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.
AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd
FRISCO, TEXAS — JLL has negotiated the sale of two warehouses totaling 244,364 square feet that are located within Star Commerce Center in Frisco. The rear-load buildings were delivered between 2020 and 2022 and feature 32-foot clear heights and roughly 15 percent office finishes. At the time of sale, the buildings were fully leased to tenants such as GEA Food Solutions and Vivint. Blue Star Land sold the property to Lincoln Property Co. for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL brokered the deal.
SAN ANTONIO — A partnership between Houston-based Cambridge Development Group and Dallas-based Preston Hollow Community Capital has broken ground on WatersEdge, a 200,000-square-foot office project in San Antonio. The two-building complex will be situated within the 1,308-acre Brooks master-planned community on the city’s southeast side. The development team has tapped Transwestern to lease the development upon completion, which is slated for the third quarter of 2023.
HOUSTON — Locally based developer Avenue Community Development Corp. has completed an affordable housing project in northwest Houston. Avenue on 34th offers 56 units that are reserved for renters earning up to 30, 50, 60 and 80 percent of the area median income, as well as some market-rate units. Support services for residents include an afterschool program, exercise classes, arts-and-crafts classes and onsite social events. Los Angeles-based Hunt Capital Partners contributed $3 million in Low-Income Housing Tax Credit (LIHTC) equity for the project, which carried a total price tag of $18.3 million. Amegy Bank provided a $9 million tax-exempt construction loan and $5.7 million in permanent financing as part of the capital stack.
EDINBURG, TEXAS — Marcus & Millichap has brokered the sale of Concord Plaza, a 44,850-square-foot retail center located in the Rio Grande Valley city of Edinburg. The property was built in 2018 and was 99 percent leased at the time of sale. Coleman Solomon, Joseph Blanga and Wes Peacock of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties requested anonymity, and additional terms of sale were not disclosed.