By Taylor Williams The American office market remains awash in change as both tenants and landlords continue to grapple with now-familiar quandaries, from devising ideal hybrid work schedules to rightsizing inventory to putting forth the best mix of amenities, all while negotiating down to the last nickel of rent and last day of term. There are no right or wrong answers to these dilemmas outside of what works best for a particular company or building. Aside from flight to quality, there are very few common denominators across the spectrum of office usage from the tenant perspective. And aside from certain “must have” amenities and features, from the landlord perspective, there is no one-size-fits-all formula for wooing tenants back into buildings. For Texas cities with growing populations and well-located, obsolete office buildings, there are rarely obvious, cost-effective options for revitalizing or converting those structures. And above all else, there’s not a lot of clarity on the future of office utilization as a whole. So in the meantime, all that tenants and landlords — and their brokers — can do is try to make the smartest deal possible based on the information they have today. “In today’s market, every deal has …
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NEW YORK CITY — Tredway, a multifamily owner-operator based in New York City, has acquired a portfolio of 16 affordable housing and mixed-income residential properties totaling approximately 1,200 units in Texas. The sales price was $65.5 million. The majority of the properties are located in South Texas or West Texas cities such as Alamo, Amarillo, Brownsville, El Paso, Lubbock, Odessa, San Juan, Santa Rosa and Victoria. Other markets represented within the portfolio include Fort Worth and the Central Texas cities of Copperas Cove and Lampasas. Tredway plans to invest more than $10 million in capital improvements across the portfolio to preserve affordability and is partnering with Housing Services Inc., a nonprofit organization that will provide social services across the portfolio. The seller was not disclosed. Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
LAKE JACKSON, TEXAS — A limited liability company doing business as 100 CS Park LLC has purchased Plantation Park Apartments in Lake Jackson, a southern suburb of Houston, for $31.5 million. According to Apartments.com, the property was built in 2016 and totals 238 units. Residences come in one-, two-, and three-bedroom floor plans and are furnished with stainless steel appliances, granite countertops, wood-style flooring, walk-in closets and full-size washers and dryers. Select residences offer private patios or balconies. Amenities include a pool, outdoor entertainment and grilling areas, a clubhouse, fitness center, business center and a resident lounge with a game area and entertainment space. The seller and sales price were not disclosed.
FARMERSVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 207-unit boat and RV storage facility in Farmersville, about 45 miles northeast of Dallas. Known as A-Affordable Boat & RV Storage Farmersville, the facility was built on 12.7 acres in 2023 and spans 101,520 net rentable square feet. Danny Cunningham, Brandon Karr and Jon Danklefs of Marcus & Millichap represented the seller, Ciera Bank, in the transaction. Cunningham and Karr also procured the undisclosed, Dallas-based buyer.
DALLAS — Los Angeles-based investment and development firm CIM Group has sold Best Buy Plaza, a 177,434-square-foot shopping center located in North Dallas. Built on 14.6 acres in 1995, Best Buy Plaza was fully leased at the time of sale to tenants including Dick’s Sporting Goods, Total Wine & More, Cavender’s, Hyper Kidz and Best Buy. CIM Group originally acquired Best Buy Plaza in 2016 and subsequently implemented a capital improvement program. The buyer and sales price were not disclosed.
ANNVILLE, PA. — DHL Supply Chain, a developer and third-party logistics firm based in Germany, will develop a 1.2 million-square-foot industrial project in Annville, about 100 miles west of Philadelphia. The building will be located within Clear Springs Logistics Park and will feature a clear height of 40 feet, 120 dock doors, four drive-in doors and parking for 426 car parking spaces (expandable to 571) and 295 trailer parking stalls. Harris Architects is designing the project, and Peak Construction Corp. is the general contractor. Warehaus is the civil engineer. Construction is expected to be complete before the end of the year.
IEC Acquires 357-Bed Multifamily Portfolio in Davis, California for Student Housing Conversion
by Amy Works
DAVIS, CALIF. — Interstate Equities Corp. (IEC) has purchased a two-property apartment portfolio in Davis for $42.8 million from an undisclosed seller. The portfolio includes Pepperwood Apartments at 2222 Sycamore Lane and Temescal Apartments at 2477 Sycamore Lane. Situated approximately 2.8 miles from the University of California, Davis, the portfolio currently offers 141 units, or 357 beds. IEC plans to gradually transition leasing toward a “by-bedroom model,” which is prevalent in the Davis student housing market. Constructed in 1981 and 1983, Pepperwood and Temescal offer a mix of one-, two-, three- and four-bedroom apartments averaging approximately 1,090 square feet. The properties offer value-add potential, and IEC plans to maintain affordability while implementing targeted interiors and exterior upgrades to Pepperwood.
CASTLE ROCK, COLO. — Colliers has arranged the sale of Castle Rock Industrial at The Meadows, an industrial asset in Castle Rock. Saunders Commercial Development Co. sold the property to a joint venture between New York-based Sound Capital and Connecticut-based Palladian Management for an undisclosed price. Located at 3563-3593 Timber Mill Parkway, Castle Rock Industrial at The Meadows offers 158,380 square feet of industrial space. T.J. Smith, Nick Rice, Tim Shay and Brad Calbert of Colliers represented the seller in the transaction.
FORSYTH, GA. — Buc-ee’s has broken ground on a 74,000-square-foot travel center in Forsyth, roughly 60 miles southeast of Atlanta in Monroe County. The store is scheduled to open in spring 2027 and will become the fourth Buc-ee’s location in the state. Officials also stated that the site will be one of the largest in the company’s history and about 40 percent larger than the Buc-ee’s already operating in Warner Robins, about 30 miles to the south, according to WJCL. Situated at 1060 Rumble Road, the new store is expected to bring more than 200 full-time jobs to the area. Buc-ee’s currently operates 54 stores throughout its home state of Texas, as well as Alabama, Florida, Georgia, Kentucky, South Carolina, Ohio, Colorado, Virginia, Missouri and Tennessee.
Hanley Investment Group Negotiates $3.6M Sale of Starbucks-Occupied Retail Property in San Bernardino
by Amy Works
SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $3.6 million sale of a single-tenant retail property leased to Starbucks Coffee in San Bernardino. The newly constructed, drive-thru-only café prototype spans 1,200 square feet and operates on a 15-year triple-net corporate lease with 10 percent rental increases every five years. The asset is located at 291 E. Hospitality Lane. Bill Asher and Jeff Lefko of Hanley represented the seller, a local developer, in the transaction. David Kluver of Lee & Associates represented the buyer, a local investor from Orange County.
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