HOUSTON — Local developer Midway has signed retail leases with three new tenants at CITYCENTRE, a 47-acre mixed-use destination in Houston that opened in 2010. New retailers include handbag and accessories provider Brahmin, which will open a 1,000-square-foot store; Lubbock-based City Bank, which will occupy 4,000 square feet; and Tiff’s Treats, which has signed a 1,430-square-foot lease. Lilly Golden and Blair Golden of Evergreen Commercial represented Midway in the lease negotiations. Brad Downs of The Auber Group represented Brahmin, and Jonathan Probst with The Retail Connection represented Tiff’s Treats, both of which are slated to open this fall. CITYCENTRE features 350,500 square feet of retail and dining space, 625,000 square feet of Class A office space, 35 brownstone residences, 1,155 upscale apartment and loft units, the 171-room Four Points by Sheraton–CITYCENTRE and 255-room Hotel Sorella CITYCENTRE.
Texas
SAN MARCOS, TEXAS — Illinois-based Senior Living Investment Brokerage (SLIB) has negotiated the sale of the 174-bed Regent Care Center of San Marcos in Central Texas. The property was built in 2008. A Texas-based owner-operator sold the asset to a regional operating group for $7.6 million. Matthew Alley of SLIB brokered the deal.
HOUSTON — LMI Capital a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $12.9 million for apartment complexes in Houston. In the first transaction, Jamie Safier of LMI Capital placed an $8.1 million acquisition loan for a 110-unit property in the city’s Briar Forest neighborhood. The loan carried a fixed 4.6 percent interest rate and three years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $4.8 million, floating-rate bridge loan for the acquisition of a 75-unit property in west Houston. The property names and borrowers were not disclosed.
HOUSTON — SeaSide Poké has become the latest addition to the tenant roster at Understory, a 35,000-square-foot food hall and communal gathering spot within international developer Skanska’s Capitol Tower office building in downtown Houston. SeaSide Poké, which will occupy approximately 500 square feet within the 9,000-square-foot culinary market, joins East Hampton Sandwich Co., Boomtown Coffee, Mama Ninfa’s Tacos y Tortas, MONA Fresh Italian Food and Flip ‘n Patties as the first six tenants at Understory. Nick Hernandez, Crystal Allen and Lacee Wilke of Transwestern represented Skanska and SeaSide Poké in the lease negotiations. Understory is scheduled to open later this year.
TYLER, TEXAS — Locally based general contractor Garrett & Associates has completed the renovation of Martin Hall, a 30,000-square-foot historic landmark building located on the campus of Texas College in Tyler, about 100 miles east of Dallas. The building, which was suffered structural damage from a storm in 2015, serves as the school’s designated administration space. Dallas-based Merriman Anderson served as the project architect.
The agriculture industry, long an economic staple of the Rio Grande Valley (RGV), has been at the forefront of the region’s industrial expansion and is seeing its role elevated with more product coming from Mexico. Over the last several years, road and bridge infrastructure improvements throughout Mexico’s southwestern regions have laid the groundwork for increased traffic of produce-carrying trucks headed northeast to the border area. Ports of entry throughout the RGV have become the top destinations for agricultural imports, surpassing the longtime leader of Nogales, Ariz. This has heightened cross-border trade activity throughout the South Texas ports of entry. Most notably, the Pharr, Texas, port of entry has increased the most in terms of activity, which has led to greater absorption and development of industrial product throughout the McAllen metro area. The prime example of this infrastructural development is the Baluarte Bicentennial Bridge. The 3,700-foot, cable-stayed bridge opened in 2013, connecting the Mexican coastal city of Mazatlan to the inland port of Durango and shortening delivery times for product en route to the U.S. border by four to six hours. As a result, a significant amount of the new industrial development in recent years has centered on cold storage facilities. …
ROUND ROCK, TEXAS — A division of insurance giant New York Life has provided a $42 million first mortgage loan for the acquisition of Bexley Round Rock, a 330-unit multifamily community located on the northern outskirts of Austin. The loan carried a 20-year term and a fixed interest rate. The borrower was Virginia-based Weinstein Properties.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Storage Place of Katy, a 529-unit self-storage facility located west of Houston. The property comprises 137 climate-controlled units, 363 non-climate-controlled units, 25 covered parking spots and four outdoor parking spots for a total of 131,003 net rentable square feet. Dave Knobler and Charles LeClaire of The LeClaire Group, a division of Marcus & Millichap, represented the seller, a Houston-based partnership, in the transaction. The buyer and additional terms of sale were not disclosed.
HOUSTON — Los Angeles-based PCCP has originated a $36.5 million senior loan for the refinancing of Bayou on the Bend, a 241-unit apartment community located in the River Oaks submarket of Houston. Built on 3.6 acres, the property offers studio, one- two- and three-bedroom units averaging 1,161 square feet. Amenities include two pools, a fitness center, business center, game room and outdoor grilling areas. Adam Allen and Ben Johnson of Newmark Knight Frank placed the debt with PCCP on behalf of the borrower, Arel Capital, which acquired the asset in 2017. Bayou on the Bend was 87 percent occupied at the time of the loan closing.
AUSTIN, TEXAS — NAI Partners has negotiated a 17,850-square-foot industrial lease for Beacon Roofing Supply Inc. at 20 Strandtman Cove in Austin. Troy Martin of NAI Partners represented the tenant, which distributes roofing and building supplies, in the lease negotiations. Adam Green of Stream Realty Partners represented the landlord.