MAGNOLIA, TEXAS — SVN | J. Beard Real Estate — Greater Houston has brokered the sale of a 14,907-square-foot retail strip center in Magnolia, about 45 miles northwest of Houston. The center represents Phase II of a larger development known as Windcrest Village Square and was fully leased at the time of sale. Rosa Dye of SVN | J. Beard represented the seller, coworking concept WorkhubUSA, in the transaction. Don MacLellan of Faris Lee Investments represented the undisclosed buyer.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 7,418-square-foot industrial lease at West Fork Business Center in Fort Worth. George Jennings and Trey Goodspeed of Holt Lunsford represented the landlord, locally based developer Exline Capital, in the lease negotiations. William Wilson, also with Holt Lunsford, represented the tenant, CarRev LLC.
FATE, TEXAS — The City Council of Fate, located northeast of Dallas, has approved plans for Lafayette Crossing, a 267-acre mixed-use project. A California-based entity doing business as D-F Funds, which is represented by Jim Wills of Dallas-based 5054 Development, owns the land and is leading the development of the project. Preliminary plans call for retail and restaurant space, a full-service grocery store and café, hospital, light manufacturing facilities, a 120-room hotel and residences across a variety of formats, including single-family, apartments, condos and townhomes. Lafayette Crossing will also feature several open green spaces, lawns and pocket parks for public gatherings and recreational events, some of which will be developed in partnership with the city. Construction of Phase I will begin this fall with the launch of $11 million in infrastructural upgrades and is expected to be complete in spring 2028.
HOUSTON — JLL has arranged $30.6 million in financing for the 122-room Hotel Granduca in West Houston. The six-story hotel was built on 3.6 acres in 2006. Jillian Mariutti and Mark Fisher of JLL arranged the five-year, floating-rate loan through Prime Finance on behalf of the sponsor, Transwestern Hospitality Group. The borrower will use the proceeds to retire existing debt and fund capital improvements, including a redesign of the lobby, breakfast area, bar, seating areas and event space, as well as a relocation of the gym and existing restaurant. The tearoom will be converted into a salon and spa, and a larger bar will be added in the adjacent space. The old restaurant space will become a meeting and event venue, and a portion of the parking lot will be converted into a tented outdoor venue.
DALLAS — New York-based Sterling Investors has purchased Centreport 2, a 430,852-square-foot industrial building in Dallas. The address was not disclosed, but the cross-dock facility is located south of Dallas-Fort Worth International Airport in the Upper Great Southwest submarket. Centreport 2 was built in 2017 and features 97 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured Sterling Investors as the buyer.
PRINCETON, TEXAS — Core Spaces, a student housing and residential developer with offices in Chicago and Austin, is nearing completion of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Construction began last spring. Leasing will begin in March.
PLANO, TEXAS — The Legacy Senior Communities is planning a 30-unit expansion project at The Legacy Willow Bend, the owner-operator’s flagship property in Plano. The expansion will introduce three buildings, each designed with 10 luxury flats, for a total of 30 hybrid-style independent living units spanning about 2,000 square feet each. Construction is scheduled to begin in the first quarter of 2025 and to be complete in spring 2026.
SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.
HOUSTON — JLL has arranged the sale of Northwest Logistics Center, a 411,460-square-foot industrial facility in northwest Houston. The cross-dock building was constructed in 2018 and features 138 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured the buyer, New York City-based Sterling Investors.
AUBREY, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., is underway on construction of a 134-unit build-to-rent residential project in Aubrey, located in Denton County. Designed by Architecture Demarest and known as Oak Grove, the development will offer one-, two- and three-bedroom homes ranging in size from 770 to 1,625 square feet. Amenities will include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents will start at $2,000 per month for a one-bedroom home.
