SEGUIN, TEXAS — Bellomy & Co., a self-storage brokerage firm based in Austin and Houston, has negotiated the sale of K2 Storage, a 321-unit facility located about 35 miles northeast of Austin in Seguin. The property spans 53,650 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Texas-based seller, KTCK2 Management LLC, in the transaction. The duo also procured the New York-based buyer, an entity doing business as AGAP Seguin Lettau LLC.
SAN ANTONIO — Newmark has brokered the sale of The Preserve at Westover Hills, a 276-unit apartment community in northwest San Antonio. The property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground, dog park, outdoor grilling areas and a package locker room. Patton Jones and Matt Michelson of Newmark represented the seller, Texas-based InvestRes, in the transaction. Kansas-based Cohen-Esrey Apartment Investors LLC purchased the value-add asset, which was 96 percent occupied at the time of sale.
HOUSTON — Whitebox Real Estate, a Dallas-based advisory and development firm, has opened a new office at 5847 San Felipe St. in West Houston. In its decision to expand to Houston, Whitebox president and managing director Grant Pruitt cited the healthy volume of businesses relocating to Houston from California, Illinois and New York as a key factor. Industry veteran and Houston native Andrew Brod will lead the new office as managing director.
FORT WORTH, TEXAS — Dallas-based investment firm Leon Capital has acquired an 81,718-square-foot industrial building located at 3601 Conway St. in Fort Worth. James Mantzuranis and Adam Jones with Stream Realty Partners represented Leon Capital in the transaction. Seth Koschak and Forrest Cook, also with Stream, represented the sellers, Wayne Corbell and Bonnie Corbell.
HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston. The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year. Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility developed by Beacon Capital Partners and strategic partner Braidwell; a 521-room hotel; 65,000 square feet of conference space; a 350-unit residential tower; over 2,000 parking spaces; and 18.7 acres of public space, including six parks designed by Mikyoung Kim Design. Upon full build-out, the development will also include six future industry and institutional research buildings and a mixed-use building with retail. The campus is expected to generate up to $5.4 billion in annual economic impact for the state of Texas, as well as 23,000 permanent jobs and 19,000 construction jobs. “It is an unprecedented time for life sciences and innovation in the U.S. and Houston has all the factors that are required for explosive growth in this space,” says Steve Purpura, president of …
PLANO AND HUTCHINS, TEXAS — CarMax Inc. (NYSE: KMX) will open a new technology innovation center at Granite Park in the northern Dallas suburb of Plano, a move that is expected to create about 200 new jobs. The square footage and expected opening date of the center were not disclosed. In addition, the Richmond-based used vehicle retailer will open an 11-acre auction facility in Hutchins, located south of Dallas. CarMax expects to hire about 25 people at the auction house and to begin hosting virtual events by October. Lastly, the company will launch a new customer experience center (CEC) to serve its Dallas-area customers. This initiative will result in the hiring of about 75 remote positions, resulting in total employment growth of about 300 jobs. In addition to its more than 220 stores, CarMax’s corporate footprint includes its headquarters in Richmond; CarMax Auto Finance in Atlanta; and CEC locations in Atlanta, Phoenix, Richmond, Raleigh and Kansas City.
MESQUITE AND ARLINGTON, TEXAS — Los Angeles-based TruAmerica Multifamily has purchased two apartment communities in the Dallas area totaling 541 units. Mission Ranch Apartments is a 295-unit property located in the eastern suburb of Mesquite that offers one-, two- and three-bedroom units. The Heights, located in Arlington, consists of 162 single-family townhomes and 84 apartments on a 35-acre site. TruAmerica plans to renovate unit interiors at both Mission Ranch and The Heights while also upgrading the amenity spaces at the latter property.
DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 32-acre mixed-use development site in Dripping Springs, located about 25 miles west of Austin. John Baird, Michael Kennedy and Sullivan Johnson of Avison Young represented the seller, a locally based entity doing business as RRWS Inc., in the transaction. The buyer, Juliet Five LLC, plans to develop a project at the site comprising retail, commercial and multifamily uses. Specific details of the project are still being determined.
CARROLLTON, TEXAS — Proterra Properties has completed the lease-up of Point 35/190, a 178,000-square-foot office and warehouse building located in the northern Dallas suburb of Carrollton, with the execution of two leases of undisclosed sizes. The tenants are SOPREMA USA, a manufacturer and engineering firm that supports the construction industry, and Compass Group USA, a Charlotte-based foodservices provider. Boston-based Longpoint Realty Partners developed the project, with Proterra Partners serving as the leasing agent. Jerry Reis and Harrison Shipp of Property Advisers Realty represented SOPREMA USA, and David Eseke and Adam Curran of Cushman & Wakefield represented Compass Group USA.
MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.