MAG Capital Partners Purchases Three-Building Industrial Portfolio in Michigan, Texas, and Virginia

In a sale-leaseback-structured transaction, Fort Worth, Texas-based MAG Capital Partners, LLC, acquired a three-building, 256,258-square-foot industrial manufacturing portfolio that spans about 20 acres across locations in Texas, Michigan and Virginia. The facilities are occupied by Huntington Solutions, a product solutions manufacturer specializing in high-volume standardized packaging, cold chain systems, engineered OEM components and customized construction materials. The seller, Mill Point Capital, is a New York City-based private equity firm that purchased a predecessor of Huntington Solutions in 2016. Huntington Solutions will continue to occupy its facilities at 1323 Moore Street, in Greenville, Michigan; 604 and 606 17th Street, in Radford, Virginia.; and 1278 Highway 71 West, in Bastrop, Texas, under long-term net leases. “Despite headwinds in the general market brought on primarily by COVID and the turbulent election cycle, general manufacturing market fundamentals remain solid,” said MAG Capital Partners Principal Dax T.S. Mitchell. MAG Capital Partners was represented by Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP. Mill Point Capital was represented by J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee with Newmark’s Chicago office.

NAI Partners Arranges Sale of 16.8 Acres in Northwest Houston

NAI Partners recently arranged the sale of a 16.8-acre site at 5550 Bingle Road in Houston to Trammell Crow Residential (TCR), who recently commenced construction on the site. Allora Northwest Crossing, a 378-unit, three-story, attainable rental housing community is slated to open in the fourth quarter of 2021. The high-quality, lifestyle-focused community features large floor plans, full-size in-unit washers and dryers, stainless steel appliances, fitness center, pool, dog park and a bike room. The premier location in northwest Houston provides convenient access to Northwest Freeway, offering a short commute to Downtown Houston and the Galleria area, and is within a mile of multiple dining, retail and entertainment options. NAI Partners’ Chris Caudill represented the buyer, Maple Bingle Apartments, LP, an affiliate of TCR, while the sellers’ group, led by Claude B. Anello, was represented by NAI Partners’ Clay Pritchett and Zane Carman. Terms of the transaction were not disclosed.

RESOLUTE RE Inks 10 Retail Transactions

RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Dallas, El Paso, Houston and San Antonio markets. Cool Drinks has subleased 2,555 square feet at 331 E U.S. Highway 377 in Granbury, Texas. Stephanie Jacobs and Mai Nguyen of RESOLUT RE represented the sublessor. Herbalife has leased 1,439 square feet at Woodmont Plaza North (6200 McCart Avenue, Fort Worth). Colin Cannon and Brian Sladek of RESOLUT RE represented the landlord. World Peace Smoke Shop has leased 1,200 square feet at The Village at Sunland Park (929 Sunland Street, El Paso). Chris Duncan of RESOLUT RE represented the landlord. Claiborne Gallagher of RJL Real Estate Consultants represented the tenant. Mike Bros. has leased 900 square feet at Crescent Park Shopping Center (13548 Beechnut, Houston). Jim Thompson and Benny Nguyen of RESOLUT RE represented the landlord. Rogue Prosthetics has leased 4,200 square feet at Gaslight Plaza Shopping Center (1821 W Frank Avenue, Lufkin, Texas). Eric Broussard of RESOLUT RE represented the tenant. John Thomas of Marquette Realty represented the landlord. Bahama Mama has leased 1,400 square feet at Klein Square Shopping Center (16812 Stuebner Airline Road, Spring, Texas). Eric Broussard and Benny Nguyen of RESOLUT RE represented the tenant. Lauren Shepphard of Williamsburg represented the landlord. Tarka Indian Kitchen has leased 2,500 square feet at Citywest Shopping Center (10550 Westheimer Road, Houston). Joaquin Orozco and Benny Nguyen of RESOLUT RE represented the tenant. Kim Bernick of Shop Companies represented the landlord. Hairstylist 360 has leased 1,967 square feet at Crown Meadows Shopping Center (7616 Culebra Road, San Antonio). Aisha Chapa of RESOLUT RE represented the landlord. Jake Islas of DuWest Real Estate represented the tenant. Lucky’s Icehouse has leased 4,375 square feet at 2818 NE Loop 410 in San Antonio. Aisha Chapa of RESOLUT RE represented the landlord. Norm Muller of Century 21 represented the tenant. Nobili Tea has leased 1,750 square feet at Cooper Plaza (11824 Indiana Avenue, Lubbock, Texas). Gavin Fite of RESOLUT RE represented the tenant. Kevin Watt of Westar Commercial Realty represented the landlord.

