HUTTO, TEXAS — JLL has negotiated the sale of Park 79 Self Storage, a 780-unit facility that is operated under the CubeSmart brand in Hutto, a northeastern suburb of Austin. The property was built on 3.2 acres in 2019. Brian Somoza and Steve Mellon of JLL represented the seller, a locally based entity doing business as Park 79 Storage LLC, in the transaction. The buyer was Wasatch Storage Partners.
WACO, TEXAS — MAG Capital Partners has acquired a 402,046-square-foot manufacturing and distribution property in Waco that has served as the headquarters of Hobbs Manufacturing since 1993. Hobbs Manufacturing, founded in 1953, employs about 200 people at the Waco plant, where it produces synthetic fiber batting and other fiberfill products for the apparel, home furnishings and industrial markets. Dax T. S. Mitchell and Andrew Gi of MAG Capital Partners negotiated the transaction directly with the seller. The sales price was not disclosed.
AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO Properties. A tentative completion date was not released.
ADDISON, TEXAS — General contractor The Beck Group has completed the redevelopment of Prestonwood Place, a 133,353-square-foot shopping center located in the northern Dallas suburb of Addison. Northwood Retail owns the center, which was originally built in 1980 and now houses tenants such as Catapult Health, Mendocino Farms, Biscuit Bar and La La Land Kind Café. The project involved renovation work for 40,000 square feet of façade updates and the conversion of existing retail space into 60,000 square feet of creative office space. The development also transformed a vacant manufacturing shop into a multi-tenant building. Merriman Anderson Architects served as the project architect.
CYPRESS, TEXAS — San Francisco-based Hamilton Zanze has sold The Point at Cypress Woods, a 530-unit apartment community located in the northwestern Houston suburb of Cypress that was originally built in 1983. Units offer one-, two- and three-bedroom floor plans, and amenities include two pools, a fitness center, playground, outdoor grilling stations and onsite laundry facilities. The Point at Cypress Woods was 94 percent occupied at the time of sale. The buyer and sales price were not disclosed. Hamilton Zanze purchased the property in 2014 and implemented a range of capital improvements during its seven-year holding period.
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.
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.
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.
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.
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.
