FRISCO, TEXAS — The Teachers Insurance and Annuity Association (TIAA) will open a corporate center in Frisco, a move that is expected to create about 2,000 new jobs and constitute a capital investment of approximately $58 million. The site will be located within The Star, the Dallas Cowboys’ 91-acre headquarters and training campus. Founded in 1918, TIAA provides insurance and financial services to employees in the academic, research, medical and governmental fields. The organization, which did not provide a timeline for the move, cited the workforce demographics of North Texas, as well as the amenities at The Star, as major factors behind its specific site selection.
DALLAS — Global investment firm KKR has acquired TCC Altamoore, an approximately 616,000-square-foot industrial park in Dallas, from Trammell Crow Co. for an undisclosed price. Built in 2021, TCC Altamoore consists of a 298,168-square-foot building and a 206,917-square-foot building that are fully leased to undisclosed, publicly traded companies. The third building spans 110,960 square feet and is currently being marketed for lease. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of Trammell Crow Co.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020 on a 21.5-acre site on the city’s northwest side, the garden-style property offers studio, one-, two- and three-bedroom units with an average size of 820 square feet. Residences include full-size washers and dryers and private patios/balconies. The amenity package comprises a pool, fitness center, dog park, business center, game room, social lounge, coffee bar and outdoor grilling and dining areas. Will Balthrope and Drew Garza of IPA represented the seller, a partnership between San Antonio-based White-Conlee Builders and Palatine Capital Partners, in the transaction. The duo also procured the buyer, Atlanta-based Dreamstone Investments.
MEMPHIS, TENN. — Carlisle Corp. plans to open the first Caption by Hyatt-flagged hotel this summer in downtown Memphis. Caption by Hyatt Beale Street Memphis will anchor Carlisle’s $200 million One Beale mixed-use development, which includes three Hyatt-branded hotels and the new Renasant Convention Center. Memphis Business Journal reports that the new hotel’s development costs hovered around $41 million. Situated along Memphis’ famous Beale Street and the Mississippi River, the upscale select-service hotel will be integrated into the historic main building of Wm. C Ellis & Sons Ironworks and Machine Shop, which is one of the longest-running businesses in the city. The historic building will house the hotel’s ground and second floors, and a new 136-room tower will rise above and give guests views of the river and Memphis skyline. Designed by HBG Design, the hotel will feature dual entrances and an all-day, multi-functional lounge space dubbed Talk Shop that will include a coffee shop, cocktail lounge, workstations and sundries market on the inside and a patio and beer garden with fire pits on the outside. Hyatt Hotels Corp. collaborated with Union Square Hospitality Group on the Talk Shop concept. Hyatt plans to expand the Caption by Hyatt brand to …
RICHMOND, VA. — CoStar Group Inc. has purchased a five-story, 117,448-square-foot office building in Richmond’s Manchester district. The locally based real estate information and analytics firm acquired the property for $20 million. The seller was not disclosed. Located at 901 Semmes Ave., the office building is situated across James River from CoStar’s planned corporate campus spanning 750,000 square feet. The property was vacant at the time of sale and was formerly anchored by SunTrust Bank (now Truist Financial Corp.), which relocated to an adjacent building. CoStar employs more than 1,200 people in the Richmond area. Over the next five to 10 years, CoStar expects to become the largest tech company and one of the largest private employers in Richmond.
SAN ANTONIO — Lument has provided a $16 million bridge loan for the acquisition of Palazzo, a 92-unit apartment complex in San Antonio. The property was built as a 100-unit condo development in 2008, but with only eight units sold upon completion, ownership converted the residences to rentals. Today, Palazzo consists of 10 buildings on a 4.3-acre site that house 20 one-bedroom, 48 two-bedroom and 24 three-bedroom units. Amenities include a fitness center, business center and a dog park. Phil Frasca of Lument originated the financing, which was structured with a floating interest rate, three-year term and two 12-month extension options. The borrower was not disclosed.
JONESBORO, ARK. — CLK Properties has purchased Willow Creek, a 324-unit apartment community located at 6 Willow Creek Lane in Jonesboro. The seller, Montana-based Braxton Development, sold the property to CLK Properties for an undisclosed price. Aaron Jungreis and David Wildes of Rosewood Realty represented both the buyer and the seller in the transaction. Built in 2011 by Braxton Development, Willow Creek features 10 three-story buildings, as well as two resort-style swimming pools, a playground, two modern fitness centers and a clubhouse with a business center. Willow Creek is the second property in Jonesboro for CLK Properties, as the New York City-based firm purchased the 264-unit Landing at Greensborough Village last year. CLK Properties owns more than 19,000 apartments in its portfolio, including 2,300 in Memphis where the firm keeps a regional headquarters.
ALABASTER, ALA. — Growth Capital Partners (GCP) and Highline Real Estate Partners have acquired Shelby West, a 404,000-square-foot industrial park in suburban Birmingham. The property represents the third investment for the GCP-Highline investment platform, which also includes strategic equity placements from the McWane Family and other third-party investors. The facilities at Shelby West include a 250,000-square-foot building at 175 Airview Lane and a 154,000-square-foot property at 1840 Corporate Woods Drive. The Airview building was built in 2006 and recently leased to MailSouth and AGC. The Corporate Woods building was built in 2009 and leased to The Home Depot and U.S. AutoForce. Adam Eason of Cushman & Wakefield | EGS Commercial Real Estate represented the seller in the transaction. Brad Moffatt of Cushman & Wakefield | EGS is handling the leasing at Shelby West. The sales price was not disclosed but the sellers were entities doing business as Shelby West Industrial Enterprises and Shelby West Industrial Enterprises II.
HUNTINGTON, W.VA. — Time Equities Inc. (TEI) has purchased a 363,000-square-foot industrial facility located at 550 27th St. in Huntington. Sierra Corp. sold the property to the New York City-based firm for $9 million. The property was fully leased at the time of sale to a combination of national, regional and local tenants. The facility is located adjacent to the CSX Transportation rail hub and the Port of Huntington, which is situated along the Ohio River. Sal Ramundo of Marcus & Millichap represented the seller in the transaction. Max Pastor and Brian Soto led the TEI acquisitions team internally.
LEWISVILLE, TEXAS — U.S. Foam Corp., a provider of foam rubber products, has sold a 43,904-square-foot industrial building located at 720 E. State Highway 121 in Lewisville, a northern suburb of Dallas. The property was built in 1960 and expanded in 1972. Nathan Denton and Jeremy Mojica of Lee & Associates represented U.S. Foam Corp., which has occupied the property since 1991, in the transaction. Rich Young Jr. with Rich Young Co. represented the undisclosed buyer.