Minto Communities USA and Margaritaville Holdings announced plans to develop a Latitude Margaritaville active adult community in Texas City.
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Latitude Margaritaville Galveston Bay will be the brand’s first community in Texas. Plans call for 3,500 residences, including single-family, villa and cottage homes.
The Texas City Commission approved a planned unit development and a development agreement for the 1,318-acre property.
Latitude Margaritaville communities are developed by Minto Communities USA under license from Margaritaville and designed around “a shared passion for tropical escape and relaxation.” Latitude Margaritaville Galveston Bay will be between state Highways 3 and 146, north of the Emmett F. Lowry Expressway and extending toward Moses Bayou.
Other Latitude Margaritaville communities, such as Daytona Beach and Hilton Head, have amenities including a town square with a bandshell, fitness centers, restaurants, pools and poolside bars.
“Margaritaville has a strong commitment to Texas, and Galveston Bay is a perfect place to bring the Latitude Margaritaville lifestyle to life,” Margaritaville Development President Jim Wiseman said in a statement.
The project is expected to create more than 1,700 permanent jobs. Minto will soon submit plans to Texas City for the sales center and model park area, the first phase of development, and the amenity site. The company plans to open the sales center and model park in the first quarter of 2028.
PEOPLE
Cushman & Wakefield hired Heinrich Cronje as managing director in the firm’s healthcare advisory practice. Cronje has experience representing healthcare tenants, as well as leading health system, institutional and entrepreneurial owners of medical office properties. He has closed $300M of healthcare transactions throughout his career.
Cronje most recently worked for CARR and previously was a vice president in Transwestern’s healthcare advisory group.
SALES
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Serac Capital Partners acquired 3737 Buffalo Speedway in partnership with National Real Estate Advisors, or NREA. The 391K SF, 18-story Greenway Plaza-area office building was built in 2016, designed by Elkus Manfredi and constructed by Harvey Cleary Builders.
The building has two on-site restaurants, including Eunice, a Cajun-Creole restaurant and raw bar.
“We are excited to partner with NREA on this investment and contribute our local market expertise,” Serac Senior Vice President of Investments Ridley Goodpasture said in a statement.
The owners have already signed two new leases totaling 62K SF, he said.
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Orix USA purchased Vic at Jordan Ranch, a 365-unit, garden-style multifamily complex at 2011 Texas Heritage Parkway in Katy in the Jordan Ranch master-planned community. Orix plans to focus on targeted operational improvements that enhance property performance.
The acquisition was part of Orix’s $200M purchase of three properties, including one in Dripping Springs, Texas, and one in Atlanta.
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Holt Lunsford Commercial Investments acquired a 14.4-acre site in Northwest Houston to develop The Bend at 249, a 192K SF industrial facility. The Bend at 249 will feature a single rear-load building designed for distribution, logistics and light manufacturing users. The project will feature white-box warehouse space, upsized power via a 3,000-kilovolt-ampere transformer, 61 trailer stalls and spec office.
With groundbreaking imminent, HLCI anticipates delivery in mid-2027. HLCI retained CBRE's Faron Wiley, Charles Herold and Jett Bush to lead leasing and sale efforts.
LEASES
Standex Grid/Amran Instrument Transformers leased 218K SF of warehouse space at CityPark Logistics Center, Building 7, in Missouri City. The company will use the space as a warehouse and manufacturing facility.
Logistics Property Co. is building the facility and anticipates completion in the second quarter of 2027.
Logistics Property Co.’s Aaron Martell, Mark Redlingshafer and Wilson Goode were supported by Cushman & Wakefield’s Beau Kaleel and Brooke Swerdlow in the transaction. Steve King and Wesley King of CBRE represented Standex Grid/Amran.
CONSTRUCTION AND DEVELOPMENT
Angler Construction completed construction on Shaver Broadway Logistics Center, a 159K SF industrial distribution building with a 2,900 SF office, 29 dock doors, 32 trailer stalls and a 180-foot truck court. Junction Commercial Real Estate developed Shaver Broadway. Ware Malcomb served as project architect.
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JLS Real Estate completed the development of Theall Business Park, a 56K SF, eight-building industrial development in Northwest Houston.
Designed, developed and constructed by JLS Real Estate, the project includes four 6K SF buildings and four 8K SF buildings. The project features fenced concrete yards and three-phase 480-volt power in all buildings.
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Transwestern Investments, in a joint venture with Hanover Co., is developing a 749K SF industrial facility at Rankin Road and U.S. Highway 59 in North Houston. The project is being developed on behalf of a separately managed account, according to Transwestern.
The project is adjacent to George Bush Intercontinental Airport. The cross-dock facility will feature 130- to 185-foot truck courts, 106 dock doors, 140 trailer stalls and 429 parking spaces.
Hanover will lead development, with construction expected to begin in January and completion slated for December 2027.
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