Property Type

Parallel Co. Begins Construction on 18-Story Student Housing Tower Near UT Austin

by Taylor Williams September 26, 2019

AUSTIN, TEXAS — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar, rooftop sky lounge, study lounges with conference rooms, fitness center, package room with lockers and a rooftop pool area with outdoor TVs, grills, hot tub and a fire pit. A timeline for delivery was not announced. Parallel recently opened the 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.

September 26, 2019

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 88,000 SF Industrial Lease in Houston

by Taylor Williams September 26, 2019

HOUSTON — Lee & Associates has negotiated an 88,000-square-foot industrial lease at 701 Plastics Ave. in Houston. According to LoopNet Inc., the property was built on 6 .2 acres in 1979 and includes 3,520 square feet of office space. Trey Erwin, Robert McGee and Dalton Knipe of Lee & Associates represented the undisclosed landlord in the lease negotiations. The tenant was Grow Texas Plastics LLC.

September 26, 2019

Acquisitions Industrial Oklahoma Texas

DealPoint Merrill Acquires 47,521 SF Industrial Property in Tulsa

by Taylor Williams September 26, 2019

TULSA, OKLA. — DealPoint Merrill, a commercial owner-operator with offices in California and Nevada, has acquired the former Tulsa World Warehouse, a 47,521-square-foot industrial property situated on two acres in the city’s business and arts district. DealPoint Merrill plans to develop a $10 million self-storage facility on the site that is scheduled to open in May 2020. The seller was not disclosed.

September 26, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 72-Unit Apartment Complex Near Houston

by Taylor Williams September 26, 2019

LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of Pearl at Oyster Creek, a 72-unit apartment complex in Lake Jackson, located south of Houston. Jeffrey Fript and Chris Mazzini of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies that requested anonymity, in the transaction. The buyer plans to upgrade the property’s exterior and unit interiors.

September 26, 2019

Acquisitions Multifamily Washington Western

Bell Partners Enters Metro Seattle Market with $96M Purchase of 3040 Apartments

by Amy Works September 26, 2019

REDMOND, WASH. — Bell Partners, on behalf of its Fund VI investors, has entered the metro Seattle market with the acquisition of 3040 Apartments, a multifamily property in Redmond. An undisclosed seller sold the asset for $96 million. The buyer plans to rename the property Bell Overlake. Developed this year, the asset feature 243 apartments. Units features quartz countertops, plank flooring, large closets and in-unit washers/dryers. Select units have lofts, patios or balconies and views of the surrounding mountains. Community amenities include a rooftop deck, fitness center with separate yoga studio, pet spa, courtyard with barbecue area and fire pits, and garage parking with electric charging stations. The community is located within walking distance of Microsoft’s global headquarters campus and convenient access to the Seattle Transit Link light rail expansion.

September 26, 2019

Development Hospitality Illinois Midwest

Hyatt Launches New Hotel Brand Called Caption

by Kristin Harlow September 26, 2019

CHICAGO — Hyatt Hotels Corp. has launched a new brand within the select-service category called Caption. The brand is designed with communal spaces in mind. Union Square Hospitality Group consulted on the design of a food and beverage concept, which will include a café, market and bar. Guest rooms will average around 270 square feet. “We intend for the Caption by Hyatt brand to be a global growth driver domestically and internationally in dense urban markets, emerging neighborhoods and high foot-traffic areas,” says Jim Chu, global head of development for Hyatt.

September 26, 2019

Leasing Activity Michigan Midwest Office

Secure 24 Signs 100,000 SF Office Headquarters Lease in Southfield, Michigan

by Kristin Harlow September 26, 2019

SOUTHFIELD, MICH. — Secure 24 has signed a 100,000-square-foot office lease for its new headquarters in Southfield. The cloud services provider will occupy space at 4000 Town Center. Robert Badgero and Steve Badgero of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. Secure 24, which currently operates at 26955 Northwestern Highway in Southfield, expects to occupy its new space in the first quarter of 2020.

September 26, 2019

Leasing Activity Midwest Ohio Retail

Three New Retailers Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow September 26, 2019

COLUMBUS, OHIO — Three new retailers have opened at Easton Town Center in Columbus, including Brandy Melville, Peloton and 7 For All Mankind. Brandy Melville is an Italian clothing and accessories brand geared toward teenage girls and young women. The brand has locations in 12 states. Peloton is an indoor cycling company with over 80 showrooms across the United States, United Kingdom and Canada. Customers can try out the bike and mobile classes firsthand. Los Angeles-based 7 For All Mankind is a denim retailer with more than 100 retail locations in North America, Europe, Asia and the Middle East. Easton Town Center, developed by The Georgetown Co., L Brands and Steiner + Associates, is a 1,300-acre mixed-use development for shopping, dining and entertainment. It is undergoing a $500 million expansion set to open late this year and early 2020.

September 26, 2019

Acquisitions California Multifamily Western

Decron Properties Acquires 250-Unit Alura Apartments in Los Angeles for $79M

by Amy Works September 26, 2019

LOS ANGELES — Decron Properties has purchased Alura, a multifamily property located in the Los Angeles neighborhood of Woodland Hills, for $79 million. Situated in the Warner Center district, Alura features 250 apartments in a mix of studio, one-, two- and three-bedroom layouts. Los Angeles-based Decron plans to implement a capital improvements plan to modernize the property, which was built in 1977. Renovations will include upgrades to interior units and exterior common areas. Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

September 26, 2019

Acquisitions California Office Western

Drawbridge Realty Sells 160,000 SF Office Campus in San Jose for $55.5M

by Amy Works September 26, 2019

SAN JOSE, CALIF. — San Francisco-based Drawbridge Realty has completed the disposition of an office campus, located at 5300-5350 Hellyer Ave. in San Jose. An affiliate of the Empire Square Group acquired asset for $55.5 million. Cobham Advanced Electronic Solutions occupies utilizes the 160,000-square-foot campus as its corporate headquarters. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE represented Drawbridge in the transaction.

September 26, 2019

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