KATY, TEXAS — BGO, the institutional investment firm formerly known as BentallGreenOak, has acquired a two-property industrial portfolio totaling 299,520 square feet in the western Houston suburb of Katy. Known as Heritage West and completed earlier this year, the portfolio comprises front-load buildings totaling 90,480 and 209,040 square feet that feature 32- and 36-foot clear heights, respectively. BGO acquired the portfolio, which was fully leased at the time of sale, in partnership with Austin-based Harbor Capital. The seller and sales price were not disclosed.
BLUE MOUND, TEXAS — Zenith IOS (industrial outdoor storage) has purchased a 7.5-acre facility in Blue Mound, a northern suburb of Fort Worth. The property at 1151-1201 Cantrell Sansom Road consists of three buildings totaling approximately 29,300 square feet with 12 drive-through bays and four dock-high loading doors. Andrew Wieseman of Nashville-based brokerage firm Matthews sourced the deal on behalf of Zenith, which acquired the facility as part of a larger portfolio deal that included properties in Duncanville, Texas, and Tulsa, Oklahoma. The seller and sales price were not disclosed.
By Taylor Williams On some level, they knew this was coming, right? They just thought it would be over by now. Indeed, the expression, “survive till ’25” has proven insufficient as a barometer for when the multi-year slowdown in multifamily rent growth and valuations — inevitable consequences of the record-high sales prices and record-low cap rates that were achieved in 2021 and 2022 — would eventually fizzle out. Unprecedented supply growth in recent years, catalyzed by historically low interest rates and insatiable demand and taken to perhaps the highest of highs in Texas, has, unsurprisingly, generated cyclical pain in subsequent years. True, that pain is submarket-specific and is likely on its way out, but that doesn’t change the fact that it’s tough sledding for many multifamily owners right now. “Multifamily has had almost everything possible thrown at it in the past few years: interest rates rising, rental rates flatlining due to supply growth and operating expenses going up across multiple categories, from payroll to insurance to repairs/maintenance,” says John Griggs, co-CEO and co-founder of Texas-based developer Presidium. “Everything started flipping the wrong way at the same time. Some of those variables may correct in our favor, but it’s now been …
HOUSTON — Bristol Myers Squibb (NYSE: BMY), a global pharmaceutical company best known for manufacturing treatments and medications such as Opdivo and Eliquis, will open a $2.3 billion manufacturing campus in Houston. The Princeton, N.J.-based firm chose a site within McCord Development’s 4,300-acre Generation Park for the approximately 600,000-square-foot project. “This investment reflects our confidence in America’s continued leadership in biopharmaceutical innovation,” says Christopher Boerner, board chair and CEO of Bristol Myers Squibb. “As part of our $40 billion commitment to the United States, we’re building the domestic manufacturing capabilities needed to deliver the next generation of medicines and support future scientific breakthroughs. Houston and the state of Texas offer the talent, infrastructure and partnership needed to help bring that vision to life.” Situated in northeast Houston, Bristol Myers Squibb’s new campus will be designed to be both modular and multi-modal, allowing the company to reconfigure manufacturing capacity for multiple types of medicines — including small molecules, biologics and antibody-drug conjugates — as needs arise. The new campus is estimated to create nearly 500 skilled jobs in the Houston area for roles including operations technicians, production specialists, maintenance and engineering professionals, quality control/assurance experts and administration. Bristol Myers Squibb also anticipates …
HOUSTON — Fairfield Residential has completed 1010 Waugh, a 340-unit multifamily project in Houston’s Montrose district. Designed by Dallas-based KTGY, the 14-story building offers studio, one- and two-bedroom units that range in size from 539 to 1,612 square feet. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers, with select units offering private balconies/patios. Amenities include a pool, fitness center, golf simulator, sky lounge, coworking space, conference rooms and a game room. Rents start at roughly $1,800 per month for a studio apartment.
CYPRESS, TEXAS — Newmark has arranged a $52 million loan for the refinancing of Cantera at Towne Lake, a 366-unit multifamily property in the northwestern Houston metro of Cypress. Built in 2008 within the Towne Lake master-planned community, the property offers one-, two- and three-bedroom units and amenities such as two pools, a fitness center, conference center and outdoor grilling and dining stations. Vince Punzi and Lowell Takahashi of Newmark arranged the loan on behalf of the borrower, California-based owner-operator The Bascom Group, which will use a portion ($4.4 million) of the proceeds to fund capital improvements. The direct lender was not disclosed.
DUNCANVILLE, TEXAS — Zenith IOS (industrial outdoor storage) has acquired a 14.9-acre facility in Duncanville, a southern suburb of Dallas. The crane-served property at 1200 N. Main St. houses a 49,000-square-foot, tilt-wall building with nine drive-through bays and four drive-in doors. Andrew Wieseman of Nashville-based brokerage firm Matthews sourced the deal on behalf of Zenith, which acquired the facility as part of a larger portfolio sale that included properties in Blue Mound, Texas, and Tulsa, Oklahoma. The seller and sales price were not disclosed.
FLOWER MOUND, TEXAS — Marcus & Millichap has brokered the sale of Long Prairie Plaza, a 17,107-square-foot retail strip center in Flower Mound, located in the northern-central part of the metroplex. Built in 2022, the center was fully leased at the time of sale to tenants such as Active Dental, Teacupfuls, Fiore Nail Bar, Cold Stone Creamery, JDX Blinds, Zelena Head Spa, Degree Wellness and Donatos Pizza. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GRIMES COUNTY, TEXAS — Space Exploration Technologies Corp. (SpaceX) will build a semiconductor manufacturing plant in Grimes County, located northwest of Houston. The first phase of the project represents a capital investment of $16.8 billion and is expected to create about 3,000 new jobs within the local economy. The office of Texas Gov. Greg Abbott made the announcement late last week, noting that the state had provided SpaceX with a $30 million Texas Enterprise Fund (TEF) grant in association with the project, which will be known as Terafab. The facility is planned to span more than 100 million square feet under a single roof, which would make it the largest structure in the world. A construction timeline was not announced. Founded in 2002 by Elon Musk, SpaceX already houses its global headquarters and Starbase launch facilities in South Texas’ Cameron County. The company also operates a semiconductor research-and-development (R&D) and advanced packaging facility in Bastrop, about 30 miles southeast of Austin, for its Starlink satellite platform. “The first-of-its-kind Terafab facility will accelerate chip production in Texas at an unprecedented scale, create thousands of good-paying jobs in Grimes County and expand economic opportunity for generations of Texans across southeast Texas and …
FORT WORTH, TEXAS — Tampa-based brokerage firm Franklin Street has negotiated the sale of The Reserve on Willow Lake, a 138-unit multifamily property in southwest Fort Worth. Built in 1996, the property offers two- and three-bedroom apartments, as well as townhomes. Amenities include a pool, fitness center and a business center. Tyler Bynum and Jack Williams of Franklin Street represented the seller, California-based investment firm The Paskin Group, in the transaction. The buyer was Dallas-based private equity firm Willowood Group.