HOUSTON — NAI Partners has negotiated a 122,200-square-foot industrial lease at 11833 Cutten Road in Houston for e-commerce firm Western Post USA. The property was built in 2018. Chris Caudill and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. Allison Bergmann and Jim Foreman of Cushman & Wakefield represented the landlord, Industrial Property Trust.
BENBROOK, TEXAS — Dallas-based investment firm Leon Capital Group has sold Hillstone and Hillstone Trinity Oaks, two multifamily assets totaling 334 units in Benbrook, a southwestern suburb of Fort Worth. Leon Capital acquired both assets in 2015 and invested in capital upgrades, including remodeled units and exterior renovations. Both properties were built in 1980 and feature pools and access to the Trinity River walking trails. Taylor Snoddy of Transwestern represented the buyer, Lubbock-based Madera Residential, in the transaction.
AUSTIN, TEXAS — Transwestern Investment Group (TIG) has sold Park 96, a 99,000-square-foot industrial portfolio in Austin. The portfolio was built in 1999 and consists of three 33,000-square-foot buildings. Each building features 20-foot clear heights and convenient access to Interstate 35, U.S. Route 183 and U.S. Highway 290. The property was 92.4 percent leased at the time of sale.
AUSTIN, TEXAS — San Antonio-based grocer H-E-B will develop an 81,000-square-foot office and tech facility in Austin to support its on-demand delivery service platform. The company will convert a recently renovated industrial warehouse at 2416 E. Sixth St. into a creative and collaborative workspace. H-E-B expects the project to be complete by spring 2019.
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.
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.
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.
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.
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.
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 …