STOW, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Stow Shopping Center, a 124,405-square-foot retail property in Central Massachusetts. Grocer Shaw’s anchors the center, which was 90 percent leased at the time of sale via the recent new leases with a dentistry practice and spa operator. Justin Smith, Chris Peterson, Sam Koonce, Danielle Donovan and Matt Austin of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOUSTON — Newmark has arranged a $450 million loan for the refinancing of Texas Tower, a 47-story office building in downtown Houston. Located at 845 Texas Ave. on the former site of the Houston Chronicle newspaper, the tower comprises 1.2 million square feet. A partnership between locally based real estate giant Hines and Ivanhoé Cambridge delivered the property in 2021. Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis and Tim Polglase of Newmark arranged the loan on behalf of Hines and Ivanhoé Cambridge. Wells Fargo and Morgan Stanley provided the CMBS single-asset single-borrower (SASB) loan. “The refinancing for this property was particularly notable as it marked the first time in two years that a multi-tenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market,” said Firestone. Texas Tower was 95 percent leased at the time of refinancing. Newmark stated that more than 500,000 square feet of leasing has taken place over the past year. Tenants at the property currently include McGuireWoods, Vinson & Elkins, Morgan Stanley, Cheniere Energy Inc. and Clifford Chance. Texas Tower also serves as Hines’ global headquarters. The skyscraper offers amenities such as a lobby, green spaces, …
GRAND PRAIRIE, TEXAS — PowerHouse Data Centers, a division of Virginia-based American Real Estate Partners, and the data center development arm of Dallas-based investment firm Provident Realty Advisors, has unveiled plans for a 768-acre campus in the central metroplex city of Grand Prairie. The hyperscale campus will be developed in three phases and will ultimately consist of 24 buildings with a power capacity of 1.8 gigawatts at full build-out. The joint venture has secured all necessary approvals and permits and is moving forward with design and engineering initiatives. Phase I facilities are slated to come on line in May 2026. The project represents the second development in the area for PowerHouse Data Centers, which announced a 50-acre project in Irving last spring.
DALLAS — A partnership between St. Louis-based general contractor Brinkmann Constructors and Asbury Automotive Group has broken ground on a build-to-suit industrial project in Dallas that will deliver a campus-style Porsche and Volvo dealership. The project’s initial phase will involve the demolition of a 600,000-square-foot manufacturing facility and the renovation of an existing Volvo dealership. A 30,000-square-foot addition to the Volvo dealership will feature a 29-bay service shop, parts department and technical facilities. The project also includes the construction of new 140,000-square-foot Porsche dealership with a 70-bay service shop, parts department, tech facilities, offices and a showroom. Praxis3 is the project architect. Completion is slated for early 2027.
FRISCO, TEXAS — Toyota Financial Services has signed a 242,000-square-foot office lease in Frisco. The automotive finance company will be the sole occupant of The Offices at Southstone Yards, a seven-story, mass timber building that is part of the 45-acre Southstone Yards development. Designed by Duda|Paine Architects in partnership with Gensler, The Offices at Southstone Yards offer amenities such as a fitness and wellness center, meeting spaces, private terraces on every floor and access to three acres of surrounding park space. CBRE represented the developer, Crow Holdings, in the lease negotiations. JLL represented Toyota Financial Services.
CYPRESS, TEXAS — Fort Worth-based Trademark Property Co. will develop a 25-acre retail and restaurant district within Dunham Pointe, a 1,300-acre master-planned community located in the northwestern Houston suburb of Cypress. The new district will total 205,000 square feet, and roughly 50 retail and food-and-beverage operators have already submitted preliminary lease offers for the property, according to Trademark. Construction is expected to begin in the fourth quarter, with the first openings slated for early 2027. At full build-out, Dunham Pointe will also feature more than 2,000 single-family homes and a school.
DEL CITY, OKLA. — Home Invest, a private investment firm and fund manager, has acquired Morgan Terrace, a 100-unit apartment complex in Del City, located southeast of the state capital. The sales price was $3.7 million, and the seller was an undisclosed, California-based investor. According to Apartments.com, Morgan Terrace was built in 1964 and offers one-, two- and three-bedroom units, as well as a courtyard and onsite laundry facilities.
JERSEY CITY, N.J. — New York-based developer Alpine Residential has received $142.7 million in financing for Scholars Village, a 500-unit multifamily project that will be located in Jersey City. The financing consists of a four-year, floating-rate construction loan from Bank OZK and a preferred equity investment from EOS Residential Investors. Scholars Village will comprise two 12-story buildings with studio, one-, two- and three-bedroom units, as well as 4,101 square feet of ground-floor commercial space. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL arranged the debt and equity on behalf of Alpine Residential.
BEVERLY, MASS. — New York City-based investment firm The Praedium Group has purchased a portfolio of four multifamily properties totaling 394 units the northeastern Boston suburb of Beverly. Known as The Beverly Crossing Portfolio, the quartet of properties includes The Block, Canvas, Link 480 and Flats at 131, all of which were built between 2017 and 2023. The portfolio offers a mix of studio, one- and two-bedroom units with an average unit size of 783 square feet, as well as 26,038 square feet of retail space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the transaction and procured Praedium Group as the buyer.
SCHENECTADY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.9 million loan for the refinancing of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center in Schenectady, located just north of Albany. According to LoopNet Inc., Crosstown Plaza was built in 1978 and renovated in 2018). Tenants include grocer Price Rite, Harbor Freight Tools and Ocean State Job Lot. Steven Rock of MMCC arranged the loan, which carried a three-year term and a 25-year amortization schedule, through an undisclosed bank. The sponsor was also not disclosed.