Recent activity across several Texas markets highlights sales, land trades and a senior hire that collectively illustrate how retail and industrial assets continue to change hands and advance through the development pipeline. In Temple, Texas, Marcus & Millichap closed the sale of Legends Plaza, a 44,068-square-foot shopping center located along Loop 363 at 2327 S. 57th St. The firm’s Houston-based investment specialists Scott Jones, Gus Lagos and Alex Wolansky exclusively marketed the property on behalf of the seller, with both the buyer and seller described as private investors. The shopping center, which sits on 3.05 acres and was originally built in 1974 as a grocery store, has since been redeveloped into a multi-tenant retail asset.
In Waco, Texas, Partners Land Fund I executed a land disposition within Waco Gateway Park, selling a 16.7-acre parcel to Partners Development Company, the firm’s development arm. The August closing marks the first major industrial sale to trade out of the 153-acre park, which was the fund’s initial acquisition in November 2023 when the site was zoned entirely for light industrial use. Partners Land Fund I plans to allocate the sale proceeds toward building out infrastructure for the broader park, supporting the next phase of development activity on the site.
In the Houston metropolitan area, CenterSquare acquired Beltway 249 Business Center, described as a 107,020-square-foot infill service industrial property in the Highway 290/Tomball Parkway submarket of Houston. The asset consists of three buildings that are currently 62% occupied. Its location at the intersection of Beltway 8 and Highway 249 provides access to an estimated 45% of the metropolitan statistical area’s population within a 30-minute drive, positioning the property to serve a wide range of users that benefit from regional connectivity.
Separately, Partners Real Estate announced a leadership addition in Houston, where land specialist Tommy LeBlanc has joined the firm’s headquarters as an Equity Partner. LeBlanc arrives from MLB Commercial Real Estate, where he led the Greater Houston land group. His move adds experienced land advisory capacity to Partners’ platform at a time when the firm is actively involved in both land investment and industrial development initiatives, including those tied to Waco Gateway Park.
