Property Type

Draper & Kramer Acquires 307-Unit Griffis at Riata Apartments in Austin

by Taylor Williams September 5, 2023

AUSTIN, TEXAS — Chicago-based investment firm Draper & Kramer has acquired Griffis at Riata, a 307-unit apartment community that sits on a 17-acre site in Austin’s tech district. Built in 2017, Griffis at Riata comprises 195 one-bedroom units and 112 two-bedroom units across 17 buildings. Units range in size from 713 to 1,848 square feet and feature plank-style flooring, island kitchens with granite countertops, stainless steel appliances and individual washers and dryers. The amenity package consists of a pool, coworking spaces, resident lounge, two fitness centers, a dog park and outdoor grilling and dining areas. The seller was not disclosed. At the time of sale, the property, which will be rebranded as DK Riata, was 95 percent occupied.

September 5, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Tops Out 148-Unit Luxury Apartment Complex in Downtown St. Louis

by Kristin Harlow September 5, 2023

ST. LOUIS — Brinkmann Constructors has topped out construction of 11th and Spruce, a 148-unit luxury apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners is the developer for the project, which is located three blocks from Busch Stadium. The $25 million development will feature 3,000 square feet of ground-floor retail space and amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. The five-story development is situated in the city’s Cupples Station Historic District, once a thriving manufacturing hub. To preserve the area’s old-world aesthetic, the new complex matches the red brick used in surrounding buildings. The site was formerly home of the Cupples 7 Building, which sat vacant for nearly a decade. Balboa purchased the site from the Treasury Department of St. Louis. Completion of the project is slated for February 2024.

September 5, 2023

Acquisitions Retail Texas

JLL Brokers Sale of 107,884 SF Shopping Center in San Antonio

by Taylor Williams September 5, 2023

SAN ANTONIO — JLL has brokered the sale of Terrell Plaza, a 107,884-square-foot shopping center located in San Antonio’s Alamo Heights neighborhood. Built in 1986 and renovated in 2012, the center was 96 percent leased at the time of sale to tenants such as Ross Dress for Less, Dollar Tree, Five Below, Popshelf, Sherwin-Williams and Sports Clips. Ryan West, Chris Gerard, John Indelli, Whitney Snell, Ryan Olive and Clay Anderson of JLL represented the seller, SITE Centers Corp., in the transaction. Property Commerce Dividend Fund acquired the asset for an undisclosed price.

September 5, 2023

Illinois Industrial Leasing Activity Lee & Associates Midwest

Alive Telecom Signs 74,978 SF Industrial Lease in University Park, Illinois

by Kristin Harlow September 5, 2023

UNIVERSITY PARK, ILL. — Alive Telecom has signed a 74,978-square-foot industrial lease at 500 Crossing Drive in the Chicago suburb of University Park. The 150,000-square-foot building, constructed in 2006, is now fully leased. Brian Vanosky, Michael O’Leary and Dylan Maher of Lee & Associates represented the landlord, Mapletree. Jeff Galante of Lee & Associates represented the tenant, which is a global supplier of equipment, systems and services for the communications market.

September 5, 2023

Acquisitions Industrial New Jersey Northeast

JLL Arranges Acquisition Loan, Equity for Central New Jersey Industrial Property

by Taylor Williams September 5, 2023

SAYREVILLE, N.J. — JLL has arranged an undisclosed amount of acquisition financing and joint venture equity for a 10-acre industrial outdoor storage property located in the Central New Jersey community of Sayreville. The site at 700 Jernee Mill Road houses a 28,500-square-foot warehouse with clear heights ranging from 24 to 28 feet and 14 drive-in doors, as well as 6.5 acres of truck parking and additional outdoor storage space. Michael Klein, Matthew Pizzolato and Benjamin Morgenthal of JLL arranged the financing on behalf of the borrower, a partnership between Ridgecut Road and Brennan Investment Group. An undisclosed regional bank provided the loan.

September 5, 2023

Leasing Activity Midwest Office Ohio

Workbox Opens New Coworking Location in Columbus, Ohio

by Kristin Harlow September 5, 2023

COLUMBUS, OHIO — Coworking operator Workbox has opened a new location at 875 N. High St. in Columbus. Workbox’s seventh location and first in Columbus is situated at The Sutton building in the city’s Short North Arts District. Workbox is assuming operations of the space formerly managed by another coworking operator. Amenities for members include a large open kitchen, outdoor terrace, weekly food and networking offerings, multiple lounge areas, private conference rooms and phone booths. The location features over 95 office spaces, with private offices ranging from one to 10 desks. There are also floating membership and reserved desk options for those looking for individual plans. Membership pricing starts at $250 per month.

September 5, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $16.5M Agency Acquisition Loan for Multifamily Property in Grand Prairie, Texas

by Taylor Williams September 5, 2023

GRAND PRAIRIE, TEXAS — Colliers Mortgage has provided a $16.5 million Fannie Mae acquisition loan for The Chandler, a 164-unit multifamily property located roughly midway between Dallas and Fort Worth in Grand Prairie. The property offers one-, two- and three-bedroom units and amenities such as a pool and a playground. Robert Siddall, William Givens, Shawn Givens and Ken Higgins of Colliers Mortgage originated the financing, which was structured with a five-year term and a 35-year amortization schedule. The borrower was Dallas-based private equity firm Reap Capital.

September 5, 2023

Leasing Activity Michigan Midwest Office

CBRE Relocates Grand Rapids Office, Expands Footprint

by Kristin Harlow September 5, 2023

GRAND RAPIDS, MICH. — CBRE has relocated its Grand Rapids office from 634 Front Ave. to 200 Ottawa Ave. The brokerage has expanded its footprint from 1,444 square feet to 4,350 square feet. The new space in the central business district features conference rooms and free-address seating — where no employee has a dedicated desk or private office.

September 5, 2023

Leasing Activity Office Texas

RobotLAB Signs 26,000 SF Office Lease in Southlake, Texas

by Taylor Williams September 5, 2023

SOUTHLAKE, TEXAS — RobotLAB Inc., an educational technology company that manufactures robotics and virtual reality products, has signed a 26,000-square-foot office lease in Southlake, a northern suburb of Fort Worth. The tenant is taking space at the 380,000-square-foot VariSpace Southlake facility, which offers an array of flexible workspace options. Chris Taylor, Johnny Johnson and Zach Bean of Cushman & Wakefield represented the landlord, VariSpace, in the lease negotiations. Eric Cannon of Silver Tree Management represented RobotLAB.

September 5, 2023

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Arranges $2.4M Sale of Urgent Care Property in Shelbyville, Indiana

by Kristin Harlow September 5, 2023

SHELBYVILLE, IND. — Marcus & Millichap has arranged the $2.4 million sale of a 3,700-square-foot property occupied by Fast Pace Urgent Care in Shelbyville, a southeast suburb of Indianapolis. Built in 2022, the net-leased property is located at 1778 E. State Road. Fast Pace’s lease is for 15 years and features three five-year renewal options along with 10 percent rental escalations every five years. Jordan Klink of Marcus & Millichap represented the buyer, a limited liability company. The seller was undisclosed.

September 5, 2023

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