Monday, June 16, 2025
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Midwest

DevelopmentIllinoisLeasing ActivityMidwestOffice

BGO Completes $8M Amenity Center at Chicago Office Tower

by Kristin Harlow

CHICAGO — BGO has completed an $8 million amenity center within its office tower at 200 W. Madison in Chicago in collaboration with architecture firm Gensler. The owner credits the amenity center with contributing to a surge in leasing activity at the building. Over the past 16 months, CBRE’s Jason Houze, Michael Kazmierczak and Aaron Schuster have arranged 189,000 square feet of new leases and renewals at the property. New lease signings include Wallace Miller, Sanchez Daniels & Hoffman, NOVO Advisors, Aerotek, Beyond Risk and Houlihan Capital. Renewals and expansions include The Hartford Insurance, UB Greensfelder LLP, PJT Partners, Pinnacle Actuarial Resources Inc., Dehay & Elliston, Crystal Equation Corp. and Savant Capital. The full-floor amenity center includes a fireplace lounge, coworking areas, a fitness center, conferencing center, large boardrooms and a game room with a golf simulator, pool table and shuffleboard. The space is professionally managed and operated by The Experience Group. JLL manages the property. Over the past year, BGO also delivered two move-in ready office suites in the building. Leases were executed within the first month of delivery for both suites. Approximately 133,000 square feet of space is available for lease in the building, with spaces ranging from …

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $8M Sale of Apartment Building in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Marcus & Millichap has brokered the $8 million sale of The Jax, a 48-unit apartment building in St. Paul. The 49,082-square-foot property features loft-style units and is situated in the city’s Lowertown neighborhood. Built in 1909 and renovated in 2019, the asset features one- and two-bedroom floor plans. Amenities include a fitness center, community room and yoga studio. Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, a local limited liability company, and procured the buyer, a Chicago-based investor.

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AcquisitionsIndustrialMidwestMissouri

CBRE Arranges $6M Sale of St. Louis Industrial Facility

by Kristin Harlow

ST. LOUIS — CBRE has arranged the $6 million sale of a 65,900-square-foot industrial facility located at 2340 59th St. in the South County submarket of St. Louis. The building is fully leased to a global telecommunications company, which has occupied the facility since 1990. Built in 1962, the property features 15 dock doors, a clear height of 18 feet and gated entry points. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Brian Bush of CBRE represented the seller, MacHom Com St. Louis LLC. An all-cash buyer purchased the asset in a 1031 exchange.

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KansasMarket ReportsMidwestMidwest Market Reports

Wichita and South Central Kansas: A Thriving Commercial Real Estate Market

by Kristin Harlow

By Joshua Turner, Landmark Commercial Real Estate The commercial real estate market in Wichita and South Central Kansas has shown remarkable resilience and growth in recent years. Following the challenges of the pandemic, the region has not only recovered but is now thriving. Wichita’s central location and business-friendly environment have long attracted investments in retail, office, industrial and mixed-use developments. Prior to the pandemic, low vacancy rates and steady rent growth indicated a strong and promising market.  While retail and office spaces experienced temporary setbacks due to shifting work and consumer habits, the industrial sector remained active, fueled by e-commerce demand. The region’s lower costs and pro-business climate helped it weather economic fluctuations better than many larger metro areas. Since 2021, Wichita’s commercial real estate market has experienced an impressive resurgence. The industrial sector is booming, driven by manufacturing, logistics and distribution expansion. Retail has adapted to evolving consumer preferences, with experiential and mixed-use developments gaining popularity. Office spaces are being reimagined to accommodate hybrid work models, offering flexible solutions that meet modern business needs. Wichita’s population has steadily grown over the past decade, reflecting the city’s increasing economic opportunities and high quality of life. Currently home to nearly 400,000 …

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LoansMidwestMinnesotaMultifamily

Dwight Mortgage Trust Provides $49.2M Bridge Loan for Moment Apartments in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $49.2 million bridge loan to refinance Moment Apartments in downtown Minneapolis. The 222-unit luxury apartment complex rises 10 stories with 14,713 square feet of ground-floor retail space that is leased to Starbucks and New Horizon Academy. There are seven studios, 159 one-bedroom units and 56 two-bedroom apartments. Amenities include a fitness center, pet play area, business center, golf simulator, coworking space, sauna, pet spa, swimming pool, conference rooms, grilling stations and outdoor terraces. Loan proceeds will be used to retire existing debt, fund reserves and cover transaction-related costs. Daniel Malka and Jonathan Pomper of Dwight originated the financing on behalf of the borrower, Sherman Associates.

