SAN ANTONIO — Sterling Organization has sold Park North Shopping Center, a 635,325-square-foot regional power center in San Antonio. Local media sources, including My San Antonio, report that the purchase price was $115 million. Target anchors the property, which sits on a 45.7-acre site and was 93.3 percent leased at the time of sale. Other tenants include Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers and Outlaw Pickleball. Chris Gerard, Barry Brown, Erin Lazarus and Whitney Snell of JLL represented Sterling in the transaction. The buyer was Dhanani Private Equity Group.
CYPRESS, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 593-unit facility in Cypress, located on the northwestern outskirts of Houston, that is operated under the Lone Star Storage brand. The property, which totals 91,150 net rentable square feet, was sold as part of a larger, family-owned portfolio. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the Texas-based seller in the transaction. The team also procured the buyer, North Carolina-based Morningstar Properties.
SUGAR LAND, TEXAS — A partnership between Dallas-based Lincoln Property Co. and PGIM Real Estate has purchased Imperial Medical Center, a 129,000-square-foot healthcare property located in the southwestern Houston suburb of Sugar Land. The facility was built in 1994 in proximity to multiple hospital campuses and is home to users such as Memorial Hermann, Alpha Surgical Center and Texas Advanced Imaging. The seller was a partnership between Pinecroft Realty and Harrison Street Asset Management.
FORT WORTH, TEXAS — Illinois-based investment firm CenterPoint Properties has acquired a 103,803-square-foot, newly constructed distribution facility in North Fort Worth. The facility sits on an 8-acre site at 15277 Heritage Parkway and features 32-foot clear heights, 27 dock-high doors, a drive-in door and an ESFR sprinkler system, as well as parking for more than 120 cars. CBRE represented the undisclosed seller in the transaction. The facility was fully leased at the time of sale.
RICHMOND, TEXAS — A joint venture between local developer Read King and Austin-based Wayfinder Real Estate is underway on construction of a 368-unit multifamily project in Richmond, a southwestern suburb of Houston. Known as Verbena at Waterview, the project encompasses 14 acres within the Waterview Town Center mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 641 to 1,349 square feet. Amenities will include a pool, fitness center, pickleball court, two dog parks, putting green, game room and a library with coworking space. Meeks + Partners is the project architect, and OHT Partners is the general contractor. Vertical construction has commenced, and full completion is slated for summer 2027.
SAN ANGELO, TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of Sunset Plaza, a 92,000-square-foot shopping center located in the West Texas city of San Angelo. Built in 2005 on 8.4 acres, the center is home to tenants such as Ross Dress for Less, HomeGoods, Petco, Five Below, Bath & Body Works, Buckle and GameStop. Target, which was not part of the sale, has also been a long-term tenant at the property. Garrett Wood, Kevin Fryman and Lee Csenar of Hanley, in association with ParaSell Inc., represented the seller, a California-based private investor, in the transaction. The buyer, a Mexico City-based private investor, represented itself.
SAN ANTONIO — Locally based developer Koontz Corp. has sold a 25.6-acre industrial development site that is located within the 188-acre Frontera mega-site on the south side of San Antonio. The buyer, an affiliate of Builders FirstSource, plans to develop a manufacturing facility on the parcel to support construction activity throughout the region. Partners Real Estate represented Koontz Corp. in the transaction. Llano Realty Partners represented Builders FirstSource.
FORT WORTH, TEXAS — CK Family Services has signed a 9,337-square-foot office lease in West Fort Worth. The space is located within the 37,445-square-foot building at 201 N. Rupert St., a former industrial building that is now fully leased. Sarah LanCarte and Finn Wilson of LanCarte Commercial Real Estate represented the landlord, H/FW Capital Partners, in the lease negotiations. Link Karlen of KW Commercial represented the tenant.
HOUSTON — Constellation Real Estate Partners will develop Constellation Cullen, a 282,272-square-foot speculative industrial project in South Houston. The development will feature 36-foot clear heights, 130-foot truck court depths and parking for 222 cars and 53 trailers. Constellation is partnering with a fund advised by Crow Holdings Capital on the project, construction of which is slated to begin in the coming weeks and to be complete in the fourth quarter. CBRE has been tapped as the leasing agent.
LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of two apartment complexes totaling 280 units in Lubbock. Bentwood Apartments is a 216-unit complex that was built in 1983, and The Bend at Bentwood is a 64-unit complex that was completed in 2014. Both properties offer one- and two-bedroom units. The deal was executed via a 1031 exchange and assumption of an existing Fannie Mae loan. The buyer and seller were not disclosed.
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