Texas

Olympus Acquires Two Multifamily Assets Totaling 568 Units in West Texas

by Taylor Williams May 7, 2018

MIDLAND AND ODESSA, TEXAS — Fort Worth-based investment firm Olympus Property has acquired two multifamily properties totaling 568 units in West Texas. The 300-unit Sundance Creek in Midland features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tanning beds, outdoor kitchen and a game room. The 268-unit Sedona Ranch in Odessa also consists of one- and two-bedroom units and offers a similar package of amenities. The seller was San Antonio-based Koontz Corp., which developed the properties and completed them in 2015. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

May 7, 2018

Acquisitions Industrial Texas

Hines Purchases 259,555 SF Industrial Property Near DFW Airport

by Taylor Williams May 7, 2018

IRVING, TEXAS — Houston-based Hines has purchased DFW East Logistics Center, a three-building, 259,555-square-foot industrial property located near Dallas-Fort Worth (DFW) International Airport in Irving. Completed in 2017, the Class A property is situated on 18 acres and was 15 percent leased at the time of sale. Jonathan Bryan and Randy Baird of CBRE represented the undisclosed seller in the transaction. Hines has tapped Stream Realty Partners to handle the property’s leasing responsibilities.

May 7, 2018

Development Industrial Texas

Dalfen Breaks Ground on 115,176 SF Industrial Building in Metro Dallas

by Taylor Williams May 7, 2018

MCKINNEY, TEXAS — Dallas-based Dalfen America Corp. has broken ground on a 115,176-square-foot industrial building located at 1581 Corporate Drive in the northern Dallas metro of McKinney. The building will be located near the intersection of U.S. Highways 75 and 380 and across the street from a Walmart Supercenter. Designed by Macgregor Associates Architects, the Class A property will feature 32-foot clear heights, 155 car parking spaces and 26 dock doors. Completion is slated for November. The property is being developed on a speculative basis and will be able to accommodate distribution, e-commerce or light manufacturing users.

May 7, 2018

Development Multifamily Texas

JMJ Begins Work on 150-Unit Apartment Community in Metro Dallas

by Taylor Williams May 7, 2018

DESOTO, TEXAS — Dallas-based JMJ Development has begun work on Bellwater Ridge Apartments, a 150-unit multifamily community that will be located in the southern Dallas metro of DeSoto. The property will feature open floor plans with nine-foot ceilings and upgraded kitchens in the unit interiors. Communal amenities will include a resort-style pool, clubhouse, fitness center and an outdoor pavilion and dining area. Completion is scheduled for the fall.

May 7, 2018

Leasing Activity Office Texas

Telecommunications Firm Signs 44,508 SF Office Lease in North Austin

by Taylor Williams May 7, 2018

AUSTIN, TEXAS — Virginia-based telecommunications firm GTT Communications has signed a 44,508-square-foot lease at Stonebridge Plaza I & II, a 386,101-square-foot office property in north Austin. KBS Realty Advisors owns the Class A property, which is located near The Domain and The Arboretum at Great Hills, two retail and dining destinations. The surrounding area also offers access to walking trails, tennis and basketball courts and a pool. Robbye Schroeder Kirkpatrick of Newmark Knight Frank represented GTT Communications in the lease negotiations.

May 7, 2018

Acquisitions Industrial Self-Storage Texas

LeClaire Group Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams May 4, 2018

BEAUMONT, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of a portfolio of Lisotta’s Self Storage properties in southeast Texas. The seven facilities were constructed in the 1970s and 1980s and total 389,386 net rentable square feet across 2,627 units. Two of the properties are located in Beaumont and two are located in Nederland, with the other facilities located in Groves, Bridge City and Orange. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an individual/personal trust. An undisclosed limited liability company purchased the portfolio.

May 4, 2018

Acquisitions Multifamily Texas

Transwestern Arranges Sale of 1,154-Unit Multifamily Portfolio in Lubbock

by Taylor Williams May 4, 2018

LUBBOCK, TEXAS — Transwestern has arranged the sale of a three-property, 1,154-unit multifamily portfolio in the West Texas city of Lubbock. The properties include The Park, a 528-unit asset that includes townhomes and single-level apartments with yards; Ashton Pointe, a 366-unit community that offers a fitness center and racquetball court; and Dominion Apartments, a 260-unit property that features a pool and fitness center. James Roberts, Philip Wiegand and Taylor Snoddy of Transwestern represented the seller, Lubbock-based McDougal Cos. A Colorado-based investment firm purchased the portfolio for an undisclosed price.

May 4, 2018

Development Retail Texas

EVO Entertainment to Open 73,000 SF Entertainment Center in Schertz, Texas

by Taylor Williams May 4, 2018

SCHERTZ, TEXAS — San Marcos-based EVO Entertainment Group will open a 73,000-square-foot entertainment center within The Wiederstein Ranch shopping center in Schertz, a northeastern suburb of San Antonio. The venue will feature a 10-screen movie theater, 16 bowling lanes, more than 100 arcade games, laser tag, a full restaurant and bar and private event space. Construction is scheduled to begin soon and the opening is slated for February 2019. The Schertz venue will be the company’s fifth location overall in the greater San Antonio area.

May 4, 2018

Custer-Storage-&-Business-Center-McKinney-Texas

Acquisitions Industrial Self-Storage Texas

Strategic Storage Growth Trust Acquires 730-Unit Facility in Metro Dallas

by Taylor Williams May 4, 2018

MCKINNEY, TEXAS — Strategic Growth Storage Trust Inc., a REIT sponsored by California-based SmartStop Asset Management LLC, has acquired Custer Storage & Business Center, a 730-unit self-storage facility in the northern Dallas metro of McKinney. Built in 2015, the 95,000-square-foot property includes 10 single-story buildings with approximately 230 drive-up units and 500 first-floor units that are climate-controlled. The seller and sales price were not disclosed. With this acquisition, Strategic Growth Storage Trust’s portfolio consists of 26 self-storage properties totaling roughly 17,300 units and 1.9 million net rentable square feet across 10 states.

May 4, 2018

Garden-Valley-Apartments-Waxahachie-Texas

Loans Multifamily Texas

Love Funding Provides $26.3M HUD Construction Loan for Apartment Project in Metro Dallas

by Taylor Williams May 4, 2018

WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.

May 4, 2018

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