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Leasing ActivityMidwestMissouriOffice

Lathrop GPM to Relocate Kansas City Headquarters to 47,000 SF Office

by Kristin Harlow

KANSAS CITY, MO. — National law firm Lathrop GPM LLP will move its Kansas City headquarters to a new 47,000-square-foot office at Stanton Road Capital’s 2323 Grand Boulevard. The firm is relocating from its roughly 111,000-square-foot space at 2345 Grand Boulevard, where it has been based since the 1970s. The new office will be designed to adopt the firm’s companywide shift toward a hybrid work approach and is slated for occupancy in summer 2026. Lathrop’s office will be located on floors seven and eight with nine conference rooms, private offices, open workspaces and employee wellness rooms. Located in the heart of downtown, 2323 Grand Boulevard sits at the intersection of the Crossroads Art District and Crown Center, directly across from Union Station and the new RideKC streetcar station. The 320,976-square-foot, 11-story building offers onsite parking, flexible floor plates and spec suites. Stanton Road Capital acquired the property in late 2017 and has updated the amenities, including a conference center, gym, tenant lounge, dining area and outdoor patio. Additionally, Grand Coffee Co. will open a location within the building. Travis Helgeson and Miles McCune of Range Realty Partners are the property’s leasing agents. Scott Bluhm of Newmark Zimmer represented Lathrop GPM …

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AcquisitionsIndustrialMidwestOhio

CBRE Arranges $13M Sale of Industrial Property in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — CBRE has arranged the $13 million sale of a 183,178-square-foot industrial property in West Chester near Cincinnati. Located at 9113 LeSaint Drive, the building served as the former headquarters of The O’Gara Group. Built in 1986 and renovated in 2023, the property features seven dock doors and eight drive-in doors on a 10.9-acre site. At the time of sale, the asset was fully occupied by three tenants. Will Roberts, Steve Timmel and Tim Schenke of CBRE represented the seller, TradeLane Properties. Plymouth Industrial REIT Inc. was the buyer.

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AcquisitionsIllinoisMidwestOffice

Greenstone Partners Negotiates $7.4M Sale of Flex Office Building in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Greenstone Partners has negotiated the $7.4 million sale of a 48,500-square-foot flex office and industrial building located at 1100 W. Monroe St. in Chicago’s Fulton Market neighborhood. The three-story property features efficient floor plates, industrial storage, three exterior docks on the first floor and 37 surface parking spaces. The asset, which was well maintained by an owner-occupant for more than 20 years, is located two blocks south of McDonald’s global headquarters. Jason St. John of Greenstone Partners represented the buyer, Alexander West Capital, the family office of the Leopardo family. The property will serve as the new home for Leopardo Construction’s Chicago operations. Andrew Davidson, Jay Beadle and David Kimball of Transwestern represented the seller, 1100 West Monroe LLC, an affiliate of Kolcraft Enterprises.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $3.9M Bulk Condo Sale in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Kiser Group has brokered the $3.9 million sale of 35 condominium units in a bulk transaction in Rosemount, a suburb of Chicago. The value-add asset was 97 percent occupied at the time of sale and provides convenient access to Chicago O’Hare International Airport, Rivers Casino and the Rosemont Fashion Outlets. Andy Friedman and Jake Parker of Kiser brokered the sale, which involved multiple sellers. The buyer was a local investor.

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LoansMidwestMultifamilyOhio

ACRES Provides $72.5M Loan for Refinancing of Apartment Complex in Columbus

by Kristin Harlow

COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.

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