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TerraLane-Hudson-Station-Queen-Creek-AZ
ArizonaDevelopmentMultifamilyWestern

TerraLane Buys Land, Breaks Ground on 218-Unit Build-to-Rent Project Near Phoenix

by Amy Works

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor Hancock Builders in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Western Alliance Bank and 400 Capital Management are providing financing for the project. Construction has commenced, and leasing is anticipated to begin in 2027. The BTR community will include 218 units. Twenty-four of the units will be single-story, two-bedroom duplexes; 97 will be three-bedroom townhomes; and the remaining 97 will be four-bedroom townhomes. Each home will feature a two-car, direct-access garage, stainless steel appliances and integrated smart home technology, such as keyless entry, remote thermostat controls and fiberoptic cabling to support future connectivity needs. Community amenities will include a gated entrance, pool and hot tub, fitness center, grass park, shaded playground, grilling stations, valet trash service and on-site maintenance. Wi-Fi will be available throughout common areas, and all homes will be pet-friendly with built-in dog …

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NCC-Broomfield-CO
ColoradoDevelopmentIndustrialWestern

Ryan Cos., PGIM Real Estate Complete 343,000 SF Northwest Commerce Center in Broomfield, Colorado

by Amy Works

BROOMFIELD, COLO. — Ryan Cos. and PGIM Real Estate, the $206 billion real estate investment and financing arm of Prudential Financial, on behalf of of its U.S. core-plus investment strategy, have completed Northwest Commerce Center in Broomfield. Situated within Verve Innovation Park and adjacent to Rocky Mountain Metropolitan Airport, the Class A industrial project offers more than 343,000 square feet spread across two buildings. Each building features a clear height of 32 feet, LED lighting, an ESFR sprinkler system and heavy power with 4000-amp electrical service. The project also includes 68 dock doors and 22 trailer parking stalls. Ryan Cos. built and developed the property. Carmon Hicks, Patrick McGettigan and Jason White of JLL have been retained to market and lease the project.

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DevelopmentMontanaMultifamilyWestern

Clarion, Wentworth to Develop 162-Unit Multifamily Community in Bozeman, Montana

by Amy Works

BOZEMAN, MONT. — Clarion Partners and Wentworth Property Co. will develop Highmark, a townhome and apartment community in Bozeman. Situated on 8 acres in a Qualified Opportunity Zone (QOZ) in the South University District master-planned neighborhood, Highmark will feature 162 units. Completion is slated for late 2025, with leasing scheduled to begin in April. Highmark will offer a variety of units ranging from single-bedroom apartments to three-story townhomes with 10-foot ceilings, modern kitchens with quartz countertops and stainless steel appliances, wood-vinyl flooring, ample storage, full-size washers/dryers and individual yards and balconies for the townhomes. Community amenities will include a clubroom, fitness center, package locker room, outdoor gathering area, hot tub, dog park, pet spa and more than 300 parking spaces.

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Aurora-Plaza-Aurora-CO
AcquisitionsColoradoRetailWestern

Sidford Capital Buys 115,461 SF Aurora Plaza Shopping Center in Colorado

by Amy Works

AURORA, COLO. — Sidford Capital has acquired Aurora Plaza, a shopping center located at 15001-15293 E. Mississippi Ave. in Aurora, from an undisclosed seller for $16 million. Built in 1982 and renovated in 2001, Aurora Plaza offers 115,461 square feet of retail space on 10.6 acres. The property, which is 80 percent occupied, is leased to 27 tenants, including Hero Dental, Kid to Kid, Rent-A-Center and Domino’s Pizza. Jason Schmidt and Austin Snedden of JLL Capital Market’s Investment Sales and Advisory team represented the seller in the deal.

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DevelopmentIllinoisMidwestOfficeRetail

Inspired by Somerset Development Breaks Ground on Phase II of Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Inspired by Somerset Development has broken ground on the West Side of Bell Works Chicagoland, marking the second phase of transformation of the former AT&T campus in Hoffman Estates into a “metroburb” with office, retail, dining and hospitality space. As the East Side of the project nears 95 percent occupancy, the West Side will bring more than 500,000 square feet of new space. The redeveloped West Side will include 430,000 square feet of traditional office space with approximately 35,000 square feet dedicated to fully furnished “Ready-to-Wear” suites for flexible short- and long-term leases, as well as 70,000 square feet of retail space. Completion is slated for the third quarter of 2026. Wight & Co. is the architect and npz studio+ is designing interiors. At the core of the West Side is its atrium, serving as a “Main Street” lined with storefronts, eateries and community gathering space. A skylight runs the length of the corridor, providing natural light. In tandem with the groundbreaking is the opening of Bell Market, a new culinary destination offering a selection of food-and-beverage options alongside a hub for weekly entertainment and private gatherings. The concept first debuted at Bell Works New Jersey.

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DevelopmentMidwestMissouriMultifamily

Mia Rose Holdings Underway on Development of 190-Unit Luxury Apartment Complex in Metro St. Louis

by Kristin Harlow

DARDENNE PRAIRIE, MO. — Mia Rose Holdings is underway on the development of Prairie Encore, a 190-unit luxury apartment complex in the St. Louis suburb of Dardenne Prairie. General contractor MBG is building the project, which is slated for Phase I completion this fall. The development, which will also feature Sugarfire, Macadoodles and Starbucks, comes on the heels of the debut of The Prairie Luxury Apartments in 2023. Mia Rose and MBG also built that property. Between the two projects, Mia Rose is investing $150 million in the Dardenne Prairie community. Prairie Encore features a figure-eight building design with two separate courtyards. A 3,310-square-foot lobby connects to a leasing office, coffee bar, kitchen bar, fitness center and other common spaces. Units will come in studio, one-, two- and three-bedroom floor plans. A 669-square-foot coworking suite will be housed on the second floor. Additional amenities will include a dog park, gathering spaces, a pool and turf areas with barbecue grills. Community gathering spaces as well as sand volleyball and pickleball will be within walking distance at Sugarfire. Prairie Encore marks the sixth luxury community for MBG in St. Charles County since 2023, encompassing 1,068 units.

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IndustrialLeasing ActivityMichiganMidwest

KSI Auto Parts Signs 100,456 SF Industrial Lease in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — KSI Auto Parts has signed a lease for the entire 100,456 square feet of Building A within Airport Corporate Center in Romulus. Opus owns the development. KSI, a distributor of aftermarket collision automotive parts, maintains a small shipping center in the Detroit area. The Romulus facility marks the tenant’s first full inventory distribution center in the area. Airport Corporate Center is located one mile from I-94, three miles from the Detroit Metro Wayne County Airport and 20 miles from downtown Detroit. Building B remains available for lease and totals 170,088 square feet. Opus served as the developer, design-builder, architect and structural engineer on the project.

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

Argus Arranges $7.4M Sale of Self-Storage Facility in West Lafayette, Indiana

by Kristin Harlow

WEST LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of an Extra Space Storage facility in West Lafayette for $7.4 million. Located at 2575 Cumberland Ave., the property features 56,950 net rentable square feet. The transaction included expansion land for an additional 30,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 94 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Brokers $5.8M Sale of Apartment Property in Grayslake, Illinois

by Kristin Harlow

GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.

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AcquisitionsNorth CarolinaRetailSoutheastTop Stories

Macerich Acquires Crabtree Valley Mall in Raleigh for $290M, Plans $60M Capital Improvement Program

by Kristin Harlow

RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …

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