MARBLE FALLS, TEXAS — Rockspring, a Houston-based development and investment firm, is underway on The Highlands, a 254-acre mixed-use development in Marble Falls, about 50 miles northwest of Austin. Plans for the master-planned community currently call for an array of residential uses, including single-family homes, apartments and townhomes, as well as commercial space and parks/open green spaces. Rockspring has closed on a $28.2 million construction loan and is in the process of finalizing a public infrastructure development bond with the City of Marble Falls to finance predevelopment and sitework, costs of which are projected to exceed $70 million.
NORMAN, OKLA. — Gilbane Development has broken ground on a 756-bed student housing project in Norman, home of the University of Oklahoma. The 33-acre site is located less than a mile from the university’s campus, and the community will feature 298 units in addition to a landscaped open-space amenity area and onsite parking. Gilbane is developing the project in partnership with California-based Coleraine Capital Group. Santander Bank and Fifth Third Bank are financing construction, which is expected to be complete in time for the fall 2028 semester.
SUGAR LAND, TEXAS — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $22.7 million loan for the refinancing of Sugar Land Medical Plaza, a 120,000-square-foot healthcare property located on the southwestern outskirts of Houston. Colliers arranged the loan on behalf of the sponsor, a partnership between Harrison Street and Pinecroft Realty. Tremont funded the loan, which was structured with a three-year initial term and two one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN).
THE WOODLANDS, TEXAS — Local brokerage firm Palo Duro Commercial Partners has arranged the sale of Shoppes at Sawdust, a 13,500-square-foot retail strip center located north of Houston in The Woodlands. The center was fully leased at the time of sale to tenants such as Jimmy John’s, Little Caesars and Cloud 9 Dental. Stephen Pheigaru and Chris Reul of Palo Duro brokered the deal. The buyer and seller were not disclosed.
HOUSTON — Berkadia has brokered the sale of Harper’s Mill, a 180-unit apartment complex in northwest Houston. Built in 1984, the property offers one- and two-bedroom units and amenities such as a pool, business center, picnic areas and a playground. Kyle Whitney, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel, Jed Dalton and Tucker Fama of Berkadia represented the seller, Colorado-based investment firm InterUrban Cos., in the transaction. Brad Williamson, Mitch Sinberg, Scott Wadler, Matthew Robbins and Kyle Ryan, also with Berkadia, arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, Miami-based 12ten Capital.
SAN MARCOS, TEXAS —Houston-based owner-operator Triten Real Estate Partners will develop a 175,000-square-foot industrial project at 2651 Leah Ave. in San Marcos, located roughly midway between Austin and San Antonio. The 12-acre site is located less than a mile from I-35, and the shallow-bay building features suites with an average size of 11,000 square feet, as well as 28-foot clear heights, 140-foot truck court depths and both dock-high and grade-level loading doors. Construction is scheduled to begin before the end of the year and to be complete in mid-2027.
IRVING, TEXAS — Lone Star PACE has provided an $11.6 million C-PACE (Commercial Property Assessed Clean Energy) loan for a data center conversion project in Irving. The project centers on the conversion of the vacant, 113,406-square-foot industrial flex building at 6001 Campus Circle Drive W, which was built on 4.7 acres in 1981, into Vesgro Data Center, a colocation facility with a 45,000-square-foot data hall and 3.0 megawatts of power capacity. The borrower is local data center developer Infrascale Systems. Construction is underway and expected to be complete in September.
NORMAN, OKLA. — Regional brokerage firm MMG Real Estate Advisors has arranged the sale of Sterling Park, a 142-unit apartment complex in Norman, home of the University of Oklahoma. The property offers one- and two-bedroom units and amenities such as a pool, fitness center and outdoor grilling and dining areas. Colton Howell, Stuart Krous and Thomas Skevington of MMG brokered the deal, which involved the assumption of the property’s existing loan. The buyer and seller were not disclosed.
KATY, TEXAS — Regional developer National Property Holdings has unveiled plans for a roughly 1.1 million-square-foot industrial park in the western Houston suburb of Katy. Katy Prairie Business Park will be developed in two phases, each of which will comprise a single building that will be able to support manufacturing and logistics users. The Phase I building will total 402,480 square feet, and the Phase II building will total 680,940 square feet. Building features will include 36- and 40- foot clear heights, ESFR sprinkler systems, onsite trailer parking and “flexible” configurations. CBRE has been tapped as the leasing agent for Katy Prairie Business Park. A construction timeline was not announced.
CEDAR PARK, TEXAS — JLL has negotiated the sale of 1890 Ranch, a 441,620-square-foot retail power center in Cedar Park, a northern suburb of Austin. The center was 99 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Ross Dress for Less, Burlington, PetSmart, Natural Grocers, Cinemark, Crunch Fitness, Office Depot and Dollar Tree. Barry Brown, Chris Gerard and Shea Petrick of JLL represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. Chris Drew, Michael DiCosimo and Aaliyah St. Louis, also with JLL, arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, a joint venture between Sterling Organization and Cohen & Steers.
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