ROWLETT, TEXAS — Dallas-based REIT Transcontinental Realty Investors Inc. (NYSE: TCI) and its subsidiary, Abode Properties, have opened Terra Lago Apartments, a 451-unit multifamily community in Rowlett, a northeastern suburb of Dallas. The Class A property features one, two- and three-bedroom units and offers amenities such as a pool, fitness center, business center, conference room and a bocce ball court. The property also fronts Lake Ray Hubbard.
HOUSTON — 29th Street Capital, a privately held investment firm with offices in San Francisco and Chicago, has acquired Cali Sommerall Apartments, a 368-unit multifamily asset located in Houston’s Copperfield/Bear Creek submarket. The company will invest in new countertops and paint for the unit interiors, as well as upgrades to the amenity spaces, which include a pool, coffee bar, dog park, fitness center and a grilling station. The seller was not disclosed.
HOUSTON — The Meritex Co., a Minnesota-based investment firm, has purchased Park 225, a 121,520-square-foot light industrial building located at the interchange of Highway 225 and Beltway 8 in Houston. The property was fully leased to four tenants at the time of sale. Tom Lynch of CBRE brokered the deal. Stream Realty Partners will manage the property. With this acquisition, Meritex now owns more than 500,000 square feet of industrial space in the metro Houston area.
NEW CANEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Brookshire Brothers Shopping Center, a 55,944-square-foot retail asset in New Caney, a northern suburb of Houston. The five-mile radius around the property, which is anchored by a 42,000-square-foot Brookshire Brothers, has seen its population increase by more than 25 percent since 2010. Daniel Wenz of STRIVE represented the Florida-based seller in the transaction and procured the local buyer. Both parties requested anonymity.
DALLAS — Chicago-based NXT Capital has provided a $25 million acquisition loan for a 252-unit apartment community in Dallas. Located one mile north of Interstate 30 and three miles from downtown, the property features a clubhouse, grill area, fitness center, pool, dog park and access to the Santa Fe Trail. Tony Stein of CBRE placed the loan on behalf of an undisclosed borrower. The property name was also undisclosed.
HOUSTON — ClearWorth Capital LLC has acquired The Edge at City Centre, a 284-unit multifamily community located near the Texas Medical Center in Houston. The property was built in 1983 and features a mix of one- and two-bedroom units averaging 765 square feet. Amenities include two pools, a business center, fitness center and Wi-Fi lounge. Chris Young, Joey Rippel and Connor Phillips of HFF represented ClearWorth Capital and the seller, 29th Street Capital, in the transaction. The Edge at City Centre was 94 percent occupied at the time of sale.
TERRELL, TEXAS — RealtyLink LLC, a developer specializing in retail and restaurant properties, has unveiled the latest round of tenants that will open stores at Crossroads at Terrell, a 270,000-square-foot center being developed about 30 miles east of Dallas. The newest retailers, which are expected to open their stores during the third quarter of 2019, include Petco, GoWireless and Sport Clips. Previously announced tenants at the center include Hobby Lobby, Five Below, Marshalls and Rack Room Shoes. CBRE is marketing the center for lease.
FARMERS BRANCH, TEXAS — Newsom Design LLC, which produces building signage and other marketing materials, has extended its 119,083-square-foot industrial lease at 13780 Benchmark Drive in Farmers Branch, a northern suburb of Dallas. Blake Kendrick of Stream Realty Partners represented the landlord, DRA Advisors, in the lease negotiations. Landry Commercial Inc. represented the tenant.
TEXAS CITY, TEXAS — On Nov. 12, Houston-based Edifis Group will reopen Palmer Plaza, a 95,295-square-foot shopping center in Texas City, about 40 miles southeast of Houston. In 2016, Edifis Group purchased the property, which was originally built in 1987, and upgraded its landscaping, decorative lighting and signage. New and future tenants at the redeveloped center include Aldi, Ross Dress for Less and Chick-fil-A.
HOUSTON — NAI Partners has negotiated the sale of a 68,794-square-foot office building located at 1155 Brittmoore Road in Houston. The property was built in 1978, according to LoopNet Inc. Jon Silberman of NAI Partners represented the buyer, Endeavor Behavioral, in the transaction. Additional terms of sale were not disclosed.
