Texas

Acram Group, Oak Hill Advisors Buy North Dallas Office Complex for $114.3M

by Taylor Williams April 8, 2022

DALLAS — A joint venture between Acram Group, an investment firm formerly known as JMC Holdings, and New York City-based alternative investment group Oak Hill Advisors has purchased Spectrum Center, a 614,000-square-foot office complex in North Dallas, for $114.3 million. The sales price equates to roughly $185 per square foot. Spectrum Center consists of two 12-story buildings. According to LoopNet Inc., the property offers amenities such as a fitness center, courtyard and an onsite restaurant, while users also have access to services such as banking, dry cleaning and daycare. Todd Savage of JLL represented the seller, Granite Properties, in the transaction. Jim Curtin and Ryan Pollack, also with JLL, represented the joint venture. Miami-based Rialto Capital provided an undisclosed amount of acquisition financing for the deal.

April 8, 2022

Acquisitions Retail Texas

JLL Arranges Sale of 383,346 SF Champions Village Retail Power Center in Northwest Houston

by Taylor Williams April 8, 2022

HOUSTON — JLL has arranged the sale of Champions Village, a 383,346-square-foot retail power center situated on 31.5 acres in northwest Houston. Retailers at the property include grocer Randalls, Barnes & Noble, T.J. Maxx, Tuesday Morning, Kirklands, Jenny Craig, Supercuts, Bath & Body Works, Body & Brain Yoga and Berkeley Eye Center. Restaurant users include La Madeleine, Don Ramons Mexican Restaurant, Cassandra’s Louisiana Kitchen and MOD Pizza. Chris Gerard, Ryan West, Sherri Rollins and Ethan Goldberg of JLL represented the seller, New Market Properties LLC, a subsidiary of Atlanta-based REIT Preferred Apartment Communities Inc., in the transaction. New Jersey-based First National Realty Partners acquired the asset for an undisclosed price.

April 8, 2022

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Buys 672-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams April 8, 2022

SAN MARCOS, TEXAS — Austin-based Palladius Capital Management has purchased The Heights, a 672-bed student housing community serving students at Texas State University in San Marcos, located south of the state capital. The property is located about three miles from campus, comprises 240 units and offers amenities such as a pool, fitness center, clubhouse and study lounges. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program focused on unit interiors, building exteriors and amenity spaces.

April 8, 2022

Development Industrial Texas

Titan Development Breaks Ground on 297,057 SF Industrial Project in Metro Austin

by Taylor Williams April 8, 2022

GEORGETOWN, TEXAS — Titan Development has broken ground on Building 5 at NorthPark 35 Industrial Park, a project that will add 297,057 square feet of industrial space to the local supply. The building will serve as the new headquarters for the Greater Austin Merchant’s Cooperative Association, a trade organization for convenience stores and gas stations. Completion is slated for the fourth quarter. NorthPark35 is funded by Titan’s Development Real Estate Fund II, which focuses on industrial and multifamily projects in Texas, New Mexico, Colorado and California.

April 8, 2022

Industrial Leasing Activity Texas

NAI Partners Negotiates Three Industrial Leases Totaling 223,016 SF in McAllen, Texas

by Taylor Williams April 8, 2022

MCALLEN, TEXAS — NAI Partners has negotiated a trio of industrial leases totaling 223,016 square feet at Sharyland Business Park in the Rio Grande Valley city of McAllen. Automotive parts supplier Standard Motor Products Inc. signed a deal for 120,340 square feet; pet products provider Worldwise Inc. committed to 70,676 square feet; and an entity doing business as TCOM LP inked a deal for 32,000 square feet. NAI Partners’ Carlos Marquez represented the locally based landlord, Killam Development, in all three sets of lease negotiations.

April 8, 2022

Acquisitions Multifamily Texas

Lightbulb Capital Acquires 390-Unit Cooper Apartments in Fort Worth

by Taylor Williams April 7, 2022

FORT WORTH, TEXAS — An affiliate of Lightbulb Capital Group, the family office of Los Angeles-based investor Jay Schuminsky, has acquired The Cooper, a 390-unit apartment community in Fort Worth’s Near Southside Medical District. Built in 2021, the property features studio, one-, two- and three-bedroom units with keyless entry systems, individual washers and dryers and private balconies/patios, as well as townhomes. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, fitness center, coworking lounge, media room and a pet lounge and wash area. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Lang Partners, in the transaction. The team also procured Lightbulb Capital as the buyer.

April 7, 2022

Development Multifamily Texas

SWBC to Develop 365-Unit Royalton at Westover Hills Apartments in San Antonio

by Taylor Williams April 7, 2022

SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.

April 7, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 211,218 SF Wood Ridge Plaza Shopping Center in Metro Houston

by Taylor Williams April 7, 2022

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Wood Ridge Plaza, a 211,218-square-foot shopping center in The Woodlands, a northern suburb of Houston. Built on 19.5 acres in 1975, the five-building property was 88 percent leased at the time of sale to tenants such as Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers and Office Depot. Ryan West, Rusty Tamlyn and Ethan Goldberg of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. Cameron Cureton and Jack Britton, also with JLL, arranged an undisclosed amount of nonrecourse, floating-rate acquisition financing on behalf of the buyer, New York-based DLC Management Corp.

April 7, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 279-Unit Self-Storage Facility in Tyler, Texas

by Taylor Williams April 7, 2022

TYLER, TEXAS — Marcus & Millichap has brokered the 1031 exchange sale of Paluxy Drive Self Storage, a 279-unit facility in Tyler, located about 100 miles east of Dallas. The property was built in phases between 1999 and 2010 and spans 35,892 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership, in the transaction. Karr also procured the buyer, an East Texas-based investor.

April 7, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 250-Unit Villas at Chase Oaks Apartments in Plano

by Taylor Williams April 7, 2022

PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Villas as Chase Oaks, a 250-unit apartment community located north of Dallas in Plano that was originally built in 1986. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sports court, fitness center, dog park, clubhouse and a package locker system. The seller was not disclosed. Western Wealth Capital plans to renovate the unit interiors and building exteriors.

April 7, 2022

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