REBusinessOnline

CBRE Brokers Sale of 67,334 SF Retail Property in Metro Houston

CYPRESS, TEXAS — CBRE has brokered the sale of a 67,334-square-foot retail property in Cypress, a northwestern suburb of Houston. The property is situated on 6.9 acres at 12220 Barker Cypress Road. Matthew Berry of CBRE represented the seller, Randall’s Food & Drugs LP, which operates out of the property. Williamsburg Acquisitions LLC purchased the property for an undisclosed

Blackstone to Acquire LaSalle Hotel Properties for $4.8B

BETHESDA, MD. — Affiliates of global asset management firm Blackstone have agreed to acquire Maryland-based LaSalle Hotel Properties in an all-cash transaction valued at roughly $4.8 billion. The deal is expected to close during the third quarter. LaSalle’s portfolio spans 104,000 guestrooms across 41 properties in 11 markets. Under the terms of the agreement, Blackstone will acquire all outstanding shares of LaSalle’s common stock at $33.50 per share. This price represents a …

Trammell Crow to Develop Austin’s Tallest Office Tower

AUSTIN, TEXAS — Trammell Crow Co. (TCC) will develop a 709,000-square-foot office tower at 200 W. Sixth St. in Austin. The 36-story, Class A building will be the tallest office tower in Austin and include 10,600 square feet of retail and restaurant space. TCC is also redeveloping a nearby building that was built in 1914 into a 25,000-square-foot shopping and dining destination with a 20,000-square-foot urban green space. Construction is expected to begin within the next few weeks with a …

CBRE Arranges $34.5M Freddie Mac Refinancing for 157-Unit Seniors Housing Community Near Houston

CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January …

Stages Repertory Theatre Breaks Ground on $30.5M Performing Arts Complex in Houston

HOUSTON — Stages Repertory Theatre, a production and promotions company for the performing arts industry, has broken ground on The Gordy, a $30.5 million theater complex in Houston. The property will feature three performance stages and total approximately 67,000 square feet, according to local magazine Houstonia. The complex will also offer rehearsal studios, production and design workshops, meeting and event space and a full administrative suite. The Gordy is expected to open during the …

Fitness Firm to Establish Regional Campus in Plano, Hire 400 Employees

PLANO, TEXAS — Peloton, a fitness company known for its indoor cycling programs and equipment, will establish a regional campus at Legacy Central, an 84-acre office development in Plano. The company has leased 27,518 square feet at the property, which offers amenities such as a 25,000-square-foot wellness center with a pool, basketball court, climbing wall, 15,000-square-foot conference center and food hall. The company plans to move into its new space during the third quarter and hire as …

Lee & Associates Negotiates Sale of 36,227 SF Industrial Asset in Dallas

DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder

RGV Multifamily Market Playing Catch-Up on Class A Product

Commercial real estate sectors in secondary and tertiary markets often suffer from a lack of current, comprehensive data and metrics. Until a few years ago, the multifamily market of the Rio Grande Valley (RGV) was no exception. Much of the region’s multifamily product consists of “clusters” of fourplexes. In many cases, different investors own different units within these properties, which generally do not have management and leasing offices with hard data. Consequently, for years …

Amazon Passes on Globe Life Park in Arlington as Site for $5B HQ2

ARLINGTON, TEXAS — The City of Arlington has announced that is it “no longer moving forward” with its bid to land Amazon’s new headquarters, a project that is expected to generate $5 billion in local investment and create 50,000 high-paying jobs. The city, which was one of several municipalities in the DFW metro to submit proposals, had offered the Seattle-based e-commerce giant roughly $921 million in incentives, including a 100 percent real and business personal property tax abatement …

Kalahari Begins Work on $350M Hotel, Convention Center in Metro Austin

ROUND ROCK, TEXAS — Wisconsin-based Kalahari Resorts & Conventions, a developer of luxury resorts with convention centers and indoor water parks, has begun work on its newest property in the northern Austin metro of Round Rock. According to local news station KVUE, the project is valued at roughly $350 million. The property will be situated on 351 acres along U.S. Highway 79. The hotel will total 975 guestrooms, while the convention center and indoor water park will span a minimum of …

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