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Sol-Cypress-San-Antonio
DevelopmentHospitalityTexas

Paradigm Management Completes $11M Renovation of San Antonio Hotel

by Taylor Williams

SAN ANTONIO — Locally based owner-operator Paradigm Management has completed the $11 million renovation of Sol Cypress, a 131-room hotel in San Antonio’s River Walk district. Designed by San Antonio-based DTM Architects and Los Angeles-based KNA Design, the hotel is part of the Tribute Portfolio Hotel by Marriott family of brands and is named after the Texas Bald Cypress trees that have long lined the banks of the San Antonio River. The renovation lasted 24 months. Paradigm has rebranded the property as a Wyndham Garden Inn. Amenities include an onsite restaurant and bar, dog park and 4,000 square feet of meeting and event space.

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Leasing ActivityRetailTexas

Lowe’s Home Improvement to Open 107,135 SF Store in Manvel, Texas

by Taylor Williams

MANVEL, TEXAS — Lowe’s Home Improvement will open a 107,135-square-foot store in Manvel, a southern suburb of Houston. The store, which will include a 34,442-square-foot garden and nursery, will be located within Manvel Town Center, a 273-acre mixed-use development by Weitzman. A 108,000-square-foot H-E-B grocery store anchors the initial phase of the development, and a slew of additional retail and food-and-beverage users have either recently or will soon open stores at Manvel Town Center. Lowe’s is slated to open in late 2026.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Arranges Sale of Vacant 106-Unit Seniors Housing Property in Waco

by Taylor Williams

WACO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a vacant, 106-unit seniors housing property in Waco. Built in 2015, the community offered assisted living and skilled nursing care before closing in 2018. Amenities at the facility include an outdoor courtyard, patio and a putting green. Amy Sitzman and Giancarlo Riso of Blueprint represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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IndustrialLeasing ActivityTexas

Transwestern Negotiates 84,633 SF Industrial Lease in Georgetown, Texas

by Taylor Williams

GEORGETOWN, TEXAS — Transwestern has negotiated an 84,633-square-foot industrial lease in Georgetown, a northern suburb of Austin. The tenant is 84 Lumber, which already operates a lumberyard in Georgetown and is the process of expanding. The space is located within Blue Springs Business Park, a three-building, 604,064-square-foot development. Nash Frisbie of Transwestern and Carter Thurmond of Endeavor Real Estate Group represented the landlord, Chicago-based Molto Properties, in the lease negotiations. The tenant was self-represented.

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Leasing ActivityOfficeTexas

Anderson Merchandisers Signs 30,342 SF Office Headquarters Lease in Plano

by Taylor Williams

PLANO, TEXAS — Anderson Merchandisers, which provides both data analytics and supply chain solutions to the retail industry, has signed a 30,342-square-foot office headquarters lease in Plano. The company is relocating from Granite Park to the entire top floor of the 210,000-square-foot Apex at Legacy building. Conor McCarthy and Jayme Schutt of JLL represented the tenant in the lease negotiations. John Brownlee, Gini Rounsaville and Michael Williams, also with JLL, represented the landlord, a partnership between Monarch Alternative Capital and Tourmaline Capital Partners.

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The-Knox-Dallas
Market ReportsOfficeTexasTexas Market Reports

Tenants’ Flight to Quality Remains Entrenched Across Texas Office Markets

by Taylor Williams

The “flight to quality” trend has been ensconced in the embattled office sector for much of the post-pandemic era, and it’s showing little sign of slowing in the major markets of Texas.   With overall tenant demand depressed in the aftermath of COVID-19, opportunities existed in droves for office users to upgrade their spaces and move into buildings with desirable amenities and vibrant surrounding neighborhoods. In doing so, these companies sought to incentivize their employees to come back to the office. Simultaneously, owners that invested in wellness features and activation programs for their properties sought to gain a leg up on the competition — and make tough conversations with lenders a bit more palatable. Whether or not those initiatives worked as intended undoubtedly varies greatly from company to company and owner to owner. But after multiple years of stagnant occupancy and rent growth, the targeting of seemingly superior buildings and locations has come to represent more than just opportunistic decision-making by tenants. It’s a movement that has created visible delineation among winning and losing submarkets, a strategy that embodies basic financial prudence and perhaps a necessary evil — assuming that office usage is finally starting to rebound in a meaningful …

