HOUSTON — Logistics and warehousing services provider RigMore has signed a 102,152-square-foot industrial lease in East Houston. According to LoopNet Inc., the building at 2425 Broad St. was built in 1957 and totals 166,440 square feet. Michael Keegan and Andrew Laycock of Partners represented the landlord, an entity doing business as SL5 Urban Industrial GP LLC, in the lease negotiations. The representative of the tenant was not disclosed.
MANOR, TEXAS — The Manor Independent School District is underway on construction of an 85,000-square-foot high school campus in the state capital’s northwestern suburb. The campus will feature a commons area, coffee shop and a buffet-style café and will be able to support about 800 students. Construction of the project, which is part of larger $174 million academic development initiative, is expected to be complete in time for the 2023-2024 school year. Birmingham-based HPM is providing project management, quality control and preconstruction services for the project.
TULSA AND OKLAHOMA CITY, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a portfolio of two memory care communities totaling 54 units in Tulsa and Oklahoma City. The properties were built in 2015 and 2016. The buyer was a Texas-based owner-operator focused on standalone memory care facilities in the region. Blueprint also assisted the buyer with debt placement through an existing bank relationship. The seller was not disclosed.
FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of The Shops at Eldorado, a 13,522-square-foot retail strip center in Frisco. Built in 2016, the center was fully leased at the time of sale to tenants such as Sugar Boy Donuts, Smoke Central and Discovery Kids Dentistry. Hudson Lambert and Jason Vitorino of STRIVE represented the seller, a Dallas-based developer, in the transaction. Additional terms of sale were not disclosed.
PLANO, TEXAS — NexPoint, a Dallas-based alternative investment firm, has announced plans for TxS District, a 200-acre life sciences development in Plano. The project, named to signify ‘Technology x Science,’ centers on a 91-acre main campus, which previously served as headquarters for Electronic Data Systems. The district would incorporate 109 additional acres in the Legacy neighborhood. In total, the project would create over 4 million square feet of lab, office and production space across four phases of construction. NexPoint purchased the main campus in 2018 and has been acquiring the additional acreage since that time. Phases I and II of the project propose to transform two existing buildings on the main campus into 970,000 square feet of lab and office space and 120,000 square feet of amenity space. Initial site improvement plans also include a public park, amphitheater and connectivity to the nearby Legacy retail development. The developer plans to break ground on Phase I before the end of the year. NexPoint has proposed that the project be achieved through a public-private partnership. The firm is working with the City of Plano on development plans and the project’s impact on the surrounding area. “Not only would this project be a …
Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …
DALLAS — Careismatic Brands, a California-based designer and distributor of apparel, footwear and accessories, has signed a 1 million-square-foot industrial lease at I-20 Logistics Park in southwest Dallas. The newly built facility offers 40-foot clear heights, 170 dock-high doors and 246 trailer parking stalls. Nathan Lawrence and Krista Raymond of KBC Advisors represented the landlord, a partnership between Ares Development and Archway Properties, in the lease negotiations. Jim Hazard and Brad Struck of Cresa represented Careismatic Brands.
SCHERTZ, TEXAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has negotiated a 116,176-square-foot industrial lease in Schertz, a northeastern suburb of San Antonio. According to LoopNet Inc., the property at 9870 Doer Lane totals 307,000 square feet and features 32-foot clear heights. John Colgalzier of Partners represented the landlord, an entity doing business as Baltisse-Ackerman Schertz, in the lease negotiations. The representative of the tenant, third-party logistics firm Quality Custom Distribution Services, was not disclosed.
HOUSTON — Austin-based investment firm CapRidge Partners has sold a 109,473-square-foot office building in Houston’s Energy Corridor. The six-story building, which was renovated in 2021 and was roughly 60 percent leased at the time of sale, sits on a 3.7-acre site at 12012 Wickchester Lane. Marty Hogan and Kevin McConn of JLL represented CapRidge Partners in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.
FORT WORTH, TEXAS — Hilco Real Estate has brokered the bankruptcy sale of a 48,980-square-foot data center located along U.S. Highway 287 in Fort Worth. Built in 2018 as an industrial flex property and recently repositioned to support data center usage, the facility features 18- to 26-foot clear heights, 22 drive-in doors and office space. The site includes 6.5 acres for future expansion. The facility was leased to an undisclosed trucking company at the time of sale. The buyer and seller were not disclosed.