Tuesday, November 4, 2025
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AcquisitionsIllinoisMidwestOffice

Menashe Properties Acquires 31-Story Office Tower in Chicago

by Kristin Harlow

CHICAGO — Menashe Properties has acquired 125 S. Wacker Drive, a 31-story, 640,000-square-foot office tower in Chicago’s West Loop. The purchase price was $51.5 million, according to Crain’s Chicago Business. The news outlet reports that the seller, a venture of Montreal-based La Caisse, bought the building in 2017 for $145 million. The closing marks Menashe’s second major Chicago office investment since 2023. Located in the city’s financial district at the intersection of Wacker Drive and Adams Street, the property features immediate access to Union Station, Ogilvie Transportation Center and several CTA lines. The tower is LEED Gold and WiredScore Platinum certified. The building features an amenity center on the second floor that includes four conference rooms, a fitness center and reservable space for meetings, private gatherings and corporate events. Menashe plans to build spec suites at the building. Stream Realty Partners has been selected to handle leasing and property management. Mark Baby and Ben Cleveland will oversee leasing strategy, while Victoria Knudson will direct onsite operations. Menashe is a privately owned commercial real estate investment firm based in Portland, Ore.

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LoansMidwestMinnesotaMultifamily

JLL Arranges $50M Refinancing for Multifamily Property in Eden Prairie, Minnesota

by Kristin Harlow

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged a $50 million refinancing for The Fox & The Grouse, a 237-unit multifamily property in the Golden Triangle neighborhood of Eden Prairie. The first units of The Fox & The Grouse Phase I delivered in December 2024, and construction was completed in April 2025. The development features 205,561 square feet of rentable space across alcove, one-, two- and three-bedroom units averaging 867 square feet. The project includes a 25 percent affordable housing component, with 49 units reserved for residents at 50 percent of the area median income (AMI) and 12 units at 80 percent AMI. Amenities include an outdoor pool, golf simulator, pickleball courts, a wellness center, work-from-home spaces, a theater room and underground parking. Scott Loving, Josh Talberg, Joe Peris, Will Hintz and Colin Ryan of JLL represented the borrower, a partnership of Greco and Eagle Ridge Partners, as well as joint venture equity partner Amstar Group. JLL arranged the five-year loan through PNC Bank.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $4.4M Sale of Retail Center in Ottawa, Illinois

by Kristin Harlow

OTTAWA, ILL. — Marcus & Millichap has brokered the $4.4 million sale of a 10-suite, two-building retail center in Ottawa. Aldi shadow-anchors the property, which is home to Dollar Tree, Sherwin-Williams, Athletico Physical Therapy, Hibbett Sports and World Finance Corp. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private Chicagoland investment group. Sharko and Weisenbeck, along with the brokerage’s Phoebe Klein, represented the buyer, a private 1031 exchange investor based in New York. The sale closed at 99.4 percent of the list price, achieving the highest price per square foot for a shopping center in Ottawa in the past five years, according to Mendoza. The property also included a half-acre parcel of developable land suited for a single-tenant drive-thru.

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AcquisitionsIllinoisIndustrialMidwest

Brennan Investment Group Buys 80,000 SF Industrial Building in Metro Chicago

by Kristin Harlow

WOODRIDGE, ILL. — Brennan Investment Group has acquired an 80,000-square-foot industrial building situated on 8.8 acres in the Chicago suburb of Woodridge. The property is located within the I-55 submarket at the intersection of I-55 and I-355. Brennan says the property was acquired to address the region’s shortage of functional small-bay industrial product, as the vacancy rate is less than 1 percent among spaces under 50,000 square feet in the I-55 submarket. Brennan plans to reposition the building by demising it into four 20,000-square-foot suites complete with spec offices, individual docks and drive-in doors and a large, secured yard. The building was originally constructed in 2007.

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Leasing ActivityMichiganMidwestOffice

NAI Wisinski of West Michigan Relocates Kalamazoo Office  

by Kristin Harlow

KALAMAZOO, MICH. — NAI Wisinski of West Michigan has relocated its Kalamazoo office to a new space at 650 Trade Centre Way in Portage. The building is a five-minute drive from the firm’s previous location on Whites Road. The 2,400-square-foot office features seven private offices and an open workspace. The company says the new layout supports its expanding brokerage and property management services across the region. NAI Wisinski opened its Kalamazoo location in 2013.

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DevelopmentHospitalityMixed-UseRestaurantRetailSoutheastTennesseeTop Stories

Simon to Develop 100-Acre Sagefield Mixed-Use Center in South Nashville

by John Nelson

NASHVILLE, TENN. — Simon Property Group (NYSE: SPG) plans to develop Sagefield, a 100-acre mixed-use destination that will be located on the south side of Nashville. The construction timeline for the project was not released. Situated in the hills of Williamson County, the planned project will feature lifestyle shops, restaurants and service retail spaces, as well as a landmark hotel by Author & Edit Hospitality, a hotel brand helmed by restaurateur and hotelier Sam Fox of Fox Restaurant Concepts. “This exciting new development will set a new standard for quiet luxury in metro Nashville and beyond,” says Eric Sadi, co-president of Simon’s North American real estate division. Simon is collaborating on Sagefield with Adventurous Journeys Capital Partners (AJ Capital), a Nashville-based firm that specializes in mixed-use and adaptive reuse development. Simon and AJ Capital are currently collaborating on Nashville Premium Outlets, a 325,000-square-foot outlet mall that will break ground next year in Thompson’s Station, Tenn.  Plans for Sagefield also call for first-to-market boutique retailers, household-name operators, farm-to-table restaurants and cafés, an organic market, entertainment venues and health and wellness concepts. The development’s planned hotel will offer signature restaurants, a high-end spa, sports and a social members club. Simon says that …

