Texas

Lynd Group Acquires Esperanza Apartments in San Antonio for $49M

by Taylor Williams March 15, 2022

SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.

March 15, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 72,980 SF Industrial Portfolio in Houston Area

by Taylor Williams March 15, 2022

HOUSTON — JLL has negotiated the sale of a portfolio of three industrial properties totaling 72,980 square feet in the Houston area. The properties are located in Houston, Spring and Deer Park and are fully net leased to Global Drilling Support, Forge Systems Inc. and Intertek USA. Trent Agnew and Charles Strauss of JLL represented the seller, Finial Group, in the transaction. Michael Johnson of JLL arranged an undisclosed amount of acquisition financing through First Community Credit Union on behalf of the buyer, Houston-based NDP Interests. The loan carried a 10-year term and a fixed interest rate.

March 15, 2022

Market Reports Multifamily Texas Texas Market Reports

San Antonio’s Multifamily Market Is Finally Getting the Attention It Deserves

by Taylor Williams March 15, 2022

By Tim Harris, vice president of multifamily development, Rosewood Property Co. San Antonio’s multifamily market is realizing its own potential. New nodes of development are emerging, and new projects are meeting pent-up demand for higher-quality renter experiences. Today, developers are building multifamily projects that they wouldn’t have considered five or 10 years ago. They’re no longer stuck in their comfort zones, afraid to venture into new submarkets. And they’re no longer worried that they won’t be rewarded with the rents necessary to provide differentiated properties with unit diversification, higher-end finishes and increased amenities. History, Affordability Historically, many institutional investors and national developers have overlooked San Antonio. Bigger and trendier Texas cities — Austin, Dallas-Fort Worth and Houston — have always overshadowed the Alamo City. That wasn’t always the case, though. In 1860, San Antonio was the largest city in the Lone Star State. It thrived as a center for the cattle industry until the 1930s, when its population fell behind that of Houston and Dallas, mostly because of the booming oil industry. Today, San Antonio’s metro area is the 25th-largest in the country with 2.6 million residents, according to Oxford Economics. Hispanics represent 55.1 percent of the population — the …

March 15, 2022

Development Industrial Texas

Hunt Southwest to Develop 1 MSF Spec Industrial Project in West Houston

by Taylor Williams March 14, 2022

HOUSTON — Dallas-based Hunt Southwest will develop I-10 West Trade Center, a 1 million-square-foot speculative industrial project in West Houston. The cross-dock facility will be situated on a 68-acre site near the junction of Interstate 10 and Woods Road. Building features will include 40-foot clear heights, 206 dock-high doors, 190-foot truck court depths, an ESFR sprinkler system and parking for 330 trucks and 354 cars. Construction is scheduled to begin by the end of the month and to be complete by early 2023. CBRE will handle leasing of the property. The announcement follows Hunt Southwest’s execution of a full-building industrial lease with Walmart at the 1 million-square-foot Cedar Port Trade Center near Port Houston.

March 14, 2022

Acquisitions Multifamily Texas

ClearWorth Capital Buys 220-Unit Park at Woodmoor Apartments in Metro Houston

by Taylor Williams March 14, 2022

HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.

March 14, 2022

Data Centers Development Industrial Texas

Skybox, Prologis to Develop 141,240 SF Data Center in Metro Austin

by Taylor Williams March 14, 2022

PFLUGERVILLE, TEXAS — Developer and operator Skybox Datacenters, in partnership with San Francisco-based industrial giant Prologis, will construct a 141,240-square-foot data center in the northern Austin suburb of Pflugerville. The facility, known as Skybox Austin I, will have the capacity to produce up to 30 megawatts of power. Construction is scheduled to begin in May, with delivery of the first data hall slated for March 2023.

March 14, 2022

Development Industrial Texas

Hopewell Development Acquires 33 Acres in Irving for Industrial Project

by Taylor Williams March 14, 2022

IRVING, TEXAS — Canadian firm Hopewell Development LP has acquired 33 acres at 2451 S. Belt Line Road in Irving for the development of an industrial project. The square footage and prospective construction timeline for the project were not disclosed. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented Hopewell Development in its acquisition of the land.

March 14, 2022

Acquisitions Industrial NAI Texas

NAI Partners Arranges Sale of 39,445 SF Warehouse in Houston

by Taylor Williams March 14, 2022

HOUSTON — NAI Partners has arranged the sale of a 39,445-square-foot warehouse located at 5606 Harvey Wilson Drive in Houston’s Second Ward. According to LoopNet Inc., the property was originally built in 1955 and features 10- to 14-foot clear heights. Chris Kugle of NAI Partners represented the seller in the deal, and Steven O’Connor of PrinGroup Commercial represented the buyer. Both parties were limited liability companies.

March 14, 2022

Development Industrial Texas Top Stories

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

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