EL PASO, TEXAS — Greysteel has arranged the sale of Las Lomas Apartments, a 232-unit multifamily asset in El Paso. The property is located adjacent to several entertainment concepts, including Topgolf, Alamo Drafthouse Cinema and iFly indoor skydiving facility. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the Chicago-based seller and procured the California-based buyer in the transaction.
DALLAS — Sperry Commercial has brokered the sale of Stemmons Center, a 42,594-square-foot shopping center located at 2629 N. Stemmons Freeway in Dallas. According to LoopNet Inc., the property was built on 4.4 acres in 1979. Calvin Wong and Daniel Eng of Sperry Commercial represented the buyer and the seller, both of which requested anonymity, in the transaction.
HOUSTON — Local multifamily investment firm Three Pillars Capital Group has purchased Camino Del Sol, a 122-unit multifamily community in southeast Houston. Built on 4.2 acres in 1969, the property offers a pet play area and onsite parking. Three Pillars will implement a capital improvements program, the scope and timing of which are still being determined. The seller was GE 2507 LLC.
AUSTIN, TEXAS — MIMCO, an El Paso-based retail investment firm, has acquired Four Corners Shopping Center, a 32,000-square-foot retail center located at the intersection of South Congress Street and William Cannon Drive in Austin. Tenants include Austin Regional Clinic, Popeye’s Louisiana Kitchen and Schlotzsky’s Deli. The seller was not disclosed. With this transaction, MIMCO’s Central Texas portfolio now spans more than 2 million square feet of shopping center space.
For many years, companies seeking to establish major distribution operations for the southwestern United States flocked to one market: Dallas-Fort Worth (DFW). Any deal that required a warehouse or logistics space of several hundred thousand square feet or more headed to the metroplex, and Houston received what was left — deals falling anywhere from 20,000 to 100,000 square feet. That began to change in 2010, when oil was consistently trading at close to $100 per barrel. Subsequent innovations in hydraulic fracturing that lowered the threshold at which offshore drilling companies could turn a profit, combined with escalated tensions among Middle Eastern producers, kept prices for American crude at high levels until December 2014. At the time of this writing, oil futures traded at about $58 per barrel, suggesting that any hopes of a recovery by mid-2019 had been premature. But between 2010 and 2014, when the party was in full swing, Houston experienced tremendous job growth that attracted tens of thousands of new residents to the city. More housing was built, and significant amounts of industrial absorption began to stem from the need to store and distribute consumer goods, from food to furniture to household appliances. Today, Houston’s population is …
HOUSTON — NorthPoint Development LLC has acquired 190 acres at the intersection of U.S. Route 90 and Uvalde Road in northeast Houston for the development of a 2.5 million-square-foot industrial park. The seven-building property will be branded NorthPoint 90 Logistics Center. Michael Keegan of NAI Partners represented the seller, Sowell Equities-Forestwood LP, in the transaction, which marks the largest industrial land sale in Houston in 2019 year-to-date. Blake Gibson and Ryan Byrd of Colliers International represented NorthPoint and will be marketing the property for lease.
WACO, TEXAS — Houston-based NewQuest Properties has broken ground on Cottonwood Creek Market, a 143-acre entertainment retail project in Waco. Located at the intersection of Interstate 35 and Loop 340, the development will span 285,000 square feet. A 14-screen Cinemark theater will anchor the project, and NewQuest is in talks to add a bowling and family dining concept, as well as a national retailer in golf entertainment. The opening is scheduled for spring 2020.
SPRINGTOWN, TEXAS — Marcus & Millichap has brokered the sale of West Side Storage, a 278-unit facility in Springtown, located northwest of Fort Worth. The property, which spans 44,500 net rentable square feet, features non-climate-controlled, drive-up units ranging in size from 100 to 300 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and developer of the property, in the transaction. The buyer was a Fort Worth-based owner-operator of self-storage facilities.
DALLAS — JLL has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Trinity Village Apartments, a 256-unit multifamily community in North Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and onsite laundry facilities. Mark Brandenburg of JLL originated the loan on behalf of the borrower, Frontline Holdings.
IRVING, TEXAS — JPI, an Irving-based multifamily developer with more than 5,000 units under construction, has named former chief development officer Brad Taylor as its new CEO, effective as of July 1. In addition, the company has appointed Chris Clayton, formerly of Forest City Realty Trust, as its new CFO. JPI will also establish a board of directors consisting of Bobby Page, Ron Ingram, Mark Bryant and Kirk Motsenbocker, who previously served as the company’s executive committee. JPI’s adjustments to its leadership structure reflect the company’s effort to focus on optimizing current and future market opportunities.
