HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 41,274-square-foot industrial sublease in North Houston. According to LoopNet Inc., the building at 16420 W. Hardy Road was constructed in 1983 and totals 77,499 square feet. John Hornbuckle of Cypressbrook represented the subtenant, third-party logistics firm EN Group Corp., in the lease negotiations. Cape Bell of CBRE represented the sublandlord, Atosa Catering Equipment Inc.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
Greystone Provides $74.6M Agency Loan for Refinancing of New Multifamily Property in Burleson, Texas
BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae loan for the refinancing of Shannon Creek Apartments, a 672-unit multifamily property located south of Fort Worth in Burleson. Completed in 2023, the 24-building community offers one- and two-bedroom units and amenities such as pool, fitness center, business center, game/media room, clubhouse, outdoor grilling and dining stations, sports court and a dog park. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed.
SAN ANTONIO — Houston-based development and investment firm DC Partners has received a $42 million refinancing for the Thompson San Antonio Hotel. Completed in late 2020, the hotel is part of a 20-story mixed-use building and features 162 rooms, two restaurants, a spa, fitness center and 5,000 square feet of conference facilities. The financing consists of a $27.3 million loan provided by South Florida-based REIT Sunrise Realty Trust and a $14.7 million loan provided by Southern Realty Trust, both of which are business units of Tannenbaum Capital Group. Thompson is part of the Hyatt Hotels (NYSE: H) family of brands, and the building also houses 59 for-sale residences.
HOUSTON — Austin-based Capital Commercial Investments has purchased The Offices at Greenhouse, a 203,284-square-foot office complex located in the Energy Corridor area of West Houston. The property offers a conference center, tenant lounge, outdoor green space, bike storage space and onsite car wash/detailing services. Capital Commercial plans to upgrade certain areas of the property and has tapped Transwestern as the leasing agent. The seller and sales price were not disclosed.
LUBBOCK, TEXAS — KW Commercial has brokered the sale of Western Oaks and Omni, two apartment complexes totaling 171 units in the West Texas city of Lubbock. According to Apartments.com, Western Oaks was built in 1972 and offers two-bedroom units, and Omni was built in 1979 and offers one- and two-bedroom units. Greg Brownd of KW Commercial represented the seller in the transaction, while Grant Roehm of KW Commercial represented the buyer. Both parties requested anonymity.
LA MARQUE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed skilled nursing facility in La Marque, located southeast of Houston. The facility spans approximately 45,628 square feet on 4.3 acres. The seller was a Texas-based family partnership, and the buyer was an owner-operator with several facilities in Texas. Both parties requested anonymity. Matthew Alley of SLIB handled the transaction.
BIRMINGHAM, ALA. — Dallas-based Tenet Healthcare Corp. has agreed to sell its 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for roughly $910 million. Orlando Health is the buyer in the all-cash transaction. The sale will include five hospitals located in the Birmingham metro — Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center and Citizens Baptist Medical Center. Affiliated physician practices and other related operations are also included in the transaction. The sale is expected to close this fall, subject to customary regulatory approvals, clearances and closing conditions. Under the agreement, Conifer Health Solutions, a subsidiary of Tenet Healthcare Corp., will enter into a new and expanded 10-year contract to provide revenue cycle management services to the hospitals and related operations. According to a press release issued by Tenet, its equity interest in the Brookwood Baptist Health joint venture generated pre-tax income of approximately $12 million over the 12-month period that ended June 30. Tenet has been a seller in recent years. In 2015, Georgia-based WellStar Health System purchased five metro Atlanta hospitals and related operations from Tenet for $575 million, marking the seller’s exit from the Georgia market. …
HOUSTON — Chevron Corp. (NYSE: CVX) will relocate its headquarters from San Ramon, a suburb of San Francisco, to Houston. The oil-and-gas giant, which already employs about 7,000 people in the Houston area, intends to relocate certain executives, including chairman and CEO Mike Wirth, to the Bayou City before the end of the year. Chevron’s existing office footprint in Houston includes multiple spaces in the downtown area and a presence in the Westchase District. The company also purchased 77 acres within the Bridgeland master-planned community in the northwestern suburb of Cypress last year with plans to construct a research-and-development campus.
HOUSTON — A partnership between Standard Real Estate Investments, a development and investment firm with offices in Los Angeles and Washington, D.C., and locally based firm Investment & Development Ventures (IDV) will develop Veterans Memorial Business Park. The 463,000-square-foot speculative industrial project will be located in northwest Houston and will consist of three front-load buildings that will span 219,000, 151,000 and 93,000 square feet. The buildings will feature 32-foot clear heights and will be able to accommodate users with requirements as small as 46,000 square feet. Construction is scheduled to begin in the fourth quarter. JLL arranged the partnership between the two developers.