LLC was the borrower.

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AcquisitionsIndustrialMidwestMissouri

Stan Johnson Co. Brokers Sale of Industrial Property in Suburban St. Louis

by Kristin Harlow

HAZELWOOD, MO. — Stan Johnson Co. has brokered the sale of an industrial property comprised of a 25,107-square-foot building and an adjacent parking lot in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. Carvana Service Center occupies the building, which was renovated for the tenant in 2020. Amazon Fleet Parking leases the parking lot for its sprinter fleet vans and trucks. The property is located at 5651-5701 Phantom Drive. Jonathan Ameen of Stan Johnson represented the Missouri-based seller. A Georgia-based institutional investor was the buyer.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Greystone Spearheads $45.6M Redevelopment of 336 Affordable Housing Units in Indiana

by Kristin Harlow

INDIANA — Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state’s Moving Forward Rural Development program. Partnering with property owner and operator Justus Property Management Inc., Greystone is guiding a recapitalization and renovation process that will bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties. The combination of funding sources includes $14.7 million in loans from Greystone; $12.4 million in capital contributions stemming from the purchase and syndication of both 4 percent and 9 percent housing credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from the Indiana Housing and Community Development Authority (IHCDA); $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000. Greystone anticipates a 19-month construction period for the portfolio. Renovation costs will average more than $44,000 per unit. Greystone Affordable Development is an affiliate of commercial real estate finance firm Greystone.

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DevelopmentIllinoisIndustrialMidwest

Krusinski Completes Construction of Chariot Logistics Center in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Krusinski Construction Co. has completed Chariot Logistics Center in Melrose Park, a western suburb of Chicago. The developer was Ridgeline Property Group. The three-building, 623,000-square-foot project is situated on the site of the former Maywood Park Racetrack, a horse racing venue that closed in 2015. All three buildings were leased to an e-commerce tenant prior to completion. Building 1 totals 236,000 square feet, Building 2 spans 252,000 square feet and Building 3 totals 135,000 square feet. Each building has a clear height of 32 feet. Demolition and site work took approximately six months. Krusinski also built new infrastructure elements, including roads, detention ponds, water mains, stormwater systems and utility lines. The project team included Harris Architects, Progressive AE and Kimley Horn.

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AcquisitionsMidwestOfficeWisconsin

Mohr Capital Acquires 112,000 SF Office Building in Pewaukee, Wisconsin

by Kristin Harlow

PEWAUKEE, WIS. — Mohr Capital, a Dallas-based private investment firm, has acquired Riverwood Corporate Center II in Pewaukee, about 20 miles west of Milwaukee. The 112,000-square-foot office building serves as the headquarters of ProHealth Care, which signed a long-term lease through 2032. Built in 2002, the building is situated at the front entrance of the office park at the intersection of Riverwood Drive and State Highway 164. The three-story property features a cafeteria, executive wing, walking path, 460-space parking lot and several meeting areas. ProHealth, which is the largest healthcare provider between Milwaukee and Madison, has approximately 4,700 employees plus 1,000 doctors, according to Mohr. Matt Bear of Bear Real Estate Advisors represented Mohr in the transaction. The acquisition marks Mohr’s third investment in the Milwaukee market. Seller information was undisclosed.

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AcquisitionsIndianaMidwestRetail

Quantum Brokers $7M Sale of Shopping Center in Merrillville, Indiana

by Kristin Harlow

MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the $7 million sale of Broadway Place, a shopping center located at 6001-6091 Broadway St. in Northwest Indiana’s Merrillville. At the time of sale, the property was fully leased to CitiTrends, B2 Digital, Aaron’s Rents, Shoppers World and a few local tenants. Jason Lenhoff of Quantum represented the seller, a Chicago-based private investor. A New York-based private investment firm was the buyer.

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AcquisitionsIndustrialMidwestWisconsin

Likewise Partners Buys Metro Milwaukee Industrial Property for $3.7M

by Kristin Harlow

FRANKLIN, WIS. — Likewise Partners LLC has purchased a 54,833-square-foot industrial facility located at 9720 S. Oakwood Park Drive in Franklin, a southern suburb of Milwaukee. The purchase price was $3.7 million. The building features a clear height of 24 feet and is located within the 4.5 million-square-foot Franklin Business Park. Constructed in 2000, the facility is fully leased to four tenants. Adam Matson and Travis Tiede of Newmark represented Likewise in the transaction. Raymond Zanca and Scott Modelski of Black Bear Capital Partners arranged acquisition financing. The acquisition marks the first purchase in Wisconsin for Minneapolis-based Likewise, which targets industrial investment and development in Midwest markets.

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DevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Breaks Ground on $80M Apartment Tower in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson has broken ground on Moment, an $80 million apartment tower in downtown Minneapolis. The developer, Sherman Associates, acquired the site from Thrivent Financial, whose headquarters recently opened nearby. Designed by ESG Architects, the 222-unit project will also include 15,300 square feet of commercial space. The second floor of the 10-story building will be home to Firefighters for Healings and its Transitional Healing Center for injured firefighters and burn victims. The center will provide 12 suites for families awaiting a patient in the hospital or discharged patients. Amenities will include a pool, sauna, sports simulator, work-from-home space and rooftop lounge. Two solar gardens will offset the building’s energy usage. Completion is slated for fall 2022. “We were inspired by the people likely to live there, the healthcare workers at the neighboring Hennepin Healthcare Center,” says Valerie Doleman, senior vice president with Sherman. “We designed an environment that encourages people to celebrate moments of joy, find moments of peace, moments of pause and share moments with each other. We wanted to encourage people to live in the moment.”

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