AMARILLO, TEXAS — Marcus & Millichap has arranged the sale of Camp Lane Storage, a 197-unit facility located in the northwest Texas city of Amarillo. The property 24,440 spans square feet of net rentable, non-climate-controlled space and also includes 20 outdoor parking spaces. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
HOUSTON — Locally based developer Radom Capital has welcomed six new tenants to Montrose Collective, an office and retail development in Houston. Concepts coming to the property include restaurants Graffiti Raw and Picnik — opening this month and in the spring, respectively — as well as four fitness and beauty concepts. SISU, a med spa, will debut in February, while Studio BE, Glosslab and Skin Laundry will open later this year. Montrose Collective, which currently features 15 retailers and five restaurants, is now 97 percent leased.
Against the backdrop of higher interest rates and the collapse of commercial real estate investment transactions, large brokerages have begun to reduce staff and other expenses to weather growing uncertainty over property values. But executives at Lee & Associates Commercial Real Estate Services consider it an ideal environment to continue an expansion that has added more than ten new locations over the last few years. Earlier this month, Lee & Associates announced the opening of an office in Baton Rouge, La. In November, they opened an office in Calgary, Alberta. In the same month, a satellite office in Nashville, Tenn. transitioned to a freestanding office, a designation that provides brokers in the office with the opportunity to fully benefit from the Lee & Associates capital structure — namely, to participate in funding the brokerage’s future growth and reaping the potential rewards. Those additions followed new office expansions in downtown Los Angeles, San Francisco and Omaha, Neb., earlier in the year. The Southern California-based brokerage anticipates announcing two more openings in early 2023, eventually increasing its footprint to around 90 locations from more than 70 today, says Jeffrey Rinkov, CEO of Lee & Associates. “We see some of our competitors cutting …
HOUSTON — Florida-based investment firm LNR Partners has completed the renovation of The Chifley, a 284-room hotel in Uptown Houston that is part of the Tapestry Collection by Hilton family of brands. In addition to upgraded guestrooms, common areas and amenity spaces, the hotel now houses a new food-and-beverage concept called Rouse. Additional amenities include a 24-hour fitness center, outdoor pool and 8,000 square feet of meeting and event space. LNR Partners purchased the hotel in 2021, at which time it was operating under the Sheraton flag. Florida-based Driftwood Hospitality Management now oversees the hotel’s day-to-day operations.
GRAPEVINE, TEXAS — Evans Senior Investments (ESI) has arranged the $25 million sale of Dancing River, an 84-unit seniors housing community in Grapevine, located in the central part of the Dallas-Fort Worth metroplex. The property was built in 2010 and was roughly 93 percent occupied at the time of sale. ESI represented the seller, an undisclosed institutional investment firm, in the transaction. The buyer was Inspired Healthcare Capital.
WACO, TEXAS — Georgia-based brokerage firm Palomar Group has negotiated the $15.4 million sale of Parkdale Commons, a 191,559-square-foot retail center in Waco. Hobby Lobby anchors the center, which was originally built in 1973. Other tenants include True Value, dd’s Discounts and Drug Emporium. All of those retailers have leases that run through at least 2026. An investment firm based in the Southeast sold the property to a West Coast-based buyer, with both parties requesting anonymity.
SAN ANTONIO — A partnership between New York-based RockFarmer Properties and Austin-based Old Three Hundred Capital has purchased Estates at San Antonio, a 104-unit multifamily property located on the city’s northwest side. Built in 2010, the property offers two-, three-and four-bedroom units and amenities such as a pool, fitness center, volleyball court and outdoor grilling and dining areas. Casey Schaefer and Michael Wardlaw of CBRE represented the partnership and the undisclosed seller in this transaction. The new ownership plans to implement a value-add program.
FORT WORTH, TEXAS — Neveon USA, a provider of upholstery, foam and insulation products, has signed a 50,000-square-foot industrial lease at Riverbend Business Park in Fort Worth. The development is located on the city’s northeast side and consists of 32 buildings totaling roughly 1.4 million square feet. William Wilson and George Jennings of Holt Lunsford Commercial represented the landlord, Riverbend Properties, in the lease negotiations. Louis Pascuzzi of Newmark represented the tenant.
AUSTIN, TEXAS — Tesla has filed plans with the Texas Department of Licensing and Registration (TDLR) to spend more than $775 million to expand Giga Texas, an automotive production plant in Austin. The filings indicate plans to construct cathode and drive unit manufacturing centers, a battery cell test lab and manufacturing center and a die shop. The expansion of Giga Texas is the company’s largest construction plan since the $5.5 billion for development of Giga Berlin in Germany last year, according to Reuters. Construction began on Giga Texas in July 2020, with initial deliveries of vehicles taking place at a “Cyber Rodeo” event on April 7, 2022. Tesla relocated its headquarters from Palo Alto, California to Austin in 2021. Tesla’s official Giga Texas website states that the plant currently features over 10 million square feet of factory floor on a 2,500-acre site along the Texas Colorado River. The production plant currently serves as the U.S. manufacturing hub for the Tesla Model Y and is planned as the future hub for production of the Tesla Cybertruck. A timeline for the expansion has yet to be announced. However, according to a recent report from Reuters, Tesla is expected to host its investor …
HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which are reserved for renters earning 60 percent or less of the area median income.