PLANO, TEXAS — Marcus & Millichap has closed the sale of an 8,957-square-foot retail asset in Plano, a northern suburb of Dallas. The property is shadow-anchored by Kroger. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a local developer, in the transaction. Justin Miller, Davis Hansen and Dimitri Jordan, also of Marcus & Millichap, procured the buyer, an international private investor.
HOUSTON — Cypressbrook Co. has negotiated a 40,716-square-foot industrial lease at 11850 Hempstead Road in Houston. George Montes of Cypressbrook represented the tenant, flooring and cabinetry firm Horizon Forest Products LP, in the lease negotiations. Darryl Noon of Transwestern represented the landlord, Teachers Insurance and Annuity Association of America (TIAA).
KATY AND WEBSTER, TEXAS — Colorado-based American Furniture Warehouse (AFW) will open two stores totaling 853,700 square feet in metro Houston. The company will open a 498,700-square-foot store on a 29-acre site in Katy, located west of Houston, as well as a 355,000-square-foot store on a 23-acre tract in Webster, a southeastern suburb of Houston. Both properties will feature showrooms and storage areas. Ben Brown of Houston-based brokerage firm Baker Katz represented AFW in the acquisitions of both sites. The stores will be the company’s first locations in Texas. Construction on the Katy store will begin in late fall/early winter, while work on the Webster store will commence in July or August. Both projects are expected to have construction periods lasting 10 to 12 months.
DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.
FORT WORTH, TEXAS — Beaumont-based investment firm Albanese Cormier Holdings has acquired Renaissance Square, a 105,605-square-foot shopping center in Fort Worth. The Class A property, which was built in 2014 and is shadow-anchored by Walmart, was 98.5 percent leased at the time of sale. The shopping center’s tenant roster includes anchor Ross Dress for Less, Marshalls, Dollar Tree and Hibbett Sports. Eric Wohl and Andrew Cunningham of Hanley Investment Group represented Albanese Cormier in the transaction. Jeffrey Jackson of CBRE represented the seller, Midland-based Moriah Real Estate Co.
CONROE, TEXAS — Galdisa USA, a subsidiary of Mexican food producer Galdisa, will open a 47,000-square-foot industrial facility in Conroe, about 40 miles north of Houston, on Friday, July 6. About 25 new jobs will be created at the facility, which is the company’s first in the United States. Galdisa is involved in the production and sale of products such as peanuts, pumpkin seeds, chickpeas and fava beans for retail and industrial uses.
HOUSTON — Colliers International has secured a 113,152-square-foot industrial lease at 5301 Polk St. in southeast Houston. The tenant is CustomSpace, a provider of full-service industrial space for tenants looking for footprints in the 250- to-10,000-square-foot range. Barkley Peschel and Mike Davis of Colliers International, along with Trey Erwin of Lee & Associates, represented CustomSpace, which now has eight locations nationwide.
DALLAS — Orlando-based multifamily developer ZOM Living has broken ground on ATELIER, a 41-story multifamily tower that will be located adjacent to Klyde Warren Park in Dallas. The property will feature 364 one-, two- and three-bedroom units ranging in size from 702 to 2,266 square feet, as well as 15,000 square feet of retail space. Amenities will include a resort-style pool, fitness center with a yoga/spin room, conference room, coworking spaces, fire pits, a lounge and private wine lockers. The project will also deliver a 10-story parking garage. Stantec provided design services and Balfour Beatty is serving as general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.A timeline for completion was not released.
AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) will convert IBM’s Broadmoor campus in Austin, which spans more than 65 acres and houses more than 1 million square feet of office space, into a mixed-use, transit-oriented development. The first phase of the redevelopment, which is expected to be complete by early 2019, will revamp two office buildings. The overall project will create more public green space, walking trails and recreation areas to leverage the property’s proximity to The Domain, a shopping and entertainment destination that connects to the campus. Brandywine acquired Broadmoor, which has been discussed as a potential site for Amazon’s HQ2, about three years ago. The campus was developed as a build-to-suit for IBM, which still occupies most of the space, in the early 1990s.
MANSFIELD, TEXAS — Multifamily owner-operator American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community located in the southern Fort Worth metro of Mansfield. Built in 2010, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, business center and a dog park. Mitch Sinberg, Matt Robbins, Bob Falese and Matt Cullison of Berkadia arranged a $32.9 million Freddie Mac green loan, which features 4.16 percent interest and 70 percent loan-to-value, for the acquisition. The new ownership will implement a capital improvement program valued at approximately $1.5 million.