RNR Real Estate Briefs – Texas & more

RNR Real Estate Briefs – (Realty News Report) – KATY – BGO, a global real estate investment manager, announced the acquisition of Heritage West, a newly constructed industrial portfolio totaling 299,520 SF at 1065 and 1085 Heritage West Drive in Katy. The portfolio, majority owned by BGO, was acquired through a joint venture with Austin-based industrial real estate investor and operator Harbor Capital. The property was developed by InSite Realty and Urban Companies. The purchase consists of two front-load buildings: Building 2, totaling 90,480 SF with 32-foot clear heights, and Building 3, totaling 209,040 SF with 36-foot clear heights. Heritage West was 100% preleased at closing. Seyfarth Shaw provided legal counsel for BGO.

HOUSTON – Apricus Realty Capital acquired 11403 N. Houston Rosslyn Road, an 18.56-acre industrial outdoor storage (IOS) property in Houston. JLL Capital Markets’ CW Sheehan, Jack Britton, Peyton Ackerman, and Nate Henderson arranged acquisition financing. The property, which includes a 52,790-SF, crane-served industrial facility, is 100% leased to a single tenant in the steel pipe distribution sector.

CYPRESS – Newmark arranged a $52 million cash-out refinance for Cantera at Towne Lake, a 366-unit garden-style apartment complex in the Towne Lake master planned community in Cypress. Vince Punzi and Lowell Takahashi arranged the financing through a debt fund on behalf of the borrower, The Bascom Group. The property was built in 2008.

MONT BELVIEU – Two affiliates of Virgata Property Co. acquired 7.3 acres on the northwest corner of Edgewood Avenue and Langston Boulevard in Mont Belvieu from the City of Mont Belvieu. The property is planned as the site of a 50,000-SF, two-story medical facility to be predominately occupied by Memorial Hermann Health System and serviced by an adjacent heliport. A future phase two development of the abutting land will provide for additional medical office users. Greg Shaw with Shaw Commercial Properties represented the seller. David Boone with Virgata Brokerage Services represented buyer.

The new CubeSmart facility off Highway 59 in northeast Houston. — The new CubeSmart facility off Highway 59 in northeast Houston has 1,299 units. ARCO/Murray courtesy photo.

HOUSTON – ARCO/Murray, a design-build contractor, partnered with YourSpace America to deliver a 153,178-SF self-storage facility off Highway 59 in northeast Houston. Operated by CubeSmart, the 4-story facility at 3203 Hurley has 1,299 climate-controlled storage units, 41 exterior drive-up units, and covered RV parking. Magellan Architecture also worked on the project.

HOUSTON – EVO Entertainment acquired the former Xscape Theatre property on 6.8 acres at 26616 FM 1093 in the Katy-Fulshear area. The company plans to expand the property into a nearly 70,000-SF destination combining a renovated cinema with dining, recreation and private-event offerings. Newcor’s Rob Banzhaf and Alexander Rizzotti represented the seller. Opening is planned in summer 2027.

HOUSTON – Howard Hughes Communities has added Empire Homes as a builder in Bridgeland’s Creekland Village, expanding options for entry-level and move-up buyers. Priced from the mid-$300,000s, the new collection will offer one- and two-story homes ranging from 1,500 to 2,800 square feet, with three to five bedrooms and two to four baths.

KATY – Haidilao leased 3,850 SF in Katy Grand, located at Interstate 10 and the Grand Parkway, Katy. Heather Nguyen of NewQuest represented the landlord. Rebecca Le, also of NewQuest, represented the tenant.

Texas

DALLAS – ALTO Real Estate Funds executed a full-building lease with DHL at ALTO Pinto 45, a 586,919-SF Class A industrial facility in South Dallas. ALTO Real Estate Funds acquires and develops logistics assets in Texas and open-air shopping centers throughout the Sun Belt.

DALLAS – Stream Realty Partners completed 144,567 SF of leasing at Trammell Crow Center, a 1.2 million-SF mixed-use office project at 2001 Ross Ave. in Dallas’ Arts District. Stream’s landlord representation team, including Doug Jones, Marissa Parkin, and Chase Lopez, represented Regent Properties. Leases included 17,043 SF with Ahmad, Zavitsanos & Mensing, 9,291 SF with Crowell & Moring, a 10,669-SF expansion with Gibson Dunn for a total of 89,879 SF, a 44,578-SF renewal with Stream Realty Partners, and a 15,373-SF renewal with FTI Consulting.

