ODESSA, TEXAS — Marcus & Millichap has brokered the sale of More Space Storage Center, a 611-unit self-storage facility in the West Texas city of Odessa. The property sits on approximately five acres, spans 92,562 net rentable square feet and was 53 percent occupied at the time of sale. Brandon Karr of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
HOUSTON — ClearWorth Capital has acquired Steeplecrest, a 260-unit apartment community located at 11220 West Road in northwest Houston. Built in 1993, the property features one- and two-bedroom units and amenities such as a pool, outdoor picnic area, business center, storage space and a conference room. ClearWorth will implement a value-add program to the property’s unit interiors, clubhouse, building exteriors and landscaping. Chris Curry, Todd Marix and Estee Ibanez of JLL represented the seller, a joint venture between WillMax Multifamily Investors LP and Thackeray Partners, in the transaction.
FRISCO, TEXAS — PowerSecure Lighting, a provider of LED lighting products, has signed a 75,000-square-foot industrial lease at the 216-acre Star Corporate Center development in Frisco. PowerSecure Lighting will serve as the anchor tenant at a 160,000-square-foot, rear-load building that will also function as the company’s new corporate headquarters. Cabot Properties and Stream Realty Partners originally broke ground on the building, which is now fully occupied, in January 2018.
HOUSTON — Tampa, Fla.-based multifamily investment firm American Landmark has purchased two assets totaling 484 units in Houston. The company acquired the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the northeastern suburb of Kingwood. The properties were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program and be respectively rebranded as Lakefront Villas and The JaXon. Both assets feature granite countertops and walk-in closets but have different amenity packages. With this transaction, American Landmark now owns 38 properties in Texas, including 14 in Houston.
PLANO, TEXAS — CBRE has negotiated a 154,097-square-foot industrial and office lease at 600 Shiloh Road in Plano for Inogen, a manufacturer of oxygen therapy products and services. The company will consolidate its existing Texas facilities into the new space, which allows for approximately 90,000 square feet for manufacturing operations and 60,000 square feet for the call center. The property’s current tenant, Flextronics, will vacate the space at the end of the year. Inogen plans to occupy the facility in early 2020. Baron Aldrine, Campbell Puckett, Dennis Hearst and Bryan Bazzi of CBRE represented Inogen in the lease negotiations. John Hendricks, also with CBRE, represented the landlord, Trident Capital Group.
HOUSTON — Colliers International has brokered the sale of a 151,260-square-foot distribution center at 12614 Hempstead Highway in Houston. Ryan Byrd and Walker Barnett of Colliers represented the seller, STAG Houston 3 LP, in the transaction. Jason Tangen, also with Colliers, represented the buyer, NIT Industrial. The new ownership, which has now acquired two properties in Houston in the last six months, plans to make capital improvements to the asset.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $23.7 million for a pair of multifamily assets in the Houston area. In the first transaction, Brandon Brown of LMI Capital placed a $10.7 million floating-rate loan for a 170-unit asset in Brazoria County. The loan carried a 3.8 percent interest rate at closing and included three years of interest-only payments. In the second deal, Jamie Safier of LMI Capital arranged $13 million in acquisition financing for a 190-unit property in Houston’s Galleria submarket. The loan was structured with a fixed 4.5 percent interest rate and two years of interest-only payments. Borrowers and property names were not disclosed.
HOUSTON — NAI Partners has secured a 27,925-square-foot industrial lease for Texas Southwest Floors Inc., at 1350 Salford Drive in Houston. Chris Kugle of NAI Partners represented the tenant, which provides flooring and granite services for new residential and commercial projects, in the lease negotiations. Ed Bane and Jon Michael of Bridge Commercial Real Estate represented the landlord.
AUSTIN, TEXAS — A joint venture between Kairoi Residential, Lincoln Property Co. and DivcoWest has secured an undisclosed amount of construction financing for 6xGuadalupe, a 66-story mixed-use tower in downtown Austin. According to the property website, 6xGuadalupe will feature ground-floor retail space, 349 multifamily units and roughly 588,000 square feet of office space. The office component also includes a 35,000-square-foot terrace and 11,500 square feet of amenities including a conference room, tenant lounge and fitness center. Construction is underway with the demolition of the existing Extended Stay hotel on the site set for Tuesday, Oct. 29. Gensler is the project architect.
OKLAHOMA CITY — CBRE has brokered the sale of a 157,000-square-foot industrial facility located on 18 acres near Interstates 35 and 240 in Oklahoma City. The buyer, Spiers New Technologies, a provider of services for advanced battery packs used in hybrid and electric car charging, occupies four buildings across the city and will consolidate its operations to the new facility. The site has the capacity to house more than 200,000 square feet of additional office and manufacturing space. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the transaction. Allan Meadors of Cushman & Wakefield represented the undisclosed seller.