KATY, TEXAS — Marcus & Millichap has arranged the sale of a 40,511-square-foot retail building net-leased to Louetta Automotive at 4019 FM 1463 in the western Houston suburb of Katy. James Bell of Marcus & Millichap represented the buyer, a limited liability company that acquired the single-tenant property via a 1031 exchange, in the transaction. The seller was not disclosed.
SWEETWATER, TEXAS — Georgia-Pacific has announced plans to break ground on a $285 million production plant for the company’s gypsum division near Sweetwater. The new facility will be located adjacent to the company’s existing plant on Highway 1856 in Nolan County. Georgia-Pacific’s gypsum division produces a variety of products used in residential and commercial construction, including sub-floors, exterior sheathing, drywall, roofing and fire doors. The two operations combined will be capable of supplying customers and distribution partners with more than 1 billion square feet of products each year. “The demand for our diverse gypsum products continues to be strong, especially in Texas,” says Brent Paugh, president of Georgia-Pacific gypsum. “By having two production lines in Nolan County, Georgia-Pacific can strengthen its capacity to meet our growing customer needs in Texas’ residential, commercial and industrial construction.” Construction on the new facility is set to begin immediately with completion slated for late 2022. Once operational, the new plant will employ approximately 120 full-time employees. The existing Sweetwater facility employs 115 people with an annual payroll of approximately $9.9 million and is one of 12 Georgia-Pacific manufacturing facilities in Texas. Further details on the design of the new development were undisclosed. Atlanta-based Georgia-Pacific …
KYLE, TEXAS — Amazon has debuted its 308,000-square-foot sortation facility within Kyle Crossing Business Park in Central Texas. This facility is being used to sort packages before being transferred to a delivery station or last-mile delivery partner for final delivery to customers. More than 1,130 full- and part-time associate jobs have already been created through the opening of the facility, which is located just off Interstate 35. California-based Majestic Realty Co. owns the building.
FORT WORTH, TEXAS — Walker & Dunlop has funded a $17.8 million loan for the refinancing of Constellation Ranch, a 324-unit apartment community in Fort Worth. Built in 2015, Constellation Ranch features one-, two- and three-bedroom floor plans and amenities such as a pool, spa, clubhouse, business center, outdoor grilling areas and a pet park. Stuart Wernick and Matt Newton of Walker & Dunlop originated the financing, which was structured with a 10-year term and a floating interest rate, on behalf of the borrower, Maryland-based RailField Partners.
Colliers Provides Agency Loan for Refinancing of 128-Unit Multifamily Asset in Fredericksburg, Texas
FREDERICKSBURG, TEXAS — Colliers International has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Ten19@Friendship Lane, a 128-unit multifamily asset in Fredericksburg, about 80 miles west of Austin. The property was built in 1998 and offers amenities such as a fitness center, playground and onsite laundry services. Colliers originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as DCP 1019 Friendship Lane LLC.
DALLAS — HSM Equity Partners, the development arm of Henry S. Miller Cos., will build a 15,540-square-foot industrial project in Dallas for OTR Fleet Service, a provider of maintenance services for commercial vehicles. Huntley Luna and Nick Robinson of Henry S. Miller Brokerage represented the developer, I-20 Industrial LP, in the acquisition of the 14.6-acre tract on which the project will be developed. Tom Clarke of Transwestern represented the seller, HCH Farms Ltd. Mark Smith of HSM Equity Partners will develop the facility.
NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.
AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.
HUTCHINS, TEXAS — Marcus & Millichap has negotiated the sale of a 69,750-square-foot industrial building in Hutchins, a southern suburb of Dallas. The property was built on 11.9 acres in 1986 and was occupied by Bocks Board Packaging, a provider of corrugated and other specialty paper products, at the time of sale. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors, in the transaction.
HOUSTON — Matthews Real Estate Investment Services has brokered the sale of a 66,853-square-foot industrial property located at 14310-14329 Interdrive E., approximately five miles south of George Bush Intercontinental Airport in Houston. The property was built in 1995 on five acres. Kate Fernandez and Andrew Gross of Matthews represented the seller and procured the buyer in the transaction. Both parties requested anonymity.