Thursday, July 24, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Midwest

AcquisitionsMidwestMultifamilyWisconsin

Midloch, Hempel Acquire 118-Unit Apartment Building in Milwaukee’s Pabst District for $19.2M

by Kristin Harlow

MILWAUKEE — Midloch Investment Partners and Hempel Real Estate have acquired The Malt House, a 118-unit apartment building in Milwaukee’s historic Pabst District, for $19.2 million. The brick building was originally constructed in 1882 as the malt house for the Pabst Brewing Co. The property was extensively redeveloped as a luxury multifamily asset between 2016 and 2021. Amenities include a fitness center, package room, movie screening room, coworking lounge, game room and rooftop deck. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield brokered the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential will handle property management and leasing. The buyers plan to make common area improvements, some unit upgrades and address deferred maintenance. Midloch also owns the Brewery District Parking Garage adjacent to The Malt House.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.8M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style properties feature 94 units. Joe Smazal of Interra represented the confidential local buyer as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller. Situated on North California Avenue and built in 1961, the properties include 38 studios, 53 one-bedroom units and three two-bedroom floor plans. The buildings present a value-add opportunity through modernization of units and operational enhancements, according to Interra.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisLoansMidwestOffice

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIowaMidwestRetail

Crunch Fitness Opens 60,000 SF Facility in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Fitness Ventures LLC, the second largest Crunch Fitness franchisee, has opened its 60th Crunch Fitness with a new 60,000-square-foot facility in Des Moines. Located at 1200 E. Army Post Road, the new club is the company’s second Crunch location in Iowa. Built as a 3.0 Crunch model, the Des Moines location represents a $5 million investment. The club features cardio and strength equipment, a group fitness studio, dry saunas, performance turf, HydroMassage, tanning and the HIITZone. Fitness Ventures has partnered with Meaningful Partners, a private equity firm that invested in the company in 2024. The partnership has helped accelerate growth through a mix of new club development, mergers and acquisitions. Fitness Ventures is on pace to reach 75 clubs by the end of the year. The company plans to open 20 new locations annually.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialMichiganMidwest

Friedman Real Estate Arranges $2.6M Sale of Industrial Property in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Friedman Real Estate has arranged the sale of a 28,640-square-foot industrial property in the Detroit suburb of Farmington Hills for $2.6 million. The facility is located at 24450 Indoplex Circle. Phil Konopitski of Friedman represented the undisclosed buyer.

Continue Reading
FacebookTwitterLinkedinEmail
ElmTree-Funds
AcquisitionsCompany NewsMissouriNew YorkTop Stories

BlackRock to Acquire Net-Lease Industrial Investor ElmTree Funds

by Hayden Spiess

NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states.  Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.)  “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMidwestMultifamilyWisconsin

Continental, Three Leaf Open 267-Unit Westrock Residences in Hartland, Wisconsin

by Kristin Harlow

HARTLAND, WIS. — Continental Properties and Three Leaf Partners have opened Westrock Residences, a 267-unit townhome and apartment property in the Milwaukee suburb of Hartland. The community offers one-, two- and three-bedroom stacked flat apartments as well as two- and three-bedroom, two-story townhome-style residences. Amenities include a resort-style pool, clubhouse, fitness center, golf simulator, dog run, playground and more than two miles of walking paths. Monthly rents start at $1,890, according to the property’s website.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialLoansMidwest

Byline Bank Provides $17M for Acquisition of Two Chicagoland Industrial Properties

by Kristin Harlow

ALSIP, ILL. — Byline Bank has provided $17 million for the acquisition and future capital improvement of two industrial properties located at 5750 W. 118th St. and 11700 S. Central Ave. in Alsip. TradeLane Properties was the borrower. The manufacturing facility on 118th Street totals 366,869 square feet and was built between 1996 and 2000. It features exterior dock doors, existing bridge cranes, 480 expandable parking stalls and active multi-track rail service via Indiana Harbor Belt. TradeLane plans to reposition the asset by replacing the roof, paving, exterior and interior painting, landscaping and preparing the office space for lease. The second property is an 84,376-square-foot distribution center that is fully leased and situated on 4.5 acres. Constructed in 1990, the building features a 4,500-square-foot office space, 15 exterior dock-high doors, a drive-in door and 26 auto parking stalls. The acquisition marks the 14th transaction between Byline and TradeLane in the last five years.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialMidwestWisconsin

ERMCO Acquires 158,000 SF Industrial Facility in Bristol, Wisconsin

by Kristin Harlow

BRISTOL, WIS. — Electric Research and Manufacturing Cooperative Inc. (ERMCO) has acquired a 158,000-square-foot industrial facility at Bristol Business Park in southern Wisconsin. ERMCO began leasing the property in May 2024 to prepare for operational readiness and officially commenced operations in April 2025. The site, located in Building 4, features a clear height of 32 feet, 30 expandable dock doors, 215 parking spaces and 4,000 amps of power. ERMCO continues to invest in advanced manufacturing to support the evolving needs of the energy sector. The Bristol facility will serve as the company’s dedicated amorphous hub, reinforcing its commitment to delivering high-efficiency transformer solutions that support grid modernization and long-term reliability. ERMCO now has two domestic sources of electrical steel (amorphous and grain-oriented). Sean Kropke and Keith Puritz of Cushman & Wakefield represented ERMCO in the sale.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $4.6M Sale of Retail Center in Columbus, Indiana

by Kristin Harlow

COLUMBUS, IND. — Marcus & Millichap has arranged the $4.6 million sale of Holiday Center, a 26-unit retail center in Columbus, about 45 miles south of Indianapolis. The fully leased property totals 59,117 square feet across four buildings. Forest Bender and Joseph DiSalvo of Marcus & Millichap represented the Indiana-based seller. The new ownership plans to enhance income through strategic leasing and explore potential outlot development, according to Bender.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts