Texas

CIL-Logistics-Mission-Texas

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. …

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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.

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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.

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Bayou-on-the-Bend-Houston

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.

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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.

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HOUSTON — Investment and management firm Capital Square 1031 has launched an investment fund for the acquisition of a memory care community in the Kingwood neighborhood of Houston. The 10,000-square-foot community includes 16 beds, and was delivered in April. Village Green Alzheimer’s Care Home, a local operator of five memory care communities in metro Houston, operates the property under an absolute net lease whereby Village Green is responsible for all expenses, including structure, maintenance and repairs. Bill Pyle of EDGE Realty Capital Markets represented the seller, Verdad Real Estate, in the transaction. Bear Real Estate Advisors represented Capital Square 1031.

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HUB-121-McKinney-Texas

MCKINNEY, TEXAS — KWA Construction, a Dallas-based general contractor specializing in multifamily projects, has broken ground on HUB 121 at Craig Ranch, a 286-unit community in McKinney, located north of Dallas. Designed by Domus Studio Group, the property will offer units with high-end appliances, smart devices and ceilings of up to 13 feet. Amenities will include a pool, bocce ball court, coworking office space exclusively for residents, a fitness center and several dog parks. Completion is slated for December 2020.

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HOUSTON — Local firm Davis Commercial Development has broken ground on Cypress Preserve Logistics Center, a 560,000-square-foot distribution center in Houston. The 31.9-acre site offers proximity to Interstate 45 and Hardy Tollway. Cypress Preserve Logistics Center will feature two cross-dock buildings that will offer spaces ranging in size from 64,500 to 258,000 square feet. The development will also include two tilt-wall buildings totaling 41,500 square feet. The cross-dock buildings will feature 32-foot clear heights, 165 trailer parking spaces and office space, while the tilt-wall buildings will have 24-foot clear heights, ESFR sprinkler systems and custom office finishes. Delivery is slated for October. Walker Barnett and Ryan Byrd of Colliers International will handle leasing of the development.

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Fort-Behavioral-Health-Fort-Worth

FORT WORTH, TEXAS — A partnership between Ridgeline Capital Partners and Harrison Street has acquired Fort Behavioral Health, a 124,990-square-foot healthcare property in Fort Worth. The Class A facility was renovated in 2018, includes 125 beds and offers services such as addiction treatment programs and residential programs for adolescents with autism spectrum disorder. Vizion Health is the operator of the property, the seller of which was not disclosed.  

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Mirador-Corpus-Christi

CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.

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