Texas

3M to Sell 156-Acre Flex Campus in Austin to World Class Capital

by Taylor Williams June 29, 2017

AUSTIN, TEXAS — Minnesota-based 3M, which manufactures more than 55,000 material goods, will sell its 156-acre flex campus located at 6801 River Place Blvd. in Austin to World Class Capital Group, a private investment firm headquartered in the state capital, for an undisclosed price. The deal is expected to close during the fourth quarter. 3M is investing in a new 272,000-square-foot facility within the Class A Parmer development on the city’s north side, which currently houses the likes of Apple, General Motors, Dell and Samsung, among others. Construction of the new facility is scheduled to begin later this year, with move-ins slated for April 2019.

June 29, 2017

Office Texas

CBRE Fund Acquires 508,102 SF Office Tower in Dallas

by Taylor Williams June 29, 2017

DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics

June 29, 2017

Office Texas

TIER REIT Begins Development of 324,000 SF Office Building in Austin

by Taylor Williams June 29, 2017

AUSTIN, TEXAS — TIER REIT Inc., a publicly traded, Dallas-based investment firm, has begun developing Domain 11, a 16-story, 324,000-square-foot office building in Austin. Scheduled for a late 2018 delivery, the property is 98 percent preleased to Austin-based vacation rental firm HomeAway. TIER REIT is also planning to develop a 306,000-square-foot office tower adjacent to Domain 11.

June 29, 2017

Loans Multifamily Texas

Hunt Mortgage Provides $23.5M in Construction Financing for 192-Unit Apartment Community in Ennis, Texas

by Taylor Williams June 29, 2017

ENNIS, TEXAS — Hunt Mortgage Group has provided $23.5 million in construction financing for Spyglass Apartments, a 192-unit apartment community in Ennis, a city roughly 45 miles south of Dallas. Situated on 12.9 acres, the property will feature a pool, fitness center, jogging trail and on-site parking for 364 vehicles. The borrower, Spyglass Apartments of Ennis LP, will undertake energy-saving measures to ensure the property is certified under the National Green Building Standards program.

June 29, 2017

Industrial Texas

NAI Negotiates 20,000 SF in Industrial Lease Renewals in Katy

by Taylor Williams June 29, 2017

KATY, TEXAS — NAI Partners has negotiated a pair of industrial lease renewals totaling 20,000 square feet at Westgreen Business Center in Katy. Ignition Systems and Controls Inc. renewed its 8,750-square-foot lease at the property, which is located on Vanderwilt Lane, and Ogburn Trucking renewed its 11,250-square-foot lease. Shaffer Braun of NAI Partners represented the landlord, Westgreen Business Center Ltd., in both lease negotiations.

June 29, 2017

Mixed-Use Texas

Beck Ventures Begins Demolitions for Phase I of $4B Mixed-Use Project in Dallas

by Taylor Williams June 28, 2017

DALLAS — Beck Ventures has begun demolitions of the Valley View Mall at the future site of Dallas Midtown, a $4 billion mixed-use project in Dallas that will encompass more than 400 acres. The development site will be located near the intersection of Preston Road and Interstate 635 in the city’s Galleria neighborhood. Phase I of construction will cost approximately $500 million and deliver 500,000 square feet of office space, 400,000 square feet of retail space, more than 1,000 apartments and an 18-story hotel, according to D Magazine. Completion of Phase I is scheduled for late 2019.

June 28, 2017

Mixed-Use Texas

Capital Metro, Partners Break Ground on Transit-Oriented Development in Austin

by Taylor Williams June 28, 2017

AUSTIN, TEXAS — Capital Metro and a partnership between Endeavor Real Estate Group and Columbus Realty Partners have broken ground on Plaza Saltillo District, an 11-acre, transit-oriented development near downtown Austin. The project will transform an abandoned site into a mixed-use community that will feature roughly 800 apartment units, 140,000 square feet of office space, 110,000 square feet of retail space and 1.4 acres of open public space. Multiple public transportation systems will serve the property. A time frame for delivery has not yet been established.

June 28, 2017

Multifamily Oklahoma Texas

ARA Newmark Closes $60.5M Sale of Oklahoma’s Largest Apartment Community

by Taylor Williams June 28, 2017

OKLAHOMA CITY — ARA Newmark has closed the $60.5 million sale of Brookwood Village, a 1,128-unit apartment community located at 9401 S. Shartel Drive in Oklahoma City. The property, which was 94 percent occupied at the time of sale, is the largest apartment community in the state. Built in 1970 and renovated in 2015 and 2016, the garden-style property features nine pools, six tennis courts and a 20-acre park. Tim McKay, David Burnett, Brandon Lamb and Justin Wilson of ARA Newmark represented the seller, Tulsa-based Brookwood Village Apartments LLC. Washington state-based Weidner Apartment Homes purchased the property

June 28, 2017

Loans Multifamily Texas

Meridian Capital Arranges $32M Acquisition Loan for 267-Unit Apartment Community in Metro Dallas

by Taylor Williams June 28, 2017

FAIRVIEW, TEXAS — Meridian Capital Group has arranged $32 million loan for the acquisition for Sorrel Fairview, a 267-unit, Class A multifamily community located at 351 Sugarloaf Trail in the Dallas metro of Fairview. The property features a clubhouse with lounge areas, game room, resort-style pool, fitness center and an on-site car washing service. Abe Hirsch, Moshe Majeski and Zec Karpel of Meridian Capital arranged the five-year loan with a 4 percent fixed interest rate and three years of interest-only payments, on behalf of New York-based Azure Partners LLC.

June 28, 2017

Industrial Texas

McCord Development Leases 143,500 SF Within Generation Park in Houston

by Taylor Williams June 28, 2017

HOUSTON — McCord Development has leased 143,500 square feet within the 4,000-acre Generation Park in Houston to energy equipment producer GHX Industrial LLC. The company will serve as the anchor tenant of Lockwood Business Park, a 25-acre development within Generation Park. The facility will feature 121,000 square feet of warehouse and shop space and 22,500 square feet of office space. GHX Industrial expects to occupy the facility by the end of the year.

June 28, 2017

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