CYPRESS, TEXAS — MedProperties, a Dallas-based healthcare real estate private equity firm, has purchased a 44,659-square-foot medical office building in the northwestern Houston suburb of Cypress. Completed in 2024, the building was fully leased at the time of sale to Memorial Hermann Health System and Athlete Training + Health. Capital One and Siemens Financial Services provided acquisition financing for the deal. The seller and sales price were not disclosed.
HOUSTON — Consor Engineers LLC has signed a 26,074-square-foot office lease in Houston’s Energy Corridor area. The tenant will relocate from 15340 Park Row Blvd. to the 14-story, 350,000-square-foot Eldridge Oaks building. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, an affiliate of Los Angeles-based Broadshore Capital Partners, which recently renovated the building, in the lease negotiations. Taylor Wright of Colliers represented Consor Engineers.
FREEPORT, TEXAS — Dallas-based developer KDC has delivered a $114 million importation facility in Freeport, a Gulf Coast city located about 60 miles south of Houston, that is an industrial build-to-suit project for Volkswagen Group of America (VWGoA). The 120-acre development represents a consolidation of the German automaker’s port operations in Houston and Midlothian and encompasses several service buildings totaling more than 200,000 square feet, along with asphalt parking for more than 16,000 vehicles, trucks and railcars. In addition, the facility will be able to process up to 140,000 Volkswagen, Audi, Bentley, Lamborghini and Porsche vehicles annually, supporting about a third of VWGoA’s U.S. retail dealers. Stewart Development & Construction served as the general contractor for the project, construction of which began in late 2022.
DALLAS — California-based investment firm Stanton Road Capital has completed the renovation of Element Towers, a two-building, 672,942-square-foot office complex located off I-635 in North Dallas. The project team upgraded and redesigned the lobbies of both buildings, which also now feature fitness centers with private showers and lockers, fully furnished conference/training facilities and onsite food services. Additional enhancements include updated outdoor communal and recreation areas. ENTOS Design provided architecture and design services while Arco/Murray handled construction. Stanton Road Capital has tapped Holt Lunsford Commercial to lease Element Towers post-renovation.
ATHENS, TEXAS — Marcus & Millichap has brokered the sale of Sentry Storage, a 316-unit self-storage facility located about 50 miles southeast of Dallas in Athens. Built on 9.1 acres in 1981 and recently expanded, the facility totals 47,356 rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the Dallas-Fort Worth-based seller in the transaction and the locally based buyer. Both parties were private investors that requested anonymity.
HOUSTON — Locally based developer Triten Real Estate Partners has broken ground on a 171,000-square-foot industrial project in North Houston. The property, which can support a single or multiple users, will function as a distribution center and will feature two drive-in ramps, 41 dock-high doors, speculative office space and ample trailer parking. Method Architecture is designing the project, and Angler Construction is serving as the general contractor. CBRE is the leasing agent. Completion is slated for summer 2025.
HOUSTON — TMEIC, a joint venture between Toshiba and Mitsubishi Electric, has signed a 39,698-square-foot office headquarters lease in Houston’s Energy Corridor area. The Japanese manufacturer of electrical and automation systems for industrial plants is relocating its U.S. headquarters from Virginia to the 14-story, 350,000-square-foot Eldridge Oaks building. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, an affiliate of Los Angeles-based Broadshore Capital Partners, which recently renovated the building, in the lease negotiations. Weldon Martin and Matthew Seliger, also with Stream, represented TMEIC.
ROCKWALL, TEXAS — Locally based developer SWBC Real Estate has sold The Royalton at Discovery, a 295-unit apartment community in Rockwall, approximately 25 miles northeast of Dallas. Completed in 2023, The Royalton at Discovery offers one-, two- and three-bedroom floor plans with an average size of 1,015 square feet. Select units feature direct access or detached garages. Amenities include a clubhouse, pool and cabanas, fitness center and an outdoor gaming center. Bonaventure acquired the property for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.
LUBBOCK, TEXAS — LEDG Capital, an owner-operator of affordable and workforce housing properties, has completed the $12 million renovation of Southstead, a 244-unit mixed-income community in Lubbock. Built in phases in the 1970s, Southstead comprises 11 two-story buildings and 14 single-story buildings on a 20-acre site. Of the 244 units, 100 are rented at market rates. In addition to upgrading kitchens, bathrooms and HVAC systems, LEDG Capital’s rehabilitation delivered new roofs, painting, pathways, parking areas, a playground and trash enclosures. Merchants Capital financed the project, which lasted 11 months and extends Southstead’s affordability for another 30 years.
HOUSTON — JLL has brokered the sale of Mason Village Shopping Center, a 96,486-square-foot retail center in West Houston. Ethnic grocer La Michoacana anchors the center, and other tenants at the property include Harbor Freight, Freebirds, Jiffy Lube and Jason’s Deli. Ryan West, John Indelli and Clay Anderson of JLL represented the seller, North Carolina-based investment and management firm DNA Partners, in the transaction. Boston-based investment firm Longpoint Realty Partners acquired Mason Village for an undisclosed price.