HOUSTON — A joint venture between two Houston-based investment firms, LandPark Advisors and Sunset Capital, has acquired a portfolio of eight self-storage facilities totaling approximately 1,440 units. The facilities span 237,735 net rentable square feet and are scattered across several markets in East Texas, including Wylie, Hallsville, Flint, Longview and Carthage. The new ownership plans to implement a value-add program and has tapped Right Move Storage LLC to lead that initiative and manage the portfolio. Brandon Karr of Marcus & Millichap represented the seller, a private investment group based in East Texas, in the transaction, and procured the joint venture as the buyer. The sales price was not disclosed.
CYPRESS, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed vertical construction at a 106-acre hospital campus in the northwestern Houston suburb of Cypress on behalf of the Houston Methodist health system. The campus will comprise a 570,700-square-foot, seven-story hospital and two medical office buildings totaling roughly 320,000 square feet that will be linked via a sky bridge. The development will also house a central utility plant and various open green spaces. Page is the project architect, and Walter P. Moore is the structural and civil engineer. Construction began earlier this year, and full completion is slated for late 2024. The site formerly housed 11 buildings totaling 600,000 that were occupied by Sysco Corp., all of which have been demolished.
HOUSTON — Berkadia has negotiated the sale of Cypress Parc, a 200-unit apartment complex in North Houston. The property offers two- and three-bedroom units that range in size from 926 to 1,420 square feet. Residences features walk-in closets, washer and dryer connections and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, volleyball court and outdoor grilling and dining areas. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Utah-based investment firm Lionel Partners, in the transaction. Cutt Ableson of Berkadia arranged acquisition financing on behalf of the buyer, Trinnium Equity Group, which is also based in Utah.
HOUSTON — Locally based multifamily developer CityStreet Residential has opened a 165-site RV park near Texas Medical Center in Houston. Jetstream RV Resort at The Med Center spans 15 acres at 2919 W. Orem Drive, about 10 miles south of the downtown area. Amenities include a pool, clubhouse, outdoor grilling and dining areas, fitness center, business center, beer garden, putting green, dog wash, shuffleboard courts, onsite laundry facilities and a playground.
HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
HOUSTON — Locally based investment and development firm Triten Real Estate Partners has purchased three industrial outdoor storage sites totaling 53.3 acres in Houston. The sites at 3004 Aldine Bender Road and 3434 Greens Road are both located on the city’s north side and total 35.3 acres and 6.8 acres, respectively. The third property, which is located at 15005 Crosby Freeway in northeast Houston, spans 11.2 acres. Triten acquired the properties, all of which house existing structures and have the capacity to support truck parking operations, in three separate, off-market transactions. The sellers and sales prices were not disclosed.
FORT WORTH, TEXAS — The Gettys Group Cos., a Chicago-based hotel design and development firm, has broken ground on the $45 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel. The hotel originally opened in 1974 and also offers 25 suites. The capital improvement program will upgrade all the bedding, furniture and bathrooms of all guestrooms and expand the number of suites to 37. In addition, the project team will upgrade the entryway, lobby and amenity spaces, which include private and conference-style workspaces and 30,000 square feet of event space. Lastly, ownership will introduce a revamped lineup of food-and-beverage offerings. Completion is slated for the fall. Dallas-based HKS Architects designed the renovation, and an entity doing business as 1701 Commerce Acquisitions owns the property.
PLANO, TEXAS — California-based Alvarez & Marsal Capital Real Estate is underway on construction of a four-building, 204,000-square-foot office redevelopment project in Plano. Southern Methodist University (SMU) previously occupied the 16-acre site at 5228-5240 Tennyson Parkway, which can support a single or multiple users. Amenities at the new campus, which will be known as ELEVAR, will include a fitness center, conference center and a bistro lounge. Construction is slated for a third-quarter completion. Cushman & Wakefield is marketing the development for lease.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Grand Prairie, a 120-room hotel located roughly midway between Dallas and Fort Worth. The four-story hotel was completed in 2021 and features a pool, fitness center, onsite restaurant and 2,000 square feet of meeting and event space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Anderson Cos., in the transaction and procured the buyer, MCR Hotels. Pete Felhman of Marcus & Millichap Capital Corp. arranged an undisclosed amount of acquisition financing for the deal.
HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.