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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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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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