DALLAS — Grey Swan I, a general partner equity fund backed by North Texas-based development and investment firm M2G Ventures, has purchased a 120,000-square-foot industrial building in southwest Dallas. The single-tenant building at 4130 Platinum Way was fully leased at the time of sale to an unnamed tenant. The seller and sales price were also not disclosed.
KINGSVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 16-acre RV resort in Kingsville, located outside of Corpus Christi. Nature’s Own RV Resort features 115 sites and amenities such as a clubhouse, laundry facilities and a pool. Brad Dorsey and Skyler Henderson of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
HOUSTON — ATX Auctions has signed a 14,746-square-foot industrial lease in northwest Houston. The building at 2700 Bingle Road was originally constructed in 1976. John Harris, Jacob Summers and Stephen Hazen of locally based brokerage firm Oxford Partners represented ATX Auctions in the lease negotiations. Scott Wilkerson of Garver Real Estate represented the landlord on an internal basis.
DALLAS — Blackstone Real Estate (NYSE: BX) has entered into an agreement to sell G6 Hospitality, the Dallas-based parent company of Motel 6, for $525 million. The buyer is Oravel Stays, which owns Indian hospitality and travel technology company OYO, and the all-cash deal is expected to close during the fourth quarter. Blackstone acquired Motel 6 in 2012 and invested in capital improvements to the portfolio during its ownership. Through G6 Hospitality, Blackstone operates nearly 1,500 economy lodging venues in the United States and Canada under the Motel 6 and Studio 6 Extended Stay brands. OYO entered the U.S. market in 2019 and currently operates over 320 hotels across 35 states.
COLLEGE STATION, TEXAS — Austin-based student housing owner-operator Parallel has completed Otto, a 745-bed development located near the Texas A&M University campus in College Station. The property offers studio through six-bedroom floor plans. Amenities include a pool, hot tub, outdoor kitchen, full-service smart market, dog spa, sky lounge and a fitness/wellness center with barre and yoga studios and dry saunas. The community also features multi-level lounges with coworking spaces, conference rooms and private study pods. BOKA Powell designed the project, and Rogers O’ Brien Construction served as general contractor.
DALLAS — JLL has brokered the sale of Skillman Live Oak, a 74,653-square-foot shopping center located in the Lakewood area of East Dallas. The center was 77 percent leased at the time of sale. Erin Lazarus, Adam Howells, Megan Babovec and Ben Pollack of JLL represented the seller, BentallGreenOak, in the transaction. Charlotte-based investment firm Asana Partners purchased the property for an undisclosed price.
HOUSTON — Partners Real Estate has negotiated a 32,596-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the single-tenant building at 14490 Wagg Way Road was originally constructed in 2014. Travis Land and Braedon Emde of Partners represented the landlord, United Equities, in the lease negotiations. Caleb Lawson of Flatrock Cos. represented the tenant, 2911 Fabrication.
HOUSTON — Alterra IOS (industrial outdoor storage) has acquired a 4.6-acre site in southeast Houston. The site at 9002 Wayfarer Lane houses 40,930 square feet of warehouse space, and an undisclosed, national trucking company recently renewed its lease at the property. Zane Carman of Partners Real Estate brokered the sale. The seller and sales price were not disclosed.
DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.
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.