HOUSTON — Ideal Steel Inc., an Oregon-based fabricator, has signed a 66,500-square-foot industrial lease renewal at 5900 Brittmoore Road in northwest Houston. According to LoopNet Inc., the single-tenant property was built in 1969. Jake Wilkinson and Darren O’Conor of NAI Partners represented the tenant in the lease negotiations. Brad Berry and Ryan Wasaff represented the locally based landlord, Welcome Group, on an internal basis.
PLANO, TEXAS — A partnership between two locally based investment firms, Centennial and Cawley Partners, as well as New York City-based Waterfall Asset Management, has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage users. According to Chain Store Age, the seller was Syracuse-based Spinoso Real Estate Group.
AUSTIN AND SAN ANTONIO — CBRE has provided a $62.1 million Fannie Mae loan for the refinancing of a portfolio of six multifamily properties totaling 1,632 units, the majority of which are located in Central Texas. Specifically, the portfolio comprises Canyon Point, Oak Springs and Deer Oaks in San Antonio and Churchill Crossing in Austin, as well as two properties in Charleston, S.C. Nate Sittema and Kristen Reilley of CBRE originated the 10-year, interest-only loan on behalf of the borrower, Boston-based Churchill Forge Properties.
LEWISVILLE, TEXAS — Bright Realty has added 11 new retail and restaurant users at The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use destination in the northern Dallas suburb of Lewisville. Food and beverage concepts include Saray Mediterranean Fusion Grill & Bar, Salubrious Juice & More, donut eatery Mochinut, smoothie bar Bahama Bucks, breakfast concept Food Morning and Japanese restaurant Luster Grill. The roster now also features three salons — Cool Heads, Salon Bellus and Cachet Salons & Spa — as well as fitness concept Hotworx and Castle Hills Animal Hospital.
COLLEGE STATION, TEXAS — Cell and gene therapy firm Matica Biotechnology has opened a 45,000-square-foot life sciences facility at Providence Park, a 52-acre research and development campus in College Station. Providence Park houses the former 180,000-square-foot facility of Pittsburgh-based manufacturer Westinghouse. Oldham Goodwin manages the property.
FLOWER MOUND, TEXAS — Renaissance Network Reinvent, which provides engineering-centric repairs and supply chain management solutions, has signed a 42,596-square-foot industrial lease renewal at 1200 Lakeside Parkway in Flower Mound, located north of Fort Worth. According to LoopNet Inc., the property was built on 26.6 acres in 2007. Evan Hammer, Ben Crancer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate represented the tenant in the lease negotiations. Whitney Williamson represented the landlord, Prologis, on an internal basis.
Interviews by Taylor Williams The office markets of the major Texas cities have always been birds of different feathers, built to accommodate drastically different types of users and disproportionately subject to broader swings in occupancy and rent growth. Dallas-Fort Worth (DFW) remains the king of corporate relocations and regional consolidations, and the metroplex’s office market benefits from the highest degree of diversity among users, an attribute that has ushered it through the darkest days of the COVID-19 pandemic. Meanwhile, the Houston office market, hobbled for years by its reliance on energy users, may finally be poised to see some growth in occupancy as prices of these commodities head for the moon. In Austin, the non-California tech capital of the country, the supply of office space is still playing catch-up to demand, as evidenced by the healthy rents these buildings have achieved during the state capital’s ascendance to major-market status. And San Antonio? Like most commercial asset classes in the Alamo City, the performance of the office sector is steady, offering neither the glamorous appeal of trophy buildings with marquee users that attract institutional investors nor the profound cyclical dips that scare them away. Yet after two years of prolonged disruption …
HOUSTON — CBRE has negotiated a 500,000-square-foot, full-building industrial lease at 5800 Mesa Drive in northeast Houston. Situated on 95 acres, the property features 330 terminal doors, a 46,000-square-foot maintenance facility and 25 acres of secured trailer parking. Tres Reid and Andrew Jewett of CBRE represented the tenant, an undisclosed logistics firm, in the lease negotiations. John Simons, Gray Gilbert and Chris Haro of NAI Partners, along with Dave Dandurand of Burr & Temkin, represented the landlord, Dayton Street Partners. The Chicago-based investment firm acquired the property in January 2021 and implemented a $25 million value-add program.
HOUSTON — Virginia-based investment firm Capital Square has acquired a 304-unit apartment community formerly known as Alta West Alabama in Houston. Developed by Wood Partners in 2019, the property offers studio, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities include a pool, fitness center, sky lounge, coworking spaces, pet spa and a courtyard, as well as a clubhouse with TVs, a billiards table, lounge seating and an entertainment kitchen. Capital Square acquired the community via a Delaware Statutory Trust.
DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.