MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.
PASADENA, TEXAS — Alterra IOS has acquired a five-acre industrial outdoor storage site in the eastern Houston suburb of Pasadena. The site at 5100 Underwood Road currently houses 57,500 square feet of warehouse space and was acquired off-market via a sale-leaseback with the seller and tenant, an undisclosed national industrial chemical cleaning company. The sale-leaseback agreement spans 10 years and also includes two other properties.
PRINCETON, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Victory Shops at Princeton, a 10,157-square-foot retail strip center located northeast of Dallas. The center was fully leased at the time of sale to tenants such as Dunkin’ and Jersey Mike’s. Hudson Lambert and Jennifer Pierson of STRIVE represented the seller, a local developer, in the transaction and procured the out-of-state buyer.
DALLAS — Public transportation operator Dallas Area Rapid Transit (DART) has signed a 10-year, 4,146-square-foot office lease at Knoll Trail Crossing, a 96,509-square-foot building in North Dallas. The building underwent renovations in 2022 and now includes move-in ready spec suites, a modernized lobby, tenant lounge and an updated conference center. JLL represented the landlord, Prescott Group, in the lease negotiations.
IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand Riviera, a 206-unit apartment complex in Irving. The property was built in 1972 and offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Eagle Property Capital, in the transaction and procured the buyer, Lone Star Capital.
DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a two-building, 150,000-square-foot industrial portfolio in southwest Dallas. The multi-tenant, shallow-bay buildings are situated on a seven-acre site at 4647 Mint Way. According to LoopNet Inc., the site is located within Mint Way Business Park, and the buildings were constructed in 1975 and feature 20-foot clear heights. Chase Miller of NAI Robert Lynn represented M2G Ventures in the transaction. The seller and sales price were not disclosed.
FLOWER MOUND, TEXAS — A partnership between Hopewell Development and MBK Industrial Properties has broken ground on Lakeside Business Center, a 123,910-square-foot building in Flower Mound, a city located in the northern-central part of the metroplex. Lakeside Business Center will consist of two buildings with 32-foot clear heights, a 200-foot shared truck court, ESFR sprinkler systems and a total 16 dock doors and two ramped doors. Lee & Associates is marketing the development for lease and/or sale. Completion is scheduled for summer 2025.
HOUSTON — Alterra IOS has acquired two industrial outdoor storage sites totaling 7.2 acres in the eastern Houston suburb of Baytown. The sites at 8121 and 8223 Parkside Ave. are located within Bay 10 Business Park and house a combined 50,000 square feet of warehouse space. Lee & Associates brokered the sale. The seller and sales price were not disclosed. Alterra IOS plans to make capital improvements into the sites, including adding speculative office space and a reinforced concrete yard at 8121 Parkside.
AUSTIN, TEXAS — CBRE has arranged a quintet of office leases totaling 22,823 square feet at Centre II, a 54,696-square-foot building located just south of downtown Austin. The deals include a combination of new leases and renewals, with the largest being an 11,049-square-foot renewal with Alabama-based computer hardware manufacturer Abaco Systems. Casey Ford of CBRE represented the landlord, Los Angeles-based Stanton Road Capital, in the lease negotiations.
FRISCO, TEXAS — FC Dallas and the City of Frisco have formed a public-private partnership to undertake a $182 million renovation of Toyota Stadium, the Major League Soccer (MLS) team’s home playing field. Upgrades will include three new clubs and a new roof structure that will provide shade for the majority of fans in the seating bowl. The partnership will also deliver expanded seating capacity, renovated entrances and new concession stands and restroom locations. HKS Architects is handling design of the project, and Manhattan Construction Group is serving as the general contractor. Construction will be carried out in phases and will begin early next year. Toyota Stadium originally opened in 2005, which makes it the third-oldest soccer-specific venue among MLS teams, according to the newly formed partnership.