Texas

PCCP Funds $70.7M Acquisition Loan for Houston Apartment Community

by Taylor Williams September 28, 2021

HOUSTON — Los Angeles-based PCCP LLC has funded a $70.7 million acquisition loan for Millennium High Street, a 340-unit apartment community in the River Oaks area of Houston. Built in 2013, the property consists of four residential buildings, a parking garage and 26,304 square feet of retail space on a 6.3-acre site. The unit mix comprises 229 one-bedroom residences, 91 two-bedroom apartments and 20 three-bedroom units with an average size of 901 square feet. Units feature stainless steel appliances, contemporary countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a rooftop lounge. The borrower was Miami-based Galium Capital. The seller was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors that also developed the property. Millennium High Street was 93 percent occupied at the time of the loan closing.

September 28, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of Two Industrial Buildings Totaling 525,332 SF in Denton, Texas

by Taylor Williams September 28, 2021

DENTON, TEXAS — CBRE has negotiated the sale of Denton Crossing 3 and 4, two newly built industrial buildings totaling 525,332 square feet in the North Texas city of Denton. The first building spans 398,442 square feet and was fully leased at the time of sale, while the second structure totals 126,890 square feet and was vacant at the time of sale. The properties, both of which were built in 2020, feature 32- to 36-foot clear heights, ESFR sprinkler systems and immediate proximity to Interstate 35. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented the seller, Scannell Properties, in the transaction. The buyer was James Campbell Co., an investment firm based in Hawaii. The sales price was not disclosed. The new ownership has tapped Dallas-based Holt Lunsford Commercial to lease Denton Crossing 4.

September 28, 2021

Acquisitions Industrial Texas

JLL Arranges Sale of 431,710 SF Logistics Center at McKinney in Metro Dallas

by Taylor Williams September 28, 2021

MCKINNEY, TEXAS — JLL has arranged the sale of Logistics Center at McKinney, a 431,710-square-foot industrial property located in the northern Dallas suburb of McKinney. The development consists of two rear-load buildings totaling 129,914 and 301,796 square feet. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction. Thor Equities Group purchased the property for an undisclosed price.

September 28, 2021

Development Industrial Texas

Vehicle Accessories to Relocate Corporate Headquarters to Mesquite, Texas, Create 315 Jobs

by Taylor Williams September 28, 2021

MESQUITE, TEXAS — Vehicle Accessories Inc., a manufacturer of automotive parts like splash guards, body side moldings and bumper protectors, will relocate its corporate headquarters to Mesquite, an eastern suburb of Dallas. The move is expected to bring about 315 new jobs and $30 million in total capital investment to the local economy. The company will consolidate its operations in Buffalo, Toronto, nearby Sunnyvale, Texas, and Magog (Quebec) into a build-to-suit, 310,000-square-foot building at Alcott Logistics Station. Vehicle Accessories plans to take occupancy of the building, which is being developed by Jackson-Shaw, by the end of 2022.

September 28, 2021

Leasing Activity Office Texas

MD7 Signs 25,000 SF Office Lease at One Bethany West in Allen, Texas

by Taylor Williams September 28, 2021

ALLEN, TEXAS — MD7, a provider of mobile infrastructure consulting services, has signed a 25,000-square-foot office lease in the northeastern Dallas suburb of Allen. The firm is relocating its headquarters from San Diego to One Bethany West, which is located on the 17-acre Watters Creek campus. The move is expected to bring about 200 new jobs and $6.8 million in capital investment to the regional economy.

September 28, 2021

Development Multifamily Single-Family Rental Texas

LYND, T.R. Inscore to Develop $35M Single-Family Rental Community in Waller, Texas

by Taylor Williams September 27, 2021

WALLER, TEXAS — San Antonio-based developer LYND and T.R. Inscore have formed a joint venture to develop single-family rental communities and will kick off the endeavor with a $35 million project in Waller, a northwestern suburb of Houston. The first phase of the development, which will be branded The Village at Waller, will consist of 118 units that will be constructed on a 14.7-acre site. The joint venture plans to potentially build as many as 700 homes on an additional 52 acres. Residences will feature two- and three-bedroom formats and range in size from 1,090 to 1,657 square feet. Communal amenities will include a pool, fitness center, dog park, playground and outdoor grilling areas. Rents will range from $1,600 to $2,250 per month.

September 27, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 369-Unit Vineyards Apartments in Metro Houston

by Taylor Williams September 27, 2021

KATY, TEXAS — Walker & Dunlop has arranged the sale of Vineyards, a 369-unit value-add apartment community in the western Houston suburb of Katy. Built in 2003, Vineyards features one-, two- and three-bedroom units and amenities such as a fitness center, business center and a playground. Scott Bray, Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Atlanta-based Preferred Apartment Communities, in the deal. The buyer was Knightvest Capital, an investment firm with offices in Dallas, Houston, Phoenix and Raleigh.

September 27, 2021

Acquisitions Retail Texas

Edens Buys 163,145 SF Grocery-Anchored Shopping Center in Austin

by Taylor Williams September 27, 2021

AUSTIN, TEXAS — Shopping center owner-operator Edens has purchased Springdale Shopping Center, a 163,145-square-foot, grocery-anchored retail property in Austin. Regional grocer H-E-B is the anchor tenant at the center, which was fully leased at the time of sale. Other tenants include Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. Chris Gerard, Ryan Shore, Clint Coe, Erin Lazarus and Zach Riebe of JLL represented the seller, Forge Capital Partners, in the transaction.

September 27, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 161,182 SF Northpointe Centre Office Building in Dallas

by Taylor Williams September 27, 2021

DALLAS — Colliers International has brokered the sale of Northpointe Centre, a 161,182-square-foot office building in Dallas. The eight-story building is located on the city’s north side and offers amenities such as a fitness center, conference facility and a deli. Cody Payne, Wayne Bares, Austin Edelmon and Michael Tran of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Northpointe Centre was 75 percent leased at the time of sale.

September 27, 2021

Loans Multifamily Texas

Lightstone Capital Provides $20.1M Acquisition Loan for Houston Multifamily Property

by Taylor Williams September 27, 2021

HOUSTON — Lightstone Capital has provided a $20.1 million acquisition loan for Normandy Woods, a 268-unit multifamily property located on the eastern outskirts of Houston. The property was built in the early 1980s and offers one- and two-bedroom units ranging in size from 634 to 942 square feet, according to Apartments.com. The borrower was Dallas-based Performance Properties. Cutt Ableson of Berkadia arranged the loan. Performance Properties has maintained an average minimum occupancy rate of 90 percent at Normandy Woods over the last decade.

September 27, 2021

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