FORT WORTH – Stream Realty Partners announced the groundbreaking of Camp Howze Industrial Rail Park, a 489-acre master-planned industrial development at Interstate 35 and U.S. Highway 82 in Gainesville, Texas. Planned for up to 7 million SF of industrial space across 14 buildings, the project will offer rail-served and non-rail-served build-to-suit opportunities for logistics, manufacturing, and distribution users. Matthew Dornak and Connor Land are leading leasing efforts for the project on behalf of B-29 Investments in partnership with Hughes Commercial.

DALLAS – Newmark served as the exclusive advisor to Tradition Senior Living, a developer, owner and operator of luxury senior living communities, to recapitalize its five-property seniors housing portfolio in Texas through the formation of a joint venture with Kayne Anderson Real Estate. The properties include The Tradition-Clearfork in Fort Worth, The Tradition-Lovers Lane and The Tradition-Prestonwood in Dallas, and The Tradition-Woodway and The Tradition-Buffalo Speedway in Houston. The portfolio, totaling 1,546 units, is 96% occupied. Tradition Senior Living will have ownership in the new joint venture and continue in its role as property manager. Newmark’s Chad Lavender, Ryan Maconachy, Sarah Anderson, Mills Poynor, and Ben McElroy advised on the transaction and secured the financing on behalf of the JV.

SAN ANTONIO – A SynerMark Properties partnership purchased Union Square I & II, a 323,949-SF office campus at 10101 Reunion Place and 10001 Reunion Place in San Antonio. Tryperion Holdings provided preferred equity for the acquisition. Drew Fuller, Chuck King, and Patrick McCord of JLL Capital Markets represented the seller, a JV led by Worth & Associates. The property is 95% leased.

ARLINGTON, Texas – Condor Equity broke ground on Arlington 8, an eight-unit townhome development at 901 W. Abram Street near the University of Texas at Arlington’s 41,000-student campus. The milestone marks the first major project for the Dallas-based real estate equity and development firm, which manages a $175 million portfolio spanning Texas, Hawaii, and Georgia.

Nation

SAN FRANCISCO – Sunstone Hotel announced a deal to sell the 821-room Hyatt Regency San Francisco to funds affiliated with Blackstone Real Estate for $279 million, or $340,000 per key. Eastdil Secured brokered the sale.

Rendering of the Neyland Entertainment District — Neyland Entertainment District. Rendering courtesy of Arctos.

KNOXVILLE, Tenn. – Arctos, a Dallas-based investing business in KKR Solutions, announced a partnership with RVX Ventures, a real estate development platform specializing in mixed-use entertainment districts, and Magellan Development Group, a national leader in urban mixed-use real estate, to launch a new platform targeting the sports-anchored development sector. The platform’s inaugural project is Neyland Entertainment District, a new development spanning the Tennessee River waterfront adjacent to Neyland Stadium at the University of Tennessee, Knoxville. Structured as a public-private partnership with the University, the development will feature 100,000 SF of entertainment space alongside a 24-story hotel and residences, along with a private members club, designed to enhance the gameday experience while creating a year-round destination for the Knoxville community. Arctos is the majority equity investor and is participating as a general partner alongside a sponsor team led by RVX, Magellan and Dixon Greenwood.

CINCINNATI – National developer Portman, in partnership with the City of Cincinnati, Hamilton County, the State of Ohio, Cincinnati Center City Development Corp., The Port of Greater Cincinnati and Visit Cincy, announced it has closed on $540 million in financing to develop the Cincinnati Downtown Marriott hotel. The hotel will anchor the city’s reimagined Convention District, bringing 700 rooms, 60,000 SF of meeting space, a 17,000-SF events terrace. The project financing is supported by $249 million in public funds.

BOSTON – BXP announced a long-term lease agreement with Boston Dynamics for 320,000 SF at Reservoir Place, a 530,000-SF building at 1601 Trapelo Road in Waltham, Mass. Boston Dynamics intends to invest $100 million in the development of a state-of-the-art robotics and AI center at Reservoir Place and create up to 1,250 new jobs by 2033.

Feature image: A JV between BGO and Harbor Capital has acquired two newly completed industrial buildings at Heritage West in Katy. BGO courtesy photo.

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