Texas

EastGroup Properties Breaks Ground on 292,000 SF Industrial Project in Spring, Texas

by Taylor Williams September 2, 2022

SPRING, TEXAS — EastGroup Properties (NYSE: EGP), a Mississippi-based REIT, has broken ground on Springwood Business Park, a 292,000-square-foot industrial project that will be located in the northern Houston suburb of Spring. Springwood Business Park will consist of two Class A distribution buildings that can support tenants with requirements from 10,000 to 168,000 square feet. Building features will include 28- to 32-foot clear heights and combined parking for 300 cars and 57 trailers. Construction is slated for a second-quarter 2023 completion. JLL will market the development for lease.

September 2, 2022

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 280-Unit Addison at Sugar Land Apartments in Metro Houston

by Taylor Williams September 2, 2022

SUGAR LAND, TEXAS — Texas-based investment firm Catalyst Equity Partners has purchased The Addison at Sugar Land, a 280-unit apartment community located on the southwestern fringe of Houston. According to Apartments.com, the property was built in 2004, features one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, spa, business center, volleyball court and package handling services. The seller and sales price were not disclosed.

September 2, 2022

Acquisitions Multifamily Texas

RightQuest Residential Sells 198-Unit Siena Round Rock Apartments in Metro Austin

by Taylor Williams September 2, 2022

ROUND ROCK, TEXAS — Dallas-based RightQuest Residential has sold Siena Round Rock, a 198-unit apartment complex located on the northern outskirts of Austin. The property offers studio, one- and two-bedroom units ranging in size from 597 to 1,137 square feet. Most residences feature upgraded appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, business center, outdoor grilling stations and a dog park. CBRE brokered the sale of Siena Round Rock, which was 97 percent occupied at the time of sale. Judah Hammer and Daniel Neiss of Meridian Capital Group arranged $35.3 million in acquisition financing through NewPoint Real Estate Capital on behalf of the buyer, River Rock Capital.

September 2, 2022

Development Hospitality Loans Texas

HALL Structured Finance Provides $15.3M Construction Loan for Shenandoah, Texas Hotel

by Taylor Williams September 2, 2022

SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.

September 2, 2022

Acquisitions Retail Texas

National Asset Services Arranges Sale of 30,038 SF Retail Property in Metro Houston

by Taylor Williams September 2, 2022

BAYTOWN, TEXAS — Los Angeles-based brokerage firm National Asset Services has arranged the sale of a 30,038-square-foot retail property in the eastern Houston suburb of Baytown. The property was built in 2005 and is fully leased to electronics retailer Best Buy. National Asset Services represented the buyer in the transaction. Mark Raines, Donna Kolias and Pierce Owens of JLL represented the seller. Both parties requested anonymity.

September 2, 2022

Development Industrial Texas

GAF Energy to Open 450,000 SF Solar Roofing Manufacturing Plant in Georgetown, Texas

by Taylor Williams September 1, 2022

GEORGETOWN, TEXAS — GAF Energy, a San Jose, Calif.-based provider of solar roofing products, will open a 450,000-square-foot manufacturing plant in the northern Austin suburb of Georgetown. The facility is expected to add about 260 new jobs to the local economy. According to Hello Georgetown, construction is underway and expected to be complete in summer 2023, with the plant becoming fully operational by the end of that year. The local news outlet also reports that Atlanta-based Portman Industrial is leading the development of the facility in conjunction with design-build firm ARCO/Murray. In announcing the project, GAF executives cited Georgetown’s rapid population growth as a driver of a strong labor pool, as well as the city’s track record on green energy initiatives.

September 1, 2022

Acquisitions Build-to-Rent Development Single-Family Rental Texas

Empire Group Acquires 30.6 Acres in Metro Austin for Build-to-Rent Residential Project

by Taylor Williams September 1, 2022

HUTTO, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 30.6 acres in the northern Austin suburb of Hutto for the construction of a 276-unit build-to-rent residential project. Josh Cameron and Hal Guggolz of Land Advisors Organization brokered the $11 million sale of the land. Village at Hutto Station will offer one-, two- and three-bedroom homes with private backyards, and residential amenities will include a pool, outdoor grilling areas, fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023.

September 1, 2022

Industrial Loans Northmarq Texas

Northmarq Arranges $4.8M Acquisition Loan for Industrial Flex Property in Houston

by Taylor Williams September 1, 2022

HOUSTON — Northmarq has arranged a $4.8 million acquisition loan for an 88,000-square-foot industrial flex property in Houston’s Second Ward district. The crane-served property was originally built on 6.2 acres in 1980 and renovated in 2020. Matt Franke of Northmarq arranged the 10-year, fixed-rate loan, which carried a 25-year amortization schedule, through an undisclosed life insurance company. The name of the Houston-based borrower was also not disclosed.

September 1, 2022

Leasing Activity Retail Texas

Levcor Welcomes Five New Tenants to Shopping Center in Del Rio, Texas

by Taylor Williams September 1, 2022

DEL RIO, TEXAS — Houston-based developer Levcor has welcomed a quintet of new tenants to Plaza Del Sol, a shopping and dining destination in Del Rio, located west of San Antonio near the Texas-Mexico border. Retailers Ulta Beauty and Burlington have respectively committed to 5,789 and 36,258-square-foot spaces, and the former’s store is now officially open. Food-and-beverage users that have joined the tenant roster include McAlister’s Deli (2,882 square feet), Papa John’s (1,432 square feet) and Arby’s (2,252 square feet).

September 1, 2022

Leasing Activity Office Texas

SK Lubricants Americas Signs 23,624 SF Office Lease Extension in Houston’s Energy Corridor

by Taylor Williams September 1, 2022

HOUSTON — SK Lubricants Americas has signed a 23,624-square-foot office lease extension at 11700 Katy Freeway, a 14-story, 325,000-square-foot building in Houston’s Energy Corridor. Kevin Poynter of Poynter Commercial Properties Corp. represented the landlord, an affiliate of ATCAP Partners, in the lease negotiations. Jason Whittington of NAI Partners represented the tenant.

September 1, 2022

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