SUGAR LAND, TEXAS — San Antonio-based Headwall Investments has purchased Old Mill Retail Center, a 15,182-square-foot retail strip center located in the southwestern Houston suburb of Sugar Land. Tenants at the property include Pepperoni’s Pizza, Primera Professional Pharmacy, MTea & Coffee and Floors for Living. The seller and sales price were not disclosed.
HOUSTON — California-based investment firm BKM Capital Partners has acquired West Belt Business Park, a 260,887-square-foot industrial property in southwest Houston. West Belt Business Park consists of five buildings that house 30 tenant spaces ranging in size from 770 to 23,000 square feet. Charlie Strauss, Lance Young and Clay Anderson of JLL represented the undisclosed seller in the transaction. BKM, which plans to implement a value-add program, was self-represented. The property was fully leased at the time of sale to a tenant roster with a weighted average remaining lease term of just under three years.
VICTORIA, TEXAS — Newmark has arranged the $28.8 million sale of Aria Victoria, an apartment complex located about 85 miles north of Corpus Christi in South Texas. According to Apartments.com, the property was built in 2015 and totals 240 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, grilling stations, dog park and an outdoor lounge. Brad Shaffer of Newmark represented the undisclosed seller in the transaction. The buyer was an entity doing business as Aria Victoria Apartments LLC.
HOUSTON — JLL has brokered the sale of Lockton Place, a 186,747-square-foot office building in Houston’s Westchase area. The eight-story building was constructed in 1986 and was 96 percent leased at the time of sale, with insurance brokerage firm Lockton serving as the anchor tenant. Amenities include a tenant lounge, café and a fitness center. Rick Goings, Marty Hogan and Kevin McConn of JLL represented the seller, a partnership between Triten Real Estate Partners and Affinius Capital, in the transaction. Florida-based investment firm Galium Capital purchased Lockton Place for an undisclosed price.
PLANO, TEXAS — Horace Mann, a provider of insurance and financial advisory services for teachers and public servants, has signed a 50,033-square-foot office lease in Plano. Horace Mann will relocate from Addison and occupy the entire third floor of the building at 6275 W. Plano Parkway, which is located within the 300-acre International Business Park development. Ryan Buchanan and Josh White with CBRE represented the tenant in the lease negotiations. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co.
AUSTIN, TEXAS — A partnership North Texas-based investment firm M2G Ventures and Austin-based Evergen Equity has purchased a 50,000-square-foot mixed-use property in South Austin. The facility at 211 E. Alpine Drive currently houses industrial, office and retail space. M2G plans to enhance the property’s landscaping, parking and painting, as well as to upgrade common areas, restrooms, interior and exterior lighting and storefronts. M2G will also introduce public art installations and rebrand the property as ALCO and has tapped CSA Realty Group is the leasing agent.
By William McDonough, vice president, Weitzman San Antonio’s retail market is reporting record-high occupancy as it continues its longest-ever streak of balanced supply and demand. With a new high of 95.2 percent, the Alamo City retail market has now posted healthy occupancy rates of 90 percent or higher for 14 years straight. The occupancy rate is based on Weitzman’s review of a total San Antonio retail inventory of approximately 49 million square feet of retail space in multi-tenant shopping centers with 25,000 square feet or more. Occupancy remains high due to stable tenant retention and strong demand for well-located vacancies. For example, shortly after Conn’s announced in mid-2024 that it planned to close its area stores, discount apparel retailer Burlington announced its plans to backfill three of the nine stores slated for closure. The market is also reporting an increase in new construction, but the deliveries overall have actually increased occupancy due to the fact that they are primarily for anchor stores and largely preleased shop space. Last year, the market did see new vacancies created due to the chain-wide failures of Conn’s, Big Lots, American Freight Furniture and 99 Cents Only. But in a tight market like San Antonio’s, …
KATY, TEXAS — Locally based developer NewQuest has broken ground on Texas Heritage Marketplace, a $400 million mixed-use development in the western Houston suburb of Katy. The site spans 165 acres and fronts both I-10 and the newly completed Texas Heritage Parkway. Plans currently call for approximately 750,000 square feet of retail, restaurant and entertainment space, as well as two apartment communities with about 550 total units and 300,000 square feet of medical office and self-storage space. Target has committed to being a retail anchor with a 149,000-square-foot store. A tentative completion date for the initial phase of construction was not announced.
HOUSTON — Locally based developer Triten Real Estate Partners will build a 392,650-square-foot industrial project in North Houston. The site at the intersection of FM 1960 and Kenswick Drive spans 25 acres, and the development will consist of two front-load buildings. The buildings will total 214,558 and 178,002 square feet and will feature 36-foot clear heights and combined parking for 286 cars and 82 trailers. Method Architecture is designing the project, and Harvey Cleary is the general contractor. Construction is scheduled to begin in the first quarter and to be complete before the end of the year.
PLANO, TEXAS — A partnership between 3650 Capital and Reap Capital has acquired The Calvin, a 167-unit apartment complex in Plano. The Calvin offers one- and two-bedroom units and amenities such as a pool and a dog park. Taylor Snoddy and Charles Hubbard of Northmarq brokered the deal, the seller of which was not disclosed. The new ownership plans to implement a value-add program.