PORTLAND, TEXAS — Houston-based McLeod Sears is underway on the redevelopment of an 83,000-square-foot former Kmart store in the Gulf Coast city of Portland. Construction will soon begin on pad sites for two tenants — Chick-fil-A and Autozone — that have committed to the new center, which is located near the Port of Corpus Christi. Z Construction is the general contractor for the project.
DENTON, TEXAS — Dallas-based developer Hunt Southwest has broken ground on Phase I of I-35 Convergence, a speculative industrial project in the North Texas city of Denton that could ultimately feature as much as 500,000 square feet of Class A space. The site is located within Westpark Industrial Park, just northwest of the Interstate 35 East/West split. Building I will span 250,000 square feet and will include 32-foot clear heights and an ESFR sprinkler system. Building II will be a build-to-suit for a user with a 100,000- to 250,000-square-foot requirement. Completion of Building I is slated for December. Colliers International is leasing the project.
DENTON, TEXAS — Square Mile Capital has provided a $45.5 million acquisition loan for Village at Rayzor Ranch, a 300-unit multifamily community located within the Rayzor Ranch mixed-use development in Denton. Built in 2019, the property offers amenities such as a pool, fitness center, art clubhouse, outdoor grilling areas, dog park, pickleball and bocce ball courts, coworking space, coffee bar and an outdoor yoga terrace. Dustin Dulin of JLL arranged the loan on behalf of the borrower, Seven Seas Holdings. EPC Real Estate Group developed Village at Rayzor, which was approximately 90 percent occupied at the time of sale.
LEWISVILLE, TEXAS — Berkadia has provided a $26.8 million Freddie Mac acquisition loan for Arbor Creek, a 280-unit apartment community in the northern Dallas suburb of Lewisville. The property was built in 1984, and its units offer washers and dryers and private balconies/patios. Amenities include a fitness center, dog park and picnic areas. Mitch Sinberg and Brad Williamson of Berkadia originated the floating-rate financing on behalf of the borrower, Miami-based Eagle Property Capital. The seller was Dallas-based CONTI Organization.
HOUSTON — Lee & Associates has brokered the sale of a manufacturing building located on approximately 7.9 acres at 9110 Taub Road in Houston. According to LoopNet Inc., the property was built on 10 acres in 1997. Mike Spears and Frank Blackwood of Lee & Associates represented the buyer, Integrated Induction Inc., in the transaction. David Boyd and Wes Williams of Boyd Commercial represented the Houston-based seller, Allegiance Bank.
HOUSTON — Axiom Space Inc., a locally based developer of space infrastructure, has signed a 32,389-square-foot office lease expansion at 1290 Hercules Ave. near the NASA Johnson Space Center in Houston. Matthew Seliger, Doug Little and Louann Pereira of Transwestern represented the building owner, Capital Commercial Investments Inc., in the lease negotiations. Noah Kruger and Derrell Curry of Savills Inc. represented the tenant, which originally leased space at the 63,716-square-foot building last year. The new lease expansion brings the property to full occupancy.
FORNEY, TEXAS — Dallas-based developer Hunt Southwest will build Gateway East Trade Center, a 712,900-square-foot speculative industrial project in Forney, an eastern suburb of Dallas. The 45-acre site is located at the intersection of Gateway Boulevard and U.S. Highway 80 within Gateway East Industrial Park, a master-planned development. Building features will include 40-foot clear heights, an ESFR sprinkler system and abundant trailer parking. Construction is scheduled to begin in April and to be complete in the first quarter of 2022. Cushman & Wakefield is leasing the project.
IRVING, TEXAS — Berkadia has provided a $28.4 million Freddie Mac acquisition loan for Residences at Northgate, a 320-unit apartment community in Irving. The property was built in 1983, and its units offer washers and dryers and private balconies/patios. Amenities include a fitness center, dog park and picnic areas. Mitch Sinberg and Brad Williamson of Berkadia originated the floating-rate financing on behalf of the borrower, Miami-based Eagle Property Capital. The new ownership will implement a value-add program. The seller was C-III Capital Partners.
FRIENDSWOOD, TEXAS — Locally based developer D’Agostino Cos. has broken ground on The Reserve at Baybrook, a 291-unit multifamily project in Friendswood, located south of Houston. The community will feature one-, two- and three-bedroom units that average 921 square feet and are furnished with stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities will include a pool, outdoor entertainment area, clubhouse, fitness center and a golf simulator room. Chris Bergmann Jr. of JLL represented D’Agostino Cos. in its acquisition of the land from Finwood Properties last summer. Austin-based Oden Hughes is the general contractor for the project. Completion is slated for May 2022.
SAN ANTONIO — California-based AHV Communities has begun work on Farm Haus, a 142-unit duplex rental community in northwest San Antonio. Residences will feature two-, three- and four-bedroom layouts with quartz countertops, stainless steel appliances, two-car garages and private fenced yards. Amenities will include a pool, fitness center, communal kitchen, conference room, great room, bocce court and a dog park. Construction will be carried out in five phases, with preleasing set to begin in April and full completion slated for the second quarter of 2022. Monthly rates will range from approximately $1,775 to $2,200.