EL PASO, TEXAS — Locally based shopping center developer River Oaks Properties has broken ground on Eastlake Marketplace, a 252,000-square-foot retail power center that will be located at the corner of Interstate 10 and Eastlake Boulevard in El Paso. The opening is scheduled for late 2020.
HOUSTON — Hillcroft Partners has purchased Stonecreek Plaza, a 63,890-square-foot mixed-use property in Houston that includes warehouse, office and retail space. Jared Pinto of Newcor Commercial Real Estate represented the seller, a private investor, in the transaction. The buyer was self-represented.
DALLAS AND HOUSTON — JLL has entered into an agreement to acquire the Dallas and Houston operations of Peloton Commercial, a leasing and management firm based in Texas. Peloton co-founding partners Joel Pustmueller and T.D. Briggs will join JLL’s Jeff Eckert in leading the integration of the teams. Peloton’s John Myers will assume regional leadership of property management for Dallas-Fort Worth. In May, Cushman & Wakefield acquired the Austin operations of Peloton, which was founded in 2002 and currently leases or manages more than 25 million square feet of commercial space.
SAN ANTONIO — Navistar, an Illinois-based truck and bus manufacturer, will open a $250 million plant in San Antonio, a move that is expected to create about 600 new jobs. The site is located along Interstate 35 and links the company’s supply bases in Mexico and the United States. Construction is slated to begin later this year, and the facility is expected to be operational within 24 months of the groundbreaking. JLL handled the site selection process for Navistar, which also recently invested $125 million in its engine plant in Huntsville, Alabama.
PLANO, TEXAS — Pennsylvania-based investment firm Equus Capital Partners Ltd. has purchased Legacy Place, a two-building office complex totaling 299,898 square feet in the northeastern Dallas suburb of Plano. Both six-story buildings were built in the late 1990s and are situated on a 15.3-acre site along Tennyson Parkway. Equus Capital will undertake a multimillion-dollar repositioning program that will deliver an enhanced outdoor patio and collaboration area, upgraded lobby, expanded fitness center and a new tenant lounge. The buildings were 88 percent leased at the time of sale. The seller was not disclosed.
HOUSTON — CBRE has negotiated the sale of Northbrook Shopping Center, a 174,181-square-foot retail property located along U.S. Highway 290 in Houston. El Rancho Supermarket anchors the center, which was approximately 97 percent occupied at the time of sale. Mark Witcher, Chris Cozby, Jim Batjer and Blaine Dozier of CBRE represented the seller, Weingarten Realty, in the transaction. Wu Family Trust purchased the asset for an undisclosed price.
HOUSTON — Ready Capital Structured Finance has provided an undisclosed amount of acquisition financing for a 248-unit apartment community in Houston. A portion of the nonrecourse loan, which carries a floating interest rate and a 36-month term with two extension options, will be used to fund capital expenditures and stabilize the Class C property. The borrower and property name were not disclosed.
The Dallas-Fort Worth (DFW) and Houston metro areas have vastly different opportunities and challenges in terms of commercial real estate. Yet this year both have both landed in the top five in the nation for industrial development. Driven by strong population and job growth, DFW and Houston don’t expect their industrial expansions to slow down any time soon. At the end of the second quarter, DFW was No. 2 in the country in industrial development behind California’s Inland Empire, with 30.3 million square feet of space under construction, according to Cushman & Wakefield research. Houston ranked fourth with 18.1 million square feet. Record Construction in Dallas Dallas’ industrial market has enjoyed strong positive momentum throughout 2019, thanks in large part to a steady stream of new residents and job opportunities. DFW’s population grew by 128,500 people year-over-year, an average of 350 new residents every day. The metroplex also gained 97,000 jobs over the previous year. Moody’s Analytics reported that 25 percent of those new positions were in the industrial market. The leading indicators of industrial demand are trade, transportation and utilities jobs, which account for nearly 75 percent of all industrial jobs in DFW. Unemployment has edged downward to 3.4 …
MCKINNEY, TEXAS — Multifamily developer SWBC has begun construction on Phase II of The Royalton at Craig Ranch, a 271-unit project that will be located within the Craig Ranch master-planned community in McKinney. Floor plans will consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and individual washer and dryer connections. Amenities will include a pool, clubhouse, 24-hour fitness center and outdoor grilling areas. Cross Architects is handling design of the project, and Stantec is the civil engineer. Construction is expected to last about 22 months. SWBC previously developed a sister community, Central Park at Craig Ranch, which also spans 271 units and is now 92 percent occupied. The proposed construction time is 22 months, with the first units expected to be available in March 2021.
HOUSTON — Greystone has provided a $27 million bridge loan for the acquisition of Villa Nueva Apartments, a 542-unit multifamily asset in Houston. Built in 1980, the property features of one- and two-bedroom units and amenities such as three pools and onsite laundry facilities. Daniel Wolins of Greystone originated the interest-only loan, which carries a two-year term and two six-month extension options, on behalf of the borrower, Iliad Realty Group. Sal Torre of Estreich & Co. arranged the debt, a portion of which will be used to fund capital improvements.