America’s Best Contacts & Eyeglasses Coming to Denton Crossing Shopping Center

America’s Best Contacts & Eyeglasses leased a 3,499 square feet space at Denton Crossing Shopping Center at 1400-1800 South Loop 288 in Denton. The Retail Connection’s David Levinson and Jack Weir, negotiated the lease with Dawn Greiner and Ryan Johnson with SRS Real Estate Partners-Southwest, LLC.

Major League Cricket Signs Long-Term Lease to Develop First MLC Stadium in Grand Prairie

GRAND PRAIRIE, TX – Major League Cricket (MLC) has received approval from the City of Grand Prairie on a long-term lease agreement to begin an extensive redevelopment of AirHogs Stadium as the organization’s first major cricket stadium in the United States. The parent company of MLC, American Cricket Enterprises (ACE) — in cooperation with USA Cricket, the national governing body for cricket in the United States — has retained the internationally renowned design firm HKS to repurpose and design what will be a world-class stadium for cricket in the United States. One of the best sports performance facilities in minor league baseball during its previous life as the home of the Texas AirHogs, the soon-to-be renamed stadium will now become a dedicated world-class cricketing facility. The redevelopment of the venue is scheduled to take place throughout 2021 before playing host to the Texas MLC franchise that is planned to launch in 2022, as well as a base for the USA Cricket National team and a premier High-Performance Center. “As the first Major League Cricket stadium in the United States, Grand Prairie represents a seminal moment for the sport in America, and we are incredibly excited to partner with the City of Grand Prairie to bring Major League Cricket to Dallas,” said Sameer Mehta and Vijay Srinivasan, co-founders of ACE and MLC. “Grand Prairie’s centralized location in the U.S. and the thriving Texas cricketing community, allied with the quality of the facility, made it the perfect site for us and we are certain that this is the beginning of a fruitful long-term partnership with the City that will bring much success.” Click to read more at www.usacricket.org.

Marcus & Millichap Brokers Multi-tenant Medical Office Building Sale in Amarillo

Marcus & Millichap arranged the sale of 3501 MedCenter, a 145,096-square-foot multi-tenant medical office property in Amarillo, Texas. “We marketed this asset to a deep buyer pool and generated multiple offers, in spite of the truly unprecedented market conditions created by COVID-19 and the turbulent election season,” said Alex Vidal, a healthcare real estate investment specialist in Marcus & Millichap’s San Francisco office. “At the conclusion of a competitive bidding process, the buyer and seller both achieved their investment goals, underscoring the importance of hiring a skilled, healthcare-focused investment team to assist with medical office real estate transactions.” Vidal had the exclusive listing to market the property on behalf of the seller, an Amarillo-based private partnership led by Geoffrey Wright, M.D. and Joe Bob McCartt of McCartt Commercial Real Estate Services. Vidal also sourced the buyer, Equity Velocity Fund, which provided its own representation. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas. The property was originally constructed as a retail mall in 1986 and was renovated to serve medical use in 1995. It is located on an 11-plus acre parcel near Interstate 40, in a strong healthcare submarket where medical offices are 95 percent occupied within a three-mile radius. Anchored by BSA Health System & NW Texas Healthcare System, 3501 MedCenter was 91 percent leased at the time of the sale.