HOUSTON — NIT Industrial LLC has purchased 12.8 acres within Cedar Port Industrial Park near Port Houston for the development of a 204,175-square-foot speculative industrial project. The project will encompass four buildings measuring between 50,250 and 51,925 square feet that will feature 32-foot clear heights, dock- and grade-level loading doors and ESFR sprinkler systems. Construction is slated to begin in October. Jason Tangen of Colliers International represented the buyer in the transaction. Joel Michael of NAI Partners represented the seller, TGS Cedar Port Partners LP. Colliers will also handle leasing of the new facility.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.
TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Trane Distribution Center, a 536,141-square-foot industrial facility in Tyler, about 100 miles east of Dallas. The property was built in 1949 on 36.9 acres and was fully leased at the time of sale to Trane, a manufacturer of heating and air conditioning systems. Adam Abushagur of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which were undisclosed private investors. Additional terms of sale were not released.
SAN ANTONIO — JLL has negotiated the sale of Kenton Place Apartments, a 244-unit multifamily community located at 14650 Nacogdoches Road in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, a sports court, dog park and onsite laundry facilities. Moses Siller and Zar Haro of JLL negotiated the deal on behalf of the seller, Bruggeman Properties LLC. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing through Chicago-based NXT Capital on behalf of the buyer, Austin-based GVA Real Estate Group.
DALLAS — Local investment firm MoxieBridge has acquired Midtown Office Center, a 169,808-square-foot office complex in Dallas. The new ownership will implement a value-add program that will deliver new amenities, such as a fitness facility, conference room and a lounge/bar. Midtown Office Center was less than 10 percent leased when MoxieBridge officially acquired the asset in May, but the company has since negotiated nearly 50,000 square feet worth of new leases. MoxieBridge, which launched in 2018, now owns approximately 700,000 square feet of office space in North Texas. The seller was not disclosed.
SAN ANTONIO — NorthMarq Capital has arranged a loan of an undisclosed amount for the refinancing of Hidden Oaks Apartments, a 124-unit multifamily community in San Antonio. Bryan Leonard of NorthMarq negotiated the loan, which carried a fixed interest rate and a 10-year term followed by an amortizing payment schedule, on behalf of the undisclosed borrower. UNUM Group, a life insurance company based in Tennessee, provided the funds.
AUSTIN, TEXAS — Nordic Realty Partners, a privately held investment firm with offices in Los Angeles, Austin and Chicago, has purchased a 76,000-square-foot industrial property located within Cameron Industrial Park in northeast Austin. The property spans four acres and houses three warehouse buildings. The seller, Byram Properties, has owned the buildings since 1984.
SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …