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.
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.
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.
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.
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.
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.
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.
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.
PHOENIX — Developer Milhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025. Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.
PHOENIX — Orion Investment Real Estate has brokered the sale of Aerie Happy Valley, an apartment community located at 1717 W. Happy Valley Road in Phoenix. The asset, formerly known as FirstStreet Happy Valley, sold for $87.8 million, or $439.25 per square foot. The names of seller and buyer were not released. Aerie Happy Valley features 214 apartments in a mix of 55 one-bedroom/one-bath, 101 two-bedroom/two-bath and 58 three-bedroom/two-bath units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate handled the transactions.