A new-to-town developer plans to replace a coworking building in North Houston with a new 345K SF industrial facility.

Chicago-based Stotan Industrial acquired the 20-acre property at 711 Rankin Road to construct a cross-dock facility dubbed Stotan Crossings 45.

“Houston’s strong demand fundamentals, population growth, and manufacturing tailwinds reinforce our long-term conviction in the market, and we look forward to growing Stotan’s presence there,” Bobby Patterson, senior vice president and Texas market officer at Stotan, said in a statement.

Stotan plans to start tearing down the existing 80K SF building that houses 711 Rankin Operations, an office space operator, in the next two weeks, the Houston Business Journal reported. Stotan also plans to begin construction of the new building this quarter. 

Greg Holmes, Jason Dillee and Savannah Smith at CBRE will oversee leasing. Arco Design/Build is the general contractor.

SALES

Reliable Properties bought a four-store Sellers Bros. grocery portfolio totaling 145K SF across the Houston area. The stores, ranging from about 27K SF to 50K SF, are at 8011 Elvera St., 402 Edgebrook Drive and 601 N. Joe E. Ramirez Blvd. in Houston, as well as 2311 Strawberry Road in Pasadena.

Cotton Munson, Mike Axelrad and Aimee Namakarn of Rockspring brokered the sale. The seller was Sellers Bros Investments Ltd. 

A Houston-based investor sold Prestonwood Forest Village Shopping Center, a 56K SF multitenant retail property at 18730 State Highway 249.

The seller had owned the property, which has 11K SF available, since 1983. The buyer plans to lease the property and perform light capital improvements.

Newman Kelly's Jared Pinto marketed the property on behalf of the seller, generated seven offers and procured the Houston-based buyer.

CONSTRUCTION AND DEVELOPMENT

Fifth Corner broke ground on Village Corner, the firm’s retail redevelopment project at 2400 Times Blvd. in Rice Village. The project is expected to be completed later this year, with tenant announcements expected as construction progresses.

Designed by Michael Hsu Office of Architecture, with CTC Contractors as general contractor and Rebel Retail Advisors leading leasing efforts, the redevelopment will include reimagined building facades, expanded patio environments, enhanced pedestrian connectivity and walkability improvements.

GPI Crest, a joint venture between Giammalva Properties Inc. and Crest Realty Advisors, plans to develop Ninety West, a 202K SF industrial project in Brookshire. The project will be on about 14 acres along Katy Brookshire Road, on Highway 90 near Interstate 10. Construction is expected to begin this month, with completion anticipated in March 2027.

CBRE’s Faron Wiley, Jett Bush, Charles Herold and Billy Gold will lead leasing.

Project partners include Powers Brown Architecture as building architect, BGE Inc. as civil engineer, Slate Construction as general contractor, and Baxter Project Partners as project manager. Construction financing was arranged by JLL and provided by First Horizon Bank.

Units include gas cooktops, smart home technology and keyless entries. Community amenities include a pool and fitness center, with a connected child playroom, as well as community-wide WiFi. 

FINANCING

Marcus & Millichap Capital Corp. secured construction financing for Audubon Place, a 30K SF retail center that will sit within the 3,000-acre Audubon master-planned community of Magnolia. The Class-A retail center will feature 10 retail suites ranging from 1,800 SF to 4,400 SF, seven of which have letters of intent in place. 

The center is expected to be delivered in summer 2027. MMCC’s Adam Pike represented XAG Group in arranging the financing with a regional bank.

Talonvest Capital secured a $47.6M loan on behalf of The Jenkins Organization and Clark Investment Group for a six-property self-storage portfolio totaling more than 600K SF in Austin, McKinney, Frisco, Houston and Bee Cave. Thomas Sherlock, Kim Bishop, Carson Kurland and Lauren Maehler were among the Talonvest team members responsible for the financing.

The floating-rate financing features five consecutive one-year extension options, is nonrecourse and includes interest-only payments throughout the full loan term.

Francis Property Management secured $68.7M fixed-rate financing for a three-property Class-A multifamily portfolio totaling 940 units across Houston and San Antonio. The portfolio includes Holden Heights Apartments at 525 W. 24th St. and Estancia San Miguel Apartments at 13330 West Road. 

Northmarq arranged financing on behalf of the borrower through its relationship with Freddie Mac. Each loan was structured on a 10-year term with full-term interest-only payments.

Northmarq's debt and equity deal team was led by Taylor Francis and included David Blum, Joe Giordani, Charlie Buckingham and Matt Radich.