HOUSTON — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Shores at Clear Lake, a 100-unit seniors housing community in Houston. Grace Management will take over the operations of the property, which is located on seven acres near Clear Lake and the NASA Johnson Space Center. The community offers assisted living and memory care services. The price and seller were not disclosed.
HOUSTON — Colliers International has negotiated the sale of a 64,846-square-foot industrial building located at 1314 Sam Houston Parkway in West Houston. Critical Rental Solutions occupies the single-tenant building, which was recently renovated and now features an upgraded roof, higher clear heights, heavier crane capacity and elevated power. Todd Moore of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
KYLE, TEXAS — A public-private partnership between Austin-based Momark Development, the City of Kyle and Cardinal MF LLC has broken ground on Phase I of The Brick and Mortar District, a 138-acre mixed-use project in Kyle, located south of Austin. The site is located within the 2,200-acre Plum Creek master-planned community. The 21-acre Phase I will comprise a 300-unit apartment building with 7,000 square feet of ground-floor retail, restaurant and coworking space, as well as two parks totaling 6.6 acres that will be connected by a walking trail with art installations. Amenities at the apartment community will include two pools and a fitness center. The first units are expected to be available for occupancy in March 2022. At full buildout, The Brick and Mortar District will consist of approximately 2,500 residential units, 150,000 square feet of retail space, 250,000 square feet of office space and 35 acres of parkland and trails.
BEE CAVE, TEXAS — JLL has negotiated the sale of CubeSmart – Bee Cave, a 645-unit self-storage facility located on the western outskirts of Austin. The property opened in September 2019 and consists of 590 climate-controlled units and 55 non-climate-controlled drive-up units. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based developer Endeavor Real Estate Group, in the transaction. The buyer, New York City-based investment firm The Pegasus Group, will manage the property under its Central Self Storage flag.
SAN ANTONIO — Developer Hill Associates has completed the Canopy by Hilton RiverWalk, a 195-room hotel in San Antonio. The 22-story boutique hotel is a redevelopment of a historic former bank building that was originally constructed in the late 19th century. Amenities include a guest lounge, fitness center, meeting rooms and a terrace bar that includes a suspended bottle rack and an interactive water feature. The design team included Gensler (architect of record), Lake Flato Architects, Mark Zeff Design (interior) and TBG Partners (landscape).
MANSFIELD, TEXAS — Chicago-based Origin Investments has purchased a $7.2 million preferred equity stake from in Haven at Mansfield, a 257-unit multifamily project under construction on the southern outskirts of Fort Worth, from Guefen Development Partners. Slated for a May 2022 completion, Haven at Mansfield will offer units with granite countertops, stainless steel appliances and full-size washers and dryers. Amenities will include a pool, fitness center, clubhouse and an indoor/outdoor social lounge.
COPPELL, TEXAS — Dahill Office Technology Corp., a San Antonio-based distributor of office machinery, has signed a 40,000-square-foot industrial lease at 820 W. Sandy Lake Road in Coppell. According to LoopNet Inc., the property was built in 2006. Andrew Gilbert and Keaton Brice with Holt Lunsford Commercial represented the landlord, Coppell Trade Center LP, in the lease negotiations. Thomas McGovern of JLL represented the tenant.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has passed a resolution to approve terms and conditions for the development of a $60 million industrial project that will be known as Mesquite 635. A partnership between Phoenix-based investment and development firm Creation Equity and a fund advised by Crow Holdings Capital is developing the 555,000-square-foot project. Mesquite 635 will be situated about 11 miles east of Dallas at the southeast corner of Interstate 35 and U.S. Highway 80 and will consist of two rear-load buildings and one front-load building. LGE Design Group and its affiliate, LGE Design Build, are respectively serving as the architect and general contractor for the project. Construction is expected to begin in the fourth quarter and to be complete by late 2022/early 2023.
SAN ANTONIO — Wildhorn Capital, an Austin-based multifamily investment firm, has sold a 388-unit portfolio in San Antonio. The portfolio consists of two properties, The Blair at Bitters and The Henry B, both of which were 97 percent occupied at the time of sale. Both properties feature one- and two-bedroom units and amenities such as pools, fitness centers, business centers, tennis courts, clubhouses and playgrounds. The buyer was Dallas-based private equity firm Kanesville Capital. Matt Michelson of Newmark represented Wildhorn Capital in the off-market transaction.
AUSTIN, TEXAS — New York City-based investment firm The Pegasus Group has acquired All Stor South Congress, a 575-unit self-storage facility in South Austin. The property opened in July 2018 and consists of 298 climate-controlled and 227 non-climate-controlled drive-up units, in addition to four parking spaces for rent. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based development firm Endeavor Real Estate Group, in the transaction. Pegasus Group will manage the property under its Central Self Storage flag.