HOUSTON — Power Electronics USA, a provider of renewable energy solutions, has signed a 166,250-square-foot industrial lease at Airtex Commerce Center in Houston. According to LoopNet Inc., the rear-load building at 431 E. Airtex Drive was built in 2015 and features 32-foot clear heights. Ben Condara, John Nicholson and Robyn Hurrell of Colliers represented the tenant in the lease negotiations. Brian Gammill, Darryl Noon and Craig Bean of Transwestern represented the landlord.
MIDLAND, TEXAS — Extract Production, an equipment manufacturer for the oil and gas industry, has sold a 50,000-square-foot industrial flex property in the West Texas city of Midland for $10 million. The property was built in phases on 14 acres between 2018 and 2022. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Extract Production, which also occupies the building and will lease the space back for the next 15 years, in the all-cash transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.
HOUSTON — Locally based investment firm Wu Property Management has purchased Cypresswood Court Shopping Center, a 103,047-square-foot retail property located in the northern Houston suburb of Spring. Target, Best Buy and dd’s DISCOUNTS are the anchor tenants at the center, which was built on 11.3 acres in 1985, according to LoopNet Inc. Wu Property Management has appointed Sturbridge Commercial as the leasing agent.
PEARLAND, TEXAS — Locally based brokerage firm Fritsche Anderson Realty Partners has arranged the sale of a 68,000-square-foot industrial park in the southern Houston suburb of Pearland. The property comprises five buildings on a 7.6-acre site. Brandon Wuntch and Drew Altmann of Fritsche Anderson represented the seller, an entity doing business as Halik 35 LLC, in the transaction and procured the buyer, Houston-based Baywater Capital.
HOUSTON — Partners Real Estate has negotiated the sale of an eight-unit apartment building located at 4218 J St. in West Houston. According to LoopNet Inc., the property was built in 1963 and renovated in 2022. Ryan DeGennaro represented the seller, Mell Investment Group, in the transaction. Elaine Lan Nguyen of HomeSmart represented the buyer.
PLANO, TEXAS — Ryan Cos. has topped out a 23-story, 409,000-square-foot office building within the Legacy West mixed-use development in Plano. Global tax firm Ryan LLC plans to occupy about half of the building as its new headquarters, and JLL is marketing the remaining space for lease. ACORE Capital provided construction financing for the project, which Ryan Cos. is developing in a joint venture with the real estate investment arm of Kansas-based conglomerate Koch Industries. Amenities will include a fitness center, multiple conference rooms, tenant lounge, pickleball courts and a café. Gensler is the project architect. Construction began last summer and is slated for a late 2024 completion.
DALLAS — Locally based developer StreetLights Residential has broken ground on The Galatyn, a 20-story apartment building that will be located in the Upper McKinney District of Dallas. The Galatyn will house 56 units in two- and three-bedroom formats with an average size of 2,700 square feet. Amenities will include a pool, fitness center, concierge services, a coffee bar, catering kitchen, dog wash and a landscaped courtyard. StreetLights Creative Studio is the architect for the project, and SLR Construction LLC is the general contractor. Both entities are affiliates of the developer. Delivery is slated for 2025.
PORTLAND, TEXAS — Atlanta-based brokerage firm Bull Realty Inc. has arranged the sale of a 95-room hotel in Portland, located near Corpus Christi in South Texas. The hotel operates under the Avid flag, which is part of the InterContinental Hotel Group (IHG) family of brands. Jonathan Hayne and Tom French of Bull Realty represented the undisclosed seller in the transaction. The buyer was an entity doing business as Nova Portland Hotels LLC. Brian Bockman of Bang Realty assisted in closing the deal as the Texas broker of record.
SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.
NORTH RICHLAND HILLS, TEXAS — Houston-based NewQuest Properties has secured a 27,941-square-foot retail lease at Rufe Snow Village in North Richland Hills, a northeastern suburb of Fort Worth. Austen Baldridge and Bob Conwell of NewQuest represented the tenant, an entity doing business as TX Thrift LLC, in the lease negotiations. Stone Beyer and Taylor Marks of Woodcrest Capital represented the undisclosed landlord.
