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Midwest

Trulee-Evanston-Illinois
IllinoisLoansMidwestSeniors Housing

PGIM Real Estate Provides $50M in Financing for 160-Unit Senior Living Community in Metro Chicago

by Abby Cox

EVANSTON, ILL. — PGIM Real Estate has provided $50 million in floating-rate financing for Trulee Evanston, a 160-unit senior living community located in Evanston, roughly 13 miles north of downtown Chicago. Trace Wilson of PGIM Real Estate led financing efforts on behalf of the borrowers, AEW Capital Management and Solera Senior Living. The nine-story complex features contemporary architecture, technology and a variety of outdoor spaces, as well as independent living, assisted living and memory care services. Amenities at Trulee Evanston include an outdoor deck, bar, fire pit, hair salon and a fitness center.

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Palm Tree Club
DevelopmentMidwestMissouriRestaurant

Palm Tree Club to Open 11,000 SF Restaurant, Rooftop Lounge in Kansas City, Missouri

by Abby Cox

KANSAS CITY, MO. — Culinary and entertainment concept Palm Tree Club will open an 11,000-square-foot restaurant and rooftop lounge in Kansas City’s Power & Light District. Designed by Beth Bloom Designs, the two-level space will include a full restaurant, private dining room and an open-air rooftop. The first story will comprise the custom main bar and ample seating for guests, while an elevated DJ booth will be situated just off the main floor with VIP seating and a dance floor. Additionally, the upstairs rooftop lounge will include an illuminated tree and a 100-inch TV. Palm Tree Club Kansas City is slated to open this fall.

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Arlington Village
AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Negotiates Sale of 80-Unit Multifamily Property in Indianapolis

by Abby Cox

INDIANAPOLIS — Marcus & Millichap has facilitated the sale of Arlington Village, an 80-unit multifamily property located in Indianapolis. Originally built in 1963, the complex comprises 20 one-bedroom and 60 two-bedroom apartments across eight buildings. Renovations to the property will include cosmetic updates and capital improvements, as well as the utilization of basement space. The buyer also plans to convert some of the larger two-bedroom units into three-bedrooms. Jack Friskney and Aaron Kuroiwa of Marcus & Millichap’s Indianapolis office marketed Arlington Village on behalf of the seller and procured the buyer, both based in New York. The sales price was not disclosed.

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2712-McGraw-Bloomington-Illinois
AcquisitionsIllinoisMidwestOffice

AXIS 360 Brokers Sale of 16,998 SF Office Building in Bloomington, Illinois

by Abby Cox

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate has arranged the sale of a 16,998-square-foot office building located at 2712 McGraw Drive in Bloomington. Formerly occupied by Insight CPAs & Financial PLLC, the property features floor-to-ceiling windows, sky lights, 11 private offices, cubicle space and conference rooms. Meghan O’Neal-Rogozinski and Mike O’Neal of AXIS 360 brokered the transaction. The buyer was locally based Hjerpe & Tennison CPAS LLC. 

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22-unit multifamily property
LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $1M Permanent Loan for 22-Unit Multifamily Property in Detroit

by Abby Cox

DETROIT — Bernard Financial Group (BFG) has arranged a $1 million permanent loan for a 22-unit multifamily property located in Detroit. The name of the property was not disclosed. Josh Bernard of Bernard Financial Group originated the loan on behalf of the borrower, an entity doing business as Pilgrim Villa LLC. One of BFG’s correspondent life company lenders provided the loan.

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AcquisitionsMichiganMidwestOffice

KJ Commercial Assembles Land Site for New Citizens State Bank Headquarters in Metro Detroit

by Kristin Harlow

ROYAL OAK, MICH. — KJ Commercial has assisted Citizens State Bank (CSB) in the multi-parcel land assemblage for its new headquarters in the Detroit suburb of Royal Oak. After evaluating a range of opportunities, including existing buildings and redevelopment sites, the team decided that a ground-up development was the optimal long-term plan. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial identified a site in the Woodward Avenue corridor and negotiated the off-market purchase of the adjacent property, enabling the assemblage of the necessary acreage for CSB. The transaction closed simultaneously with two separate sellers. A timeline for construction was not provided.  

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Leasing ActivityMichiganMidwestRetail

NRG Trampoline Park Signs 50,000 SF Retail Lease in Troy, Michigan

by Kristin Harlow

TROY, MICH. — NRG Trampoline Park has signed a retail lease to open a 50,000-square-foot location at the northeast corner of 14 Mile and John R roads in Troy. NRG will take the space formerly occupied by Dick’s Sporting Goods adjacent to Oakland Plaza. Michael Murphy, Zach Burk and Tjader Gerdom of Gerdom Realty & Investment, along with Sean Kipp of Ranger Retail Partners, represented NRG in the lease. NRG operates locations across the country, but this lease marks the entertainment concept’s first location in Michigan.  

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IllinoisLeasing ActivityMidwestRetail

Whole Foods Market to Open 36,234 SF Store in St. Charles, Illinois on June 25

by Kristin Harlow

ST. CHARLES, ILL. — Whole Foods Market is set to open a new 36,234-square-foot store at 300 S. 2nd St. in St. Charles, a western suburb of Chicago, on Wednesday, June 25. The location’s product assortment will feature more than 650 products from the Midwest, sourced with the help of Margie Omastiak, forager for local and emerging brands at Whole Foods. There will be a specialty department dedicated to cheesemakers and artisan producers; a full-service seafood counter; full-service meat counter; an extensive selection of craft beers, spirits and wines; a prepared foods department; bakery department; and wellness and beauty department. Whole Foods will present Chicago-based supplier Evergreen with a low-interest loan through the Whole Foods Market Lending Program to help grow its operations and support expansion to more Whole Foods locations.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers Sale of 17,704 SF Retail Property in Avon, Indiana

by Kristin Harlow

AVON, IND. — Marcus & Millichap has brokered the sale of a 17,704-square-foot retail property occupied by The Learning Grove Academy in Avon, a western suburb of Indianapolis. The net-leased childcare facility was built in 2009 and is located at 7651 Beechwood Centre Road. Sam Malato and Dominic Sulo of Marcus & Millichap represented the buyer, a private coastal investor. The Learning Grove is an early education operator with 120 locations and additional acquisitions in progress.

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IllinoisIndustrialMidwest

CORFAC International Member Survey: Deal Activity Is on Upward Trajectory

by Kristin Harlow

DES PLAINES, ILL. — Des Plaines-based CORFAC International’s first-half 2025 survey of members from 75 independent commercial real estate firms across the globe shows that deal activity is on an upward trajectory. When assessing the past six months, 67 percent of respondents said that deal activity had increased, compared with 35 percent of respondents in the last survey. Industrial real estate continues to be the leading driver of CORFAC members’ business. Nearly 70 percent of respondents said it was a leading driver of business so far in 2025, and 56 percent said they expected it to be the leading sector in the second half of the year. In addition, 72 percent identified warehouse and distribution centers, continuing the trend from 2024, of those categories leading the way.  Members from 40 markets around the world identified positive employment trends (55 percent), population migration into their market (48 percent), and stabilizing interest rates (38 percent) as the three key factors that are having a positive influence on transaction activity. Some economic realities that are worrying members include high costs of construction (66 percent), inflation and interest rates (60 percent), and local and national policies (40 percent). “We’re pleased to see the strong …

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