HOUSTON — Western Wealth Capital (WWC), a Canadian investment firm, has acquired three multifamily properties totaling 940 units in Houston. All three communities were built in 1983, with most apartment units still retaining their original interior features. WWC will implement a value-add program to unit interiors and property exteriors. The seller and property names were not disclosed. With this transaction, WWC now owns 10 multifamily communities in Houston and 68 in the country.
TEMPLE, TEXAS — STREAM Capital Partners LLC has arranged the sale-leaseback of two industrial assets totaling 211,000 square feet in the Central Texas city of Temple. Texas Hydraulics occupies the facilities, which are used for the manufacturing warehousing, and distribution of hydraulic cylinders. Chelsea Mandel and Phil DiGennaro of STREAM Capital Partners represented the seller in the transaction. The buyer was a publicly traded REIT.
WILLIS, TEXAS — Marcus & Millichap has brokered the sale of Oversized Storage, a 155-unit self-storage facility in Willis, located about 40 miles north of Houston. The property is situated on 5.7 acres and spans 61,520 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.
IRVING, TEXAS — Mueller Co. LLC, an affiliate of Atlanta-based Mueller Water Products Inc., will open a 26,250-square-foot distribution center at Dallas-Fort Worth International Airport. Construction on the new space is underway, and the buildout of the shell space is expected to last about two months. Steve Trese of CBRE represented the landlord, EastGroup Properties LP, in the lease negotiations
HOUSTON — 29th Street Capital (29SC), a multifamily investment firm with offices in San Francisco and Chicago, has acquired 14220 at Park Row Apartments, a 318-unit apartment community in West Houston. Built in 1998, the property features one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Amenities include a pool with a tanning ledge, fitness center, outdoor grilling stations, business center, a resident clubhouse and access to jogging trails. 29SC will rebrand the property and introduce smart technology features. The seller was not disclosed.
AUSTIN, TEXAS — Madison Marquette has purchased The Millennium, a 128,617-square-foot office building located in the Shepherd Mountain area of Austin. National Instruments originally developed the five-story property in 1985 as a build-to-suit project. Mike McDonald, Celeste Fowden and Katy Jane Jenevein of Cushman & Wakefield represented the seller of The Millennium, which was 66 percent occupied at the time of sale. Madison Marquette will implement a repositioning program that will add a management and conference facility and upgrade both interior and exterior common areas.
BURLESON, TEXAS — Dougherty Mortgage has arranged a $29.7 HUD construction loan for The Waverly Apartments, a 192-unit multifamily project in Burleson, a southern suburb of Fort Worth. The community will offer a clubhouse, pool with cabanas, outdoor kitchen areas, a business center, fitness center, children’s play area, dog park and a car wash area. Completion is slated for spring 2021. Dougherty arranged the loan, which carried a 40-year term and amortization schedule, on behalf of borrower Burleson Commons LLC.
MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.
SUGAR LAND, TEXAS — Rosenberger Construction has broken ground on a 56,000-square-foot office building for software developer HCSS in Sugar Land, located southwest of Houston. The property will be the third office building on the company’s 12-acre corporate campus. HCSS expects to add about 200 new employees to the new building, which will include a full kitchen, multiple lounge areas, a fitness center and an indoor racquetball court. A timeline for completion was not released.
Amarillo has continued on the path of steady growth with a strong unemployment rate of 2.7 percent. Along with its sturdy economy, Amarillo’s commercial market has followed a path of consistent advancement, but there are clouds on the horizon and hints of a stall are visible. Our core market indicators are showing cracks. There are fewer jobs now than there were a year ago. Commodities have been flat at best. Oil prices have experienced declines in excess of 10 percent from this time last year, with natural gas prices dropping nearly 25 percent from a year ago. Despite some early spells of ample moisture, recent heat and low rain totals have hurt Panhandle farmers and ranchers. The uncertainty regarding tariffs on these natural resources has created anxiety as well. For the city’s industrial and commercial real estate sectors, the collective message of these trends is that the long stretch of economic expansion that has propped up the market, may be in the rearview mirror. New Developments Some new land purchases with plans for industrial developments should help the tax base. Caviness Beef Packers recently purchased 100 acres with plans to build a new facility. In addition, the Amarillo Economic Development …