IRVING, TEXAS — Marcus & Millichap has brokered the sale of Agave Villas, a 94-unit apartment complex in Irving. According to Apartments.com, the property was built in 1980, features one- and two-bedroom units and offers amenities such as a pool, playground and picnic areas. David Fersing, Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller and procured an out-of-state investment firm as the buyer. Both parties requested anonymity.
NEW BRAUNFELS, TEXAS — TaskUs, a provider of digital technology solutions, has signed a lease renewal and expansion to occupy more than 80,000 square feet of office space at Heritage Plaza in the San Antonio suburb of New Braunfels. Wills Bauer and Randy Cooper of Stream Realty Partners represented TaskUs in the lease negotiations. Shawn Gulley represented the landlord, Worth & Associates, on an internal basis. TaskUs will modify its space to include a gaming lounge, meditation room and a break room.
NEW CANEY, TEXAS — Target (NYSE: TGT) will open a 136,000-square-foot store at Valley Ranch Town Center, a 240-acre shopping, dining and entertainment destination located in the northeastern Houston suburb of New Caney. The Minneapolis-based retailer joins a tenant roster that includes Kroger, Burlington, Academy Sports + Outdoors, T.J. Maxx, Hobby Lobby and Cinemark Theatres. Karla Smith of SRS Real Estate Partners represented Target in the lease negotiations. Brody Farris represented the landlord, Signorelli Co., on an internal basis. The space is under construction, and a tentative opening date has not yet been established.
LONGVIEW, TEXAS — MAG Capital Partners has sold a 124,417-square-foot industrial property in Longview, about 120 miles east of Dallas, that houses the headquarters and production facilities of M. Roberts Media. The property is located within an Opportunity Zone and has an available parcel for future development. Los Angeles-based investment firm DWG Capital Partners purchased the asset for an undisclosed price.
HOUSTON — California-based brokerage firm Hanley Investment Group Real Estate Advisors has arranged the sale of eight single-tenant net-leased (STNL) retail properties located throughout the Houston area. Louetta Automotive & Tire Service occupies all the properties, which sold to eight separate private investors for a combined price of $20.7 million. Louetta Automotive is now operating as Sun Auto Tire & Service and is backed by Los Angeles-based private equity firm Leonard Green & Partners.
THE COLONY, TEXAS — Lee & Associates has negotiated a 123,269-square-foot industrial lease at 2001 Midway Road in the northern Dallas suburb of The Colony. According to LoopNet Inc., the property features a rear-load configuration and 168 car parking spaces. Johnny Anderson, Adam Graham and Mark Graybill of Lee & Associates represented the landlord, First Industrial Texas, in the lease negotiations. The name and representative of the tenant were not disclosed.
KATY, TEXAS — Weitzman has begun leasing Porter Lake Crossing, a 40,130-square-foot shopping center under construction in the western Houston suburb of Katy. Cornerstone Development Group is developing the project, which will consist of three multi-tenant buildings and a 6,000-square-foot pad site. Construction of the first building is expected to be complete next fall.
CASTROVILLE, TEXAS — Merit Commercial Real Estate has broken ground on Alsatian Oaks, a 435-acre, master-planned community in Castroville, a town adjacent to San Antonio. The project represents an investment of more than $500 million. When complete, Alsatian Oaks will include 950 single-family homes, an amenity center, parks, bike trails and more than 400,000 square feet of restaurants, retail and medical office space. The first phase of development will consist of 233 homes as well as utility systems and a parkway connecting to Highway 90. A construction timeline was not provided. Founded in 1844 by farmers from Alsace, a French region that borders Germany, Castroville maintains a uniquely European agricultural style. Merit brought in agricultural talent from across the state to ensure that the new development honored the city’s heritage and paid tribute to its unique architecture. The population within a 10-mile radius of Castroville has increased 11.4 percent over the past five years, according to Merit. It is projected to increase another 18.2 percent over the next five years. Additionally, Castroville lies within the highest growth submarket for the San Antonio area, with more than 5,321 new home starts in the past year. There are multiple projects to increase …
CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant. In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short …
THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has received $250 million in new financing for 1201 Lake Robbins, an approximately 806,000-square-foot Class A office tower in The Woodlands, about 30 miles north of Houston. The building, which at the time of the loan closing was fully leased to Occidental Petroleum (NYSE: OXY) through the end of 2032, represents half of The Woodlands Towers at the Waterway development. An undisclosed lender provided the nonrecourse, 10-year loan, which bears interest at a rate of roughly 3.8 percent and is interest-only for the full loan term. Howard Hughes Corp. CEO David O’Reilly stated that receipt of the new financing would free up capital proceeds for redeployment in other development opportunities. To that end, the company announced earlier this week that it had purchased 37,000 acres in Phoenix for the development of the Douglas Ranch master-planned community.