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DevelopmentIndustrialTexasTop Stories

SpaceX to Build $16.8B, 100 MSF Semiconductor Manufacturing Plant in Grimes County, Texas, Create 3,000 Jobs

by Taylor Williams

GRIMES COUNTY, TEXAS — Space Exploration Technologies Corp. (SpaceX) will build a semiconductor manufacturing plant in Grimes County, located northwest of Houston. The first phase of the project represents a capital investment of $16.8 billion and is expected to create about 3,000 new jobs within the local economy. The office of Texas Gov. Greg Abbott made the announcement late last week, noting that the state had provided SpaceX with a $30 million Texas Enterprise Fund (TEF) grant in association with the project, which will be known as Terafab. The facility is planned to span more than 100 million square feet under a single roof, which would make it the largest structure in the world. A construction timeline was not announced. Founded in 2002 by Elon Musk, SpaceX already houses its global headquarters and Starbase launch facilities in South Texas’ Cameron County. The company also operates a semiconductor research-and-development (R&D) and advanced packaging facility in Bastrop, about 30 miles southeast of Austin, for its Starlink satellite platform. “The first-of-its-kind Terafab facility will accelerate chip production in Texas at an unprecedented scale, create thousands of good-paying jobs in Grimes County and expand economic opportunity for generations of Texans across southeast Texas and …

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Reserve-on-Willow-Lake-Fort-Worth
AcquisitionsMultifamilyTexas

Franklin Street Negotiates Sale of 138-Unit Multifamily Property in Southwest Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Tampa-based brokerage firm Franklin Street has negotiated the sale of The Reserve on Willow Lake, a 138-unit multifamily property in southwest Fort Worth. Built in 1996, the property offers two- and three-bedroom apartments, as well as townhomes. Amenities include a pool, fitness center and a business center. Tyler Bynum and Jack Williams of Franklin Street represented the seller, California-based investment firm The Paskin Group, in the transaction. The buyer was Dallas-based private equity firm Willowood Group.

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DevelopmentMultifamilyStudent HousingTexas

Adolfson & Peterson Completes Renovation of Residence Hall at University of Texas San Antonio

by Taylor Williams

SAN ANTONIO — General contractor Adolfson & Peterson Construction (AP) has completed the renovation of Chisholm Hall, located on the University of Texas at San Antonio (UTSA) campus. The number of beds was not disclosed, but 267 rooms were impacted. The 120,860-square-foot residence hall features two fully furnished layout options, including double- and triple-occupancy rooms. Designed by Chesney Morales Architects, the renovation featured modernized building systems, upgraded resident bathroom vanity areas, newly installed acoustical ceilings and lighting and new mechanical unit ventilators and hallway ductwork.

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IndustrialLoansSelf-StorageTexas

MMCC Arranges $8.2M Loan for Refinancing of Self-Storage Facility in DeSoto, Texas

by Taylor Williams

DESOTO, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.2 million loan for the refinancing of Grizzly Self Storage, located in DeSoto, a southern suburb of Dallas. The number of units was not disclosed, but Grizzly Self Storage spans 132,265 net rentable square feet and offers both personal and commercial storage spaces. Doug Brooks of MMCC arranged the 10-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 12,000 SF Industrial Building in Midland, Texas

by Taylor Williams

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a 12,000-square-foot industrial building in the West Texas city of Midland. The single-tenant building was constructed on 6.6 acres in 2019 and was fully leased at the time of sale to water transfer equipment and services provider Coastal Production Systems. Davis Cagle, Chase Beasley and Adam Abushagur of Marcus & Millichap represented the undisclosed seller in the transaction. The undisclosed buyer acquired the building via a 1031 exchange.

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Tower-Two-Sixty-Pittsburgh
Mixed-UseNortheastPennsylvania

JLL Arranges Recapitalization of Downtown Pittsburgh Mixed-Use Property

by Taylor Williams

PITTSBURGH — JLL has arranged the recapitalization of Tower Two-Sixty, a mixed-use property in downtown Pittsburgh. Completed in 2016, Tower Two-Sixty consists of 130,000 square feet of office space, 14,000 square feet of retail and restaurant space, a 197-key Hilton-branded hotel and a 321-space structured parking garage. Valued at $69 million, the recapitalization entailed a ground-lease bifurcation sale of the land and financing of the leasehold improvements. Working on behalf of the owner, local developer Piatt Cos., JLL’s Nick Unkovic and Mark Popovich procured the buyer for the land component, Woodbranch Investments Corp. The duo also worked to secure the leasehold financing through Dollar Bank.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNew YorkNortheast

Tredway Buys Brooklyn Affordable Housing Property for $41.5M, Plans Renovations

by Taylor Williams

NEW YORRK CITY — Local owner-operator Tredway has purchased Restore Housing, a 138-unit affordable housing property in Brooklyn’s Bedford-Stuyvesant neighborhood, for $41.5 million with plans to implement renovations. Units at the property are reserved for households earning 60 percent or less of the area median income. Capital improvements, which will serve to preserve the property’s affordability status, will cover units’ kitchens, bathrooms, appliances and flooring, as well as the building’s common spaces. Merchants Capital provided financing for both the purchase and renovations.

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AcquisitionsIndustrialNew JerseyNortheast

CBRE Brokers $6.8M Sale of Industrial Development Site in Dover, New Jersey

by Taylor Williams

DOVER, N.J. — CBRE has brokered the $6.8 million sale of a 6.5-acre industrial development site in the Northern New Jersey community of Dover. The parcel is part of the newly opened, 80,000-square-foot headquarters facility of tube and pipe distributor Dover Tubular Alloys at 220 W. Clinton St. Thomas Mallaney and Denise Kokulak of CBRE represented Dover Tubular Alloys in the transaction. Resource Realty represented the buyer, an entity doing business as SL Acquisitions LLC.

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AcquisitionsConnecticutIndustrialNortheast

Vidal/Wettenstein Negotiates $6.4M Sale of Industrial Building in Trumbull, Connecticut

by Taylor Williams

TRUMBULL, CONN. — Locally based brokerage firm Vidal/Wettenstein has negotiated the $6.4 million sale of a 57,000-square-foot industrial building in the southern coastal Connecticut city of Trumbull. The building at 205 Spring Hill Road and formerly housed the operations of the Trumbull Printing Co. Bruce Wettenstein of Vidal/Wettenstein represented the seller, Brooklyn-based BACO Enterprises, in the transaction. Wes Craft and Tyler Lyman of True Commercial represented the undisclosed seller.

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Ponte-Verde-at-Palm-Beach
AcquisitionsDevelopmentFloridaMultifamilySoutheast

IPA Brokers $90.5M Sale of West Palm Beach Condos, Buyer Plans Multifamily Conversion

by Abby Cox

WEST PALM BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $90.5 million sale of Pointe Verde Beach Lakes, a 400-unit condominium property located in West Palm Beach. Marcus & Millichap confirmed that the buyer, New Jersey-based apartment operator Kamson Corp., will convert the condos to market-rate apartments. Luke Wickham and Evan Kristol of Marcus & Millichap, along with Shelton Granade and Justin Basquill of IPA, represented Kamson in the transaction. The Ponte Verde at Palm Beach Lakes Condominium Association retained an affiliate of the Condominium Advisory Group LLC, led by John Cadden and Michael Fish, to serve as trustee on behalf of the selling entity. Situated adjacent to Bear Lakes Country Club, Point Verde at Palm Beach Lakes includes 24 two- and three-story residential buildings, along with a clubhouse. Amenities include two swimming pools, two racquetball courts and a dry sauna. The average unit size is 901 square feet.

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