MINERAL WELLS, TEXAS — Marcus & Millichap has brokered the sale of Tuck’s Mobile Home Park, an 50-site manufactured housing community in Mineral Wells, about 50 miles west of Fort Worth. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
SAN ANTONIO — Locally based developer Koontz Corp. will build Westport Industrial Park, a 360,000-square-foot industrial project that will be located near the corner of South Callaghan Road and State Highway 151 in San Antonio’s Near West Side submarket. Westport Industrial Park will consist of four 90,000-square-foot buildings that will be situated on a 35-acre site. Building features will include 24-foot clear heights, ESFR sprinkler systems, 130-foot truck court depths and ample trailer parking. Construction of Phase I, which will encompass the first two buildings, is scheduled to begin during the first quarter of 2022 and to be complete by the end of next year.
DALLAS — AT&T has opened Discovery District, a project that transformed the telecommunications giant’s headquarters in downtown Dallas into a mixed-use destination with retail, restaurant, office and entertainment uses. Designed by global architecture firm Gensler, AT&T Discovery District spans 6.5 acres and includes multiple art installations, as well as interactive features for customers. The Beck Group served as the general contractor of the project, which was conceived more than five years ago.
MISSOURI CITY, TEXAS — Houston-based development firm NewQuest Properties has broken ground on Phase II of Fort Bend Town Center, a project that will add 300,000 square feet of shopping, dining and entertainment space to the local supply of Missouri City, located southwest of Houston. A 12-screen Cinemark theater will anchor the 42-acre second phase, which is expected to come on line in the third quarter of 2023. NewQuest is also in the midst of negotiations with six potential junior anchor tenants for Phase II.
AZLE, TEXAS — Marcus & Millichap has brokered the sale of Eagle Mountain Self Storage, an 267-unit facility located in the northwestern Fort Worth suburb of Azle. The property spans 68,200 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.
PORTLAND, TEXAS — LRC Commercial, an owner-operator primarily focused on secondary and tertiaruy markets in the Midwest, has acquired Westcliffe-Royal Palms, a 132-unit multifamily property in Portland, located in South Texas outside Corpus Christi. The Waller Group represented LRC Commercial and the undisclosed seller in the transaction. Chris Litzler of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal. LRC Commercial will rebrand the property as LUX Off Moore.
AUSTIN, TEXAS — UrbanSpace Real Estate + Interiors, a development, design and project management firm, will build The Modern Austin Residences, a multifamily project in downtown Austin that will add 345 for-sale condos to the local supply. The 55-story tower will be located at 610 Davis St. in the Rainey Street District and will include two retail spaces. The development team includes Nelsen Partners (design architect), Page (architect of record) and Flintco (general contractor). Construction and sales are set to commence in the first quarter of next year.
CARROLLTON, TEXAS — CBRE has negotiated the sale of Keystone at Castle Hills, a 690-unit multifamily property in the northern Dallas suburb of Carrollton. According to Apartments.com, the property was built in 1988 and offers one-, two- and three-bedroom units. Amenities include two pools, a fitness center, resident clubhouse with a coworking lounge and outdoor grilling areas. Danny Baker, Nita Stewart, Chandler Sims and Kevin O’Boyle of CBRE represented the seller, Acre Valley Real Estate Capital, in the transaction. Miami-based Starwood Capital Group purchased the property for an undisclosed price.
UNIVERSAL CITY, TEXAS — Lument has provided an $18.6 million Fannie Mae loan for the refinancing of Meadows Apartments, a 216-unit affordable housing property in Universal City, a northeastern suburb of San Antonio. All units at the property, which was built in 1972, are reserved for renters earning 80 percent or less of the area median income (AMI). Marc Suarez of Lument originated the loan through Fannie Mae’s Green Rewards program on behalf of the sponsor, locally based multifamily development and investment firm Lynd Co.
LUFKIN, TEXAS — Marcus & Millichap has brokered the sale of Texas Moving & Storage, a 223-unit self-storage facility in Lufkin, about 120 miles north of Houston. The facility was built in 2008 and spans 22,630 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a locally based private investor. Both parties requested anonymity.