HOUSTON — Marcus & Millichap has brokered the sale of AA Storage at Ruland Road, a 262-unit self-storage facility located about 10 miles west of downtown Houston. Built in 1971 and renovated multiple times in the ensuing decades, AA Storage at Ruland Road comprises five buildings on a 2.3-acre site. The unit mix consists of 112 climate-controlled spaces, 143 non-climate-controlled spaces and seven office spaces for a total of 49,539 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has broken ground on Vista at Silver Oaks, a 76-unit affordable housing project that will be located on the city’s north-central side. Residences will feature two- and three-bedroom layouts and will be entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents will have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. PNC Bank and Stellar Bank both contributed to the financing of the project, specifics of which were not disclosed. Delivery is slated for summer 2024.
PFLUGERVILLE, TEXAS — Spec’s Wine, Spirits & Finer Foods has signed a 30,000-square-foot retail lease at Stone Hill Town Center in the northern Austin suburb of Pflugerville. The retail power center is located at the intersection of State Highways 130 and 45 and is home to tenants such as Super Target, Ross Dress for Less, Dick’s Sporting Goods, Best Buy, Cinemark Theaters, 24 Hour Fitness and St. David’s Healthcare. Josh Friedlander and Kevin Sims of NewQuest Properties internally represented the landlord in the lease negotiations. Dawn Hilty of SFP Brokerage LLC represented the tenant.
HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.
HOUSTON — Marcus & Millichap has brokered the sale of Holliday Boat & RV Storage, a 292-unit facility that is situated on a two-parcel, 5.2-acre site in Houston. The property, which was constructed in phases between 1990 and 1994, consists of 243 non-climate-controlled units and 49 outdoor parking spaces for a total of 73,993 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.
IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 50,769-square-foot industrial building located at 1440 Corporate Drive in Irving’s Las Colinas district. At the time of sale, the building was fully leased to JVCKenwood, a Japanese multinational electronics company. Parker Tims and Jennifer Pierson of STRIVE represented the seller, a Pennsylvania-based investor, in the transaction. The buyer and sales price were not disclosed.
MANSFIELD, TEXAS — Flix Brewhouse has signed a 15-year lease to open a 40,000-square-foot theater at The Shops at Broad, a retail center located in the southern metroplex suburb of Mansfield. Scheduled to open this fall, the venue will feature nine auditoriums and offer in-theater dining service. Sam Kartalis of Younger Partners and John Weber of Weber & Co. negotiated the lease on behalf of the landlord, Trez Capital. The venue will be the fifth in Texas and 10th nationwide for Flix Brewhouse.
MISSOURI CITY, TEXAS — Partners Real Estate has negotiated a 15,000-square-foot industrial lease in the southwestern Houston suburb of Missouri City. According to LoopNet Inc., the property at 1519 Industrial Drive was built in 2019 and features 28-foot clear heights and 2,000 square feet of office space. Darren O’Conor of Partners represented the landlord, Bison Warehouse LLC, in the lease negotiations. The tenant was nutritional supplements provider Ekkovision LLC.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
TERRELL, TEXAS — Kansas City-based developer VanTrust Real Estate has acquired two industrial development sites totaling 60.4 acres in Terrell, an eastern suburb of Dallas. The company plans to develop two speculative buildings totaling 702,000 square feet. Building 1 will be a 196,560-square-foot, rear-load facility. Building 2 will total 505,440 square feet and feature a cross-dock configuration. Both buildings will be marketed to e-commerce and third-party logistics users alike. Demian Salmon of Stream Realty Partners represented the undisclosed seller in the land deal. A construction timeline was not disclosed.