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AcquisitionsIndustrialSelf-StorageTexas

JLL Negotiates Sale of Three Houston Self-Storage Facilities Totaling 1,606 Units

by Taylor Williams

HOUSTON — JLL has negotiated the sale of three self-storage facilities totaling 1,606 units in the Houston area that are operated under the Go Store It brand. The facilities are located at 2919 S. Highway 146 in the Bacliff area on the city’s southeast side and 12610 Tanner Road and 4100 W. 34th St. in northwest Houston. All three properties were built in the past 25 years and offer climate- and non-climate-controlled space. Matthew Wheeler, Adam Roossien, Brian Somoza and Steve Mellon of JLL represented the seller, a partnership between Madison Capital Group and affiliates of Cerberus Capital Management, in the transaction. Griffin Guthneck, also with JLL, arranged an undisclosed amount of acquisition financing for the purchase, which was part of a larger, 340,000-square-foot (net rentable) portfolio deal that included two facilities in Rhode Island. The buyer was not disclosed.

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The-Penny-on-College-Main
DevelopmentMultifamilyStudent HousingTexas

Pinecrest Breaks Ground on 605-Bed Student Housing Project Near Texas A&M University

by Taylor Williams

COLLEGE STATION, TEXAS — Pinecrest has broken ground on The Penny on College Main, a 605-bed student housing project that will be located at 415 College Main St. near the Texas A&M University campus in College Station. The property will offer 199 units in studio, one-, two-, three-, four- and five-bedroom configurations with bed-to-bath parity, including townhomes. Shared amenities will include multiple study spaces, a resort-style pool, pickleball court, fitness center, package lockers, an automated market and a pet relief area and washroom. The development team for the project, which is scheduled for completion in summer 2027, includes Rhode Partners, Rycon Construction, Mitchell & Morgan and Rhode Interior Design. CIBC USA and First Bank of Chicago provided construction financing for the development.

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Residences-at-Kingwood-East
DevelopmentMultifamilyTexas

High Street Residential, Daiwa House Complete 181-Unit Multifamily Project in Metro Houston

by Taylor Williams

KINGWOOD, TEXAS — High Street Residential, in a joint venture with Japanese homebuilder Daiwa House Group, has completed a 181-unit multifamily project located on the northern outskirts of Houston in Kingwood. Residences at Kingwood East, formerly known as Reserve at West Lake, consists of 109 townhomes and 72 apartments. The property represents the second phase of a larger development that comprised 240 apartments and 49 townhomes and was recently completed. Residences come in one-, two- and three-bedroom formats. Apartments have an average size of 1,046 square feet, and townhomes have an average size of 1,530 square feet. Amenities include a pool, grilling areas, fitness center, resident lounge and an entertainment kitchen. Rents start at $1,500 per month for a one-bedroom apartment. W Partnership served as the project architect, and Arch-Con Corp. was the general contractor. Additional project partners include engineering firm Kimley-Horn, KW Landscape Architects and Compass Design. Sumitomo Mitsui Trust Bank financed construction of the project.

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AcquisitionsIndustrialTexas

Apricus Realty, ABR Capital Buy 11-Acre IOS Property in Houston

by Taylor Williams

HOUSTON — A joint venture between Dallas-based Apricus Realty Capital and Baltimore-based ABR Capital Partners has purchased an 11-acre IOS (industrial outdoor storage) property in Houston. The address was not disclosed. The joint venture acquired the rail-served property, which includes more than 100,000 square feet of existing facilities across multiple buildings, in a sale-leaseback with Box Gang Manufacturing, a locally based manufacturer of waste management products including dumpsters and trash bins. Nathan Mai and Carlton Anderson of Mohr Partners represented the joint venture in the transaction. C.W. Sheehan, Peyton Ackerman and Nate Henderson of JLL arranged acquisition financing for the deal.

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