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Intercontinental Real Estate Purchases Office Tower in Austin’s CBD for $119M

by John Nelson

AUSTIN, TEXAS — Intercontinental Real Estate Corp., a Boston-based real estate investment and development firm, has purchased 5th + Colorado, a newly built, 18-story office tower in Austin’s central business district. The company acquired the property from the developer, a joint venture between Lincoln Property Co. and Goldman Sachs, for $119 million, according to the Austin Business Journal. Located at the corner of 5th and Colorado streets within Austin’s Warehouse District, the 179,000-square-foot office tower comprises eight levels of structured parking, nine floors of Class A office space and a lobby level with 5,822 square feet of retail space. Built in 2016, 5th + Colorado is home to companies including Indeed.com, an online job search forum; Industrious, a co-working office concept; SoftServe Inc., a Ukranian software firm; Plains Capital Bank; and Sherri Hill, an Austin-based fashion brand relocating from 9011 Tuscany Way, according to the Journal. Amenities at the office tower include on-site management and security and a fitness center with showers and locker rooms. Located at 201 W. 5th St., the office building is within walking distance of Lady Bird Lake Hike and Bike Trail, the State Capitol, Austin City Hall, the Austin Convention Center and Republic Square Park. …

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LoansMultifamilyTexas

NorthMarq Arranges $13.4M Acquisition Loan for Apartment Complex in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — NorthMarq Capital has arranged a $13.4 million acquisition loan for Valencia Apartment Homes, a 263-unit multifamily asset located at 7301 Ederville Road in Fort Worth. The community offers a pool, laundry facility and resident clubhouse. Suzanne Jones of NorthMarq arranged the 12-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Nicholas Residential.

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MultifamilyTexas

HGI Sells Five Apartment Properties Totaling 1,192 Units in Dallas

by Taylor Williams

DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.  

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RetailTexas

EDGE Brokers Sale of 7,750 SF Retail Strip Center in Metro Houston

by Taylor Williams

SUGAR LAND, TEXAS — EDGE Realty Capital Markets has brokered the sale of Greenway Shopping Center, a 7,750-square-foot retail property located at 13400-13414 Greenway Drive in Sugar Land. The property was 100 percent leased at the time of sale. Josh Jacobs, Burdette Huffman and Kevin Holland of EDGE brokered the sale on behalf of the undisclosed seller. Other terms of sale were not released.  

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IndustrialTexas

Gate Precast to Develop 45,000 SF Manufacturing Plant in Hillsboro, Texas

by Taylor Williams

HILLSBORO, TEXAS — Gate Precast Co., a Florida-based producer of architectural concrete, will add a 45,000-square-foot manufacturing plant to its existing facility in Hillsboro, approximately midway between Fort Worth and Waco. The addition of the new property, which will be situated on 25 acres near Spur 579 and Industrial Loop, is expected to create 40 new jobs. Construction is slated to begin in January.  

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HospitalityTexas

Condor Acquires Marriott-Branded Hotel in El Paso for $19M

by Taylor Williams

EL PASO, TEXAS — Condor Hospitality Trust Inc., a Maryland-based lodging REIT, has acquired the Fairfield Inn & Suites El Paso Airport, a Marriott-branded hotel located at 6611 Edgemere Blvd. in El Paso. Condor Hospitality purchased the asset from the undisclosed seller for $19 million. Amenities include a pool, fitness center and a business center. Condor Hospitality has retained Aimbridge Hospitality to manage the hotel.

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MultifamilyTexas

Oden Hughes to Build 57-Acre Development in San Antonio

by Taylor Williams

SAN ANTONIO — Austin-based development and construction firm Oden Hughes will build a 57-acre development at the intersection of Loop 1604 and Bulverde Road in San Antonio. The development, which has yet to be branded, will eventually feature 1,000 apartment units across 41 acres that will be delivered in three phases. The property also includes nearly 16 acres of commercial acreage that Oden Hughes pans to sell. The company will break ground on Phase I, which will deliver 338 Class A units, later this week. Scheduled to open in late 2018, this phase will also feature a two-level pool, fitness center, running trail and a dog park.      

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LoansTexas

Trepp: Hurricane Harvey Exposes $33.8B in CMBS Loans

by Taylor Williams

HOUSTON —Some 4,353 CMBS loans originated for Texas properties that carry an outstanding balance of $33.8 billion have been exposed due to the effects of Hurricane Harvey, according to the latest update from New York-based Trepp LLC. Of that total, nearly 1,100 loans come from government agency deals that have a combined outstanding balance of $12.9 billion. For loans where the property subtype is available, the majority of those government agency loans originated are for low-rise garden apartments, which would make them more likely to incur flood damage than high-rise properties, says Trepp. Among non-agency CMBS loans, retail properties account for the biggest exposure with an outstanding balance of just under $5 billion, or 32.9 percent of the non-agency total. That is followed by multifamily (25.6 percent) and office properties (20.6 percent). Of those retail loans, there are 48 notes with a combined balance of $210 million for which the largest tenant makes up more than 25 percent of the collateral space and has a lease that ends within the next 24 months. A tenant with a lease expiring in the near-term may not find it worthwhile to stick it out for a property that has suffered severe damage, according to Trepp. In the office sector of …

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RetailTexas

WinCo Foods Breaks Ground on 82,077 SF Store in Carrollton

by Taylor Williams

CARROLLTON, TEXAS — Idaho-based grocer WinCo Foods has begun building an 82,077-square-foot store within Trinity Valley Shopping Center, a 300,000-square-foot shopping center located at the corner of State Highway 190 and Josey Lane in Carrollton. The grocery store will anchor the center and is expected to open during the first quarter of 2018. Weitzman, which handles leasing and management at Trinity Valley, is overseeing construction of the property.

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