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IllinoisLoansMidwestMultifamily

CEDARst, Kayne Anderson Receive $91M in Financing for Chicago Apartment Building

by Kristin Harlow

CHICAGO — CEDARst Cos. and Kayne Anderson Real Estate have received a $91 million loan from Invesco Real Estate to finance the acquisition and future tenant improvements at Millie on Michigan, a 47-story apartment tower located at 300 N. Michigan Ave. in Chicago’s Loop. The financing follows the joint venture’s all-cash acquisition of the property in July. The loan proceeds will support the venture’s long-term investment strategy, including capital improvements designed to enhance the resident experience and retail environment. Completed in 2022, Millie on Michigan includes 289 luxury apartment units and 25,000 square feet of retail space. Occupancy exceeded 95 percent at the time of purchase. Amenities include a rooftop pool, coworking spaces, a fitness center, dog run and integrated smart home technology. The project is part of CEDARst Opportunistic Fund, which launched in February.

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DevelopmentIllinoisMidwestMixed-UseRetail

UrbanStreet Group Breaks Ground on 30-Acre Retail District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has broken ground on a 30-acre retail district at Veridian in the Chicago suburb of Schaumburg. The first phase of the district is expected to open in 2027 for apartments; retail turnover is slated for fall 2026. The Veridian project involves the transformation of the former Motorola campus. The first phase of the retail district will include 100,000 square feet of walkable retail and international cuisine, anchored by a 26,000-square-foot The Fresh Market grocery store along with 321 apartments and year-round community programming. At full build-out, the district will include more than 200,000 square feet of retail and restaurant space and more than 600 apartment units, adding to the 225-acre Veridian site that is already home to Topgolf; corporate users such as The Boler Co., Zurich North America, Motorola Solutions and DR Horton; and multiple residential communities. The groundbreaking is the latest milestone for the project, which began a decade ago. In 2015, Motorola announced it would relocate its headquarters to downtown Chicago. The following year, UrbanStreet Group acquired the property and began planning the redevelopment. In 2018, the Village of Schaumburg approved a new zoning ordinance, clearing the way for Veridian’s master plan. By …

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Courtyard Memphis Collierville
AcquisitionsHospitalitySoutheastTennessee

Hunter Hotel Advisors Facilitates Sale of 131-Room Courtyard by Marriott Hotel in Collierville, Tennessee

by Abby Cox

COLLIERVILLE, TENN. — Hunter Hotel Advisors has negotiated the sale of the 131-room Courtyard by Marriott Memphis Collierville hotel located within the Carriage Crossing lifestyle shopping center in Collierville. Tim Osborne and Adeel Amin of Hunter facilitated the transaction and secured a $8.7 million bridge loan on behalf of the buyer, a Texas-based investor. The seller was an entity doing business as Southern Hospitality LLC. Situated near the FedEx World Technology Center, the four-story hotel includes 1,624 square feet of meeting space, an indoor swimming pool, fitness center and a full-service restaurant called The Bistro.

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IllinoisLeasing ActivityMidwestOffice

Tishman Speyer Secures Two Full-Floor Leases at 900,000 SF Office Tower in Chicago

by Kristin Harlow

CHICAGO — Tishman Speyer has secured lease agreements with Rewards Network and CVS Health to occupy a total of 81,931 square feet at 525 West Monroe, its recently renovated, 900,000-square-foot office tower in Chicago’s West Loop neighborhood. Rewards Network, a restaurant rewards and loyalty program, will relocate its headquarters to the tower’s 40,956-square-foot sixth floor in September 2026. The fintech company will expand its footprint when it moves from 540 West Madison Street, where it occupies 25,000 square feet. CVS Health will bring together its Chicago-area workforce at 525 West Monroe in early 2026. The healthcare company’s new office will span the fifth floor for a total of 40,975 square feet. Tishman Speyer’s redevelopment of 525 West Monroe included a new outdoor plaza, entrances and lobby designed by Michaelis Boyd Associates and MDEAS. The Foyer, an all-day café concept that Tishman Speyer created in partnership with Infuse Hospitality, encompasses a bar and table service as well as outdoor patio seating. Tenants also have access to ZO Clubhouse, an amenity center and lounge on the 23rd floor. Tishman Speyer originally developed 525 West Monroe, which is located one block from Chicago Union Station. Ellen May and Stephen Golz represented Tishman Speyer …

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tractor-supply
AcquisitionsRetailSoutheastTennessee

Boulder Group Brokers $2.9M Sale of Retail Property Near Nashville Leased to Tractor Supply

by Abby Cox

SMYRNA, TENN. — The Boulder Group has brokered the $2.9 million sale of an 18,750-square-foot, single-tenant retail property in Smyrna leased to Tractor Supply. Located along U.S. Highway 41, Tractor Supply has operated at the site since 1999 and recently signed a 10-year lease extension. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a high-net-worth family engaging in estate planning, in the transaction. Andrew Ragsdale of Colliers represented the undisclosed seller. Founded in 1938, Tractor Supply operates more than 2,300 stores across 49 states.

