LA MARQUE, TEXAS — Partners Real Estate has arranged the sale of a 43,000-square-foot industrial facility in La Marque, located southeast of Houston in Galveston County. According to LoopNet Inc., the single-tenant property at 4725 Lawndale St. was built on three acres in 1978. Cary Latham and Wyatt Huff of Partners represented the seller, an entity doing business as Baucom Property Leasing LLC, in the transaction. Anthony Heins of Heins Properties represented the buyer, Wolf Capital Partners.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of 26,964-square-foot industrial building located at 5950 Park Vista Circle in Fort Worth. The property was built on 1.8 acres in 2005. Davis Cagle and Tyler Ranft of Marcus & Millichap represented the seller and buyer, both of which were investment firms that requested anonymity, in the transaction.
SUGAR LAND, TEXAS — Houston-based developer Vista Cos. has broken ground on Vista Sugar Land III, an 8,400-square-foot retail project that will be located on the city’s southwestern outskirts. The center is 83 percent preleased. United Constructors is the general contractor for the project, which is slated for a fourth-quarter delivery. Stellar Bank provided construction financing.
DALLAS — Southern California-based investment firm Cohen Asset Management has acquired DalParc Logistics Center Building 1, a 920,275-square-foot industrial property in South Dallas. The building was constructed in 2016 and serves as a fulfillment center for Amazon. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
CONROE, TEXAS — General contractor Hoar Construction has broken ground on a 328,000-square-foot parking garage on the Sam Houston State University campus in Conroe, about 40 miles north of Houston. The garage, which will feature 983 spaces, is being constructed to accommodate students and faculty at the new health professions building, construction of which will begin next year. Kirksey Architecture designed the parking garage, which is slated for a summer 2024 delivery.
LAREDO, TEXAS — Partners Real Estate has arranged the sale of a 37,500-square-foot industrial property in the Rio Grande Valley city of Laredo. According to LoopNet Inc., the property at 14610 Atlanta Drive was built on 2.5 acres in 1997 and features 24-foot clear heights. Gustavo Torres of Partners represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.
SAN ANGELO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. The property consists of two adjacent buildings on a 2.8-acre site that can support future expansion. A publicly traded REIT sold the asset, which was built in 2012, to an East Coast-based seniors housing owner-operator looking to expand upon its Texas footprint. Both parties involved in the deal requested anonymity.
AUSTIN, TEXAS — Foxtrot, a corner store and delivery market, has opened a 6,000-square-foot store and café in Austin’s Bouldin Creek area, marking the second location for the brand in the state capital. The site formerly housed an auto repair shop and grocer, and the space will include a covered indoor-outdoor patio. Foxtrot currently operates 27 locations nationwide and plans to open a third store in Austin in the coming weeks.
SAN ANTONIO — Ryman Hospitality Properties Inc. (NYSE: RHP) has entered into a definitive agreement with Blackstone Real Estate Income Trust Inc. (BREIT) to purchase the JW Marriott San Antonio Hill Country Resort for $800 million. The 640-acre resort opened in 2010 and includes 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event spaces. BREIT has owned the property since 2018. Ryman plans for the resort to continue to operate under the JW Marriott flag. The Nashville-based lodging and hospitality REIT now owns two of the largest group-oriented resorts in Texas, with the Gaylord Texan Resort & Convention Center in the Dallas suburb of Grapevine being the other. “We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” says Mark Fioravanti, president and CEO of Ryman Hospitality. “Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business.” “This sale, which generates approximately $275 million in profit over a five-year hold period through Covid, represents a terrific outcome for BREIT shareholders,” says Nadeem Meghji, head of Blackstone Real Estate …
PFLUGERVILLE, TEXAS — Dallas-based developer Ironwood Realty Partners is underway on construction of a project in the northern Austin suburb of Pflugerville that will add 490,000 square feet of industrial space across three buildings to the local supply. The project represents the third and final phase of 130 Crossing, a development whose first two phases featured five buildings totaling 675,000 square feet. Alliance Architects is designing Phase III, and Catamount Constructors is serving as the general contractor. Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.