CHICAGO — Logistics Property Co. (LPC) has closed its develop-to-core fund named LPC Logistics Venture One LP with total equity commitments of $1 billion from several global institutional investors. The fund focuses on ground-up development opportunities across the country. Chicago-based LPC, launched in early 2018, focuses on the acquisition, development and management of logistics properties across North America. The company has already allocated approximately 90 percent of the fund with significant holdings in Atlanta, Chicago, Dallas, Houston, Seattle and Pocona, Pa. MIRA Real Estate, part of Macquarie Group and the majority shareholder of LPC, acted as exclusive financial advisor and placement agent on the fund. LPC manages properties in key logistics markets with an estimated value of over $1.5 billion.
CHICAGO — PGIM Real Estate has provided an $81.7 million Fannie Mae loan for the refinancing of The Draper, a 342-unit, 11-story apartment complex in Chicago’s Uptown neighborhood. CEDARst Cos. was the borrower. The Draper is a redevelopment of an office building dating back to the 1950s. CEDARst began converting the building into apartments in 2018 and completed renovations in 2019. Of the property’s 342 units, 10 percent are reserved for residents earning up to 60 percent of the area median income. The fixed-rate loan has a 12-year term with six years of interest-only payments. Craig Foreman and Lee McNeer of PGIM Real Estate originated the loan. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc.
WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.
MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.
INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.
MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …
LONG GROVE, ILL. — Weiss Properties has unveiled plans for a multi-million-dollar redevelopment of the former headquarters for CF Industries in Long Grove, a northern suburb of Chicago. Located at 1 Salem Lake Drive, the property has recently been renamed The Reserve at Salem Lake. Weiss acquired the 37-acre campus earlier this year. It includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and an additional parking area with 235 spaces. Weiss has begun gutting the vast majority of the interior space of the property, which has been vacant for more than 10 years. Upon completion of the redevelopment, first-floor tenants will have dedicated outdoor spaces and second-floor tenants will have wrap-around balconies. Amenities will include a fitness center, auditorium, meeting spaces, indoor and outdoor gathering areas, food service and walking trails. Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago are marketing the property for lease. A timeline for completion was not disclosed. The seller of the campus was a Texas-based homebuilder that acquired the site in 2011 with plans for residential development that never came to fruition. CF Industries, a manufacturer and distributor of agricultural fertilizers, developed the campus in phases in 1975 …
WENTZVILLE, MO. — Cambridge Air Solutions has signed a 68,605-square-foot industrial lease at 1290 Interstate Drive in Wentzville within metro St. Louis. Houston-based SparrowHawk LLC owns the 420,000-square-foot building in a joint venture with American National Insurance Co. Cambridge is a manufacturer and distributor of HVAC systems. This is the second St. Louis-area location for Cambridge, which maintains its headquarters at 760 Long Road Crossing Drive in Chesterfield. Christopher Schmidt of JLL represented Cambridge in the lease transaction. David Branding and Patrick Reilly of JLL represented SparrowHawk.
HUDSON, WIS. — Mayer Road Ventures LLC has begun development of The Massey, an 85-unit luxury apartment complex in Hudson near the Twin Cities. The $15 million project is slated to open in fall 2021. Amenities will include a coffee and wine bar, dog park, communal workspace and fitness center. The project’s name comes from Louis Massey, the founder of Hudson. The Massey will be the first luxury apartment property in Hudson, according to the developer.
ARLINGTON HEIGHTS, ILL. — JBS Commercial Real Estate has negotiated an 18,595-square-foot office lease at 3930 Ventura Blvd. in Arlington Heights, a northwest suburb of Chicago. Jason Shibata and Brian Silverman of JBS represented building ownership, Pal Group Inc. Avison Young represented the tenant, Sonoco Protective Solutions, which provides a myriad of packaging solutions to protect products in the automotive, electronics, appliances, medical and office furniture industries. The company, which maintains nearly 30 locations in North America, will use the new space for a regional sales and administrative office. The 57,000-square-foot, single-story office building is now 80 percent leased.