TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of a retail space at 151 W. Orange Grove Road in Tucson. MH Holding Group LLC, dba Learn & Play Daycare Preschool, acquired the asset from Foothills Business Ventures for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Cory Lamb and Robert Lamb of Long Realty Co. represented the buyer in the deal.
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 …
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.
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.
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.
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.
BRENTWOOD, TENN. — Brookdale Senior Living (NYSE: BKD), an owner-operator based in the Nashville area, has entered into agreements to acquire three seniors housing portfolios totaling 41 properties and 2,789 units. The combined purchase price is $610 million. Brookdale currently leases and operates the properties on triple-net bases. In explaining the move, company officials noted that by taking ownership of these communities, Brookdale will gain portfolio management flexibility that is not present in a leased structure, providing additional opportunities to further enhance shareholder value. “The immediate and long-term benefits of these real estate transactions are wide-ranging,” says Cindy Baier, Brookdale’s president and CEO. “They include future portfolio flexibility that comes through asset ownership, the opportunity to fully realize the long-term benefits of the powerful senior housing outlook and, following closing, the expected immediate improvement in adjusted free cash flow from a lower-cost capital structure.” In the first transaction, Brookdale agreed to buy 11 properties totaling 1,228 units from a joint venture led by Ohio-based REIT Welltower Inc. (NYSE: WELL) for $300 million. The properties are largely concentrated in West Coast markets, and the portfolio comprises 470 independent living units, 723 assisted living units and 36 memory care units with a …
— By Dustin Dolby, executive vice president, Colliers — During the second quarter of 2024, the San Francisco multifamily market endured high interest rates and delayed cuts. Between June and December of 2023, expectations of the Federal Reserve cutting rates spurred an increase in transactional activity following an apparent lull in the first quarter of 2023 as interest rates remained elevated. This two-peat of complacent transactions can be attributed to the looming decision concerning interest rate trajectories and its projections. Upon reaching the second quarter of 2024, we have yet to see any such cuts applied. This — along with the Federal Reserve’s consistent reluctance to cut — has resulted in a plateau of transactional volume within the San Francisco multifamily market. Development within the San Francisco submarket has faced similar stagnation. However, this can be attributed to a lengthy “shot clock” that new developments face regarding the city approval process. Because of this, projects that focus on a large percentage of affordable units have been streamlined and comprise the bulk of new developments in the market. If the Federal Reserve lowers interest rates by the end of the third or fourth quarter of this year — as anticipated in its …
WILMER, TEXAS — Owens Corning (NYSE: OC) has signed a 292,680-square-foot industrial lease in Wilmer, a southern suburb of Dallas. The Ohio-based provider of roofing, insulation and composite materials is taking space at Core45, a two-building, 1.6 million-square-foot development. According to a 2022 press release from the Wilmer Economic Development Corp. announcing the project, Core45’s two buildings span 616,000 and 1 million square feet and feature 40-foot clear heights, as well as a combined 286 dock doors, 403 trailer parking stalls and 900 car parking spaces. Ridley Culp, Luke Davis and Matt Dornak of Stream Realty Partners represented the landlord, Grandview Partners, in the lease negotiations. CBRE represented Owens Corning.
SAN ANTONIO — MLSA Ventures will redevelop the historic La Villita Assembly Hall in San Antonio into a 49,993-square-foot food-and-beverage destination. Renovations to the building, which was originally constructed in 1958, will begin during the second quarter of 2025. In addition to space for food and beverage concepts, the redevelopment will include public patios and a large outdoor bar with a beer garden. Completion is expected for 2027. Ford, Powell & Carson is the project’s architect of record, and Kopplow Construction is the general contractor. JLL is the leasing agent.