Midwest

Eight New Retailers to Open at Easton Town Center in Columbus

by Kristin Harlow May 20, 2025

COLUMBUS, OHIO — Eight new retailers with a focus on men’s fashion are opening soon at Easton Town Center, which is home to more than 250 fashion, dining and entertainment offerings in Columbus. Now open is Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories. The Madewell store is now offering Madewell Men’s. Coming soon to the property are first-in-Ohio locations for Faherty, Peter Millar, State & Liberty, Suitsupply and Todd Snyder. Additionally, the first Vuori store in Columbus will debut.

May 20, 2025

Illinois Michigan Midwest Minnesota Ohio

Census: Midwest Shows Modest Year-Over-Year Population Growth

by Kristin Harlow May 20, 2025

WASHINGTON, D.C. — The Midwest showed modest population growth from 2023 to 2024 with average rates varying by population size, according to the U.S. Census Bureau’s Vintage 2024 estimates released May 15. Places with fewer than 5,000 residents saw an average growth of 0.1 percent. Those with populations between 5,000 and 9,999 recorded a 0.6 percent average increase, while cities and towns with 10,000 to 49,999 residents grew by an average of 0.7 percent — the same rate observed in places with populations of 50,000 or more. Nationally, cities with populations fewer than 5,000 grew by 0.3 percent on average, compared with average growth rates of 1 percent for those with populations of 5,000 to 9,999; 1.1 percent for populations of 10,000 to 49,999; and 1 percent for populations of 50,000 or more. Between 2023 and 2024, 22 cities and towns in 16 states nationwide crossed the 20,000-population threshold. Four were in the Midwest. Rosemount, Minnesota, was ranked as one of the top 10 fastest-growing cities and towns with populations of 20,000 or more. The population grew 10.6 percent to 30,581. Rosemount was the only city in the Midwest to make the top 15 list. Chicago was ranked No. 7 …

May 20, 2025

Loans Midwest Missouri Office

3650 Capital Originates $55M Loan for Refinancing of Office Tower in Metro St. Louis

by Kristin Harlow May 19, 2025

CLAYTON, MO. — 3650 Capital has originated a $55 million loan to refinance Shaw Park Plaza, a 15-story, 278,000-square-foot office building in Clayton near St. Louis. The loan carries a five-year term. The borrower, Tryperion Holdings, has owned the property since July 2021. Since that time, the firm has executed a value-add business plan, investing $12.6 million in leasing expenditures and resulting in a 125 percent increase in net operating income. The building’s occupancy sits at nearly 97 percent. Proceeds from the loan were used to refinance the existing $52.7 million floating-rate debt and fund closing costs.

May 19, 2025

Development Hospitality Loans Midwest Wisconsin

HALL Structured Finance Provides $41.1M Construction Loan for Dellshire Resort in Wisconsin

by Kristin Harlow May 19, 2025

WISCONSIN DELLS, WIS. — HALL Structured Finance (HSF) has provided a first lien construction loan totaling $41.1 million for the Dellshire Resort in Wisconsin Dells, a city in southern Wisconsin. HSF partnered with Nuveen Green Capital, which provided an additional $27.8 million in C-PACE financing. Adrienne Andrews and Jeffrey Bucaro of JLL arranged the financing on behalf of the borrower, Uphoff Ventures LLC. Dellshire Resort will be a 208-room Medieval-themed hotel and represents the initial phase of a 40-acre master-planned resort and attraction development. The four-story hotel will feature a 222-seat restaurant, six pools, a swim-up pool bar, 9,500-square-foot arcade and family entertainment center, ATV rentals and approximately 6,500 square feet of meeting and event space. A 60-foot-tall fire-breathing dragon sculpture will mark the hotel’s entrance, complemented by costumed knights and dragon-themed interactions throughout the property. Located approximately 55 miles northwest of Madison, Wisconsin Dells is known as the “Waterpark Capital of the World,” boasting the highest concentration of indoor and outdoor waterparks globally, according to HSF. The local economy is heavily tourism-driven, drawing more than 4 million visitors annually. Completion of the Dellshire Resort is slated for the second quarter of 2026. Pyramid Global Hospitality will manage the asset. …

May 19, 2025

Industrial Leasing Activity Midwest Ohio

Newmark Negotiates 207,740 SF Headquarters Lease for Homage in Columbus, Ohio

by Kristin Harlow May 19, 2025

COLUMBUS, OHIO — Newmark has negotiated a 207,740-square-foot office and industrial headquarters lease for Homage, a vintage sports apparel brand, at 885 Stelzer Road in Columbus. The speculative property is situated across the street from John Glenn International Airport and was built in 2024 to revitalize a former vacant wooded lot. Terry Coyne and Derek Lichtfuss of Newmark represented the landlord, Weston Inc. Homage plans to take occupancy before the end of the year. Weston Devore of CBRE represented the tenant. Founded by Ryan Vesler, Columbus-based Homage has investors such as NFL star Jason Kelce, NBA star Kevin Durant, actors Ryan Reynolds and Rob McElhenney and Haslam Sports Group, which owns the Cleveland Browns, Columbus Crew and is shared controlling owner of the Milwaukee Bucks.

May 19, 2025

Acquisitions Michigan Midwest Retail

SPERRY Brokers Sale of Two Shopping Centers in Southeast Michigan Totaling 140,501 SF

by Kristin Harlow May 19, 2025

ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has brokered the sale of two grocery-anchored shopping centers in southeast Michigan. One center totals 73,253 square feet in Ortonville, while the other spans 67,248 square feet in Flushing. The seller, being involved in the grocery business for over 110 years, will continue to operate the grocery stores while selling the real estate. Robert Pliska of SPERRY represented the seller.

May 19, 2025

Acquisitions Michigan Midwest Office

Mercantile Bank Acquires 31,500 SF Office Building in Kentwood, Michigan

by Kristin Harlow May 19, 2025

KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.

May 19, 2025

Acquisitions Industrial Midwest Self-Storage Wisconsin

EquiCap Commercial Brokers Sale of 258,450 SF Self-Storage Portfolio in Wisconsin

by Kristin Harlow May 16, 2025

MILWAUKEE, PORT WASHINGTON, SLINGER AND WEST BEND, WIS. — EquiCap Commercial has brokered the sale of the StorSafe of Wisconsin Portfolio, a 258,450-square-foot self-storage portfolio in Wisconsin. The five properties, totaling 1,454 units, are located in Milwaukee, Port Washington, Slinger and West Bend. Jesse Luke and Scott Rihm of EquiCap brokered the transaction. An out-of-state buyer purchased the portfolio within 97 percent of the list price. The deal closed within 75 days of going under contract.

May 16, 2025

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Opens 46-Unit Affordable Housing Community in Columbus, Ohio

by Kristin Harlow May 16, 2025

COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four. The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel. Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement …

May 16, 2025

Acquisitions Hospitality Midwest North Dakota

Marcus & Millichap Negotiates $8.3M Sale of Comfort Suites Hotel in Fargo, North Dakota

by Kristin Harlow May 16, 2025

FARGO, N.D. — Marcus & Millichap has negotiated the $8.3 million sale of Comfort Suites Medical Center, an 82-room hotel in Fargo. Allan Miller, Chris Gomes, Huberth Marak and Skyler Cooper of Marcus & Millichap represented the buyer, a limited liability company, while the brokerage firm’s Jon Ruzicka assisted in closing the transaction. The buyer was part of a hospitality group completing a 1031 exchange after selling a hotel in Montana. The deal closed with conventional financing from a local lender. The property is located at 4417 23rd Ave. S.

May 16, 2025

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