HOUSTON — Locally based investment firm Three Pillars Capital Group has received a $46 million loan for the cash-out refinancing of Mainridge Point and Westridge Gardens, two apartment communities totaling 520 units in Houston. Three Pillars purchased the properties, which offer one- and two-bedroom units, in October 2020 then implemented a series of capital improvements. Upgrades included new countertops, cabinetry, flooring and kitchen and bath fixtures. An undisclosed, California-based bank provided the loan.
FORT WORTH, TEXAS — Dallas-based developer Centergy Retail has sold Left Bank, a 114,120-square-foot shopping center in Fort Worth. Grocer Tom Thumb anchors the center, which was 98 percent leased at the time of sale. Other tenants include Hopdaddy Burger Bar, Crumbl Cookies, Nékter Juice Bar and Buffalo Wild Wings. Jim Batjer, Chris Cozby, Mark Witcher, Blaine Dozier and Harrison Tye of CBRE represented Centergy in the transaction. The buyer and sales price were not disclosed.
HOUSTON — BW Energy has signed a 68,000-square-foot office headquarters lease in Houston’s Memorial City district. The locally based oil and gas firm will occupy the top three floors at 9753 Katy Freeway, a 190,000-square-foot building that is under construction and slated for a second-quarter 2023 completion. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations. Griff Bandy of Partners represented the tenant.
DALLAS — Locally based retail brokerage firm STRIVE has arranged the sale of a 50,267-square-foot retail property in Dallas. The spaces are primarily leased to Burlington and Planet Fitness. Jennifer Pierson and Hudson Lambert of STRIVE represented the seller, a locally based partnership, and procured the buyer, an institutional out-of-state investor, in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.
ALLEN, TEXAS — High 5 Entertainment, an Austin-based concept, will open a 70,000-square-foot venue at The Farm in Allen, a 135-acre mixed-use development located on the northeastern outskirts of Dallas. In addition to craft food and beverages, the entertainment center will feature bowling, laser tag, axe throwing, escape rooms, minigolf and private event spaces. The main facility will span 45,000 square feet, with the outdoor minigolf course accounting for the remaining 25,000 square feet. The opening is slated for fall 2023. JaRyCo is the master developer of The Farm in Allen.
HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.
FORT WORTH, TEXAS — Trademark Property Co. has welcomed seven new tenants to WestBend, the locally based developer’s mixed-use destination in Fort Worth. Four food and beverage concepts — fast casual eatery Sweetgreen, confectionary Van Leeuwen, burger chain Shake Shack and global culinary experience Quince — are scheduled to open before the end of the year. The Shade Store, a concept that specializes in window shades and blinds, will also debut in the fourth quarter. In addition, ear piercing salon Rowan and Karl’s Fishing & Outdoors are now open. The seven new leases total 17,102 square feet.
DALLAS — Chicago Title has signed a 20,000-square-foot lease as the inaugural tenant at The Quad, a 345,000-square-foot office and retail building in Uptown Dallas that is being developed by Stream Realty Partners. Ryan Evanich and Marissa Parkin internally represented the landlord in the lease negotiations. Campbell Henry of Lincoln Property Co. represented Chicago Title. The 12-story building is scheduled for an early 2024 completion.
HOUSTON — Marcus & Millichap has brokered the sale of Prime Storage, a 1,326-unit self-storage facility in Houston. The facility, which spans 189,088 net rentable square feet, was originally built on 10 acres in 2000 and expanded by 29,000 square feet in 2017. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.