REBusinessOnline

Texas

IPA Arranges Sale of 308-Unit Multifamily Asset in San Antonio

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Aura at the Rim, a 308-unit multifamily asset in San Antonio. Built in 2016 on 11-plus acres, the property is located within The Rim, a 3 million-square-foot shopping center on the city’s northwestern side. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, a Dallas-based developer and procured the buyer, a Chicago-based investor.

July 26, 2017

Buccini/Pollin Acquires 302-Room Hotel in Irving for $46M

IRVING, TEXAS — The Buccini/Pollin Group, a hospitality and management firm with offices throughout the Mid-Atlantic, has acquired the 302-room Sheraton DFW Airport Hotel in Irving for $46 million. The hotel recently received $7 million in upgrades to its common areas, meeting rooms and guestrooms. Additional features include 25,000 square feet of meeting space in addition to a pool, exercise facility and business center. The seller was not disclosed.

July 26, 2017

CBRE Secures 120,000 SF Industrial Lease in El Paso

EL PASO, TEXAS — CBRE has secured a 120,000-square-foot industrial lease at 19 Leigh Fisher Blvd. in El Paso. The lease represents an expansion and relocation for the El Paso office of the tenant, Tianhai Electric North America, a Michigan-based manufacturer of automotive parts. Chad McCleskey and Christian Perez Giese of CBRE represented the landlord, an affiliate of Covington Group Inc., in the lease negotiations. The representative of the tenant was not disclosed.

July 26, 2017

Muskin Brokers Sale of 78-Unit Apartment Complex in Austin

AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of Eastside Commons, a 78-unit apartment complex located at 2401 Manor Road in Austin. Ellen Muskin and Daniel Elam of Muskin represented the seller, a California-based partnership. Nick Cochrane and Jesse Mamuhewa of Campus & Central Properties represented the buyer, EUP Partners LLC. Vista Bank provided financing for the acquisition.

July 26, 2017

Lee & Associates Negotiates 9,417 SF Office Lease Renewal in Houston

HOUSTON — Lee & Associates has negotiated a 9,417-square-foot office lease renewal at 3700 Buffalo Speedway in Houston on behalf of Chicago Title of Texas LLC. Chris Nash and Travis Taylor of Lee & Associates represented the tenant. The landlord, Moody National Buffalo Speedway MT LP, was represented internally.

July 26, 2017

Are You Leaving Property Tax Savings on the Table?

Suing to appeal an unsatisfactory appraisal review board decision is straightforward in Texas. The state property tax system provides taxpayers with a pragmatic approach to air their valuation disputes before the courts, without the delay and headache frequently experienced in other types of litigation. Yet many taxpayers choose not to appeal, relinquishing the opportunity to achieve significant tax savings. Do not be so shortsighted. Texans enjoy one of the most fair property tax protest..

July 26, 2017

Lee Development to Build 35-Story Apartment Tower in Austin

AUSTIN, TEXAS — Lee Development & Construction is building 48 East Avenue, a 35-story apartment tower in Austin’s Rainey Street District. The property will offer 250 units averaging approximately 850 square feet per unit, a pool, fitness center and a coffee bar. The project will also deliver 3,000 square feet of retail space and a 10-story parking garage. A timetable for delivery has not yet been established.

July 25, 2017

Stream, Thackery Sell 167,704 SF Retail Power Center in Metro Houston

PEARLAND, TEXAS — A joint venture between Stream Realty Partners and Thackery Partners has sold The Center at Pearland Parkway I, a 167,704-square-foot retail power center located at the intersection of FM 518 and Pearland Parkway in the Houston metro of Pearland. Completed in 2014, the property was fully leased at the time of sale to tenants such as T.J. Maxx and Ross Dress for Less. Dunhill Partners Inc. purchased the asset for an undisclosed price.

July 25, 2017

CIM Group Acquires 322,000 SF Mixed-Use Property in Dallas

DALLAS — CIM Group has acquired Turtle Creek Village, a mixed-use property in Dallas that includes an 18-story, Class A office property totaling 227,000 square feet and a 95,000-square-foot retail center leased to tenants such as LensCrafters, Tom Thumb and Zoe’s Kitchen. A joint venture involving Lincoln Property Co. sold the asset, which was built in 1973, for an undisclosed price.

July 25, 2017

JLL Negotiates 47,500 SF Industrial Lease in Houston

HOUSTON — JLL has negotiated a 47,500-square-foot industrial lease at 8303 McHard Road in Houston. Built in 2006, the property is situated on 8.5 acres and features 42-foot clear heights, ESFR sprinkler system and Class A office space. Mark Nicholas, Richard Quarles and Joe Berwick of JLL represented the landlord, Schroeder Partnership Ltd. Drew Coupe and Josh Morrow of Stream Realty Partners represented the tenant, ProEnergy Services LLC, a Missouri-based energy solutions provider.

July 25, 2017