Category: Deals & Announcements

Trade-critical warehouse on Texas-Mexico border sells for $9.1 million

Posted on by Mia Goulart

CBRE has arranged the sale of a 79,883-square-foot warehouse in Laredo, Texas, to a 1031-exchange buyer for $9.15 million.

Anthony DeLorenzo, Bryan Johnson, Nick Williams, and Elizabeth Bachhuber with CBRE’s Investment Properties—California/Arizona/Nevada represented the seller, California-based Stos Partners, in the transaction.

Located at 13806 North Unitec Drive, the property was built in 2001 and is fully occupied by Grupo Cargoquin, a supply chain company that provides custom agency, third-party logistics (3PL), transportation logistics and foreign trade consulting services. The facility comprises two buildings with 22-foot clear heights, eight drive-ins, 21 loading bays and 53 parking spaces.

The facility sits on 4.94 acres just off Interstate 35, which connects Laredo with the rest of the United States and Canada. The property is 20 minutes from the Port of Laredo and 30 minutes from the Laredo International Airport, providing access to both passenger and cargo transportation. Laredo metro area is home to more than 260,000 people and 112,000 jobs, according to the Texas Development Corporation.

Laredo’s industrial real estate supply has grown by 10% over the past five years to 36 million square feet with a vacancy rate of just 1.5% in the fourth quarter of 2022, according to CBRE Research. The average asking rent increased by 6.1% year-over-year in 2022 to $9.53 per square foot for a triple-net lease. As more manufacturing operations are nearshored, trade with Mexico is expected to increase, along with industrial investor and occupier interest.

MDH Partners acquires 600,000-square-foot industrial building in Houston

Posted on by Mia Goulart

MDH Partners announced the acquisition of South Belt Central Building 4, a 603,389-square-foot, Class-A industrial building located in Houston. Georga Rowe served as the acquisition lead for MDH Partners. Trent Agnew, Charles Strauss, and Tom Weber with JLL represented the seller.

South Belt Central Building 4 is located within South Belt Central Business Park, a 3.3 million-square-foot industrial park situated on 36.9 acres of land. Delivered in 2023, the property features 442 parking spaces, 196 trailer parking spaces, ESFR sprinkler systems and 36-foot clear heights. South Belt Central Building 4 is ideally positioned in the South Houston industrial submarket with frontage on Beltway 8, and located just 2.7 miles east from US Highway 288, providing excellent connectivity. The property has convenient access to the Port of Houston, Downtown Houston, Texas Medical Center and the population base of South Houston.

According to JLL, the Houston industrial market saw 5.5 million square feet of space absorbed in the first quarter of 2023 and at the end of the quarter, only 6% of the region’s industrial space remained vacant. In addition, the strong competition for space in Houston has caused asking rates to grow, with the average rental rate increasing by 15% from the same period in 2022. 

South Belt Central Building 4 increases MDH Partners’ Texas footprint to more than 3.9 million square feet. In April, the firm acquired Fort Worth Logistics Hub, a 670,914-square-foot, Class-A industrial building occupied by Samsung SDS America and located in Fort Worth, Texas. MDH Partners has remained active this year, acquiring nearly five million square feet of industrial assets throughout the U.S. since last January. The firm recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania, and currently owns more than 101 assets across 20 states.

Trez Capital funds $17 million for new master-planned community in Dorchester

Posted on by Mia Goulart

The Dallas-based office of Trez Capital announced the closing of a $17 million loan for the financing of phase one to develop 360 lots of Centurion American’s new master-planned community, Cottonwood. Close to the Texas-Oklahoma border, the 100-plus acre community located in Dorchester, just north of Gunter and Celina, will be near Texas Instruments’ new manufacturing plant, a business park being created by Texas Instruments, Finisar and other large corporations.

Cottonwood will offer over 2,000 lots that will serve a diverse range of community options and amenities including multifamily residences, commercial use, build-to-rent options, multiple school sites and nature trails throughout. The community sits 55 miles from Downtown Dallas and is in proximity to large corporation headquarters, providing amenity-rich, nearby housing for workers with families.

The phase one lots are expected to be completed in 2025.

Friedman Real Estate sells Subway restaurant in Houston, Texas

Posted on by Mia Goulart

Friedman Real Estate‘s Mark Zeidman and Nick Jasien recently sold a retail store located at 750 Highway 6 South in Houston, Texas.

Subway Memorial currently occupies the building and has strong management in place. Friedman’s brokers represented the seller in the transaction.

Hines secures IBM to anchor new office tower in Austin

Posted on by Mia Goulart

CBRE has arranged a significant pre-lease with IBM to anchor a new 507,200-square-foot next-generation office development planned by Hines on the north end of The Domain, known as Austin’s “second downtown.” IBM plans to relocate and consolidate its two current office locations near The Domain at the highly amenitized building, slated for occupancy by 2027.

CBRE’s Bo Beacham and John Barksdale represented the developer, Hines, in the transaction.

Hines’ new Class AA development within The Domain will comprise of two 14-story interconnected towers with exclusive lobbies for each tower and exterior aesthetics that will set a new bar in the Dominion submarket. Catering to the needs of the modern workforce, tenants will experience multiple amenity decks on the ninth floor, private balconies on each floor, outdoor sports amenities, and a high-end fitness and conference center. Additionally, the property will place a heavy emphasis on ESG, and is being designed for LEED Gold certification and will seek WELL Platinum, WiredScore Platinum, and Austin Energy Green Build distinctions. Construction is anticipated to begin in late 2023.

Stream Realty Partners helps private landowners sell 10 acres in Melissa to Green Acres Nursery

Posted on by Mia Goulart

Stream Realty Partners has assisted in selling 9.47 acres along U.S. Highway 75 in Melissa and adjacent to one of Texas’ most popular convenience store chains.

Green Acres Nursery & Supply purchased Lot 4 at Willow Grove Crossing at 1922 Central Expressway for an undisclosed amount. The garden center, based in California with seven locations, plans to open its second Texas location at the site near Buc-ee’s. Its first Texas store is in Irving.

Stream Senior Vice President Demian Salmon and Associate Chap Bernet represented the sellers, Flamingo Daze LP, in the transaction. David Sacher of SHOP Companies represented the buyer. Stream is a national commercial real estate firm offering an integrated platform of services. The firm’s land experts leverage industry-leading technology to provide market analysis, feasibility studies, strategic site selection, residual valuations, highest and best uses, mapping, and demographic research.

The nearly 10-acre Melissa property is currently zoned for commercial development and offers city water and sewer utilities. It fronts U.S. 75, which sees more than 80,000 vehicles daily. The Willow Grove mixed-use development, comprising 650 multi-family units and 270 single-family lots, is directly behind the property. The Quarry at Stoneridge, Trinity Falls, Auburndale, and Hunters Ridge are among single-family developments in the immediate area.