Texas

Marcus & Millichap Closes Sale of 64,084 SF Retail Center in Metro Austin

by Taylor Williams December 8, 2017

ROUND ROCK, TEXAS — Marcus & Millichap has closed the sale of Mays Crossing, a 64,084-square-foot retail center located at 1201 S. Interstate 35 in the northern Austin metro of Round Rock. The property is located across the street from an Academy Sports + Outdoors. Other nearby retailers include O’Reilly Auto Parts, Pluckers Wing Bar and Cricket Wireless. Philip Levy of Marcus & Millichap represented the seller, a financial institution, and procured the buyer, a developer. Both parties requested anonymity.

December 8, 2017

NAI Partners Brokers Sale of 48,300 SF Industrial Portfolio in Houston

by Taylor Williams December 8, 2017

HOUSTON — NAI Partners has brokered the sale of a three-building, 48,300-square-foot industrial portfolio located at 18155 Chisholm Trail in north Houston. The three buildings, which total 21,000, 14,500 and 12,800 square feet, are located on the former campus of oil and gas firm Weatherford International. John Ferruzzo and Nick Peterson of NAI Partners represented the buyer, Marston Acquisition Co. LLC, in the transaction.

December 8, 2017

Market Reports Office Texas Texas Market Reports

Urban Renaissance: San Antonio Office Market Gains A New Identity

by Taylor Williams December 8, 2017

Regional investors have always described San Antonio as a steady market with desirable economic indicators. But with the impending delivery of a Class AA office tower and a growing tech presence, the city is on the brink of emerging as a national contender for commercial real estate investment. Historically, San Antonio has posted strong employment figures that have kept it firing on all cylinders and ready for business. The San Antonio-New Braunfels MSA has experienced seven straight years of job growth. The metro’s unemployment rate has dropped 10 basis points quarter-over-quarter to its current level of 3.7 percent, a figure that strongly outperforms the national average of 4.5 percent. By comparison, the MSA’s 10-year average unemployment rate was 5.5 percent and the nation’s 7 percent. As new investors analyze the San Antonio office market’s history, they should consider the similarities and differences between San Antonio and other major Texas metros. Assessing the last peak-and-valley metrics from 2007 through 2010 provides insight into how the market reacts to a changing economy. Vacancy Rate Stabilizes The vacancy rate for Class A office properties in San Antonio peaked in 2009 at 16.7 percent, while vacancy rates in Austin, Dallas-Fort Worth (DFW) and Houston …

December 8, 2017

Civic Texas

McCarthy to Build 90,000 SF Fine Arts Center in Metro Dallas

by Taylor Williams December 7, 2017

PLANO, TEXAS — McCarthy Building Cos. Inc. will build a 90,000-square-foot fine arts center for the Plano Independent School District. The facility, which will be located along Alma Road between 15th Street and West Park Boulevard, will feature a 1,500-seat performance hall, 350-seat studio theater, rehearsal studio and a visual arts gallery. The project will also deliver surface parking for roughly 700 vehicles. Construction of the project, which is valued at roughly $50 million, is expected to begin during the summer of 2018.

December 7, 2017

Multifamily Texas

Duke Nears Completion of 296-Unit Apartment Community in Greater Austin

by Taylor Williams December 7, 2017

ROUND ROCK, TEXAS — Dallas-based general contractor Duke Inc. is nearing completion of Bartz Ranch, a 296-unit apartment community located in the northern Austin suburb of Round Rock. Designed by Meeks + Partners, the three-story property will feature one-, two- and three-bedroom units ranging in size from 736 to 1,446 square feet. Amenities will include a pool, fitness center, music recording studio and an outdoor patio with grill areas.

December 7, 2017

Office Texas

Mohr Capital Acquires 100,000 SF Office Building in Dallas

by Taylor Williams December 7, 2017

DALLAS — Mohr Capital, a Dallas-based investment firm, has acquired a 100,000-square-foot office building located in the University Park area of Dallas. The property, which is situated on 13.8 acres, is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 square feet of space being added. Gary Horn and Jack Glasgow of Cresa represented Mohr Capital in the transaction. The seller was not disclosed.

December 7, 2017

Loans Multifamily Texas

NorthMarq Secures $16.4M Construction Loan for Apartment Property in Metro Houston

by Taylor Williams December 7, 2017

DICKINSON, TEXAS — NorthMarq Capital has secured a $16.4 million construction/perm loan for Bahia Cove, a 248-unit multifamily community in Dickinson, about 30 miles southeast of Houston. Robert Hernandez of NorthMarq placed the loan, which features a 10-year term, 30-year amortization schedule and three years of interest-only payments, through an undisclosed life insurance company. The name of the borrower was also withheld.

December 7, 2017

Loans Multifamily Texas

LMI Capital Closes $46.5M in Loans for Five Multifamily Assets in Houston Area

by Taylor Williams December 7, 2017

HOUSTON — LMI Capital has closed $46.5 million in loans for a quintet of multifamily properties totaling 920 units throughout the Houston area. Brandon Brown, Kurt Dennis and Jamie Mullin of LMI Capital placed the loans for the garden-style properties, which are located in the Woodlake/Briarmeadow, Inner Loop East, Westchase, Champions East and North Houston submarkets. The lenders and borrowers were not disclosed.

December 7, 2017

Multifamily Texas

Partnership to Build 228-Unit Apartment Community in Metro Dallas

by Taylor Williams December 6, 2017

ROCKWALL, TEXAS — A partnership between two development firms, AMCAL Equities LLC and Atticus Real Estate Development, will build a 228-unit apartment community in the eastern Dallas metro of Rockwall. The property, which will be branded Harbor Urban Center Apartments, will offer amenities such as a rooftop garden, courtyards and outdoor kitchen areas, a fitness center, business center and an internet cafè with a coffee bar. The U.S. Department of Housing and Urban Development (HUD) is financing the project, which was designed by Humphreys & Partners Architects, through its 221(d)(4) program. The $34.8 million construction to perm loan features a fixed 3.7 percent interest rate. The co-developers expect to complete Harbor Urban Center Apartments in October 2019.

December 6, 2017

Multifamily Texas

StreetLights Residential Opens 337-Unit Apartment Community in Deep Ellum

by Taylor Williams December 6, 2017

DALLAS — StreetLights Residential has opened The Case Building, a 337-unit multifamily community located at 3131 Main St. in the Deep Ellum area of Dallas. The 17-story building is the first multifamily high-rise community in the neighborhood and offers amenities such as co-working spaces, a catering kitchen, private resident bar, fitness center and bike storage services. Units range in size from 500 to 1,300 square feet. SLR Construction LLC served as general contractor for the project, and WDG Architecture provided design services. Dallas-based Westdale will manage the property.

December 6, 2017

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