DEER PARK, TEXAS — Northmarq has brokered the sale of The Shoppes at Town Square, an 11,692-square-foot retail strip center in Deer Park, an eastern suburb of Houston. Five tenants occupy the center. Riley Sharman of Northmarq represented the Florida-based seller in the deal. The buyer was a local 1031 exchange investor. Both parties requested anonymity. Larry Peters and Michael Borden of Northmarq arranged acquisition financing.
MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.
SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA), which plans to use the funds to acquire a 27-acre tract in the city and pay for pre-construction development costs of a seniors housing project. FLSA will own and operate the community, which is slated to include 153 independent living apartments, 40 independent living cottages and 16 memory support assisted living units, as well as a covered parking deck, common areas and administrative support spaces. The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. The development will be named Bella Vida at La Cantera.
HUTTO, TEXAS — EVO Entertainment Group has signed a 53,300-square-foot lease at Townwest Commons in Hutto, with plans to open a cinema, bowling and entertainment venue at the property in 2024. Nathan Nickerson of Common Ground represented the tenant in the leasing negotiations and secured an incentives package with the City of Hutto. Josh Friedlander and David Meyers represented the landlord, NewQuest Properties, on an internal basis.
CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of River Court Shopping Center, a 14,000-square-foot retail strip center in Corpus Christi. Tenants include First Cash Pawn, Pro Cleaners and Hu-Dat Noodle House. Gustavo Torres of Partners, along with Lynann Pinkham of Cravey Real Estate Services, represented the seller, an entity doing business as KCP River Court, in the transaction. The buyer and sales price were not disclosed.
FORT WORTH, TEXAS — The David L. Aldridge Co., a provider of information technology (IT) services, has signed a 3,986-square-foot office lease at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building recently underwent a capital improvement program. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Justin Utay of NAI Robert Lynn represented the tenant.
FORNEY, TEXAS — Newmark has arranged the sale of Forney Logistics Crossing, a 904,495-square-foot industrial property located on the eastern outskirts of Dallas. Delivered in January, the cross-dock facility features 40-foot clear heights, 161 total dock doors and 198 trailer stalls (expandable to 352). Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare, Chloie Mercer and Caroline Wilson of Newmark represented the seller, a partnership between Stillwater Capital and Grandview Partners, in the transaction. The buyer was EQT Exeter. The property was fully leased at the time of sale to trucking company Knight-Swift.
DALLAS — Brazos Residential has acquired The Thread Apartments, a 606-unit garden-style community in Dallas. The Thread was built in three phases between 1969 and 1978 and offers studio, one- and two-bedroom floor plans. Northmarq’s Taylor Snoddy brokered the deal, and Kevin Leamy of Northmarq arranged the acquisition financing. The deal marks Brazos Residential’s 16th acquisition since the firm’s inception in 2022. The seller and sales price were not disclosed.
SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has received a $32.1 million construction loan for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. The Virginia will rise three stories and offer one-, two- and three-bedroom units. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL arranged the 15-year, floating-rate loan through an undisclosed regional bank on behalf of the development team. The first phase of the project is slated for a 2024 completion. A second phase is set to deliver in 2025, bringing the total units at the community to 424.
CYPRESS, TEXAS — Locally based investment advisory firm Granite Harbor Advisors has arranged an undisclosed amount of equity funding to finance the expansion of Spring Cypress Senior Living, a facility located in the northwestern Houston suburb of Cypress. The property offers independent living, assisted living and memory care living services. The expansion project will add 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments and 14 new memory care units. The project’s first phase is complete and is roughly 95 percent occupied.