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Illinois-based The Goldie Initiative expands mentorship, scholarship program to the Northeast
The Goldie B. Wolfe Miller Women Leaders in Real Estate Initiative, better known as The Goldie Initiative®, has expanded its mentorship and scholarship program to the Northeast region of the United States.



The Great Reset the topic of DePaul University conference next week
The Real Estate Center and The Chaddick Institute at DePaul University are co-hosting “The Great Reset:  Changing Dynamics of the Downtown Chicago Real Estate Market,” an in-person event from 9:00 to 11:30 am March 7 at the DePaul Center at 1 E. Jackson Blvd. in Chicago.



How CREC achieves strong long-term performance
Fairly often, potential new investors ask us whether our consistently strong investment results are the product of a “secret sauce.” There is no secret sauce, but this question recently triggered an internal discussion to try to define our actual perceived advantage. Our conclusion was that CREC’s superior long-term performance is a result of our size, our ability to be very focused, and our commitment to a highly disciplined investment strategy.


JLL Capital Markets sells 663,408-square-foot luxury mixed-use property in Houston
JLL Capital Markets announced today that it has closed the sale of River Oaks District, a landmark, 663,408-square-foot, luxury mixed-use asset located in Houston, Texas.

National New Markets Fund invests $17.5 million in Minnesota-based creamery
National New Markets Fund, LLC, an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit allocation into Chanhassen, Minnesota-based Bongards Creameries.   
 
Bongards is a farmer-owned co-op that relies on its 267 member farms (98% family farms) to provide milk for its cheese and whey products. As a result of the investment, Bongards’ milk intake capacity will increase by almost one-third, from 4.1 million pounds per day to 5.4 million pounds per day.
 
The cumulative local employment impact of the Bongards expansion is substantial. While Bongards will add an estimated 22 new full-time jobs to its existing base of 143 employees, the impact on the member farms is much more sizable. By purchasing and processing more milk from its member farms into higher profit margin products, it is anticipated that the member farms will add up to 260 full-time farm jobs to their existing 1,000 employees.   
 
One of these 267 farm co-op members underscores the importance of this processing expansion relative to their family-farm operations.
 
The NNMF investment utilizes capital from the NMTC program, created by Congress in 2000 and administered by the U.S. Treasury Department. Investment groups, such as NNMF, compete to be selected to receive NMTC awards each year. The selected “allocatees,” in turn, sell the tax credits to institutional investors; the proceeds from the tax credit sale are then used as part of the investment into projects benefiting low-income communities - such as the Bongards’ expansion.   
 
The Bongards project is critical to the dairy production industry in Minnesota. During the past five years, the industry’s processing capacity in the state has experienced little to no growth, while nationally the industry grew at 4.5% during the same period. Nationally, family farms have struggled to compete even with co-ops: Nearly 4 of every 10 dairy farms have disappeared in the last five years as small farms have struggled to compete with larger corporate operations, according to Agri-Pulse.   
 
Bongards received the NNMF allocation as part of a complex $81 million New Markets Tax Credit financing package. Dudley Ventures is the investor purchasing the NMTCs from each of the participating NMTC allocatees: NNMF, Mascoma Community Development, Waveland Community Development, Rural Development Partners, and DV Community Investment. 

Morales Capital Group acquires 2.3-million-square-foot former Compaq campus in Houston
In the face of Houston’s challenging commercial real estate market conditions, entrepreneur Eduardo Morales, chief executive officer of Mexcor International and Morales Capital Group, has acquired the 2.3-million-square-foot former HPE/Compaq Computer Campus in Houston.

JLL Capital Markets closes sale of 106,858-square-foot retail center in Houston
JLL Capital Markets brokered the sale of Garden Oaks, a 106,858-square-foot, grocery-anchored retail center located in Houston.

Kraus-Anderson Construction to build corporate headquarters for Enerpac Tool Group in Milwaukee
The Milwaukee office of Kraus-Anderson Construction has been selected to build the new corporate headquarters for Enerpac Tool Group in downtown Milwaukee.

Brown Commercial Group negotiates 31,379-square-foot industrial sale in West Chicago
As Chicago food industry businesses look for industrial space for expansion, some are facing intense competition and a shortage of suitable locations. One recent example is specialty foods distributor Krishiv Foods, which missed out on a few opportunities to expand its space in 2023 due to the strong demand for space in some submarkets. The company recently found a new location in the western suburbs.

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