CHANNELVIEW, TEXAS — Marcus & Millichap has brokered the sale of the 40-room Palace Inn Channelview hotel on the eastern outskirts of Houston. Rajan Patel, Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a private investor. Both parties requested anonymity.
SHENANDOAH, TEXAS — The American Oncology Network has signed a 16,390-square-foot medical office lease in Shenandoah, about 30 miles north of Houston. The space is located within the 48,000-square-foot Physicians Centre at Vision Park development, which was built last year and is now 75 percent leased. SVN | J. Beard Real Estate represented the tenant and the landlord, locally based developer i3, in the lease negotiations.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a full-building, 10,000-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the property at 8707 Fallbrook Drive was built in 2006. Jack Gaffney and Andrew Bischoff of Finial Group represented the undisclosed landlord in the lease negotiations. The representative of the tenant, Womack Machine Supply Co., was not disclosed.
By Kirk Cypel, chief development officer, CBG Commercial Real Estate Misconceptions about the Rio Grande Valley’s (RGV) retail market abound, particularly among those who are unfamiliar with South Texas. But those who are entrenched in shopping center ownership and development in the area are baffled and frustrated by retailers allowing these misconceptions to deter them from actively exploring the RGV. Questions like whether McAllen is an eight- or 10-hour drive from San Antonio, whether there’s an airport, if it’s safe — these are inquiries that simply make local retail owners and operators shake their heads. The same applies to brokers who inquire about securing endcap, freeway-visible spaces for under $10 per square foot. The Valley Reality The RGV is less than a four-hour drive from San Antonio and is served by three commercial airports. It resembles a metropolitan area akin to California’s Inland Empire, where several interconnected cities form a cohesive economic unit. Yet many are surprised to learn of the RGV’s considerable size, spanning 422,107 square miles — 60 percent larger than the Inland Empire and more comparable to San Diego County in size. The Council for South Texas Economic Progress reports that the population is over 1.4 million, …
DALLAS — Stream Realty Partners has completed The Quad, a 12-story, 345,425-square-foot office project in Uptown Dallas that also features about 15,000 square feet of retail and restaurant space. Office amenities include a fitness center, rooftop terrace, club lounge, conference center and a full acre of outdoor space. Stream Realty acquired the site in 2019, and construction on The Quad began in March 2022. Omniplan designed the property, and Austin Commercial served as the general contractor. MSD Partners, the investment advisory firm of tech magnate Michael Dell, provided construction financing. Four tenants — Revantage, Chicago Title, M Financial Group and Berkshire Residential — signed leases totaling 115,000 square feet prior to delivery.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 150,268-square-foot industrial property in the northern Dallas metro of Carrollton. The site at 1235 W. Trinity Mills Road spans 12.4 acres. Corbin Blount of Lee & Associates represented the seller, an undisclosed, locally based limited liability company, in the transaction. Chris Beggins and Adam Graham, also with Lee & Associates, represented the buyer, an entity doing business as CUI Properties — TX.
LORENA, TEXAS — Marcus & Millichap has brokered the sale of Lorena Mini Storage, a 122-unit self-storage facility located about 15 miles south of Waco. The facility spans 22,794 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Dallas-Fort Worth area, in the transaction. The duo also procured a locally based investment group as the buyer. The sales price was not disclosed.
CONROE, TEXAS — Grace Management Inc., a subsidiary of CPF Living Communities, has opened The Lakes at Woodhaven Village, an active adult community in the Houston suburb of Conroe. This is Grace’s first active adult community, as the company traditionally focused on seniors housing. The 130,000-square-foot community is situated on approximately five acres and totals 115 units. Padua Realty Co. is developer on the project, and its affiliated construction company, Dorado Builders, was the general contractor. Other project partners include Investwell Architects, Lizabeth Jones Interior Design and Jordan & Skala Engineers. The community complements the existing 168-unit Woodhaven Village campus, consisting of 27 independent living cottages, 60 independent living units, 61 assisted living units and 20 memory care units.
ELGIN, TEXAS — General contractor Satterfield & Pontikes has broken ground on an 84,200-square-foot academic project for the Independent School District of Elgin, an eastern suburb of Austin. Designed by Pfluger Architects, Trinity Ranch Elementary will feature an above-average-sized gym, enhanced security measures, an interior courtyard and a media center. The school will be able to accommodate up to 850 students and is expected to be complete in time for the fall 2025 semester.
PEARLAND, TEXAS — Locally based developer Levey Group has broken ground on a 660,000-square-foot industrial project located in the southern Houston suburb of Pearland. Levey Logistics Park will be situated on a 38-acre site near the intersection of South Sam Houston Parkway and Almeda School Road. The development’s two buildings will be able to support rear-load tenants with requirements of 16,500 square feet or more, as well as single-tenant cross-dock users with requirements up to 500,000 square feet. Harvey Builders is the general contractor for the project, which is slated for a second-quarter 2025 completion. Levey Group has tapped Cushman & Wakefield as the leasing agent.