PORTLAND, TEXAS — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.
HOUSTON — NAI Partners has negotiated a 9,703-square-foot office lease renewal for P.O.& G. Resources, a privately held oil and gas company, at 5847 San Felipe St. in Houston’s Galleria submarket. Dan Boyles and Michael Mannella of NAI Partners represented the tenant in the lease negotiations. Rima Soroka and Eric Siegrist represented the landlord, Parkway, on an internal basis.
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Asher, a 450-unit apartment community in the Fort Worth suburb of Grapevine. The property was built on 19 acres in 2019 and features studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, resident lounge with a coffee bar, children’s play room, conference room, two dog parks and a demonstration kitchen. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA handled the transaction. The seller and buyer were not disclosed, but the property page indicates that the community has been rebranded as Bexley Grapevine, a brand of Virginia-based Weinstein Properties.
HOUSTON — Lee & Associates has arranged the sale of Sterling Plaza, a 102,292-square-foot office building located at 10101 Southwest Freeway in Houston. The Class B property was built in 1982 and renovated in 2001. Robert LaCoure and Ryan Young of Lee & Associates represented the buyer, Tristar Alliance Properties, which plans to upgrade the lobby, roof and HVAC systems, in the transaction. Patrick O’Connell of O’Connell Realty represented the seller, Mykawa Hso LP.
DALLAS — MRT Avenido LLC has acquired Avenida Crossing, a 464-unit apartment community in Dallas. The property features newly renovated one- and two-bedroom units with fully equipped kitchens and amenities such as two pools and a playground. Dougherty Mortgage LLC arranged an undisclosed amount of acquisition financing for the buyer. The loan was secured through a partnership with Old Capital Lending and was structured with a 12-year term and a 30-year amortization schedule.
HOUSTON — NAI Partners has negotiated a 13,817-square-foot office lease renewal and expansion for Advance Energy Partners LLC at Westchase Park Plaza in Houston. The 10-story office building is located at 11490 Westheimer Road in Houston’s Westchase submarket. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Kurt Kistler of Moody Rambin represented the landlord, California-based Hertz Investment Group.
CYPRESS, TEXAS — Locally based developer Read King Commercial Real Estate has sold Miramesa Town Center, a 13,070-square-foot retail strip center in metro Houston. The property is situated on 1.9 acres in Cypress and was fully leased at the time of sale to tenants such as AT&T, Supercuts and Dogtopia. Ryan West, John Indelli and Ethan Goldberg of JLL represented Read King in the transaction. Michael Johnson and Tolu Akindele of JLL placed a five-year, fixed-rate acquisition loan on behalf of the buyer, an undisclosed private investor.
HOUSTON, TULSA AND OKLAHOMA CITY— The RADCO Companies, a value-add multifamily investment firm based in Atlanta, has sold a portfolio of 10 apartment properties totaling 2,769 units in Texas and Oklahoma. The communities were built in the 1970s and 1980s and are located in Houston, Tulsa and Oklahoma City. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE’s Southeast Multifamily team worked with CBRE’s Clint Duncan and Matt Phillips in Texas and Brian Donahue in Oklahoma to arrange the sale. The buyer was Wisconsin-based MLG Capital.
HOUSTON — Fidelis Realty Partners is underway on construction of Brookhollow Marketplace, a 200,000-square-foot retail power center that will be located at the site of the former Exxon campus in Houston. Fidelis acquired the site in 2016 and has now completed demolitions. Located at the corner of Highway 290 and Dacoma Street, Brookhollow Marketplace will house retailers such as Burlington, Michaels, Ross Dress for Less, T.J. Maxx, Ulta, Old Navy, Rack Room Shoes and Five Below. Store openings are slated for this fall. An 80,000-square-foot Floor & Décor is also scheduled to open to the east of the center.
SAN MARCOS, TEXAS — Chicago-based investment firm Harrison Street has acquired The Lyndon at Springtown, a 515-bed student housing community located near Texas State University in San Marcos. The 233-unit property features one-, two- and four-bedroom units and amenities such as an indoor and outdoor fitness center, pet park, pool and a recreation room. Kevin Larimer, Greg Gonzalez, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Austin-based Endeavor Real Estate Group, in the transaction.