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DevelopmentHealthcareIndianaIndustrialLife SciencesMidwestTop Stories

Eli Lilly to Build $4.5B Center for Advanced Manufacturing, Drug Development in Lebanon, Indiana

by Kristin Harlow

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to invest $4.5 billion to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development in Lebanon, about 27 miles northwest of Indianapolis. The Medicine Foundry, slated to open in late 2027, will be located in Indiana’s LEAP Research and Innovation District. The project brings Lilly’s total investment in the area to more than $13 billion. Earlier this year, Lilly released plans for a $5.3 billion expansion of its pharmaceutical manufacturing facility in Lebanon. “As we accelerate our work to discover new medicines for the toughest diseases, we’re continuing to invest in state-of-the-art infrastructure to support our growing pipeline,” says David Ricks, Lilly’s chair and CEO. “In addition to supplying high-quality medicine for our clinical studies, this new complex will further strengthen our process development and scale up our manufacturing capabilities to speed delivery of next-generation medicines to patients around the world.” Lilly says the flexible design of the new facility will enable production of various molecular therapies, including drug substances for small molecules, biologics and nucleic acid therapies. New technologies developed at the Medicine Foundry will be transferred to Lilly’s other manufacturing sites …

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DevelopmentLoansMidwestMinnesotaMultifamily

Associated Bank Provides $55M Construction Loan for Apartment Complex in Suburban Minneapolis

by Kristin Harlow

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for a 269-unit apartment complex in the Minneapolis suburb of Minnetonka. Greystar is developing the project, which is named Marlowe Opus Station. Amenities will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, private work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. Demolition is currently underway on the vacant office building on the site. Completion is slated for fall 2026. The project is within the 550-acre Opus 2 Parkway, which comprises a mixture of office, industrial, commercial and residential uses. Edward Notz of Associated Bank originated the loan.

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AcquisitionsIllinoisMidwestRetail

Byline Bank Agrees to Acquire First Security for $41M

by Kristin Harlow

CHICAGO AND ELMWOOD PARK, ILL. — Byline Bancorp Inc. (NYSE: BY) and First Security Bancorp Inc., including its wholly owned subsidiary First Security Trust and Savings Bank, have entered into a definitive merger agreement for a cash and stock transaction valued at approximately $41 million. According to a release, the transaction will solidify Chicago-based Byline’s position as Chicago’s largest community bank with assets under $10 billion, $7.3 billion in loans and $7.8 billion in deposits, with 45 branches across metro Chicago. Headquartered in Elmwood Park, First Security Bancorp maintains total assets of $354.8 million, total loans of $201.4 million and total deposits of $321.8 million as of June 30. First Security Trust and Savings Bank offers commercial and community banking services, with one branch location in Elmwood Park. Under the terms of the merger agreement, Byline will issue nearly 2.2 shares of its common stock for each outstanding share of First Security common stock, or approximately 1.5 million shares to First Security common stockholders. The transaction has been approved unanimously by each company’s board of directors and is expected to close during the second quarter of 2025, subject to regulatory approvals and the approval of First Security’s stockholders.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Underway on 276,019 SF Industrial Build-to-Suit for Morgan Li in Chicago Heights, Illinois

by Kristin Harlow

CHICAGO HEIGHTS, ILL. — Principle Construction is underway on a two-building, 276,019-square-foot industrial build-to-suit for Morgan Li in Chicago Heights, a southern suburb of Chicago. The family-owned furniture and fixture fabricator had a previous warehouse destroyed by a fire in February 2023 on the project site. Building A will total 237,756 square feet with 230,298 square feet of warehouse space and 5,122 square feet of office space. The facility will feature a clear height of 36 feet, 20 docks and four drive-in doors. Building B will house 36,360 square feet of warehouse space as well as 1,143 square feet of office space. It will also feature a specialized paint line mechanical system for Morgan Li’s operations. Principle will also construct a 158-stall parking lot with four electric vehicle charging stations. Morgan Li’s 245 employees have been working out of secondary locations in Matteson and South Holland while the new space is under construction. Designhaus Inc. Architecture designed the new facilities. Completion is slated for March 2025.

