Tuesday, July 22, 2025
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IllinoisLeasing ActivityMidwestOffice

WeWork Leases 89,500 SF at Property Under Redevelopment in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Coworking giant WeWork has leased 89,500 square feet at 1155 W. Fulton St. in Chicago’s Fulton Market. The lease represents all of the office space within the building, which was acquired earlier this year by Barnett Capital Ltd. and Domus Special Situations Group and is undergoing a redevelopment. As originally developed, 1133 and 1155 were separate three-story industrial buildings. Through the redevelopment process, the new ownership has combined the buildings to create larger floorplates, add a fourth floor and convert the property into office and retail space. A rooftop deck and amenity space will wrap around the perimeter of the fourth floor. The property spans a total of 100,000 square feet. The location will serve as WeWork’s 13th location in Chicago.

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LoansMidwestMultifamilyNebraska

Grandbridge Provides $88.3M Refinancing for Apartment Complex in Omaha

by Kristin Harlow

OMAHA, NEB. — Grandbridge Real Estate Capital has provided an $88.3 million Freddie Mac loan for the refinancing of The Atlas Apartments in Omaha. The apartment complex was originally built as a hospital in 1977. NuStyle Development renovated the property into a 732-unit apartment property starting in 2018. Amenities include an indoor pool, fitness center, sand volleyball courts, conference rooms, clubhouses, bike storage rooms, grilling patios, a rooftop deck, rooftop pool and pedestrian bridge to Creighton University. Brett Olson and Jeff Witt of Grandbridge originated the 11-year loan, which features a fixed rate and a 30-year amortization schedule.

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DevelopmentIndustrialMidwestMissouri

Melton Machine to Occupy New 367,000 SF Headquarters in Missouri

by Kristin Harlow

WASHINGTON, MO. — Melton Machine & Control Co. (MMCC) will celebrate its 50th anniversary early next year and move into a new headquarters and manufacturing facility in Washington, about 50 miles west of St. Louis. Contegra Construction Co. is building the 367,000-square-foot project, which will more than double the size of MMCC’s current operations and include a 74,000-square-foot corporate office, training and conference space. The facility is located on a 42-acre site in Heidmann Industrial Park. Joining Contegra on the project team are Gray Design Group, 21 Design Group, Case Structural Engineering, RJP Electric, Wiegmann Associates, Heggemann Plumbing, Bi-State Fire Protection and Washington Engineering & Architecture. Founded in 1970, MMCC designs and builds automated welding systems for a variety of industries, including automotive. The employee-owned company, which moved to Washington, Mo. in 1976, employs 132 workers and plans to add another 20 employees at the expanded operation.

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DevelopmentMidwestMultifamilyOhio

Pizzuti Underway on 100-Unit Multifamily Development in Columbus

by Kristin Harlow

COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of The Residences at The Sutton, a six-story multifamily project featuring 100 units and 123 parking spaces. The property is situated within the Short North neighborhood of Columbus, which is known for its art galleries, specialty shops, restaurants, pubs and coffee houses. Community amenities include a 2,000-square-foot rooftop deck, fitness center and package delivery room. Completion is slated for summer 2020. The Residences is the second phase of a multi-phase project, which includes a new mixed-use building located at 875 N. High St. The Offices at The Sutton is a four-story office and retail development that includes 45,000 square feet of office space and 12,000 square feet of ground-level retail space.

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DevelopmentIndustrialMidwestOhio

Messer Breaks Ground on 73,000 SF Spec Industrial Building at Former Cincinnati Gardens Site

by Kristin Harlow

CINCINNATI — Messer Construction has broken ground on a 73,000-square-foot speculative industrial building at 2249 Seymour Ave., formerly a parking lot for the Cincinnati Gardens complex. The Port of Greater Cincinnati Development Authority purchased the 19-acre gardens property in 2016 as part of its industrial revitalization strategy to create development-ready sites in order to attract advanced manufacturers to Hamilton County. Messer Construction bought a five-acre parcel from The Port for the construction of the new manufacturing facility and will develop it in partnership with Terrex Development. The project represents a $6.5 million investment, according to Tim Steigerwald, president and CEO of Messer. The project team includes BHDP Architecture, Colliers International and Fifth Third Bank. Completion is slated for next year.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

Job Growth Fuels Apartment Demand in Cleveland Market

by Kristin Harlow

For the year ending in March, multifamily vacancy in the Cleveland metro area tightened to the lowest level since 2016, keeping annual rent growth climbing. Measured supply gains amid increased renter demand over the past four quarters have resulted in steady vacancy and rent improvement. These trends should continue over the next several quarters, holding vacancy below the 5 percent threshold. Favorable apartment operations are capturing investor attention. Demand for apartments is coming from an increase in employment that is allowing more people to move into rentals. Employers added roughly 14,200 positions year over year in May, nearly double the previous year’s growth. Another encouraging sign for Cleveland is that most employment sectors added jobs during this period. The heightened hiring has kept the unemployment rate below 5 percent for the past five months and the rate is down 80 basis points since May 2018. Education and health services is the most dominant employment sector, and the construction segment led employment gains during the past 12 months, staffing more than 5,300 new positions, followed by professional and business services with nearly 4,200 people. New apartment projects contribute to some of the construction jobs. Over the past four quarters, builders added …

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DevelopmentMichiganMidwestOffice

Olympia Development to Build New Headquarters for Mercedes-Benz Financial Services in Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Mercedes-Benz Financial Services USA LLC and Olympia Development of Michigan have unveiled plans to develop a new build-to-suit office property in Farmington Hills. The Class A office space will serve as the headquarters for Mercedes-Benz Financial Services and the regional headquarters for Daimler Mobility Americas. The complex, pending permits and zoning approvals from the city, will be located on a 35-acre site on the southwest corner of Drake and 12 Mile roads. The three-story, 200,000-square-foot property will include a fitness center, café and coffee bar. Olympia Development has selected Gensler as the architect and Kirco Manix as the general contractor. Construction is expected to begin in the fall with completion slated for summer 2021. Mercedes-Benz Financial Services currently leases space in an office complex less than one mile from the new site. The automotive financial services provider is a member of the Daimler Mobility AG group of companies, headquartered in Germany. The company’s planned move to a new office space will retain approximately 1,000 jobs in the community.

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DevelopmentIndustrialKansasMidwest

Kubota to Open North American Distribution Center in Edgerton, Kansas

by Kristin Harlow

EDGERTON, KAN. — Kubota Tractor Corp. will host a grand opening ceremony for its new North American distribution center in Edgerton on Wednesday, Aug. 21. Joining Kubota executives will be Kansas Gov. Laura Kelly and other state and local officials. Set on 200 acres of land, the new campus includes two 1 million-square-foot buildings. The property will serve as a logistics hub for Kubota’s North American operations and home to the company’s Midwest sales division office. Kubota is based in Grapevine, Texas.

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AcquisitionsMidwestMultifamilyOhio

Reichle Klein Group Brokers $29.4M Apartment Portfolio Sale in Ohio

by Kristin Harlow

TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.

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IllinoisLoansMidwestOffice

Cohen Financial Secures $22M Acquisition Loan for Loft Office Building in Chicago

by Kristin Harlow

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $22 million loan for the acquisition of Lacuna Lofts in Chicago’s Pilsen neighborhood. The 220,000-square-foot property includes office, retail and event space. The loft building once served as a macaroni factory. Michael Hart and Ryan Morris of Cohen arranged the bridge loan, which provides capital for enhancing the base building, tenant improvements and expanding the event space. The borrower was a partnership between Ameritus and JBG Property. John Scuras of Jameson Commercial represented the seller.

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