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DevelopmentIndustrialMidwestWisconsin

McShane to Construct 174,367 SF Manufacturing Build-to-Suit Project in Kenosha, Wisconsin

by Kristin Harlow

KENOSHA, WIS. — McShane Construction Co. will build a 174,367-square-foot manufacturing build-to-suit project in Kenosha. The undisclosed tenant will utilize the space for manufacturing and warehousing metal products. Positioned on an 86-acre site, the precast building will include 77,100 square feet of manufacturing space and 52,500 square feet of warehouse space with a clear height of 40 feet, 10 truck docks and four drive-in doors. The building will also feature 9,000 square feet of office space and 171 parking stalls. As part of the project, McShane will build a bridge, bringing railroad tracks to the site. Completion is slated for June 2026. Harris Architects Inc. is the project architect.

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AcquisitionsMidwestOhioRetail

JLL Brokers $13.8M Sale of Grocery-Anchored Shopping Center in Fairview Park, Ohio

by Kristin Harlow

FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the $13.8 million sale of Fairview Centre, a 147,602-square-foot shopping center in the Cleveland suburb of Fairview Park. The grocery-anchored property consists of three buildings that are nearly 90 percent occupied by Giant Eagle, which has a 30-year tenure at the center. Additional tenants include Dollar Tree, Onyx Gyms, Goldfish Swim School, UPS and the American Cancer Society. Michael Nieder and Brian Page of JLL represented the seller, Lamar Cos. Axiom Realty purchased the asset.

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Helix Park
DevelopmentFeaturesHospitalityRetail

Healthcare-Adjacent Retail Development Taps Into Underserved Customer Bases

by Abby Cox

By Sean Slater, senior principal, RDC Architecture & Planning In today’s evolving retail landscape, one of the most promising — and often overlooked — opportunities lies in the land surrounding our nation’s hospitals and medical centers. As healthcare systems continue to expand and consolidate, savvy development executives recognize the immense potential of strategically positioning retail properties in locations that are adjacent to major medical facilities. Doing so combines consistent foot traffic, demographic advantages and an urgent need for community-focused amenities. This was the scenario that RDC’s placemaking design team faced at the Texas Medical Center’s (TMC) new TMC3 research and development campus south of the massive healthcare cluster near downtown Houston. On any given day at that sprawling site, more than 100,000 people — about the seating capacity of the Los Angeles Memorial Coliseum — come to work, while 27,400 patients visit one of the 21 associated hospitals. Many of them are international visitors staying at local hotels with significant downtime. Kristen Kupperman, TMC’s vice president of design, construction and facilities, introduced RDC’s design team to this problem, saying that there are 80,000 women who work at TMC every day, yet there is nowhere to get a manicure and nowhere …

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Franklin Crossroads Park
DevelopmentMixed-UseNortheastPennsylvaniaRetailTop Stories

IRG, PREP Funds Acquire Washington Crown Center in Suburban Pittsburgh, Plan Redevelopment

by Abby Cox

NORTH FRANKLIN TOWNSHIP, PA. — A partnership between Los Angeles-based Industrial Realty Group (IRG) and Cleveland-based PREP Funds has acquired Washington Crown Center, a 450,000-square-foot mall near Pittsburgh, with plans to undertake a redevelopment. As reported by regional media outlet Observer-Reporter, as well as several other media sources, IRG and PREP Funds are jointly investing $40 million for the transformation of the former mall into a mixed-use hub for retail and business that will be called Franklin Crossroads Park. In addition, according to Pittsburgh Business Times, New York-based Kohan Retail Investment Group originally purchased the mall for $20 million in 2016 and began marketing the property for sale in 2024. Construction of Franklin Crossroads Park, which is situated 30 miles south of Pittsburgh in Washington County along I-70, is set to begin this fall. Meanwhile, a portion of the mall will remain open through the end of the year. “Our vision is to diversify the site’s use by attracting new retailers and businesses to the property,” says Chris Salata, partner at PREP Funds. “This adaptive reuse project will significantly improve the facility and bring new economic activity.”  Redevelopment plans for Franklin Crossroads Park currently call for the creation of a 100,000-square-foot retail …

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InterFace-Houston-Industrial-Finance-Panel
IndustrialMarket ReportsTexasTexas Market Reports

InterFace Panel: Lenders’ Sentiments on Houston Industrial Market in 2025 Reflect Pendulum-Like Movement

by Taylor Williams

HOUSTON — In the span of eight months — a blip in the life cycles of most commercial real estate deals and projects — lenders in the Houston industrial space have gone from enthusiastic to tepid to back to borderline optimistic. This pendulum-like pattern that has reflected the vacillating appetites of capital providers to deploy funds is not unique to the Houston industrial market. At the start of the year, commercial lenders across a range of asset classes and markets expressed positive expectations for 2025. A new, pro-business presidential administration, the building on short-term interest rate cuts in late 2024, a widespread sense that it was simply time to get back into the game — all of these notions played into an ebullient outlook for commercial deal volume in the new year. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. It would not last very long. Unconventional, sweeping policies implemented by the second Trump administration, including mass layoffs of federal employees and implementation of tariffs on major American trading partners, deeply rattled investors and capital providers. Even as the administration …

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