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AcquisitionsIndianaIndustrialMidwest

CBRE Arranges $5.3M Sale of Industrial Property in Bremen, Indiana

by Kristin Harlow

BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.

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AcquisitionsMidwestMinnesotaRetail

KPR Centers Acquires 451,700 SF Shoppes at Knollwood in Metro Minneapolis

by Kristin Harlow

ST. LOUIS PARK, MINN. — KPR Centers, a New York-based retail real estate development and investment group, has acquired Shoppes at Knollwood, a 451,700-square-foot grocery-anchored shopping center in the Minneapolis suburb of St. Louis Park. The property is nearly 99 percent leased and anchored by Cub Foods, DSW, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx and Ulta Beauty. Christian Williams, Richard Frolik and Michael Wilson of CBRE represented the seller. Delivered in 1955 as Knollwood Mall, the asset has undergone several renovations over the decades, including its transformation into an enclosed mall in 1980. The center reverted to its open-air design in 2015 through a $30 million investment. KPR now owns and self-manages approximately 10 million square feet of retail space in 20 states. This purchase signals the owner’s entry into the Minnesota market. Over the last 18 months, KPR has acquired 12 centers totaling nearly 3 million square feet of space for approximately $400 million.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Opens 449-Bed Student Housing Community at Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community located steps from Purdue University. The project at 147 W. Wood St. marks Subtext’s second development in West Lafayette and the first to launch under its new EVER brand. The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes. Amenities include a resort-style courtyard with a pool, hot tub and jumbotron, along with a fitness center, yoga studio, coffee bar, open study lounges, outdoor kitchen, pet spa and bike storage. Subtext developed the project in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust provided financing. ESG Architecture & Design served as architect and interior designer, and Brinkmann Constructors was the general contractor.

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Leasing ActivityMidwestOfficeOhio

Jones Day Signs 382,019 SF Office Lease Renewal at North Point Tower in Cleveland

by Kristin Harlow

CLEVELAND — Jones Day, a 130-year-old global law firm headquartered in Cleveland, has signed a 382,019-square-foot office lease renewal at North Point Tower in Cleveland. Jared Friedman and David Gimple of Friedman Real Estate negotiated the 10-year lease, which includes 30,622 square feet in the 1001 Building and 351,397 square feet encompassing the entire 901 Building. Friedman represented the landlord and also provides property management services for the two-building complex.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Lamar Johnson Collaborative Designs All-Electric Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC) has designed Humboldt Park Passive Living, a four-story, all-electric building at 750 N. Avers Ave. in Chicago’s West Humboldt Park neighborhood. Developed by 548 Capital, the project will bring 60 affordable housing units and 7,700 square feet of ground-floor retail space to the community, including space planned for a grocery store and café. It is expected to become the largest affordable housing building in Chicago constructed to meet Passive House standards, a performance-driven framework for reducing energy use while improving indoor air quality, according to LJC. The building will feature a ground-level community space, partially covered outdoor plaza and upper-floor terraces that double as communal gathering areas and rainwater collection zones. Apartments will include studio, one-, two- and three-bedroom layouts with 13 units reserved for residents with disabilities. Completion is slated for 2026.

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DevelopmentMidwestOfficeWisconsin

Greiner Construction Breaks Ground on 10,000 SF Lumber Exchange Coworking Space in Hayward, Wisconsin

by Kristin Harlow

HAYWARD, WIS. — Greiner Construction has broken ground on The Lumber Exchange, a 10,000-square-foot coworking and gathering space at the corner of Main Street and Highway 63 in Hayward, a city in northwest Wisconsin. Designed to support local workers, entrepreneurs, creatives, nonprofits and community leaders in the area, the project replaces a commercial space that had been vacant for 15 years. The project site once hosted some of Hayward’s earliest landmarks, including the Pion Hotel, Giblin Hotel, Walker Hotel and the Hayward Building. The Lumber Exchange is expected to open in summer 2026. The Chequamegon Area Mountain Bike Association and the Sawyer County/Lac Courte Oreilles Economic Development Corp. have committed to long-term leases of office space within the building. The project will include flexible work areas, private offices, phone booths, conference rooms, event space, a coffee bar and second-level deck overlooking Main Street. The building will also host community programming, workshops and gatherings. The Lumber Exchange is the first commercial development for Carson Kipfer, whose background includes building companies in the technology arena for both the sports and insurance industries. Additional project team members include Cuningham and Spider Lake Trading.

