AUSTIN, TEXAS — Bellomy & Co. has arranged the sale of South Congress Storage, a 447-unit self-storage facility in Austin. Situated on 6.5 acres at 8008 S. Congress Ave., the 10-building facility spans 39,410 square feet of net rentable space. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the undisclosed seller and procured the buyer, Devon Self Storage. Both parties involved in the transaction are based in California.
HOUSTON — MenMar Properties LLC has acquired a 21,000-square-foot building with office and warehouse space located at 4202 Telephone Road in Houston. The property will be leased to Fiesta Beverage Mart for retail and storage purposes. Barrett Von Blon of Davis Commercial represented the seller, City Office Supply Inc., in the transaction.
SAN ANTONIO — The University of Texas at San Antonio has broken ground on Phase I of construction for a new, $95 million Science and Engineering Building. Designed by San Antonio-based Alamo Architects and national architecture firm TreanorHL, the four-story, 153,000-square-foot building is the largest construction project in school history. Scheduled for a May 2020 completion, the project is funded primarily by tuition revenue bonds approved during the 2015 Texas legislative session.
BEE CAVE, TEXAS — St. Croix Capital Advisors will develop Gateway to Falconhead, an 80,000-square-foot mixed-use asset located on a 14.6-acre tract located at the corner of Ranch to Market Road 620 and Falconhead Boulevard in the Austin metro of Bee Cave. Construction recently began on the six-building project, which will deliver office, medical and retail space. The latter is 70 percent preleased to tenants such as Westbank Dry Cleaners and Epic Nails. Southstar Bank provided financing for the property, which is expected to be ready for occupancy in the fourth quarter.
NEW BRAUNFELS, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $12.1 million in construction and permanent financing for The Lodge at the Guadelupe, a 124-unit apartment community that will be located at 1355 Ranch Parkway in New Braunfels. Lev Investments and T.R. Inscore LLC will develop the project and Crane Contracting Group Ltd. will serve as general contractor. HUD provided the 40-year, non-recourse loan.
DALLAS — Co-working and office space provider WeWork has opened its new regional headquarters at Thanksgiving Tower in downtown Dallas. The company leased 84,000 square feet at the 1.4 million-square-foot office tower to provide space for roughly 1,600 employees. WeWork opened its first location in Uptown Dallas in January 2017 and subsequently leased 25,000 square feet at Legacy West in Plano.
RICHARDSON, TEXAS— GI Partners has secured a 169,136-square-foot lease renewal and expansion at 3000 Waterview Parkway in Richardson for The University of Texas at Dallas’ UTDesign program. The leased properties are part of Synergy Park, a roughly 300,000-square-foot data center and office complex owned by DataCore LP, an affiliate of GI Partners. The studio will offer engineering students 56 project stations, seven conference rooms, a computer lab and a machine shop.
A common baseball analogy that explains where we are in the real estate cycle is “What inning are we in?” Regardless of the inning, in North Texas we’re just hoping it’s the first game of a doubleheader! The first quarter of 2017 was another respectable one for leasing activity in the Dallas-Fort Worth (DFW) industrial market. Total absorption for all properties was 5.5 million square feet, with 6 percent vacancy across 786.5 million square feet of industrial space. New supply totaled 6.6 million square feet for the first quarter. Just over 8 million square feet of new construction is underway in DFW, with 15 million square feet designated “big box,” or more than 200,000 square feet. Big box experienced absorption of 4.6 million square feet in the first quarter, despite having only 3.8 million square feet of new supply. The metroplex has been the beneficiary of some very large lease signings. Amazon alone is responsible for multiple leases totaling several million square feet. UPS recently leased a 1 million-square-foot property in Arlington, and Ashley Furniture announced the purchase of 358 acres in Mesquite for an 850,000-square-foot design/build distribution facility. In addition, a 1.4 million–square-foot, build-to-suit lease by a well-known real …
SUGAR LAND AND RICHMOND, TEXAS — Marcus & Millichap has brokered the $58 million sale of a portfolio of fully leased medical office properties in the western Houston metros of Sugar Land and Richmond. The portfolio includes Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land, as well as UT Physicians facilities in Sugar Land and Richmond. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a public pension fund.
AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $30.2 million mortgage loan for Fox Hill Apartments, a 288-unit, Class A apartment complex located at 8800 U.S. Highway 290 in Austin. Brian Eisendrath and Annie Rice of CBRE arranged the five-year, fixed-rate loan on behalf of The Praedium Group, a New-York based investment firm.
