Texas

JLL Arranges $39.5M Loan for Refinancing of South Houston Multifamily Property

by Taylor Williams September 16, 2021

HOUSTON — JLL has arranged a $39.5 million loan for the refinancing of South Main, a 186-unit multifamily property located near the Texas Medical Center in South Houston. The property was built in 2019 and was 99 percent occupied at the time of sale. Units features stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations and indoor/outdoor lounges. Mark Brandenburg of JLL arranged the loan through a fund sponsored by CBRE Global Investors on behalf of the borrower, locally based development firm Allen Harrison. The loan was structured with a floating interest rate and an initial term of three years.

September 16, 2021

Acquisitions Office Texas

Behringer, Orangestar Acquire 120,234 SF McKinney Corporate Center Office Building

by Taylor Williams September 16, 2021

MCKINNEY, TEXAS — A partnership between two locally based firms, Behringer and Orangestar, has acquired McKinney Corporate Center, a 120,234-square-foot office building located within the Craig Ranch master-planned community on the northern outskirts of Dallas. The three-story building was fully leased at the time of sale. The seller was not disclosed, but Kansas City-based VanTrust Real Estate originally developed the property.

September 16, 2021

Loans Lument Multifamily Texas

Lument Provides $37.8M Loan for Refinancing of Metro Houston Apartments

by Taylor Williams September 16, 2021

KINGWOOD, TEXAS — Lument has provided a $37.8 million loan for the refinancing of Paramount at Kingwood, a 372-unit apartment community in the northern Houston suburb of Kingwood. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez led the transaction for Lument.

September 16, 2021

Industrial Leasing Activity Texas

PG Golf Signs 87,214 SF Industrial Lease in Metro Houston

by Taylor Williams September 16, 2021

SUGAR LAND, TEXAS— PG Golf, a supplier of recycled and refinished golf balls, has signed an 87,214-square-foot industrial lease at 12520 W. Airport Blvd. in the southwestern Houston suburb of Sugar Land. Darryl Noon and Nick Peterson of Transwestern represented the undisclosed landlord in the lease negotiations. Jarret Venghaus and Jordan Raney of JLL represented the tenant.

September 16, 2021

Development Industrial Leasing Activity Texas

National Property Holdings Nears Completion of 157-Acre Republic Business Center in Northwest Houston

by Taylor Williams September 15, 2021

HOUSTON — National Property Holdings is nearing completion of Republic Business Center, a 157-acre industrial project located at 11333 N. Gessner Road in northwest Houston. The locally based developer has signed two Forbes 100 tenants to occupy the entirety of the property: The Home Depot has committed to 657,600 square feet, and Amazon has committed to 141,360 square feet. The opening of these two new facilities is expected to bring about 1,000 new jobs to the region. Robert Alinger of Colliers International represented the landlord in both sets of lease negotiations.

September 15, 2021

Acquisitions Retail Texas

Cushman & Wakefield Arranges Sale of 464,722 SF Alamo Ranch Shopping Center in San Antonio

by Taylor Williams September 15, 2021

SAN ANTONIO — Cushman & Wakefield has arranged the sale of Alamo Ranch, a 464,722-square-foot retail power center in San Antonio. Tenants include Best Buy, Dick’s Sporting Goods, Ross Dress for Less, Marshalls, Michaels, Ulta Beauty, PetSmart and OfficeMax. In addition, Super Target, Lowe’s Home Improvement and J.C. Penney shadow-anchor the center. Margaret Jones, Lane Breedlove, Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal on behalf of the undisclosed seller. Big V Property Group acquired Alamo Ranch for an undisclosed price.

September 15, 2021

Acquisitions Multifamily Texas

Buchanan Street Acquires 294-Unit Apartment Community in Dallas Arts District

by Taylor Williams September 15, 2021

DALLAS — California-based investment firm Buchanan Street Partners has acquired 4600 Ross, a 294-unit apartment community located in the Dallas Arts District. Built in 2020, the property’s unit mix consists of 51 studios, 166 one-bedroom units and 72 two-bedroom apartments, as well as five three-bedroom townhomes. Amenities include a pool, fitness center, sky lounge, pet park and a package locker system. The property was 95 percent occupied at the time of sale. The seller and sales price were not disclosed.

September 15, 2021

Loans Lument Multifamily Texas

Lument Provides $32.3M Acquisition Loan for Metro Houston Multifamily Community

by Taylor Williams September 15, 2021

PORTER, TEXAS — Lument has provided a $32.3 million bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit apartment community located in the northeastern Houston suburb of Porter. Units feature one- and two-bedroom floor plans, and amenities include a pool, clubhouse, fitness center, conference room and a theater room. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez of Lument led the transaction.

September 15, 2021

Acquisitions Industrial NAI Texas

NAI Partners Brokers Sale of 30,000 SF Industrial Building in North Houston

by Taylor Williams September 15, 2021

HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building within International Crossing Business Park in North Houston. The four-building development totals 90,750 square feet. Clay Pritchett and Zane Carman of NAI Partners represented the seller, TNRG Development, which has now sold all four buildings in the park, in the transaction. The name and representative of the buyer were not disclosed.

September 15, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of Rio Vista Apartments in Metro Fort Worth

by Taylor Williams September 14, 2021

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment community located in the northeast Fort Worth suburb of Haltom City. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, and procured the buyer, an unnamed investment firm based in California. Built in 1968, Rio Vista’s apartments feature one- and two-bedroom floor plans that range in size between 684 and 1,016 square feet, according to Apartments.com. Communal amenities include two resort-style pools, a courtyard, playground, dog park and a soccer field. Greenwater invested approximately $4 million to renovate Rio Vista prior to the sale.

September 14, 2021

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