Texas

Cielo Breaks Ground on Mixed-Use Project in East Austin

by Taylor Williams February 6, 2018

AUSTIN, TEXAS — Cielo Property Group has broken ground on The Foundry, a mixed-use project in east Austin that will comprise 76,000 square feet of office space and 17 condo units, 11 of which are already under contract. DPR Construction, the general contractor for the project, has preleased 30,000 square feet at the three-story office property. Independent Bank provided the construction loan for the development, which is scheduled to open in March 2019. Sixthriver Architects designed the office building. CBRE will handle leasing of the property.

February 6, 2018

Transwestern Negotiates Two Office Leases Totaling 142,000 SF in Plano

by Taylor Williams February 6, 2018

PLANO, TEXAS — Transwestern has negotiated two office leases totaling more than 142,000 square feet at Legacy Tennyson Center, a Class A office development in Plano. WorldVentures, a marketer of vacation clubs and packages, expanded its footprint at the property from 100,000 to 125,000 square feet and Connecticut-based insurance company Affinion Group leased 17,153 square feet. Legacy Tennyson Center consists of two buildings totaling 202,600 square feet and offers tenants an outdoor courtyard area and a jogging trail.

February 6, 2018

Industrial Office Texas

JLL Brokers Sale of 93,000 SF Flex Property in Northwest Houston

by Taylor Williams February 6, 2018

HOUSTON — JLL has brokered the sale of a 93,000-square-foot flex property located at 7207 Gessner Road in northwest Houston. GBP Industrial purchased the building from California-based development/management firm Goldrich & Kest Industries LLC. Built in 1997, the two-story, Class B building is fully leased to LabCorp, a North Carolina-based healthcare diagnostics firm. Dustin Volz, Kevin McConn, Rick Goings, Zane Marcell and Grant Matthews of JLL brokered the sale.

February 6, 2018

Office Texas

Skywalker’s Hangover Opportunity Fund Sells 66,885 SF Office Campus in Irving

by Taylor Williams February 6, 2018

IRVING, TEXAS — Hangover Opportunity Fund LLC, a fund managed by Arlington-based Skywalker Property Partners, has sold a three-building, 66,885-square-foot office campus in Irving to an undisclosed oil and gas firm. The buildings are situated on 4.6 acres at 6301, 6321 and 6341 Campus Circle Drive, just outside Dallas-Fort Worth International Airport. The property recently underwent a $350,000 capital improvements program to repair foundations and underground plumbing, revamp the landscaping and develop office suites on a speculative basis. Matt Hurlbut of Transwestern represented the seller in the all-cash transaction. Zack Stevens of NAI Robert Lynn represented the buyer.

February 6, 2018

Restaurant Retail Texas

Private Investor to Develop 31,500 SF Food Hall, Parking Garage in Downtown Houston

by Taylor Williams February 6, 2018

HOUSTON — An undisclosed private investor will develop Lyric Market, a 31,500-square-foot food hall that will be located at the corner of Louisiana and Preston streets in downtown Houston. The development includes the construction of an 801-space parking garage. Set to open this fall, the concept will include a bakery, sushi bar, ice cream shop and wine and cocktail bars. Matthew Putterman of HFF arranged an undisclosed amount of construction financing on behalf of the developer through Origin Bank.

February 6, 2018

Healthcare Texas

Norvin Acquires 505,000 SF Medical Office Park in Metro Houston

by Taylor Williams February 5, 2018

BELLAIRE, TEXAS — Houston-based investment firm Norvin Healthcare Properties has acquired the 505,000-square-foot Pin Oak medical office complex in the Houston metro of Bellaire. The five-building property is located roughly 3.5 miles from the Texas Medical Center and is leased to healthcare tenants such as Memorial Hermann, Kindred Healthcare and Texas Children’s Hospital. Norvin intends to make capital upgrades to the property’s mechanical systems, parking garages and tenant amenities.

February 5, 2018

Multifamily Texas

First Advisors Breaks Ground on Apartment Project in Port Arthur, Texas

by Taylor Williams February 5, 2018

PORT ARTHUR, TEXAS — First Advisors Inc. has broken ground on The Reserve at Pinewood Village, an apartment project that will be located along State Highway 365 in Port Arthur, about 90 miles east of Houston. The first phase of the project, which is slated for a late fall completion, will deliver 190 units. Construction of all units is scheduled for completion by summer 2019. Amenities will include a clubhouse, fitness center, pool, dog park and nature trails. Houston-based Davis-Penn Mortgage Co. provided construction and permanent financing for the project.

February 5, 2018

Retail Texas

Topgolf Opens 65,000 SF Venue in El Paso

by Taylor Williams February 5, 2018

EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.

February 5, 2018

Loans Multifamily Texas

LMI Capital Closes $37M Refinancing for 800-Unit Apartment Complex in Houston

by Taylor Williams February 5, 2018

HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.

February 5, 2018

Loans Multifamily Texas

Dougherty Arranges $5.1M Acquisition Loan for 106-Unit Apartment Asset in Dallas

by Taylor Williams February 5, 2018

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.

February 5, 2018

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