FORT WORTH, TEXAS — A partnership between Phoenix-based developer Creation Real Estate and J.P. Morgan Global Alternatives has broken ground on a 532,535-square-foot industrial project in Fort Worth. The site is located just off Interstate 820 and offers high visibility from that loop. The development will consist of three buildings — two rear-load and one front-load — with clear heights ranging from 32 to 36 feet. LGE Design Build is the architect and general contractor for the project. Holt Lunsford Commercial has been tapped as the leasing agent. Completion is slated for the second quarter of 2023.
ELMENDORF, TEXAS — Marcus & Millichap has arranged the sale of a 232,406-square-foot office and industrial campus located in the southeastern San Antonio suburb of Elmendorf. Built in 2012, the property consists of 11 buildings on a 108-acre site. At the time of sale, the campus, which includes outdoor storage space, was fully leased to oilfield services company Weatherford International (NASDAQ: WFRD). Patrick Doherty, David Houston and James Stewart of Marcus & Millichap represented the seller, Atlanta-based Stonemont Financial Group, in the transaction and procured the undisclosed buyer.
THE WOODLANDS, TEXAS — Flournoy Development Group, in partnership with Westport Capital, has broken ground on Neuhaus, a 225-unit multifamily project located on the northern outskirts of Houston in The Woodlands. The property will comprise two midrise buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center, dog park and outdoor grilling and dining areas. HEDK is the project architect, and Strategic Construction is the general contractor. Completion is slated for early 2023.
SUGAR LAND, TEXAS — JLL Income Property Trust has purchased Sugar Land Medical Plaza, 37,000-square-foot medical office building located on the southwestern outskirts of Houston, for $18.4 million. The property was built in 2020 and was fully leased at the time of sale to a roster of local healthcare providers that have a weighted average remaining lease term of nine years. The seller was not disclosed.
HOUSTON — Chemical engineering firm Solugen Inc. has signed a 15,000-square-foot office lease at Greenway Plaza, a 52-acre office campus in Houston. Nick Terry of Rifle Real Estate represented Solugen in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Tenants at Greenway Plaza have access to a 150,000-square-foot fitness facility, a childcare center and an array of food and beverage concepts.
HOUSTON — Cushman & Wakefield has arranged the portfolio sale of four memory care communities totaling 152 units in the Houston area. The portfolio comprises Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake. The communities originally opened between 2010 and 2012. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, New York-based Healthcare Trust Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio in an all-cash deal.
AUSTIN, TEXAS — JLL has brokered the sale of ArborView, a 151-unit age-restricted multifamily community in Austin. The property, which opened last year, is located within the Circle C master-planned community on the city’s southwest side. Units at ArborView feature granite countertops and tile backsplashes, and amenities include a pool, indoor and outdoor lounge areas, a fitness center, demonstration kitchen, hair salon and putting greens. Charles Bissell led a JLL team that represented the seller, Cadence Multifamily, in the transaction. Texas-based developer Sparrow Partners purchased ArborView for an undisclosed price.
SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold Niche Apartments, a 150-unit multifamily complex located in the Oakwell Farms area of San Antonio. Built in 2000, the property offers one-, two- and three-bedroom units with an average size of 955 square feet, as well as a pool, fitness center, outdoor grilling areas and walking trails. Hamilton Zanze originally acquired the asset in 2016 and implemented a value-add program.
CARROLLTON, TEXAS — Lee & Associates has negotiated an 85,000-square-foot industrial lease at 1700 Columbian Club Drive in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property was built in 1996 and renovated in 2001. Ken Wesson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Wilson Brown of CBRE represented the tenant, Lily of the Desert, a provider of organic gels and juices.
FRISCO, TEXAS — Dick’s Sporting Goods (NYSE: DKS) has agreed to sublease 50,000 square feet of retail space at 5550 Preston Road in Frisco from Oklahoma-based discount retailer Hobby Lobby. Evan Bloom of The Woodmont Co. represented Hobby Lobby in the sublease negotiations. Megan Trimble and Greg Bracchi of Edge Realty represented Dick’s Sporting Goods. New York-based REIT Kimco Realty Corp. owns the center in which the space is located.