FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.
SOUTHLAKE, TEXAS — Locally based office development and investment firm Cawley Partners, in partnership with PCCP LLC and Staubach Capital, has acquired the 475,000-square-foot corporate offices of software and technology firm Sabre Global in the Fort Worth suburb of Southlake. The tenant has signed a 12-year lease to occupy all 265,000 square feet of Building A and entered into a short-term lease for the 210,000-square-foot Building B. The new ownership plans to fully renovate Building B and add a full suite of amenities, including meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces. With Sabre retaining over 265,000 square feet long term, there will be roughly 210,000 square feet (one entire building) available for lease in 2022.
CARROLLTON, TEXAS — Boston-based Longpoint Realty Partners has broken ground on Point 35/190, a 178,000-square-foot industrial project located at the northwest corner of Interstate 35 and George Bush Freeway in the northern Dallas metro of Carrollton. The building is designed for one to four tenants and features 32-foot clear heights, 44 dock-high doors, two drive-in ramps and a 142-foot truck court. Additionally, the project has four acres of extra land that can provide trailer parking vehicle parking spaces for a tenant’s requirements. Completion is scheduled for June. Dallas-based Proterra Properties is leasing the project.
LEAGUE CITY, TEXAS — Lument, the newly formed organization between Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $40 million Freddie Mac loan for the refinancing of Fairways at South Shore, a 432-unit multifamily asset in League City. The property was built in 2000 and is located between Houston and Galveston. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center and a basketball court. Colin Cross of Lument originated the fixed-rate debt, which was structured with a 30-year amortization schedule and 24 months of interest-only payments, on behalf of the borrower, Houston-based Venterra Realty.
HOUSTON — Vroom, a New York City-based automotive retailer and online marketplace, has signed a 102,500-square-foot office lease at Westchase Park II in Houston. The 569,825-square-foot office complex comprises two buildings and a freestanding amenity center that houses a Citrus Kitchen restaurant, a fitness center with full-service locker rooms and a tenant conference center. Louie Crapitto of JLL represented the tenant in the lease negotiations. Eric Anderson, Parker Burkett and Katy Gragg of Transwestern represented the undisclosed landlord. The lease brings the building’s occupancy rate to 92 percent.
HOUSTON — Australian development firm Caydon has launched Fitzroy Residences, a 32-story residential tower that represents Phase II of the company’s 2.5 million-square-foot Laneways mixed-use development in Houston. The building will house 191 condos ranging in size from 567 square feet for a studio unit to 2,243 square feet for a three-bedroom penthouse, as well as 190 hotel rooms that will be operated under the Kimpton Hotels & Restaurants brand. Residential amenities will include coworking spaces, a meditation room, yoga and fitness deck, two outdoor pools, fitness center and concierge services. Sales are underway, and construction is scheduled to begin over the summer and to be complete by the end of 2023. The entire Laneways project will ultimately span three city blocks and will also include retail and restaurant uses, as well as outdoor spaces.
LANCASTER, TEXAS — Colorado-based Huntington Industrial Partners has sold Park 20, a 468,300-square-foot warehouse located in the southern Dallas suburb of Lancaster. Built in 2017, the property offers immediate access to Interstates 35, 20 and 45 and was fully leased at the time of sale to pet products supplier PetMate. Building features include 32-foot clear heights, 99 overhead dock doors, an ESFR sprinkler system and 48 trailer parking stalls. Dustin Volz, Stephen Bailey and Zach Riebe of JLL represented the seller in the transaction. An affiliate of New York City-based Lexington Realty Trust purchased the asset for an undisclosed price.
FRESNO, TEXAS — Marcus & Millichap has arranged the sale of Cajun Self Storage, a 524-unit facility in Fresno, located south of Houston. Built in 2005 and expanded in 2015, the facility spans 104,823 net rentable square feet across both climate- and non-climate-controlled units. Brian Kelly, Brett Hatcher, Gabriel Coe and Jack Newman of Marcus & Millichap represented the seller in the transaction. Kelly, Hatcher and Coe also procured the buyer. Both parties were limited liability companies that requested anonymity. Tim Speck, division manager and broker of record, assisted in closing this transaction.
HOUSTON — Texas-based investment firm Stonelake Capital Partners has acquired a 127,513-square-foot industrial property in northwest Houston. Andy Sowell of Boyd Commercial represented the seller and former occupant of the building, Graybar Electric Co., in the deal. David Munson and Wes Williams, also with Boyd Commercial, subsequently negotiated a full-building lease with Hannibal Industries, a manufacturer of steel pallet racks.
DALLAS — Stream Realty Partners has brokered the sale of a 104,427-square-foot industrial property in Dallas. The property is situated on a roughly 10-acre site along Interstate 35 in the South Stemmons submarket. Jamie Jennings, Andrew Rabinovich and Jason Moser of Stream Realty Partners represented the seller in the transaction. Additional terms of sale were not disclosed.