DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.
NEW YORK CITY — Global Real Estate Advisors (GREA), a full-service brokerage and advisory firm specializing in multifamily acquisitions and financing, has launched 11 offices across the country, including three in the major Texas markets of Dallas, Houston and Austin. The firm brings together representatives of regional brokerages including National Apartment Advisors, Greystone SG, Brown Realty Advisors, HFO Investment Real Estate, Rittenhouse Realty Advisors and Bel Real Estate Advisors. Combined, the brokerages transacted more than $4.5 billion in 2021 sales volume.
HOUSTON — CyrusOne Inc. (NASDAQ: CONE) has entered into a definitive agreement to sell four of its data centers in Houston for approximately $670 million. Under the terms of the agreement, DataBank Holdings Ltd. will acquire Houston West I, II and III, as well as Houston Galleria. The four facilities total more than 300,000 square feet. Additionally, CyrusOne will lease back the Houston West III shell to support a lease signed with a customer in the fourth quarter of 2021. The transaction is expected to close by the end of this quarter. Proceeds from the sale will be utilized to fund future development projects. “We are excited to execute on our capital recycling initiative to fund our continued growth,” says David Ferdman, interim president and CEO of Dallas-based CyrusOne. “This divestiture further optimizes our portfolio as we redeploy capital into accretive developments across core markets with diverse hyperscale and enterprise demand in the U.S. and Europe.” The transaction marks DataBank’s entry into the Houston market. “With our deep roots in Texas, [Houston] was a logical metro for us to expand into and allows us to bring our digital infrastructure and interconnection solutions to the fourth-largest metro in the U.S.,” says …
HOUSTON — Miami-based balance sheet lender 3650 REIT has provided a $60.5 million construction loan for The Vic on Park Row, a 363-unit multifamily project that will be located in Houston’s Energy Corridor neighborhood. Amenities will include a game room, entertainment area, business center, conference room, fitness center and a bowling alley, as well as an outdoor recreational area with a pool, dog park and playground. The developer and borrower is locally based firm Hunington Properties. A tentative completion date was not released.
HOUSTON — Dallas-based Westmount Realty Capital has purchased The Station at Mason Creek, a 291-unit apartment community in Houston. Built in 2001, the property offers one-, two- and three-bedroom units with an average size of 772 square feet. The amenity package consists of a pool with a splash pad, fitness center, coffee bar, clubhouse, business center and a dog park. The seller was not disclosed. Westmount plans to implement a value-add program to the unit interiors, building exteriors and landscaping, as well as to rebrand the property as Westmount at Mason Creek.
IRVING, TEXAS — Pegasus Real Estate has acquired a two-property industrial portfolio totaling 271,100 square feet in Irving. The portfolio comprises a fully leased, 92,051-square-foot building and a 12-building complex that was 93 percent leased at the time of sale. The properties were built in phases between 1981 and 1999 and feature 12- to 18-foot clear heights. Stephen Bailey, Dustin Volz, Wesley Gilmer and Pauli Kerr of JLL represented the seller, Fort Worth-based Fort Capital, in the transaction. Dustin Dulin and Wyatt Simmons, also with JLL, arranged floating-rate acquisition financing on behalf of Pegasus Real Estate.
LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the buyer and seller, both of which requested anonymity, in the transaction.
HOUSTON — NAI Partners has arranged the sale-leaseback of a 34,000-square-foot office and industrial property in Houston. The property is located at 1515 Witte Road on the city’s west side. Cary Latham and Wyatt Huff of NAI Partners represented the seller/tenant, Allpoints Group, a provider of surveying and other advisory services for the homebuilding industry, in the transaction. The duo also secured the buyer, locally based investment firm Triten Real Estate Partners.
AUSTIN, TEXAS — Regent Properties, an investment and management firm headquartered in Dallas and Los Angeles, has acquired 816 Congress, a 435,000-square-foot office building in downtown Austin. The 20-story building offers amenities such as a fitness center, conference facilities and a sky lounge with a terrace. Regent plans to implement a capital improvement program that includes repositioning the lobby and courtyards, as well as the activation of roughly 12,000 square feet of retail space. The seller and sales price were not disclosed.
DALLAS — Locally based developer Billingsley Co. is underway on construction of a new, 260,000-square-foot headquarters campus in Dallas for home improvement retailer At Home. The property will be located within Billingsley’s Cypress Waters development and will consist of 182,000 square feet of office space and a 78,000-square-foot design center. Amenities will include training rooms, wellness facilities, coworking spaces and a barista bar. Architecture firms GFF and Corgan designed the project. Completion is slated for December. At Home, which is currently headquartered in Plano, employs a corporate staff of about 400 in Dallas and plans to expand to over 1,000 over the next 10 years. The retailer operates about 230 stores across 40 states.