Texas

Lovett Industrial, Clarion Partners Break Ground on 3.1 MSF Development in Metro Houston

by Jeff Shaw March 14, 2022

TOMBALL, TEXAS — A partnership between Houston-based developer Lovett Industrial and New York City-based investment manager Clarion Partners has broken ground on Interchange 249, a 3.1 million-square-foot development in the northern Houston suburb of Tomball. Interchange 249 will consist of 10 buildings on a 240-acre site at the intersection of State Highway 249 and Rocky Road that will be developed across three phases. Macy’s has already committed to leasing 48 percent of Phase I, which will consist of four buildings totaling 1.9 million square feet. These buildings will feature 32- to 40-foot clear heights and combined parking for 577 trailers. Completion of Phase I is slated for the first quarter of 2023. The development features approximately one mile of frontage along Grand Parkway. The site has direct access to both Grand Parkway and Highway 249, allowing for efficient regional and local distribution. Additional advantages include proximity to Houston’s labor force and a central location within an area that is experiencing unprecedented residential and commercial growth, according to the developers. Powers Brown Architecture is designing Interchange 249, and Kimley-Horn is the civil engineer. Harvey Builders is serving as the general contractor, and Cushman & Wakefield has been tapped as the leasing …

March 14, 2022

Development Industrial Leasing Activity Texas

Walmart to Open 1 MSF Distribution Center Near Port Houston, Create 300 Jobs

by Taylor Williams March 11, 2022

BAYTOWN, TEXAS — Walmart (NYSE: WMT) has signed a lease to open a 1 million-square-foot distribution center at Cedar Port Trade Center in the eastern Houston suburb of Baytown. The Arkansas-based retail giant is expanding its supply chain operations near Port Houston, where it already occupies several million square feet of industrial space, with plans to add about 300 new jobs to the regional economy. Dallas-based Hunt Southwest developed the property on a speculative basis, beginning construction in September 2020 and completing the project in April 2021. Joseph Smith, Bill Frain and Jamie Roussel of CBRE represented Walmart, which plans to open the facility in the fall, in the lease negotiations. Jason Dillee and Nathan Wynne, also with CBRE represented Hunt Southwest.

March 11, 2022

Development Multifamily Texas

Legacy Partners to Develop 296-Unit Merit Apartment Community in Metro Dallas

by Taylor Williams March 11, 2022

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners will develop Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development will feature one-, two- and three-bedroom units that will range in size from 630 to 1,500 square feet and will be furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies or patios. Amenities will include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Dallas-based JHP Architecture is designing Merit, and Provident General Contractors is building the community. Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin of Berkadia secured a $20.2 million equity investment from Pondmoon Capital Holdings USA for the project. Completion is slated for mid-2023.

March 11, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 459-Unit Self-Storage Facility in Melissa, Texas

by Taylor Williams March 11, 2022

MELISSA, TEXAS — Marcus & Millichap has brokered the sale of a 459-unit self-storage facility in Melissa, located north of Dallas in Collin County. The Class A property consists of 293 climate-controlled units and 166 non-climate-controlled units across 56,525 net rentable square feet of space. Brett Hatcher, Gabriel Coe and Brian Kelly of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.

March 11, 2022

Development Healthcare Texas

McCarthy Tops Out 85,000 SF Cancer Care Center in Tyler, Texas

by Taylor Williams March 11, 2022

TYLER, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has topped out The Northeast Texas Cancer and Research Institute, an 85,000-square-foot healthcare project in Tyler, about 100 miles east of Dallas. The center is located on the CHRISTUS Mother Frances Hospital campus and will feature specialized areas for cancer treatment provider Texas Oncology, including 30,000 square feet of clinic space for medical, radiation and gynecologic oncology services, as well as nearly 3,000 square feet of space dedicated to research. The property will be equipped with three linear accelerators for radiation therapy, 52 chemotherapy infusion stations, four private rooms, a patient exercise area and a pharmacy with lab services. Construction began in May 2021 and is expected to be fully complete in September.

March 11, 2022

Company News Texas

BH Properties Opens Office in West Houston

by Taylor Williams March 11, 2022

HOUSTON — California-based investment firm BH Properties has opened a new office at 15721 Park Row in West Houston to help manage its growing portfolio of commercial properties in Texas. Brady Wilkins, a 30-year industry veteran, will lead the new office as senior asset manager. BH Properties’ recent Texas acquisitions include a 127,955-square-foot office building in the western Houston suburb of Katy and an 86,640-square-foot industrial building in the Rio Grande Valley city of Harlingen. All told, about 40 percent of the properties that comprise the firm’s 10 million-square-foot commercial portfolio are located in Texas.

March 11, 2022

Hospitality Loans Multifamily Texas

3650 REIT Provides $38M Refinancing for Thompson San Antonio — RiverWalk Hotel

by Taylor Williams March 10, 2022

SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.

March 10, 2022

Acquisitions Retail Texas

Wu Properties Acquires 231,126 SF Shopping Center in Northwest Houston

by Taylor Williams March 10, 2022

HOUSTON — Locally based investment firm Wu Properties has acquired Willowchase Center, a 231,126-square-foot shopping center that sits on a 19.5-acre site in northwest Houston. At the time of sale, Willowchase Center was 97 percent leased, with Hispanic grocer Fiesta serving as the anchor. Other tenants include dd’s DISCOUNTS, Jo-Ann Fabrics, Goodwill, Northern Tool + Equipment, Mattress Firm, Family Dollar, America’s Best, Jamboree Dentistry and Metro PCS. Ryan West, Chris Gerard, John Indelli, Katherine Miller, Bailey Black and Grant Rexrode of JLL represented the seller, Houston-based Fidelis Realty Partners, in the transaction. Wu Properties has tapped NAI Partners to lease the center moving forward.

March 10, 2022

Acquisitions Hospitality Texas

HREC Investment Advisors Arranges Sale of 295-Room Sonesta Suites Hotel in Downtown Dallas

by Taylor Williams March 10, 2022

DALLAS — Hospitality brokerage firm HREC Investment Advisors has arranged the sale of the 295-room Sonesta Suites Dallas Park Central, located in the city’s central business district. The property offers a pool, fitness center, business center and a bar/lounge. Mark Rome and Monty Levy of HREC represented the seller, hospitality REIT Service Properties Trust, in the transaction. Omni Vision Dallas LLC acquired the asset for an undisclosed price with plans to reposition it as a multifamily property.

March 10, 2022

Acquisitions Development Industrial Office Texas

Welcome Group Buys Land in San Antonio for 135,000 SF Industrial Flex Project

by Taylor Williams March 10, 2022

SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.

March 10, 2022

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