Tuesday, July 15, 2025
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Midwest

DevelopmentIllinoisMidwestOffice

Franklin Partners Opens Redeveloped Office Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

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LoansMidwestMultifamilyNebraska

NorthMarq Arranges $23M Refinancing for Apartment Complex in Omaha

by Kristin Harlow

OMAHA, NEB. — NorthMarq has arranged a $23 million Fannie Mae loan for the refinancing of ZAG Apartments in Omaha. Built in 2017, the 191-unit apartment complex is located at 5110 Mayberry St. The community features a 24-hour fitness center and outdoor lounge as well as close proximity to multiple city parks and bike trails. Josh Larsen of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule.

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LoansMidwestMultifamilyOhio

Ready Capital Provides $19.3M Acquisition Loan for Multifamily Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers Sale of 156,630 SF Shopping Center in Springfield, Ohio

by Kristin Harlow

SPRINGFIELD, OHIO — Marcus & Millichap has brokered the sale of Springfield Plaza for an undisclosed price. The 156,630-square-foot shopping center is located at 1510-1608 Upper Valley Pike in Springfield, about 25 miles northeast of Dayton. Dunham’s Sports and Ollie’s Bargain Outlet anchor the property. Other tenants include JoAnn Fabrics, Sherwin-Williams, CosmoProof and The Reserves Network. The center was 70 percent leased at the time of sale. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the Illinois-based private seller. The team also procured the buyer, a Maryland-based private investment group.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Elevation Financial Group Buys Two Affordable Seniors Housing Communities in Illinois for $10.7M

by Kristin Harlow

SPRINGFIELD, ILL. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, the capital city of Illinois, for a total price of $10.7 million. The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999. The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million. Both properties are low-income housing tax credit properties. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.

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DevelopmentHealthcareMichiganMidwest

HED Designs $9M Heart Center at Beaumont Hospital in Royal Oak, Michigan

by Kristin Harlow

ROYAL OAK, MICH. — HED has completed the design of the new Max and Debra Ernst Heart Center at Beaumont Hospital in Royal Oak, a northern suburb of Detroit. The firm led the architecture, engineering and interior design for the 14,000-square-foot, $9 million hospital addition. The project consolidates cardiac care, particularly for patients with heart failure, into a convenient and comprehensive facility. The addition is home to 12 patient care rooms, an echocardiogram room, vascular room, stress testing room and two treatment rooms. It is designed to treat 100 patient visitors per day.

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IndustrialLeasing ActivityMichiganMidwest

Crane Worldwide Logistics Signs 136,500 SF Industrial Lease in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — Crane Worldwide Logistics has signed a 136,500-square-foot industrial lease in Romulus. The property is located at 10725 Harrison Road. The company is an international logistics firm with 120 locations in 30 countries. Peter Rogers of CBRE represented the tenant in the lease transaction. Randall Allman of CBRE represented the owner, AEW Capital Management.

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AcquisitionsIndustrialMidwestMinnesota

NKF Brokers $4.3M Sale of Industrial Building in Minnesota

by Kristin Harlow

WYOMING, MINN. — Newmark Knight Frank (NKF) has brokered the $4.3 million sale of a 99,282-square-foot industrial building in Wyoming, about 35 miles north of Minneapolis. The property is located at 5240 257th St. Dan Friedner, Jay Chmieleski and Patrick Cullen of NKF represented the buyer, Kirvida Holdings Inc., and the seller, U.S. Small Business Administration.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $2.2M Sale of Strip Center in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.

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