SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot complex located adjacent to NE Loop 410 in San Antonio. Partners Capital originally acquired the four-building park in 2017. Carrie Caesar of Cushman & Wakefield represented Partners Capital in the transaction. Houston-based Citadel Venture Holdings purchased the asset for an undisclosed price.
BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.
HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.
HOUSTON — Berkadia has brokered the sale of Northshore Meadows, a 291-unit apartment community located at 333 Uvalde Road on the eastern side of Houston. Built in 1971, the property offers one-, two- and three-bedroom units that range in size from 414 to 1,199 square feet. Each apartment features stainless steel appliances and walk-in closets. Communal amenities include a fitness center, business center, clubhouse and a playground. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the undisclosed seller and procured the buyer, Claridge Properties, in the transaction.
BURLESON, TEXAS — Los Angeles-based Broadshore Capital Partners has provided a $31.2 million construction loan for Sovereign at Burleson, a 217-unit multifamily project that will be located on the southern outskirts of Fort Worth. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool with an aqua lounge, a gaming lawn, resident clubhouse and a bike shop. Chris Miller of Broadshore originated the debt, with JLL’s Greg Nalbandian acting as loan arranger. The borrower was New York City-based Sovereign Properties.
TEXAS CITY, TEXAS — Oldham Goodwin Group LLC, a real estate development and management firm based in Central Texas, has completed Phase II of Catalon at Lago Mar, a project that added 170 apartments to the supply of Texas City, located southeast of Houston. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, outdoor fitness area, dog wash station and auto detailing station. Construction of Phase II began in August 2019. Rents start at roughly $1,000 per month for a one-bedroom unit, according to Apartments.com.
DALLAS — A partnership between North Texas-based M2G Ventures and Austin-based Pennybacker Capital will redevelop a 250,000-square-foot industrial property in the West Brookhollow area of Dallas. The project will convert a 1960s-era brick warehouse on a nine-acre site into a modern industrial building that will feature 20- to 24-foot clear heights and will be marketed to light industrial and logistics users. The redeveloped property will be branded PROTO Park. Completion is slated for September. The partnership also recently purchased the former Tuesday Morning distribution center in Dallas with plans to redevelop it.
SPRING, TEXAS — Multifamily developer Wood Partners has completed Alta Cathedral Lakes, a 300-unit apartment community in the northern Houston suburb of Spring. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, business center with coworking spaces and reserve-able conference rooms, dog park and wash, bike storage and an outdoor courtyard with a kitchen. Rents start at $1,070 per month for a one-bedroom unit, according to Apartments.com.
HOUSTON — Welcome Group LLC, a locally based investment firm, has acquired a 129,085-square-foot office and industrial complex in West Houston. The complex consists of four office buildings and one industrial building that were constructed in 2013 and are fully leased to three tenants, including Tally Energy Services. Ryan Wassaff and John Wilson represented Welcome Group on an internal basis.
AUSTIN, TEXAS — Barings and B&Z Development LLC have topped out 701 Rio, a 120,983-square-foot office project in downtown Austin. Construction of the building, which will offer a fitness center with showers and lockers, as well as bike storage space, began in January 2020. Completion is slated for July. Barnes Gromatzky Kosarek Architects is designing the project, and Colorado-based Hensel Phelps is the general contractor. JLL is leasing the property.