HOUSTON — NAI Partners has secured a 56,400-square-foot industrial lease at 533 Northpark Central Drive in Houston for MIAT College of Technology, which provides career training for students interested in aviation, energy and other technical fields. Chris Kugle and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. Jason Dillie of Cushman & Wakefield represented the landlord, Prologis.
An overwhelming number of residents are moving to San Antonio rather than leaving. The metro experienced a net in-migration of nearly 21,000 households in 2016, according to Moody’s Analytics, the latest data available at the time of this writing. The metro primarily draws from Austin and Houston with a notable cohort of new residents coming from Washington, D.C. Many newcomers to San Antonio from the nation’s capital are drawn to the city’s military and defense industries. Basic Numbers Among these in-migrants to San Antonio is a large proportion of millennials. At 14.4 percent, San Antonio ranked No. 2 in terms of the fastest-growing areas for young adult growth from 2010 to 2015, according to a 2018 report from The Brookings Institution. San Antonio’s rate of millennial population growth during that period outranked that of peer and non-peer cities such as Austin, Denver, Houston, Orlando and Seattle, among others. As a result, the San Antonio market skews younger with approximately 25 percent millennials and 28 percent Gen Z. The median age in San Antonio is 34, four years lower than the national average among comparable cities. In turn, the metro’s job growth both reinforces and is fueled by this in-migration, accounting …
FORT WORTH, TEXAS — Hillwood has acquired 600 acres of contiguous land within its 26,000-acre AllianceTexas master-planned community in Fort Worth for additional industrial expansion. The land is positioned along FM 156 between Fort Worth Alliance Airport and the BNSF Railway Alliance Intermodal facility. The acquisition raises the capacity for Hillwood’s total development potential in Tarrant and Denton counties to more than 36 million square feet. The seller(s) was not disclosed.
SUGAR LAND, TEXAS — Denver-based investment firm Northstar Commercial Partners has purchased 77 Sugar Creek Center Boulevard, a 143,000-square-foot office building located in the southwestern Houston suburb of Sugar Land. The sales price was $27.4 million. The Class A, six-story property was built in 1999 and is leased to a diverse mix of more than 35 tenants representing the energy and technology sectors. The seller was not disclosed.
SAN ANTONIO — Berkadia has brokered the sale of Brix at Terrell Hills, a 141-unit apartment property located in northeast San Antonio. Built in 1966 on 4.4 acres, Brix at Terrell Hills offers studio, one- and two-bedroom apartments averaging 800 square feet and amenities such as a pool, outdoor grilling area, business center and onsite laundry facilities. Will Caruth, Chris Ross and Cody Courtney of Berkadia represented the undisclosed seller in the transaction. The buyer was Austin-based Old Three Hundred Capital.
DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek in Dallas. The property features 35 units housing 42 beds and is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months. The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.
SAN MARCOS, TEXAS — Investcor Development and Integral Senior Living have begun construction on a 92-unit seniors housing project in San Marcos, located between Austin and San Antonio. The 72,500-square-foot community will offer assisted living and memory care services. Pi Architects is designing the community, a completion date for which was not disclosed.
HOUSTON — Locally based retail developer Levcor Inc. has received a loan for the refinancing of the Marq*E Entertainment Center, a Houston venue that houses an array of restaurants bars and entertainment concepts, including Dave & Buster’s and Edwards Cinema. Levcor purchased the center, which was originally developed in 2003 and 94 percent occupied at the time of sale, in 2014. Jimmy Board, Tom Melody, Tom Fish and Wes Wallace of JLL handled the debt placement on behalf of Levcor. LoanCore provided the nonrecourse, floating-rate loan, a portion of which will be used to fund property improvements.
DALLAS — Berkadia has negotiated the sale of the 160-room Doubletree Dallas-Farmers Branch hotel. The property, which offers amenities such as a pool, fitness center and a business center, recently underwent an $8 million renovation program. The buyer was an undisclosed 1031 exchange investor. This was the first sale from the 15-property portfolio Berkadia exclusively listed throughout the West and Southwest. The entire portfolio could fetch a sales price of $375 million.
EL PASO, TEXAS — Greysteel has brokered the sale of La Privada and Terrace Hill, two multifamily communities totaling 550 units in El Paso. La Privada is a 240-unit property that features one- and two-bedroom units with an average size of 703 square feet. Terrace Hill spans 310 units in studio, one- and two-bedroom formats, with an average unit size of 752 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller, a private investment firm, and procured the buyer, both of which requested anonymity.