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DevelopmentMidwestMinnesotaMultifamilyStudent Housing

Landmark Properties Opens 1,021-Bed Student Housing Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Landmark Properties has opened The Standard at Dinkytown, a 17-story student housing project comprising 1,021 beds in Minneapolis. The 17-story community marks the first student housing development in Minnesota for Athens, Ga.-based Landmark. BKV Group served as the architect, and Landmark Construction was the general contractor. The property’s 323 units range from studios to five bedrooms. Each apartment is fully furnished and wired for high-speed internet and cable. Amenities include an outdoor pool area with a jumbotron, sun deck, cabanas, grilling stations and rooftop hot tub. Students also have access to an interior courtyard area, fitness center, clubhouse with computer lab, gaming lounge, study lounge with café and Amazon package lockers.

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IllinoisLeasing ActivityMidwestOffice

Clayco, Prime Group Ink 75,633 SF of Office Leases at Chicago’s Historic Jewelers Building

by Kristin Harlow

CHICAGO — Clayco and its development subsidiary CRG, along with The Prime Group Inc., have inked 75,633 square feet of new leasing activity at the historic 35 E. Wacker Drive, known as The Jewelers Building in Chicago. Madison Rose has led the leasing efforts. The latest activity includes a 25,445-square-foot headquarters relocation by Sheridan Capital Partners, a 21,664-square-foot expansion by Clayco/CRG and a 21,666-square-foot renewal by architecture firm SmithGroup. JLL’s Pat Schenk and Bill Rogers represented Sheridan Capital Partners, a private equity firm focused on healthcare investments that is relocating from the Wrigley Building. Clayco expanded its footprint to 91,785 square feet and extended its lease term to 2035. The Jewelers Building has served as Clayco’s Chicago headquarters for more than 15 years. SmithGroup renewed its lease in a multi-year deal. Other recent renewals that bring the total to 75,633 square feet include Aprio and Selective Search. The Jewelers Building was constructed in 1926. Recent renovations to the building include new high-efficiency building systems and sustainability features. Amenities include a conference center, fitness facility and private parking garage.

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AcquisitionsIndustrialMidwestMinnesota

CBRE Arranges $25.2M Sale of Industrial Portfolio in Metro Twin Cities

by Kristin Harlow

MINNEAPOLIS — CBRE has arranged the sale and acquisition financing for a 220,244-square-foot, four-property industrial portfolio in metro Twin Cities. An undisclosed buyer purchased the portfolio from Big River Real Estate for $25.2 million. CBRE’s Bentley Smith, Judd Welliver, Zach Graham, Ryan Bain, Joe Horrigan and Michael Caprile represented the seller. Billy Mork and Mike Vannelli of CBRE arranged a $15 million loan on behalf of the buyer that features a five-year term, fixed interest rate and full-term interest-only payments. The properties include 1971 Seneca Road in Eagan, 1420-1464 Cliff Road in Burnsville, 3830 Cheatham Ave. in Minneapolis and 1441 First Ave. NW in New Brighton. All of the assets were at least 94 percent leased at the time of sale.

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Brokers $7.4M Sale of Multifamily Portfolio in Indiana

by Kristin Harlow

INDIANA — Marcus & Millichap has brokered the $7.4 million sale of a portfolio with 76 apartment units and three retail spaces in Hartford City, Spiceland, Knightstown and Rushville. The four properties were built between 2017 and 2021. Jack Friskney, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, KDC Investments, and procured the buyer, PRE/3.

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