DALLAS — CapRock Partners, an investment, development and asset management firm based in Southern California, has expanded into Texas with the opening of a new office in Dallas. The firm will primarily pursue value-add investment opportunities, as well as large-scale logistics developments. Jon Pharris, CapRock’s co-founder and president, will lead the new Texas office. The company, which recently closed a venture to fund some $2 billion in industrial development in California, Nevada and Arizona, sees the expansion into Dallas as a natural move. Specifically, the company cited the metroplex’s temperate weather, affordable lifestyle, highly skilled workforce, established infrastructure, low regulations and business-friendly climate as the key incentives behind its decision.
DALLAS — Colliers has brokered the sale of Meadow Park Tower, a 260,000-square-foot office building located along the North Central Expressway corridor in Dallas. Dallas-based owner-operator Bradford Cos. purchased the property from an undisclosed seller and plans to invest about $8 million in capital improvements. Construction of that project will start during the current quarter. The sales price was not disclosed. Creighton Stark and Chris Boyd of Colliers brokered the deal along with Richmond Collinsworth of Bradford Cos.
PEARLAND, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has purchased Silverlake Business Park, a five-building, 90,000-square-foot office and industrial complex located in the southern Houston suburb of Pearland. Wes Cole of Cantera Real Estate Group represented Partners Capital in the off-market transaction in conjunction with internal agents Andrew Pappas and Adam Hawkins. The seller and developer, WC Properties Ltd., was self-represented. Veritex Bank provided acquisition financing for the transaction.
SAN ANTONIO — Newmark has brokered the sale of Encore SoFlo, a 339-unit apartment building located at 326 S. Flores St. in downtown San Antonio. Built in 2019, the property offers studio, one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool with a bar, courtyards with fire pits and grilling stations, clubhouse with a media room, business center with conference facilities, a fitness center, game room and a dog run. Matt Michelson and Patton Jones of Newmark represented the seller, Encore Multifamily, in the transaction. Hank Glasgow and Braden Harmon of Newmark arranged acquisition financing on behalf of the buyer, Dallas-based private equity firm SPI Advisory. Encore SoFlo was 92 percent occupied at the time of sale.
MCKINNEY, TEXAS — JLL has arranged a $37.5 million loan for the refinancing of Hidden Springs of McKinney, a 194-unit seniors housing community located on the northern outskirts of Dallas. The property was built in 2020 and offers assisted living, independent living and memory care services. Amenities include a pool, fitness center and a dog park. Joel Mendes and Jason Skalko of JLL arranged the nonrecourse, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, a joint venture between CREC Real Estate and Madison Marquette.
RICHARDSON, TEXAS — Vertical Cold Storage, a developer and operator of temperature-controlled industrial facilities, has acquired Lone Star Cold Storage, a 227,331-square-foot property located in the northeastern Dallas suburb of Richardson. The facility features 5.6 million cubic feet of storage space, 17,892 pallet positions and 40 dock doors. In addition, Lone Star Cold Storage offers seven rooms for various food processing and storage needs with temperatures ranging from -20 to 45 degrees Fahrenheit. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Shorenstein Properties, an investment firm headquartered in San Francisco and New York City, has sold the Alpha Building, a 210,000-square-foot office property located within the 750-acre Mueller District in Austin. The Teacher Retirement System of Texas (TRS) purchased the six-story building, which was designed by Page Sutherland Page, for an undisclosed price. Troy Holme and Peter Jansen of CBRE represented TRS in the transaction. Shorenstein is developing two more office buildings at Mueller that will contain approximately 350,000 square feet and are slated for a 2024 delivery.
HOUSTON — California-based brokerage firm RealSource Group has negotiated the sale of a 37,030-square-foot single-tenant retail property in West Houston that is net leased to LA Fitness. Austin Blodgett of RealSource Group, in conjunction with ParaSell Inc., represented the seller, a Houston-based private developer, in the transaction. Roger Oser of Newmark represented the California-based buyer. Both parties requested anonymity. The deal traded at a cap rate of 6.12 percent.
HOUSTON — Fowler Property Acquisitions, a San Francisco-based investment firm, has purchased The Kirby Collection, a mixed-use property in Houston that consists of 199 multifamily units and roughly 291,000 square feet of commercial space, for $182 million. Built in 2018 on the city’s west side, The Kirby Collection comprises a 25-story apartment complex, a 182,000-square-foot office building and a 60,000-square-foot retail building. Thor Equities sold the property for a per-unit price of approximately $425,000 and a per-square-foot price of $400. Fowler will implement a capital improvement program and rebrand the development as Arrive Upper Kirby.
HOUSTON — Berkadia has negotiated the sale of Turtle Pointe, a 432-unit apartment community in West Houston. Built in 1976, the property offers studio, one- and two-bedroom floor plans ranging in size from 576 to 917 square feet. About a quarter of the units are townhomes. Amenities include a resident clubroom, business center, fitness center, indoor racquetball and basketball courts, three pools, heated spa, café-style recreation room and an enclosed dog park. Todd Marix, Chris Curry, Jeffrey Skipworth, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. Cameron Hart of Berkadia arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, 7C Equity Group.