LA PORTE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of Spencer Mini Storage, a 595-unit self-storage facility in La Porte, an eastern suburb of Houston. The property consists of 226 climate-controlled units, 286 non-climate-controlled units and 83 vehicle parking spaces. The majority of the property was built between 1994 and 1999. Dave Knobler and Charles LeClaire of LeClaire Group represented the seller, a California-based family trust, in the transaction. The buyer was not disclosed.
AUSTIN, TEXAS — Avanath Capital Management (ACM), a Texas-based limited liability company, has acquired Blunn Creek Apartments, a 280-unit affordable apartment community in Austin. Built in 2002, the property features a pool, fitness center, business center, playground, resident clubhouse, outdoor picnic areas and onsite laundry facilities. Hunt Real Estate Capital provided a $19.5 million acquisition loan with four years of interest-only payments to ACM, which plans to implement a $2 million value-add program.
HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.
MISSOURI CITY, TEXAS — Davis Commercial has arranged the sale of a 3,000-square-foot office building in Missouri City, a southwestern suburb of Houston. The sale includes the two acres on which the property is situated. The buyer, Bereshith Properties LLC, plans to develop warehouses on the additional land. Ashley Casterlin of Davis Commercial represented the seller, a limited partnership, in the transaction.
GRAND PRAIRIE, TEXAS — Stream Realty Partners has broken ground on Grand Lakes | I-30, a 296,615-square-foot industrial project in Grand Prairie, located roughly midway between Dallas and Fort Worth. GSR Andrade is the project architect; Kimley-Horn is the civil engineer and The Conlan Co. is the general contractor. The project is expected to be delivered by the third quarter. Heitman, a global real estate investment management firm, will acquire the property upon completion. Stream Realty Partners will also handle leasing and management of the facility.
ROUND ROCK, TEXAS — Marcus & Millichap has brokered the sale of Mustang Storage, a 723-unit self-storage facility in Round Rock, a northern suburb of Austin. The property, which features 161,590 square feet of traditional storage space, includes 509 storage spaces for boats and recreational vehicles. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The trio also procured the buyer, GYS Development, which specializes in development and management of self-storage assets. Tim Speck of Marcus & Millichap also assisted in closing the deal.
HOUSTON — Brixmor Property Group Inc., a New York City-based shopping center REIT, has sold Northwood Plaza, a 136,747-square-foot retail center in Houston. Anchored by local grocer Food City, the property was 91 percent leased at the time of sale to tenants such as Beauty Supply, Family Dollar, Burger King and Subway. Ryan West, John Indelli and Charles Strauss of HFF represented Brixmor in the transaction. Michael Johnson and Stuart Hepler of HFF arranged acquisition financing through Amerant Bank on behalf of the undisclosed buyer.
FRISCO, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has begun construction on Artistry at Edgestone, a 188-unit independent living community in the northern Dallas suburb of Frisco. Situated on 18 acres, the property will offer amenities such as a pool, fitness and wellness center, library and cyber lounge, media and game rooms, hair salon, walking trails and an arts and crafts center. Completion is slated for summer 2020. San Antonio-based Mason Joseph Co. Inc. arranged a $31.9 million HUD loan for the construction and permanent financing of the project.
IRVING, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Victory Shops @ Riverside II, a 6,333-square-foot strip retail center in Irving. The property was built in 2017 and was 100 percent occupied at the time of sale by tenants on triple-net leases including Domino’s Pizza. STRIVE represented the seller, a Dallas-based investor, and procured the buyer in the transaction. Both parties requested anonymity.
EL PASO, TEXAS — Developer Hunt Cos. and Florida-based general contractor Moss have gone vertical on construction of WestStar Tower, a 262,000-square-foot office building in downtown El Paso. The companies broke ground on the project last June, WestStar Tower will serve as the new corporate headquarters for both Hunt and WestStar, a regional bank. Together, the two firms will employ about 430 people at the new building, which will include an 850-space parking garage. Sonny Brown & Associates is handling preleasing of the property.