Recent Texas commercial real estate activity spans hospitality, retail, multifamily and industrial assets, reflecting a range of capital deployment and repositioning strategies across the state.
Marcus & Millichap (NYSE: MMI) brokered the sale of a 49-room Best Western Plus hotel in Clarendon, Texas. Investment specialists Gordon Allred and Chris Gomes from the firm’s Inland Empire and Dallas offices held the exclusive listing to market the asset on behalf of the seller, Clarendon Hotel Corporation. The team also procured the buyer, RP & Sons, with Jay and Prince Patel named as principals. Allan Miller of the Miller-Gomes Hotel Team provided additional support on the transaction, underscoring the use of a specialized hospitality brokerage platform for the deal.
In the retail sector, Disney Investment Group facilitated the recapitalization of Custer Park in Plano, Texas. The 117,594-square-foot shopping center is shadow-anchored by Kroger and is positioned at the southwest corner of Custer Road and Parker Road. Custer Park is leased to thirty-five tenants, including Athletico, Subway, H&R Block and First Watch, among others, giving the property a diverse mix of daily-needs and service-oriented retailers. Dallas-based Kobalt Investment Company has partnered with MCP Ventures to execute a full renovation of the center, with David Disney and Adam Crockett of Disney Investment Group arranging the recapitalization.
On the multifamily side, Housing Trust Group and AM Affordable Housing have completed Inn Town Lofts, an adaptive reuse project in downtown Lubbock. The venture involved converting the long-vacant Jim Kimmel Center, described as one of the city’s historic landmarks, into a 56-unit affordable housing community. The development team recently held a grand opening ceremony to mark the project’s completion, signaling a new use and renewed activation for the previously idle property in the city’s core.
Industrial development activity is also advancing, with Stream Realty Partners breaking ground on Northfield Logistics Center. The project is a Class A industrial development located at 4330 Northfield Lane in Houston’s infill Northwest submarket and is planned to deliver more than 300,000 square feet of modern distribution space. Rosenberger Construction is serving as general contractor, while Seeberger Architecture is the project architect, indicating an institutional-quality design and construction team for the logistics facility. The new development adds to the region’s supply of contemporary distribution product aimed at meeting continued demand for industrial space.
Taken together, these transactions and projects highlight a diverse flow of investment and development capital into Texas hotels, shopping centers, affordable housing and logistics assets, with a mix of recapitalizations, adaptive reuse strategies and ground-up construction underway.
