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Port-99-Baytown
DevelopmentIndustrialLoansTexas

Northmarq Arranges $102M in Financing for 1.3 MSF Industrial Project in Baytown, Texas

by Taylor Williams

BAYTOWN, TEXAS — Northmarq has arranged $102 million in financing for a 1.3 million-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. The 92-acre project represents Phase II of Port 99 and will consist of three buildings with cross-dock and front-load configurations. The financing includes both debt and equity. A specific breakdown of each component was not disclosed, but the package includes a senior construction loan of an undisclosed amount from Bank OZK, a $30.4 mezzanine loan from PGIM and a joint venture equity investment from Junction Commercial Real Estate. Warren Hitchcock led the Northmarq team that arranged the financing on behalf of the developer, Provident Realty Advisors.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 645-Unit Self-Storage Facility in San Antonio

by Taylor Williams

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 645-unit self-storage facility in San Antonio. CubeSmart manages the facility, which sits on a 10.6-acre site on the city’s southwest side and spans 115,240 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the transaction and procured the buyer, Public Storage, which will rebrand and assume operation of the property. The facility was 89 percent occupied at the time of sale.

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AcquisitionsRetailTexas

Disney Investment Group Negotiates Sale of 167,000 SF Shopping Center in Mesquite, Texas

by Taylor Williams

MESQUITE, TEXAS — Local brokerage firm Disney Investment Group (DIG) has negotiated the sale of Towne Crossing, a 167,000-square-foot shopping center in Mesquite, an eastern suburb of Dallas. Kroger anchors the anchored center and recently committed to a 10-year lease renewal. David Disney of DIG represented the seller, Ohio-based retail REIT Phillips Edison & Co., in the transaction. The buyer, Chicago-based Newport Capital Partners, plans to make capital improvements to the property.

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Leasing ActivityOfficeTexas

Mitsubishi Corp. Signs 91,761 SF Office Lease in Downtown Houston

by Taylor Williams

HOUSTON — Mitsubishi Corp. (Americas) has signed a 91,761-square-foot office lease in downtown Houston. The space spans floors 31 through 34 at 1100 Louisiana, a 55-story, 1.3 million-square-foot building that was developed in the early 1980s. Winfield Haggard Jr. and Diana Bridger of Partners Real Estate represented the local landlord, Hines, in the lease negotiations. Tim Relyea of Cushman & Wakefield represented Mitsubishi Corp.

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AcquisitionsIndustrialOklahomaTexas

Sword Industrial Partners Acquires 1 MSF Portfolio in Tulsa

by Taylor Williams

TULSA, OKLA. — Sword Industrial Partners, an affiliate of Dallas-based investment firm MAG Capital Partners, has acquired a portfolio of 24 industrial buildings totaling approximately 1 million square feet in Tulsa. The portfolio, which collectively totals 103 suites across six industrial business parks, includes Space Center, Space Center East, Tulsa Business Park, Tandem Business Park, Maxim Center and Maxim Place. All of the properties are located less than 10 miles from the downtown area and Tulsa International Airport. The seller was DRA Advisors. The sales price was not disclosed.

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Park-at-Fort-Bend-Stafford
Affordable HousingDevelopmentMultifamilyTexas

April Housing Underway on $24M Renovation of Metro Houston Affordable Housing Property

by Taylor Williams

STAFFORD, TEXAS — April Housing, Blackstone Real Estate’s affordable housing division, is underway on the $24 million renovation of Park at Fort Bend, a 250-unit affordable housing property in Stafford, a southwestern suburb of Houston. Built in 2001, the garden-style property offers two- and three-bedroom units across 20 buildings that are reserved for households earning 60 percent or less of the area median income. Renovations include new countertops, appliances, fixtures and flooring within unit interiors, as well as upgrades to amenity spaces such as the clubhouse, pool area, fitness center and resident clubhouse. Ownership is also making various accessibility, security and sustainability upgrades throughout the property. Renovations are expected to take about 18 months to complete.

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The-Palmera-on-3009-Schertz
AcquisitionsMultifamilyTexas

Atlantic Pacific Buys 288-Unit Apartment Complex in Schertz, Texas

by Taylor Williams

SCHERTZ, TEXAS — An affiliate of Miami-based owner-operator Atlantic Pacific Cos. has purchased The Palmera on 3009, a 288-unit apartment complex located northeast of San Antonio in Schertz. Built in 2008, the property offers a mix of one-, two- and three-bedroom units that range in size from 597 to 1,150 square feet. Amenities include a pool, fitness center, resident clubhouse and a pet park. The new ownership plans to implement capital improvements to unit interiors, building exteriors and amenity spaces. The seller and sales price were not disclosed.

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AcquisitionsMixed-UseTexas

Marcus & Millichap Brokers Sale of 26,494 SF Mixed-Use Building in East Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of a 26,494-square-foot mixed-use building in East Dallas. The site at 2700 Live Oak St. was originally constructed in 1923 as a bottling plant for beverage company 7Up and now houses an apartment building and retail center. Joe Santelli, Nick Fluellen, Chris Pearson and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state REIT, in the transaction and procured the buyer, a local, private investor completing a 1031 exchange. Both parties requested anonymity.

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AcquisitionsData CentersDevelopmentIndustrialTexasTop Stories

Soluna Acquires 397 Acres in West Texas for Wind-Powered AI Data Center Campus

by John Nelson

BRISCOE COUNTY, TEXAS — Soluna Holdings Inc. (NASDAQ: SLNH), a developer of renewable data centers for heavy computing industries such as artificial intelligence (AI) and Bitcoin mining, has closed on the purchase of 397 acres in West Texas’ Briscoe County. The site is located adjacent to Briscoe Wind Farm, a 150-megawatt (MW) wind farm that Soluna purchased in April for $53 million. The land is also situated adjacent to Dorothy 1 and Dorothy 2, Soluna’s modular, co-located data center campus that has capacity totaling 50 MW and 48 MW, respectively. The new land will host Dorothy 3, an AI data center computing campus with a potential capacity of 300 MW. All phases of the Project Dorothy campus, which is named after NASA mathematician Dorothy Vaughan, will be powered by the Briscoe Wind Farm substation. “Customers evaluating AI sites want to know how quickly we can get them to power,” says John Belizaire, CEO of Soluna. “Owning this land takes one more variable out of that answer. Dorothy 3 is a site we control end to end, and that is what turns a development project into something a customer can plan around.” The land acquisition exceeds the 300 acres Soluna originally …

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Blue-Ridge-Commerce-Center-Houston
DevelopmentIndustrialTexas

TCC, Daiwa House Break Ground on 687,338 SF Industrial Project in Southwest Houston

by Taylor Williams

HOUSTON — A joint venture between Trammell Crow Co. (TCC) and Japanese developer Daiwa House has broken ground on a 687,338-square-foot industrial project in southwest Houston. The project represents Phase II of Blue Ridge Commerce Center and will consist of three buildings on a 40.9-acre site. Buildings will span 182,908, 200,622 and 303,808 square feet and feature a mix of configurations in addition to 32- to 36-foot clear heights. Seeberger Architecture designed the project, and E.E. Reed Construction is serving as the general contractor. BGE is the project’s civil engineer, and CBRE is the leasing agent. Sumitomo Mitsui Banking Corp. is financing construction, which is expected to be complete next spring.

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