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Eastex-59-Houston
DevelopmentIndustrialMarket ReportsTexasTexas Market Reports

Industrial Design Requirements Shift Following Supply Boom in Major Texas Markets

by Taylor Williams

Once upon a time, not so long ago, an industrial developer in Texas could pick an appropriately zoned spot on the map, throw up four walls and a roof, slap a few utilities in place and reasonably expect multiple tenants to quickly reach out and express a willingness to pay healthy rent for that space.  That’s a colorful and simplified view of the pinnacle of the post-COVID Texas industrial market, but it’s not a farcical take. Between roughly early 2021 and mid-2023, phrases like “record-breaking,” “gangbusters” and “never seen anything like it,” were routinely used by brokers and owners alike to describe the state of industrial tenant demand.  Combined with cheap debt and available equity, the ferocious need for warehouse, distribution and manufacturing space sparked absorption of older buildings and fresh capitalizations of new projects across all major markets. Tenants needed space yesterday, and supply chain disruptions — for developers and tenants — were simply a cost of doing business. And business was very, very good. Business is still good today. But the development landscape has undoubtedly shifted while the capital markets that govern said landscape have invariably cooled. New development, particularly in terms of equity, is significantly harder to …

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DataBank-ATL-1-Data-Center-at-Georgia-Tech
Data CentersFeaturesIndustrial

What Developers Should Know About Repositioning Commercial Properties into AI-Ready Data Centers

by Taylor Williams

By Felicia Santiago, architect, Gensler As artificial intelligence (AI) technologies evolve and scale, digital infrastructure must follow suit. While advocating for historic buildings to find new life via preservation as data centers is understandable, not every structure is well-suited for this type of repurposing. But this shouldn’t stop developers from overlooking two big opportunities for data center construction plays: revitalizing existing vacant properties as data centers and re-tooling legacy data centers for today’s AI needs. The beauty of adaptive reuse is that it theoretically preserves the existing fabric of community while incorporating modern infrastructure where it is needed — within the fabric of the community. Another opportunity to repurpose existing facilities into modern data centers involves potentially bypassing regulatory items that cause challenges and delays, such as rezoning, since these data centers would be grandfathered into that use. Legacy data centers — once the backbone of enterprise computing — are increasingly outdated and unable to support the energy intensity, cooling demands and density required by AI infrastructure. Rather than defaulting to new construction, there’s an urgent opportunity to recycle existing buildings. The sustainability practices of repurposed buildings should not be overlooked as the need for data centers continues to grow.  …

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Company NewsDevelopmentMarylandMixed-UseSoutheast

MAG Partners Exits $5.5B Baltimore Peninsula Development Team

by John Nelson

BALTIMORE — MAG Partners has announced its exit from the master development team of Baltimore Peninsula, a $5.5 billion mixed-use development underway in south Baltimore. The multi-phase, 235-acre development, formerly branded as Port Covington, is led by Sagamore Ventures, a developer founded by Under Armour’s CEO Kevin Plank, as well as Goldman Sachs Urban Investment Group and the City of Baltimore. MacFarlane Partners has also been a member of the development team since joining alongside MAG Partners in 2022, but the San Francisco-based firm has also left the project, according to the Baltimore Business Journal. The news outlet also reported that MAG Partners will stay involved in several office leases in the works alongside leasing agent Courtenay Jenkins of Cushman & Wakefield. In its departure statement, MAG Partners says the firm was involved in opening 1.1 million square feet of commercial space at Baltimore Peninsula and stabilizing 450 apartments since joining the development team in May 2022. The Baltimore Business Journal reports that Sagamore Ventures is seeking out development partners for the remaining phases of Baltimore Peninsula.

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Frisco-Railhead
DevelopmentMultifamilyTexas

JPI Completes Two Apartment Communities Totaling 903 Units Within Frisco Mixed-Use Development

by Taylor Williams

FRISCO, TEXAS — Locally based developer JPI has completed Jefferson Railhead and Jefferson Parkhouse, two apartment communities totaling 903 units in Frisco, located north of Dallas. The projects represent the first and second multifamily phases of Frisco Railhead, a $3 billion mixed-use development. Jefferson Railhead offers studio-, one- and two-bedroom units that are now 60 percent occupied. Jefferson Parkhouse offers similar floor plans, as well as three-bedroom units, and is now 17 percent occupied. Amenities at both properties include pools with cabanas and sundecks, fitness centers and coworking lounges with private conference and whisper rooms. Frisco Railhead will ultimately comprise 1,300 multifamily units, a 17-story hotel with condominiums on the top two floors, 36,000 square feet of retail space, a 1.5 million-square-foot office campus and a 5-acre central park. 

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