FORT WORTH, TEXAS — American Specialty Health, a provider of musculoskeletal and fitness solutions, has signed a 164,000-square-foot office lease at Heritage Commons IV at AllianceTexas in Fort Worth. Steve Aldrich and Ian Kinne of Hillwood represented the landlord, Griffin Capital Essential Asset REIT, in the lease negotiations. Jenny Schreiner and Jon Altschuler of Altschuler & Co. represented the tenant. Mercedes-Benz Financial Services previously occupied the building before moving into a new space at AllianceTexas.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of the Guardian Self-Storage portfolio, which comprises 823 units across three facilities. The facilities span 143,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Permian Basin that developed the portfolio in 2000. Karr also secured the buyer, a Texas-based private investment group.
DALLAS AND HOUSTON — Multifamily investment firm Western Wealth Capital has acquired two apartment properties totaling 939 units, one of which is located in Dallas and the other in Houston. The undisclosed properties were built in 1980 and 1976, respectively. Western Wealth Capital, which now owns five multifamily assets in Dallas and seven in Houston, will upgrade the communities’ unit interiors. Newmark Knight Frank worked with Clint Duncan and Matt Phillips of CBRE to broker the deal.
SAN MARCOS, TEXAS — Vie Management has purchased Ella Lofts, a 252-bed student housing property located within walking distance of Texas State University in San Marcos, a city situated between Austin and San Antonio. The 75-unit mid-rise building features one-, two- and four-bedroom floor plans and amenities such as a fitness center, yoga studio, pool, coworking space, study lounge and a coffee shop. Vie Management will undertake a $1 million renovation program over the next several months. The seller was not disclosed.
THE WOODLANDS, TEXAS — Sterling Construction Co., a general contractor based in the Houston area, has entered into an agreement to acquire Georgia-based specialty contractor Plateau Excavation Inc. for $400 million. The sales price includes $375 million in cash and $25 million in Sterling’s common stock and seller notes. The deal is expected to close near the end of the third quarter. Plateau had revenues of approximately $290 million in 2018.
HOUSTON — NAI Partners has negotiated a 41,866-square-foot industrial lease at 4300 Windfern Road in Houston for Henry Avocado Corp., a year-round grower and distributor of the fruit. Darren O’Conor and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
ARLINGTON, TEXAS — 180 Multifamily Properties has purchased Summit Plaza, a 65-unit apartment community located adjacent to University of Texas at Arlington. The new ownership will implement a value-add program that will convert the Class C property into a Class A community. The seller was a local investor. 180 Multifamily now owns five assets in Arlington.
PASADENA, TEXAS — Panattoni Development Co. and its equity partner MetLife Investment Management have broken ground on Bayport South, a 642,994-square-foot industrial project located at 10575 Red Bluff Road in Pasadena, an eastern suburb of Houston. The cross-dock facility will be situated near both the Bayport Container Terminal and the Barbours Cut Container Terminal. Building features will include 36-foot clear heights, 150 trailer parking spaces, 330 automobile parking spaces and 180-foot truck court depths. JLL will market the facility for lease. Construction is expected to be complete in the first quarter of 2020.
EULESS, TEXAS — Seefried Industrial Properties and Clarion Partners have begun work on DFW Airfield Logistics Center, a 356,518-square-foot speculative warehouse project in Euless, located in the north central part of the metroplex. Situated on 31 acres, the project will consist of two buildings, a 145,878-square-foot rear-load building and a 210,640-square-foot front-load building. Specific features will include 28- to 32-foot clear heights, 84 dock doors, four drive-in doors, 110 trailer parking spaces and 407 automobile parking spaces. Pross Design Group is the project architect, and FA Peinado LLC is the general contractor. Completion is slated for the second quarter of 2020.
SAN ANTONIO — JLL has arranged the sale of Courtyard San Antonio Airport and Courtyard San Antonio Medical Center. The properties were sold as part of a portfolio of five Marriott hotels, the other three of which are located in Baltimore and Washington, D.C. JLL marketed the properties on behalf of the seller, Colony Capital. A partnership between Flynn Properties Inc. and EMA Lodging Group Inc. purchased the assets.