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AcquisitionsMidwestMinnesotaRestaurantRetail

Boulder Group Arranges $3.4M Sale of Outback Steakhouse-Occupied Retail Property in Metro Minneapolis

by Kristin Harlow

COON RAPIDS, MINN. — The Boulder Group has arranged the $3.4 million sale of a single-tenant retail property net leased to Outback Steakhouse in Coon Rapids within metro Minneapolis. The 6,268-square-foot restaurant building is located at 8880 Springbrook Drive NW. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a California-based private investor. The seller was a New York-based real estate private equity firm. Outback has 12 years remaining on its lease with three five-year renewal options as well as 1.8 percent annual rental increases in the primary term. The tenant has operated at the property for 27 years. Outback, a subsidiary of Bloomin’ Brands, operates more than 1,000 restaurants worldwide.

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Leasing ActivityMidwestMissouriOffice

Henderson Opens New Office in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — Henderson Cos., the parent company of Henderson Engineers and Henderson Building Solutions, has opened an office in downtown St. Louis, establishing the company’s 14th office location. The office is situated in The PwC Pennant Building within Ballpark Village. Founded in 1970, Henderson specializes in building systems design as well as design-build construction management and commissioning. The company has worked on projects in the St. Louis area since 1979, including buildings for national brands such as Shake Shack, Tiffany & Co., Verizon and Walmart, as well as standalone developments like the ongoing SSM Health Cardinal Glennon Children’s Hospital. The company has 1,000 employees nationwide.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Breaks Ground on 74 Broadway Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Brinkmann Constructors, in partnership with EPC Real Estate Group, has broken ground on 74 Broadway, a 280-unit apartment complex in Kansas City. Situated in the Waldo neighborhood, the 440,000-square-foot project will feature a clubhouse, six-story parking garage and ground-floor retail space. BRR Architecture is the project architect. A timeline for completion was not provided.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Woda Cooper, Project for Pride in Living Open 46-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper. The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture. PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance. Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan. CRW Architecture & Design Group and BKV Group were …

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AcquisitionsLoansMichiganMidwestMultifamilyStudent Housing

IPA Capital Markets Arranges $17M Loan for Acquisition of Student Housing Property in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $17 million loan for the acquisition of a 62-unit student housing property adjacent to the University of Michigan’s main campus in Ann Arbor. Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen of IPA arranged the loan through A10 Capital on behalf of the borrower, Havenly Ventures, a New York City-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector. The buyer plans to densify the property’s oversized two-bedroom units into four-bedroom units. The asset has maintained full occupancy for over 25 years.

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DevelopmentHealthcareMidwestOhio

Catalyst, Heitman Begin Development of 51,000 SF Inpatient Rehabilitation Hospital in South Point, Ohio

by Kristin Harlow

SOUTH POINT, OHIO — Catalyst Healthcare Real Estate and Heitman have broken ground on a new 51,000-square-foot inpatient rehabilitation hospital in South Point along the Ohio River. The project marks the ninth hospital Catalyst has delivered for PAM Health, and the second in Ohio. The 42-bed facility will be fully leased and operated by PAM Health. The hospital will provide inpatient and outpatient physical, occupational and speech therapy services.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers $6.2M Sale of Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Lee & Associates of Illinois has brokered the $6.2 million sale of a 59,778-square-foot industrial building in Itasca. The property is located at 700 District Drive. Jeffrey Janda of Lee & Associates represented the seller, Levi Holdings. The buyer, Venture One Real Estate, purchased the building pre-leased to Premistar, an HVAC contractor. Cal Payne of CBRE represented Premistar, and Michael Clewlow represented Venture One on an internal basis.

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DevelopmentMidwestMissouriMultifamily

Subtext to Develop 259-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow

UNIVERSITY CITY, MO. — Subtext, in partnership with Larson Capital Management, has acquired nearly two acres at 6650 Delmar Blvd. in the St. Louis suburb of University City for the development of LOCAL on Delmar. The five-story, 259-unit apartment complex will be situated in the city’s Delmar Loop entertainment district just north of Washington University in St. Louis. Construction is slated for completion in summer 2026. LOCAL on Delmar will offer a mix of studio, one-, two- and three-bedroom layouts, including townhomes. There will also be 399 parking spaces in an attached five-story garage and more than 7,000 square feet of shared amenity spaces, including a work-from-home hub, wellness suite, gym, yoga studio, pool terrace and clubroom. The project team includes ESG Architecture & Design, Brinkmann Constructors and Stock and Associates Consulting Engineers Inc. First Mid Bank & Trust is the lender.

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DevelopmentLoansMidwestMultifamilyOhio

Hall Structured Finance Provides $21.9M Loan for Construction of River Creek Lofts Near Cincinnati

by Kristin Harlow

SOUTH LEBANON, OHIO — Hall Structured Finance (HSF) has provided a $21.9 million construction loan for River Creek Lofts, a 120-unit apartment development in South Lebanon, about 30 miles northeast of Cincinnati. Dayton-based VCARVE Constructions is the developer. The four-story project will feature amenities such as a clubhouse, outdoor pool, fitness and yoga center, dog wash station, banquet area, kitchen and coffee station. Residents will have access to multiple pickleball courts and a basketball court as well as 236 miles of walking and biking trails along the Little Miami River to Lake Erie via a pedestrian bridge. Amir Giryes of Giryes Capital Group arranged the loan.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges Two Multifamily Sales on Chicago’s North Side Totaling $7.3M

by Kristin Harlow

CHICAGO — Interra Realty has arranged the sales of two multifamily properties in Chicago for a total of $7.3 million. A 10-unit building at 4540 N. Ravenswood Ave. in the Ravenswood neighborhood sold for $4.2 million. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, Vassil Bayraktarov, whom Feldman represented on the original acquisition in 2021. The property was built in 2019. In the second transaction, a 16-unit asset at 5408-5414 N. Campbell Ave. in the Lincoln Square neighborhood sold for $3.1 million. Feldman procured the local private buyer and represented the confidential seller. All of the units received renovations in 2009. The buyer plans to make cosmetic upgrades to increase the rent roll. The property sold for 99 percent of the list price.

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