WACO, TEXAS — The City of Waco has unveiled plans for a $1.4 billion redevelopment of its downtown area. The project is a 12- to 20-year initiative that spans five districts and more than 100 acres along the Brazos River. Key components will include the development of a new building that will jointly house the operations of Waco City Hall and the Waco Independent School District. The plan also encompasses a new convention center, performing arts venue, town square/central events lawn, ballpark and enhanced green spaces. The first phase of the development will focus on infrastructure improvements, including floodplain remediation, water/sewer system upgrades, street enhancements and the establishment of a new public plaza.
DENTON, TEXAS — General contractor Balfour Beatty has completed construction of three elementary schools in the North Texas city of Denton. Designed by Pfluger Architects, Hill Elementary, Martinez Elementary and Reeves Elementary are all part of the Denton Independent School District (ISD) and can each support about 750 students. At each school, a central hub merges the library, dining and outdoor spaces and functions into one open core from which classrooms and areas for special programs extend.
DALLAS — JLL has arranged the refinancing of 3100 Monticello, a 175,193-square-foot office building in the Highland Park area of Dallas. The loan amount was not disclosed. The nine-story building was 90 percent leased at the time of sale. Built in the 1980s, the property has been the beneficiary of more than $4 million in upgrades to the lobby, tenant spaces, amenity areas and HVAC systems throughout the hold period of the borrower, Dallas-based Prescott Group. Trey Morsbach, Jarrod McCabe, Jordan Buck and Riley Alam of JLL arranged the five-year loan through an unnamed local bank.
FORT WORTH, TEXAS — Kroger has opened a 128,000-square-foot store as the anchor tenant at Bonds Ranch Marketplace in northwest Fort Worth. The center also features 45,000 square feet of small-shop and freestanding retail space that is home to tenants such as Starbucks, Chase Bank, Whataburger, Hollywood Feed, ATI Physical Therapy, Emerald Custom Pools, Park Village Nails, Texas Health Breeze and Heartland Dental. Weitzman is the developer and operator of Bonds Ranch Marketplace.
HOUSTON — Whitestone REIT has purchased Ashford Village Center, an 81,407-square-foot grocery-anchored shopping center located in Houston. Ashford Village Center was originally built in 1979, according to LoopNet Inc. Tenants include Thanjai Mess, Ramen Bar Ichi, Japan House, Dollar Tree, Giggles and Fun, Salon Village and Japanese grocer Seiwa Market, which anchors the property. John Indelli, Ryan West, Dawson Hastings and Max Myers of JLL represented the seller in the transaction.
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Morgan Stanley, GSA Acquire Eight-Property Student Housing Portfolio Valued at $1B
NEW YORK CITY — Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have acquired a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Landmark Properties. The transaction is valued at more than $1 billion. The properties are located across seven states and offer a mix of cottage-style, high-rise and mid-rise formats. The 6,200-bed portfolio is nearly fully leased. Global student housing operator Yugo will manage and rebrand the newly acquired assets. The assets in the sold portfolio include: The acquisition marks the partnership’s entrance into new markets in Virginia, Georgia and Pennsylvania, while expanding its presence in Texas, Florida, Oregon and North Carolina. Through its partnership, MSREI and GSA now own nearly 24,000 student housing beds across 50 properties in 23 states. “This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare, and demonstrates our experience and expertise in the student housing market,” says Nicholas Porter, CEO at …
FRISCO, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has purchased Ravello Stonebriar, a 216-unit apartment complex in Frisco. Built in 2018, the property offers one- and two-bedroom units and amenities such as a pool, game room, fitness center, lounge, outdoor theater, grilling stations and pet care facilities. Daniel Baker, Kevin O’Boyle and Chandler Sims of CBRE represented the undisclosed seller in the transaction.
IRVING, TEXAS — Nuveen Green Capital and Lone Star PACE have provided $5.5 million in C-PACE financing for the recapitalization of a 1.1 million-square-foot office building in Irving’s Las Colinas district. The 22-story building at 600 E. Las Colinas Blvd. underwent upgrades in the form of HVAC and automation controls in 2024, allowing the property to qualify for C-PACE financing. The upgrades are expected to reduce the building’s annual electricity consumption by 10 percent. The borrower is Convergent Capital Partners.
AUSTIN, TEXAS — Chicago-based Brennan Investment Group has purchased an industrial outdoor storage (IOS) facility in North Austin. The facility at 505 W. Yager Lane consists of an 18,982-square-foot building with grade-level loading doors, 20 grade-level doors with drive-thru access and 1.5 acres of outdoor storage space. The seller and sales price were not disclosed.
SAN ANTONIO — TruFit Athletic will open a 35,000-square-foot fitness club in North San Antonio. The space, which is located within Lockhill Village Shopping Center and was formerly home to Gold’s Gym, will house a kids club, group workout spaces, personal training spaces and a recovery zone. The club will be TruFit’s eighth in the San Antonio area and is expected to open before the end of the year.