HOUSTON — Multifamily developer Alliance Residential Co. has acquired 13 acres at 12115 Main St. in Houston for the construction of a 336-unit apartment community. The property will be located near the Texas Medical Center and will feature one- and two-bedroom units. Chris Bergmann Jr. of JLL represented the seller, Taeken Ltd., in the land sale. Groundbreaking activities are scheduled to begin next week.
DALLAS — Knighthead Funding, a direct lender with offices in Connecticut and Florida, has provided a $26.9 million acquisition loan for a portfolio of industrial flex buildings in Dallas. The portfolio spans approximately 152,000 square feet across 12 obsolete buildings, all of which are located in the Dallas Design District. The borrower, locally based investment firm Quadrant Investment Properties, plans to convert the properties into single- and multi-tenant office buildings. A portion of the proceeds will be used to fund tenant improvements and leasing costs.
LAGO VISTA, TEXAS — Bellomy & Co. has brokered the sale of Texas Hills Storage, a 192-unit self-storage facility in Lago Vista, located about 35 miles northwest of downtown Austin. The property spans 28,500 net rentable square feet and includes climate- and non-climate-controlled space. Bill Bellomy and Michael Johnson of Bellomy represented the locally based seller and procured the Arlington, Texas-based buyer in the deal.
HOUSTON — Law firm Weycer, Kaplan, Pulaski & Zuber PC has signed a 16,768-square-foot office lease at Weslayan Tower, a 20-story building located at 24 Greenway Plaza in West Houston. Granite Properties owns the 509,077-square-foot, Class A building, which features a recently upgraded lobby, fitness center and outdoor workspace. Kevin Kushner of CBRE represented the tenant in the lease negotiations. Jon Dutton and Steve West represented Granite Properties internally.
Houston is less reliant on the oil and gas industry than it once was, and considerable strides have been made to diversify the economy away from the oil patch. Still, the hard reality remains: Houston’s prosperity and hydrocarbons are intrinsically linked. Decoupling one from the other will be devilishly difficult. The world will derive the preponderance of its energy from oil and gas for decades to come, but market share will continue to diminish, and oil and gas revenue inevitably will stagnate and decline. Developing alternative economic drivers will be challenging, but Houston has the benefit of time on its side. However, the current coronavirus crisis is negatively impacting oil prices and therefore the Houston economy in the near term. Following the shutdown of the global economy to fight COVID-19, the price of a barrel of crude plunged from over $60 — well above the marginal replacement cost from East Texas fields — to less than $20. Although prices recovered to the mid-$30 range recently, they remain below the marginal cost of discovering and extracting a replacement barrel, annulling the incentive to prospect for new reserves or build additional refining and transportation capacity. Indeed, the Houston economy was impacted more …
SUNRISE, FLA. — Metropica Development LLC, led by Joseph Kavana of K Group Holdings, has completed the first residential tower within Metropica, a $1.5 billion mixed-use project in the South Florida city of Sunrise. The 28-story ONE Metropica Residences comprises 263 condominiums. The City of Sunrise recently issued Metropica Development LLC a temporary certificate of occupancy (TCO) so that move-ins can begin. Metropica is situated adjacent to Simon’s Sawgrass Mills Mall and in close proximity to Interstates 75, 95 and 595, as well as the Florida Turnpike. As of this writing, 75 percent of the units at ONE Metropica Residences have been purchased by buyers hailing from the United States, Latin America, Europe and Asia. The condos range in size from 961 to 2,022 square feet, and the property’s remaining units are priced ranging from the $400,000s to the $700,000s. Buyers of the move-in-ready units can close on their purchase either in-person or virtually. “We are extremely proud to be delivering our first residential building to the market,” says Bernard Werner, president of Metropica Development LLC. Designed by architectural firms Oppenheim Architecture + Design and YOO Design Group, condominiums at ONE Metropica Residences include floor-to-ceiling glass windows, porcelain tile, smart …
OAKLAND, FLA. — Roger B. Kennedy Construction has broken ground on The Avenue on Oakland, a planned 342-unit apartment complex in Oakland. The community will be located at 17210 Oakland Ave., 18 miles west of downtown Orlando. The property will comprise four four-story buildings, a clubhouse and a pool. The developer, UNICORP National Developments Inc., expects to deliver The Avenue on Oakland in December 2021. Slocum Platts Architects designed the community. The cost of development was not disclosed, although Roger B. Kennedy Construction says it entered a $47 million contract with the developer.
NASHVILLE, TENN. — Capstone Apartment Partners has negotiated the sale of 83 Freight, a planned 83-unit multifamily community being built using shipping containers in Nashville. When complete, the community will offer rooftop balconies, as well as studio, one- and two-bedroom floor plans ranging in size from 320 to 1,280 square feet. The property is situated within Nashville’s Wedgewood-Houston neighborhood, which was historically an industrial district. Now the area is being reimagined and will include the 27,500-seat soccer stadium for the MLS’ Nashville SC. The seller, FMBC Investments, expects to deliver 83 Freight this summer. Adam Klenk, Jonathan Hawks, Tyler Mayo and Austin Heithcock of Capstone represented the seller in the transaction. The undisclosed buyer acquired the property for more than $11 million.
WEST COLUMBIA, S.C. — Colliers International has arranged a 54,312-square-foot industrial lease for Shiyu Electronics USA in West Columbia. The property is located at 128 McQueen St., seven miles southwest of downtown Columbia. China-based Shiyu Electronics supplies parts for washing machines that are produced in Samsung’s plant in Newberry, S.C., about 50 miles from 128 McQueen St. The building at 128 McQueen spans 170,195 square feet and is now fully leased to Shiyu Electronics, Morrisette Paper Co. and plastic fabrication company Carolina Container. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the tenant in the transaction. The landlord was not disclosed.
WASHINGTON, D.C. — Jefferson Apartment Group and Stars REI have delivered J Linea, a 132-unit apartment community in Washington, D.C.’s Shaw neighborhood. The property is situated at 2009 8th St., less than two miles from downtown D.C. J Linea offers studio, one- and two-bedroom floor plans, each featuring stainless steel appliances, quartz countertops and backsplashes, kitchen islands, plank flooring and floor-to-ceiling windows. Communal amenities include a fitness center, rooftop terrace, coworking booths, 24/7 Amazon Hub package system and 16,000 square feet of ground-floor retail space. The joint venture acquired the site in 2016.
