Tuesday, April 28, 2026
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Midwest

AcquisitionsMichiganMidwestOffice

Bedrock Acquires 500,000 SF Office Building Along Detroit Riverfront

by Kristin Harlow

DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration. The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.

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LoansMichiganMidwestMultifamilySeniors Housing

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.

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Leasing ActivityMichiganMidwestRetail

Crate & Barrel to Open New Location at Twelve Oaks Mall in Suburban Detroit

by Kristin Harlow

NOVI, MICH. — Crate & Barrel is set to open a new location at Twelve Oaks Mall in the Detroit suburb of Novi. Twelve Oaks Mall is home to 180 specialty stores and 30 restaurants. Crate & Barrel is scheduled to open the 26,000-square-foot store on Thursday, June 3. The new location will showcase the largest kitchen department in the brand’s portfolio, a reimagined bedding department and a space for the services provided in its Design Studio. The store design incorporates locally sourced materials and high efficiency systems for reduced energy use, according to a news release.

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DevelopmentIndustrialIowaMidwest

VanTrust to Build 75-Acre Industrial Development in Altoona, Iowa

by Kristin Harlow

ALTOONA, IOWA — VanTrust Real Estate is developing Altus Commerce Center on 75 acres in Altoona. The project represents VanTrust’s first in Iowa. Construction on the first building is expected to commence within the next few weeks with completion slated for the second quarter of 2022. Building A will span 265,200 square feet with 148 parking spaces, unit heaters and LED interior lighting. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL will lead leasing efforts.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $6.8M Sale of Retail Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.8 million sale of Aspen Pointe, a multi-tenant retail center in Vernon Hills, a suburb of Chicago. Built in 2005, the 26,593-square-foot property is located at 271 Townline Road. It was fully occupied at the time of sale by Starbucks, For Eyes, Maciano’s Pizza, FedEx, Cold Stone Creamery and a few local tenants. Jason Lenhoff of Quantum, along with Beth Sansiper and Jeff Gurian of Becker & Gurian,  represented the buyer, Newcastle Properties. Drew Trammell of Newcastle managed the underwriting and closing of the acquisition. The seller was a private real estate investment firm from Chicago.

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IndianaLoansMidwestMultifamily

CBRE Provides $56.7M Loan for Acquisition of Two Multifamily Communities in Metro Indianapolis

by Kristin Harlow

GREENWOOD, IND. — A fund sponsored by CBRE Global Investors has provided a $56.7 million loan for the acquisition of two multifamily communities in Greenwood, a suburb approximately 15 miles south of Indianapolis. The floating-rate loan features an initial term of three years and can be extended up to two additional years. It also includes future funding to finance the borrower’s planned capital improvement program at the properties. The first asset, Barton Farms, includes 262 units and is located at 1630 Saddle Lane. The second property, Bexley Village, is located two miles away at 700 Bexley Place and includes 276 units. Both garden-style communities feature pools, fitness centers, clubhouses and outdoor grilling areas. The borrower was undisclosed.

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DevelopmentIowaMidwestOffice

R&R Realty Group to Renovate Two Buildings at Regency West Office Park in West Des Moines

by Kristin Harlow

WEST DES MOINES, IOWA — R&R Realty Group has unveiled plans to renovate Buildings 7 and 8 at its Regency West Office Park in West Des Moines. The pandemic spurred the renovation, according to R&R. “As our customers are returning to their offices, they’re telling us that amenities are still very important in order to entice the workforce back to the office and to retain the workforce working in the office,” says Mark Ruprpecht, president of R&R. New amenities at Regency West will include collaborative spaces with germ-resistant materials and space for social distancing. A fitness center will be equipped with treadmills, elliptical machines and Peloton bikes. A space known as the Veranda at Regency West will include large windows that can open to the outdoors. An automated coffee shop and a grab-and-go market will provide food and beverage options. These amenities will be available to all Regency West tenants, regardless of which building they occupy at the 623,000-square-foot complex. R&R plans to invest more than $1 million over the next 12 months for the new amenities.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 146,029 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International Chicago has brokered the sale of a 146,029-square-foot industrial building in Elk Grove Village, a northwest suburb of Chicago. The sales price was undisclosed. Completed in 2020 and located at 500 E. Devon Ave., the property features a clear height of 32 feet. The facility was 71 percent leased to three tenants at the time of sale. Colliers will continue to represent the new ownership in marketing the vacancy for lease. Jeff Devine and Steve Disse of Colliers represented the seller, CA Ventures. A fund managed by Goldman Sachs was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

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AcquisitionsMidwestOfficeOhio

Reichle Klein Group Arranges $1.5M Sale of Office Building in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 26,112-square-foot office building in Toledo for $1.5 million. The property sits on slightly less than a quarter acre at 6629 W. Central Ave., near I-475. Ryan Miller of Reichle Klein represented the buyer, 6629 W. Central Ave. LLC. The seller was undisclosed.

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