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DevelopmentMixed-UseTexas

PCD Receives Approval for 120-Acre Mixed-Use Development in Pearland, Texas

by Taylor Williams

PEARLAND, TEXAS — Planned Community Developers (PCD) has received approval from the City Council of Pearland, a southern suburb of Houston, and has closed on the land for a 120-acre mixed-use development. The site is located at the nexus of U.S. Highway 288 and Beltway 8, and the development will be known as The Orchard. Plans currently call for 250,000 square feet of retail, dining and entertainment space, 150,000 to 300,000 square feet of office space and approximately 1,100 multifamily units and 100 single-family homes. CBRE has been tapped as the leasing agent for the retail component, and JLL is handling marketing of the future office space. A construction timeline was not announced.

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AcquisitionsHealthcareTexas

Ridgeline Capital Partners Acquires 117,433 SF Medical Office Portfolio in Texas

by Taylor Williams

DALLAS — Dallas-based investment firm Ridgeline Capital Partners has acquired a portfolio of four medical office buildings totaling 117,433 square feet in Texas. One building is located in the eastern Austin suburb of Bastrop, and the other three are scattered across the Houston-area cities of Montgomery, Conroe and Huntsville. The buildings were constructed between 2004 and 2010 and are home to tenants such as CHI St. Luke’s Health, Liberty Dialysis, North Pines Surgery Center and RapidCare Emergency Room. Occupancy was 86 percent at the time of sale. The seller and sales price were not disclosed.

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DevelopmentRetailTexas

Buc-ee’s Opens 74,000 SF Travel Center in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Buc-ee’s has opened a 74,000-square-foot travel center in San Marcos, located roughly midway between Austin and San Antonio. The facility at 3245 N. I-35 features 128 fueling positions and is expected to account for the creation of more than 200 new jobs within the local economy. A ribbon-cutting ceremony took place on Wednesday, Aug. 12. Buc-ee’s, which is based in the Houston area, now operates 36 travel centers throughout Texas.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 32,442 SF Industrial Complex in Northwest Houston

by Taylor Williams

HOUSTON — Colliers has brokered the sale of Northwest Technical Center, an industrial complex in northwest Houston that according to LoopNet Inc. was built in 1975 and totals 32,442 square feet. Ben Condara and Jon Lindenberger of Colliers represented the undisclosed seller in the transaction. The buyer, local investment firm Pine Ridge Real Estate, plans to make both interior and exterior capital improvements to the property and has also retained Colliers as the leasing agent.

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LoansMultifamilyTexas

JLL Arranges Loan for Refinancing of 300-Unit Apartment Community in Northwest Dallas

by Taylor Williams

DALLAS — JLL has arranged a loan of an undisclosed amount for Standard at Royal Lane, a 300-unit apartment community in northwest Dallas. The newly constructed property sits on a 12.4-acre site and offers one-, two-, three- and four-bedroom units, with some apartments being subject to income restrictions. Amenities include two pools, dual fitness centers, a business centers and a theater room. Kyle Spencer, Dan Kearns, Christian Johnston and Aidan Flanagan of JLL arranged the loan through TPG Real Estate Credit on behalf of the owner, LDG Development.

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 51,542 SF Retail Property in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of a 51,542-square-foot retail property in the northeastern Dallas suburb of Richardson. Known as Baybury Square Shopping Center, the 11-acre property consists of two multi-tenant centers and two freestanding buildings that were built in 1966. Baybury Square Shopping Center was 64 percent leased at the time of sale. Philip Levy and Scott Abeel of Marcus & Millichap represented the seller, an out-of-state investor, in the transaction, and procured the buyer, a local developer. Both parties requested anonymity.

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AcquisitionsRetailTexas

STRIVE Negotiates Sale of 16,599 SF Shopping Center in Granbury, Texas

by Taylor Williams

GRANBURY, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of a Fountain Oaks Shopping Center, a 16,599-square-foot retail property in Granbury, about 40 miles southwest of Fort Worth. Built in 2013, the center was 96 percent leased at the time of sale to tenants such as Village Nail Spa, Rotech Healthcare, Profile Medical, Lift Rock, Farmers Insurance and Affordable Dentist Near Me. STRIVE represented the undisclosed seller in the transaction. The buyer and sales price were not disclosed.

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Leasing ActivityOfficeTexas

Alera Group Signs 13,668 SF Office at Lease in Northwest San Antonio

by Taylor Williams

SAN ANTONIO — Alera Group has signed a 13,668-square-foot office lease in northwest San Antonio. The insurance and financial services company is taking space on the 10th floor of Concord Plaza, a development that consists of an 11-story office tower, a three-story corporate building and ground-level retail. Steve Thomas and Alyse Sellers of Stream Realty Partners represented the landlord, Milam Real Estate Capital, in the lease negotiations. Bryan Sethney of Cushman & Wakefield represented Alera Group.

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DevelopmentIndustrialTexasTop Stories

Blue Origin to Invest $554M for 1.3 MSF Aerospace Manufacturing Facility in Central Texas, Create 2,000 Jobs

by Abby Cox

HUTTO, TEXAS — Blue Origin Enterprises, a private American aerospace manufacturer, defense contractor and spaceflight services company founded by Amazon founder Jeff Bezos, will invest approximately $554 million to develop Constellation Park, a 1.3 million-square-foot satellite and communications manufacturing campus located in Hutto, about 35 miles northeast of Austin. The facility is expected to create more than 2,000 jobs over 10 years. Constellation Park will be situated in the Hutto Crossing development, a 118-acre, multi-phase industrial and commercial development owned by Dallas-based Velocis, Austin-based Ironwood Realty Partners LLC and California-based MBK Industrial Properties. This project marks the first time Blue Origin is receiving money from outside investors, as reported by multiple sources. The space company received an $18.2 million grant through the Texas Enterprise Fund from Texas Gov. Greg Abbott’s office. Williamson County also unanimously approved local tax breaks and economic development agreements for Blue Origin’s investment. According to the Austin Business Journal, Blue Origin has committed to working with the Williamson County school district to develop paid high school internships and support career and technical education programs to give students a pathway to careers in aerospace and advanced manufacturing. “With this investment by Blue Origin, along with recent expansions by …

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AcquisitionsDevelopmentIndustrialRetailTexas

RAMROCK Buys West Fort Worth Mall, Plans 930,960 SF Industrial Redevelopment

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based investment firm RAMROCK Real Estate has purchased Ridgmar Mall in West Fort Worth with plans to redevelop the site into an industrial park. The new property will be known as Ridgmar 30 Logistics Crossing and will feature six buildings totaling 930,960 square feet. RAMROCK has partnered with KBC Advisors and Lincoln Property Co. to assist with project planning, leasing and development execution. Additional details, including construction timing, will be shared as planning progresses.

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