Thursday, June 19, 2025
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Silva-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Berkadia Secures Acquisition Financing for 221-Unit Silva Apartments in Los Angeles

by Amy Works

LOS ANGELES — Berkadia has secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra for the purchase of Silva, a mid-rise multifamily community in Los Angeles. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia arranged the floating-rate loan through 3650 REIT. Patrick McGlohn and Brian Gould of Berkadia also assisted with the financing. The loan facilitated the acquisition of Silva at the receipt of Temporary Certificate of Occupancy (TCO). Cityview and Wafra began lease-up of the community following closing. Located at 235 N. Hoover St. on the city’s northwest side, Silva features 221 apartments with floor-to-ceiling windows, condo-quality finishes and an average unit size of 1,000 square feet.

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CaliforniaDevelopmentHospitalityWestern

LEGOLAND, McCarthy Top Off 372,000 SF Parking Structure in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — LEGOLAND California Resorts, with McCarthy Buildings Cos. as design-builder, is developing a 372,000-square-foot parking structure at LEGOLAND California Resort in Carlsbad. The team has topped out the four-story project, which is slated for completion in late 2025. The $20 million project will feature 1,130 stalls, including 57 electric-vehicle (EV) ready stalls with the option to add an additional 56 EV stalls. McCarthy’s design-build services for the project include preconstruction, marketing, scheduling, VDC, McCarthy Mapping, Castle Contracting, self-perform concrete and yard site services.  

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LandingHotel-Ketchikan-AK
AcquisitionsAlaskaHospitalityRestaurantRetailWestern

Crystal Investment Property Brokers Sale of 107-Key Landing Hotel in Ketchikan, Alaska

by Amy Works

KETCHIKAN, ALASKA — Crystal Investment Property (CIP), a member of Hotel Brokers International, has arranged the sale of The Landing Hotel, Restaurant & Pub in Ketchikan. CIP’s Joseph Kennedy, along with Mary Wanzer, a licensed Alaska broker, represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 3434 Tongass Ave., The Landing Hotel, Restaurant & Pub is a 107-key, independent mid-scale hotel. The full-service property offers flexible meeting and events space, event planning and catering for onsite and offsite events, a lounge area, fireplace, business center, fitness center and courtesy shuttle service. Additionally, the hotel is home to two dining options: The Landing Restaurant and Jeremiah’s Pub.

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AcquisitionsArizonaRetailWestern

Cushman & Wakefield | PICOR Arranges $1.2M Sale of Retail Space in Tucson

by Amy Works

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.

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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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Baier-Pull-Quote
AcquisitionsMultifamilySeniors HousingTop Stories

Brookdale Senior Living Agrees to Acquire Three Portfolios Totaling 41 Properties for $610M

by Taylor Williams

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 …

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