Texas

Brandywine Realty Trust to Develop 200,000 SF Office Tower in Downtown Austin

by Taylor Williams September 7, 2018

AUSTIN, TEXAS — Philadelphia-based Brandywine Realty Trust (NYSE: BDN) will develop 405 Colorado, a 200,000-square-foot office tower in downtown Austin. The 25-story, Class A building will include 3,665 square feet of ground-floor retail space and a 12,500-square-foot sky lounge on the 14th floor. The sky lounge will offer a café, conference areas and a fitness center. Construction is scheduled to begin in January 2019 and wrap up in December 2020. CBRE will handle leasing and marketing of the property.

September 7, 2018

Loans Retail Texas

HFF Arranges $105M Loan for Refinancing of Retail Power Center in Tyler, Texas

by Taylor Williams September 7, 2018

TYLER, TEXAS — HFF has arranged a $105 million loan for the refinancing of The Village at Cumberland Park, a nearly 650,000-square-foot retail power center in Tyler, about 100 miles east of Dallas. The property, construction of which began in 2014, comprises 14 buildings leased to tenants such as Nike, Bed Bath & Beyond, Burlington and Old Navy. Jim Curtin of HFF, along with Joseph Monteleone of Q10 | Triad Capital Advisors, secured the 36-month, floating-rate loan through Bank of America on behalf of the borrower, The Retail Connection.

September 7, 2018

Acquisitions Multifamily Texas

Berkadia Brokers Sale of Two Multifamily Assets Totaling 624 Units in Dallas

by Taylor Williams September 7, 2018

DALLAS — Berkadia has brokered the sale of The Montage Apartments and The Hub Apartments, two multifamily assets totaling 624 units in Dallas. Both properties offer one-, two- and three-bedroom floorplans and swimming pools. Jeff Rowerdink, Joe Leon and Jay Gunn of Berkadia represented the seller, Texas-based Firestone MLP, in the transaction. Jackson Cloak, Ed Kim and Collin Downey of Berkadia secured two acquisition loans through Utah-based Bridge Investment Group for the buyer, California-based Greenlaw Partners. Each loan featured an adjustable 4.79 percent interest rate.

September 7, 2018

Acquisitions Multifamily Texas

Tarantino Properties Acquires Newly Built Apartment Community in Houston

by Taylor Williams September 7, 2018

HOUSTON — Local investment firm Tarantino Properties has acquired Ascension on the Bayou, a 280-unit multifamily community in Houston. The property was completed in 2017 and features a mix of one- and two-bedroom units. Amenities include a pool, outdoor grilling area, fitness plaza with ping pong tables, indoor fitness center, entertainment lounge, business center and a dog park. Cortney Cole and Sterling Curry of HFF arranged a 10-year acquisition loan on behalf of Tarantino for the transaction. The seller was not disclosed.

September 7, 2018

Leasing Activity Retail Texas

Hobby Lobby to Open 50,000 SF Store in Uvalde, Texas

by Taylor Williams September 7, 2018

UVALDE, TEXAS — Hobby Lobby will open a 50,000-square-foot store at Uvalde Plaza Shopping Center in Uvalde, a city with a population of about 17,000 located roughly 80 miles west of San Antonio. Other tenants at the center include Hibbett Sports, Spectrum Communications and Rent-A-Center. Paul Burkhart and Ron White of Concordia Equity represented Hobby Lobby in the lease negotiations. Rob Holliday of Holliday Interests represented the landlord.

September 7, 2018

Market Reports Office Texas Texas Market Reports

Class A Office Buildings in North Texas Evolve With New Tech

by Taylor Williams September 7, 2018

Over the last decade, Dallas-Fort Worth (DFW) has been consistently recognized as one of the fastest-growing metropolitan areas in the nation, and there are no immediate signs that the growth is stagnating. Particularly in the last several years, DFW has experienced a wave of corporate relocations and expansions from a wide variety of industries. This activity has brought an assortment of valuable economic opportunities to the metroplex, resulting in a robust construction pipeline. This new product is focused on meeting the strong demand for highly amenitized, future-proofed Class A office space and embracing the high-tech connectivity that helps guard against obsolescence. Fortune 500 and other prominent companies continue to eye DFW as a top location. These users expect buildings to include not only standard amenities like fitness centers and conference rooms, but also access to the latest technology and seamless connectivity. How We Got Here In the 1980s, a major commercial construction boom in North Texas set the benchmark for Class A office buildings, which were traditionally developed without modern technology in mind. Buildings such as The Crescent, Bank of America Plaza and Fountain Place were the gold standard for office properties and served as benchmarks for quality for much …

September 7, 2018

Acquisitions Data Centers Industrial Texas

Lincoln Rackhouse, Principal Acquire 454,421 SF Data Center in Plano

by Taylor Williams September 6, 2018

PLANO, TEXAS — A partnership between Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors has acquired a 454,421-square-foot data center located at 1000 Coit Road in Plano, a northern suburb of Dallas. The seller was an undisclosed Fortune 500 financial institution. The property has 8 megawatts immediately available for lease with the capacity to expand to 16 megawatts. The facility was acquired as part of a 1 million square-foot portfolio of data centers that includes properties in Kansas City and Phoenix.

September 6, 2018

Acquisitions Office Texas

KBS Sells 388,024 SF Office Complex in Austin

by Taylor Williams September 6, 2018

AUSTIN, TEXAS — California-based private equity firm KBS Realty Advisors has sold Stonebridge Plaza I and II, a 388,024-square-foot office complex located at 9600 and 9606 N. MoPac Expressway in Austin. The Class A property, which was fully leased at the time of sale, consists of two nine-story office towers adjoined by a seven-story parking garage. Michael McDonald and Evan August of Eastdil Secured represented KBS in the transaction. The buyer was Intercontinental Real Estate Corp., which acquired the property for an undisclosed price on behalf of one of its managed funds.

September 6, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of 213,585 SF Office Building in Metro Dallas

by Taylor Williams September 6, 2018

ADDISON, TEXAS — CBRE has negotiated the sale of The Addison, a 213,585-square-foot office building in Addison, a northern suburb of Dallas. The 11-story, Class A property was built in 1981, renovated in 2016 and was 83 percent leased at the time of sale. The Addison is located off the Dallas North Tollway north of LBJ Freeway and includes structured parking, a fitness center, conference center and a tenant lounge. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, a joint venture between Frontier Equity and Artemis Real Estate Partners, in the transaction. CBRE also arranged acquisition financing through Chicago-based NXT Capital. The buyer was Florida-based TerraCap Management LLC.

September 6, 2018

Acquisitions Office Texas

HHC Acquires Two Office Buildings, Land in Metro Houston for $53M

by Taylor Williams September 6, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired two office buildings totaling 257,025 square feet in The Woodlands, located about 30 miles north of Houston, for $53 million. The sale includes a parcel of land for additional office development. The existing office buildings, which were completed in 2002 and 2012, are currently vacant. HHC intends to re-tenant the properties as soon as possible. The seller was not disclosed.

September 6, 2018

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