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AcquisitionsIndianaIndustrialMidwest

Marcus & Millichap Brokers $2.3M Sale of Industrial Property in Munster, Indiana

by Kristin Harlow

MUNSTER, IND. — Marcus & Millichap has brokered the $2.3 million sale of a 16,000-square-foot industrial property in Munster. The vacant, single-tenant asset is located at 570 Progress Ave. and features two five-ton cranes, a clear height of 24 feet, three drive-in doors and one dock-high door. Built in 2014, the facility is situated one block from Calumet Avenue and three miles from I-94. Clayton Isacson, Tyler Sharp and Adam Abushagur of Marcus & Millichap represented the seller, American Machine Works Inc. The property sold to an out-of-market investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.

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AcquisitionsDevelopmentMichiganMidwestOfficeRetail

Hygge Design + Build Opens New Workspace in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Hygge Design + Build, a design and construction firm specializing in custom homes, has opened its new workspace and showroom at 251 State St. in the heart of Grand Rapids. The new location is a repurposed gas station located in the city’s Heritage Hill Historical District. Hillary Taatjes Woznick and Todd Leinberger of NAI Wisinski of West Michigan represented the undisclosed seller, while Becky Vandenbroek represented Hygge on an internal basis.

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IllinoisIndustrialLoansMidwestTop Stories

JLL Arranges $577.6M in CMBS Financing for National Industrial Portfolio for LBA Logistics

by John Nelson

CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Begins Development of Second Multifamily Building at $200M Ogden Commons in Chicago

by Kristin Harlow

CHICAGO — Chicago-based multifamily developer and property manager Habitat has broken ground on OC Living Phase A2, the second multifamily building at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Scheduled to open in late 2025, the building will feature 75 units, 82 percent of which will be affordable. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 units will have market-rate rents. The City of Chicago invested $9 million for Phase A2, and 23 percent of the project’s total development costs are being covered by Chicago tax-increment financing funds. The three-story building will feature a mix of studios, one- and two-bedroom units. A planned third phase will consist of townhomes and multi-flat units with larger floor plans designed for families. Simultaneous with the groundbreaking, Habitat hosted the grand opening of the first residential building, OC Living. The four-story property features 23 studios, 60 one-bedroom units and nine two-bedroom apartments. A 45,000-square-foot commercial building completed in 2021 marked Phase I of the 10-acre development. The three-story building is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. Developed …

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Acquires 410,858 SF Manufacturing Facility in Niles, Ohio

by Kristin Harlow

NILES, OHIO — MAG Capital Partners LLC has acquired a 410,858-square-foot manufacturing facility in northeast Ohio’s Niles in a sale-leaseback transaction with BRT Extrusions Inc. The purchase price was undisclosed. The tenant, a full-service aluminum extrusion company, serves a wide range of sectors, including construction, automotive, transportation and electronics. The property is situated on nearly 28 acres at 1818 Main St. Daniel Macks and Phil DiGennaro of Stream Capital Partners advised the buyer and seller. Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

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DevelopmentIndustrialKansasMidwest

BGO, Yukon Break Ground on 291,000 SF Cold Storage Warehouse Near Kansas City

by Kristin Harlow

NEW CENTURY, KAN. — BGO and Yukon Real Estate Partners have broken ground on a 291,000-square-foot cold storage warehouse in New Century, about 30 miles outside of Kansas City. Slated to open in the third quarter of 2025, the development is fully leased to CJ Logistics America, which plans to dedicate a majority of the building’s space to Flora Food Group. The project site is adjacent to Flora Food Group’s production plant. An above-ground conveyor bridge will connect the two buildings. Once completed, the conveyor bridge will enable finished products to be delivered directly into the warehouse for cold storage. The development will also feature a direct connection to the BNSF Railway. Approximately 85 percent of the U.S. is reachable within two days from the development by highway, rail or air, according to the development team.

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