EULESS, TEXAS — Weitzman has brokered the sale of Bear Creek Plaza, a 9,695-square-foot, fully leased retail strip center in Euless, located in the northern-central part of the metroplex. Tenants include restaurants Argentina 16/3, Chandni Chowk Grill and Osuma Suya, as well as dentistry practice Harwood Smiles and Texas Nail Bar. Kevin Butkus of Weitzman represented the buyer, Dallas-based Ouellette Equities, in the transaction. Tim Axilrod of SHOP Cos. represented the undisclosed, California-based seller.
HOUSTON — Hines Global Income Trust (HGIT) has acquired Montrose Collective, a 189,000-square-foot office and retail development located just outside of downtown Houston, for $137.5 million. Montrose Collective houses the offices of Live Nation and Pattern Energy, as well as a range of shopping and dining establishments. Montrose Collective was fully leased at the time of sale. John Mooz and Ashley Prasse-Freeman led the transaction for the new ownership on an internal basis. The seller was not disclosed.
HOUSTON — A joint venture between Chicago-based Brennan Investment Group and Los Angeles-based PCCP LLC has purchased a 1.3 million-square-foot industrial park in northwest Houston in a short-term sale-leaseback. The development, which will soon be vacant, comprises 16 buildings that range in size from 11,000 to 450,000 square feet on a 126-acre site. Constructed between 1999 and 2018, the buildings feature HVAC-equipped warehouses, bridge cranes, heavy power capacities, industrial outdoor storage space and above-standard clear heights. Brennan and PCCP acquired the property from subsea oil and gas equipment manufacturer Innovex. John Ferruzzo of KBC Advisors brokered the deal.
BRYAN, TEXAS — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has funded the $35 million recapitalization of Camber Villas, a 490-bed student housing community in the Central Texas city of Bryan. The property is located across the street from Blinn College and consists of 22 three-story buildings housing one-, two, three- and four-bedroom units. Amenities include a business center, pool, dog park, coffee bar, fitness centers, sand volleyball courts and an outdoor basketball court. The transaction was originated by David Scheer and Jack Baron of Dwight Capital and arranged by Culby Culbertson of Culbertson Holdings.
SAN ANTONIO — Newmark has arranged the sale of River House, a 261-unit apartment complex in San Antonio’s Riverwalk district. The midrise building was completed in 2015 and offers studio, one-, two- and three-bedroom units that range in size from 527 to 1,465 square feet. Amenities include a pool, fitness center, dog park, community kitchen and package lockers. Matt Michelson and Patton Jones of Newmark represented the seller, locally based investment firm Hixon Properties, in the transaction. The buyer and sales price were not disclosed. River House was 95 percent occupied at the time of sale.
HOUSTON — Colliers has negotiated a 48,000-square-foot lease in the Jersey Village area of northwest Houston. According to LoopNet Inc. the building at 7420 Security Way was built in 2006 and totals 191,594 square feet. Barrett Gibson and David McMahon of Colliers represented the tenant Hospitality Solutions Inc., which also recently subleased 26,847 square feet of space in North Houston to an unnamed user, in the lease negotiations. The name and representative of the landlord were not disclosed.
Executing ground-up development for pure-play retail space — or retail product in mixed-use settings — in Houston is immensely challenging these days for a variety of reasons, despite the fact that the city has the underlying job and housing growth needed to justify a greater inventory of retail product. While all retail developers in Houston face similar headwinds in terms of costs of capital and construction materials/labor, as well as elevated tenant improvement (TI) costs and hefty required return thresholds from investors, it’s difficult to single out any one of those factors as most responsible for the dearth of new retail development. Some issues will be felt more acutely in some submarkets than others. Certain companies may have better connections and capital situations such that they can circumvent some of the uncontrollables. But no matter the combination of barrier-to-entry factors, the net result is the same: a market that cannot adequately supply retail product to meet demand. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. At the annual InterFace Houston Retail & Mixed-Use conference that took place on Aug. …
AUSTIN, TEXAS — Newmark has brokered the sale of Veranda, a 362-unit apartment community located at 7205 E. Ben White Blvd. in downtown Austin. Completed in 2024, the garden-style property offers one-, two- and three-bedroom apartments and townhomes with an average size of 802 square feet. Amenities include a pool, outdoor grilling and dining areas, a game room and a fitness center. Patton Jones and Andrew Dickson represented the seller, Wayfinder Real Estate, in the transaction. Adam Randall and John Westby-Gibson, also with Newmark, arranged acquisition financing on behalf of the buyer, a partnership between Missio Capital and Bow River Capital.
FORT WORTH, TEXAS — Locally based owner-operator Trademark Property Co. has broken ground on Westbend Residences, a 321-unit multifamily project that will be located in Fort Worth’s University District. The site spans 3.5 acres within Trademark’s Westbend mixed-use development that fronts the Clear Fork Trinity River. Units will come in one-, two- and three-bedroom floor plans, and a few penthouses will also be available on the top floor. Amenities will include two elevated resort-style pools, a fitness center and a dog spa, as well as 4,500 square feet of retail space. Construction is expected to be complete in early 2027.
GRAND PRAIRIE, TEXAS — Alabama-based general contractor Brasfield & Gorrie has broken ground on a $6 million hangar renovation project for Airbus at the airplane manufacturer’s industrial campus in Grand Prairie, located roughly midway between Dallas and Fort Worth. The project will add an annex building and convert an existing building into a helicopter blade repair shop with two custom paint booths. A tentative completion date was not announced.