CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of AllSafe Storage, a 648-unit self-storage facility located northwest of Houston in Cypress. The facility comprises 354 climate-controlled units, 107 non-climate-controlled units and 187 outdoor storage spaces for a total of 59,625 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, in the deal. The duo also secured the buyer, a national REIT. Both parties requested anonymity.
GEORGETOWN, TEXAS — Locally based firm Novak Brothers Development Group has broken ground on Rise510, a 301-unit multifamily project located in the northern Austin suburb of Georgetown. The community will be situated on a 12-acre parcel within the 164-acre Wolf Lakes Village master-planned development. Amenities will include a pool, fitness center, hiking trails and a one-acre community park. Completion is slated for summer 2024.
COPPELL, TEXAS — Vari has opened a 180,000-square-foot space in Coppell, located in the northern-central part of the Dallas-Fort Worth metroplex. The majority of Vari’s workforce will operate out of an 80,000-square-foot space within the building, and Cushman & Wakefield is marketing the remaining 100,000 square feet for lease. BOKA Powell designed the facility, with Corgan handling interior design and Adolfson & Peterson serving as the general contractor.
CORPUS CHRISTI, TEXAS — Colliers Mortgage has provided a $4.5 million HUD-insured loan for the refinancing of Avanti at Greenwood, an 81-unit affordable housing complex in Corpus Christi. The property offers units for households earning 30, 50 or 60 percent of the area median income, as well as a handful or market-rate apartments. Jeff Rogers of Colliers Mortgage originated the loan, which carries a term and amortization schedule of 35 years, on behalf of the borrower, an entity doing business as Avanti at Greenwood LP.
DALLAS — Staffing and recruitment agency Phaidon International has signed a 26,687-square-foot office lease at The Centrum in the Oak Lawn area of Dallas. The property houses a courtyard, rooftop deck, tenant lounge, conference center, fitness center and ground-floor retail and restaurant space. Travis Boothe, Robbie Baty and Hannah Henley of Cushman & Wakefield represented Phaidon in the lease negotiations. Addie Ludwig internally represented the landlord, Cawley Partners, which owns the property in partnership with Oak Tree Capital.
FORT WORTH, TEXAS — ITS Logistics, a Nevada-based third-party provider, has signed a 1 million-square-foot industrial lease at Intermodal Logistics Center, a project in Fort Worth by Northpoint Development. Intermodal Logistics Center is a seven-building development located on the city’s north side. Construction began in August and is expected to be complete in July 2023. ITS Logistics’ new space will feature 40-foot clear heights, 200-plus dock doors and parking for 211 trailers. Brad Struck, Clint Manning, Darren Woodson and John Bollman of Cresa represented the tenant in the lease negotiations.
TYLER, TEXAS — Colorado-based investment firm Spartan Investment Group is underway on construction of a 314-unit expansion project at FreeUp Storage, a self-storage facility located about 100 miles east of Dallas in Tyler. The facility currently spans 77,342 net rentable square feet across 517 units, and the expansion will increase the size of the property by 26,700 net rentable square feet. The new building will feature climate-controlled and boat/RV storage space. Spartan Investment Group plans to begin leasing the new units later this month.
ROWLETT, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Rowlett Station, a 302-unit apartment community located on the northeastern outskirts of Dallas. Units at the four-story complex feature an average size of 828 square feet, and amenities include a pool, fitness center and a sky lounge. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Will Balthrope of IPA represented the seller, Zale Properties, in the transaction. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged acquisition financing on behalf of the undisclosed buyer.
HOUSTON — Dallas-based Civitas Capital Group has broken ground on UNITi Montrose, a 238-unit multifamily project in Houston. The site spans a full acre, and the building will rise six stories atop a three-story parking garage. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners is designing the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for late summer 2024.
HOUSTON — Colliers has brokered the sale of Beltway 8 Corporate Centre I, a 100,719-square-foot office building in northwest Houston. The two-story building was constructed on 10 acres in 2002. David Carter of Colliers represented the seller in the transaction. Nick Ramsey and David Meyers of NewQuest Properties represented the buyer. Both parties involved in the deal requested anonymity.