Texas

JLL Negotiates Sale of 19,950 SF Rayford Village Retail Center in Metro Houston

by Taylor Williams May 21, 2020

SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.

May 21, 2020

Company News Retail Texas

Pier 1 Imports Announces Intent to Close All Remaining Stores, Liquidate Assets

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would keep the business afloat. Pier 1 intends to initiate store closing efforts and liquidation sales once stores can reopen, in compliance with COVID-19 guidelines from local government and health officials. Pier 1 was founded in 1962 and operated about 1,300 stores at the height of its expansion in 2006.

May 20, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 342-Unit Apartment Community in Metro Houston

by Taylor Williams May 20, 2020

SPRING, TEXAS — Berkadia has arranged the sale of Belvedere Springwoods Village, a 342-unit apartment community located within the Springwoods Village mixed-use development on the northern outskirts of Houston. Developed in 2014 by Fein Communities, the property features one-, two- and three-bedroom units with stainless steel appliances, walk-in showers and private balconies and patios in select units. Amenities include a pool with a sundeck and heated spa, outdoor kitchens and fire pits, a fitness center with a yoga studio, conference room, coffee bar and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged financing on behalf of the buyer, MLG Capital.

May 20, 2020

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 124,658 SF Industrial Facility in Fort Worth

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — NAI Robert Lynn has brokered the sale of a two-building, 124,658-square-foot industrial facility located at 4901 N. Beach St. in Fort Worth. According to LoopNet Inc., the property was built on 11.5 acres in 1981 and includes additional outdoor storage space. Todd Hubbard of NAI Robert Lynn represented the seller, G&W Ventures, in the transaction. Hubbard will also handle leasing of the space on behalf of the new owner, Dallas-based CanTex Capital. The new ownership will rebrand the property as Beach Industrial Park and will target e-commerce users for occupancy.

May 20, 2020

Development Industrial Self-Storage Texas

MCP to Develop 550-Unit Expansion Project at CubeSmart Self-Storage Facility in Kyle, Texas

by Taylor Williams May 20, 2020

KYLE, TEXAS — Dallas-based Montfort Capital Partners (MCP) will develop a 550-unit expansion project at its CubeSmart-operated self-storage facility located on Cromwell Drive in the Central Texas city of Kyle. The expansion building will span 55,000 square feet of net rentable space and will offer both climate- and non-climate-controlled units. The groundbreaking is scheduled for July, and the project is expected to be complete by early 2021.

May 20, 2020

Acquisitions Multifamily Texas

Rastegar Acquires 58-Unit Mueller Square Apartments in Austin

by Taylor Williams May 20, 2020

AUSTIN, TEXAS — Locally based development and investment firm Rastegar Property Co. has acquired Mueller Square Apartments, a 58-unit multifamily community located near the 700-acre Mueller mixed-use development in Austin. Rastegar acquired the property, which was originally built in 1967, in a joint venture with an unnamed insurance company based in Texas. The new ownership will renovate Mueller Square’s unit interiors, including kitchens, bathrooms, floors, counters and utility systems. The seller was not disclosed.

May 20, 2020

Restaurant Retail Texas

Governor Abbott Gives Texas Bars Green Light to Reopen on Friday, May 22

by Taylor Williams May 19, 2020

AUSTIN, TEXAS — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press conference on Monday afternoon, notably giving bars the option to begin reopening on Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase their occupancy levels to 50 percent, and Texas public schools now have the option to conduct in-person summer school classes. The order stipulates that all of the above businesses must adhere to proper social distancing guidelines and minimum standard health protocols established by the Texas Department of State Health Services.

May 19, 2020

Civic Development Healthcare Multifamily Student Housing Texas

Medistar, Texas A&M Release Name, Updated Plans for $401M Houston Campus

by Taylor Williams May 19, 2020

HOUSTON — A public-private partnership between Houston-based developer Medistar Corp. and Texas A&M University has branded its new, $401 million medical and engineering campus in Houston and released updated plans for the ensuing phases of construction. The new campus, which is situated on five acres at the intersection of Holcombe Boulevard and Main Street near the Texas Medical Center, will be known as the Texas A&M Innovation Plaza at the Texas Medical Center. New construction plans include the development of Life Tower, a 714-bed student housing building, and Horizon Tower, a 485,000-square-foot medical and academic building. The 17-story Horizon Tower will be constructed atop a 2,700-space parking structure, will include most of the campus’s 15,000 square feet of retail space and is expected to be delivered by or before the first quarter of 2024. Life Tower, along with the parking garage, grade-level retail space and the central “open-air” plaza, is scheduled to be delivered in June 2022. The groundbreaking of this phase of the project is scheduled for late 2020. Development of the campus began earlier this year with the acquisition and renovation of Discovery Tower, an 18-story office building that now houses the university’s EnMed program, which provides students …

May 19, 2020

Acquisitions Industrial Texas

NAI Partners Fund Acquires 245,495 SF Avera Commerce Center in Metro Houston

by Taylor Williams May 19, 2020

HOUSTON — NAI Partners Investment Fund III has acquired Avera Commerce Center, a 245,495-square-foot industrial flex property located in the southwestern Houston suburb of Stafford. The property consists of 16 buildings that are situated on a 14.5-acre tract. Andrew Pappas and Adam Hawkins of NAI Partners closed the deal on behalf of the fund. The seller was not disclosed. Amegy Bank provided acquisition financing for the transaction. Following this acquisition, NAI Partners’ Investment Fund platform now spans more than 1 million square feet of commercial space.

May 19, 2020

Company News Texas

Private Equity Lender Renovo Financial Expands to Texas, Opens Metro Dallas Office

by Taylor Williams May 19, 2020

PLANO, TEXAS — Renovo Financial, a Chicago-based private equity lender, has expanded into the Texas market with the opening of a new office in metro Dallas. The firm primarily focuses on providing financial solutions to borrowers that are targeting ground-up or rehabilitation construction projects. Jon Shipley, a real estate professional who previously worked for a regional private lender in Texas, will lead the firm’s new office as managing director. The new office is located at 5700 Tennyson Parkway in Plano.

May 19, 2020

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