DALLAS — Florida-based Foundry Commercial and its capital partner, San Francisco-based Stockbridge have acquired Northview Plaza, a 116,099-square-foot retail center located at 19674 E. Northwest Highway in Dallas. The grocery-anchored property was 86 percent leased at the time of sale. The purchase raises the volume of Foundry’s Dallas acquisitions over the past 18 months to approximately $160 million.
UNIVERSAL CITY, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of Kitty Hawk Shopping Center, a 13,084-square-foot strip retail center located at 12000 E. Loop 1604 North in the San Antonio metro of Universal City. Shadow-anchored by H-E-B, the center was 85 percent leased at the time of sale to tenants such as The Cash Store, Edward Jones and Lee’s Kitchen. Bradley Suttle of SACA represented the buyer, a Texas-based limited liability company. Other terms of sale were not disclosed.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Aura at the Rim, a 308-unit multifamily asset in San Antonio. Built in 2016 on 11-plus acres, the property is located within The Rim, a 3 million-square-foot shopping center on the city’s northwestern side. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, a Dallas-based developer and procured the buyer, a Chicago-based investor.
IRVING, TEXAS — The Buccini/Pollin Group, a hospitality and management firm with offices throughout the Mid-Atlantic, has acquired the 302-room Sheraton DFW Airport Hotel in Irving for $46 million. The hotel recently received $7 million in upgrades to its common areas, meeting rooms and guestrooms. Additional features include 25,000 square feet of meeting space in addition to a pool, exercise facility and business center. The seller was not disclosed.
EL PASO, TEXAS — CBRE has secured a 120,000-square-foot industrial lease at 19 Leigh Fisher Blvd. in El Paso. The lease represents an expansion and relocation for the El Paso office of the tenant, Tianhai Electric North America, a Michigan-based manufacturer of automotive parts. Chad McCleskey and Christian Perez Giese of CBRE represented the landlord, an affiliate of Covington Group Inc., in the lease negotiations. The representative of the tenant was not disclosed.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of Eastside Commons, a 78-unit apartment complex located at 2401 Manor Road in Austin. Ellen Muskin and Daniel Elam of Muskin represented the seller, a California-based partnership. Nick Cochrane and Jesse Mamuhewa of Campus & Central Properties represented the buyer, EUP Partners LLC. Vista Bank provided financing for the acquisition.
HOUSTON — Lee & Associates has negotiated a 9,417-square-foot office lease renewal at 3700 Buffalo Speedway in Houston on behalf of Chicago Title of Texas LLC. Chris Nash and Travis Taylor of Lee & Associates represented the tenant. The landlord, Moody National Buffalo Speedway MT LP, was represented internally.
Suing to appeal an unsatisfactory appraisal review board decision is straightforward in Texas. The state property tax system provides taxpayers with a pragmatic approach to air their valuation disputes before the courts, without the delay and headache frequently experienced in other types of litigation. Yet many taxpayers choose not to appeal, relinquishing the opportunity to achieve significant tax savings. Do not be so shortsighted. Texans enjoy one of the most fair property tax protest systems in the country, beginning with the right to contest their appraised values through an administrative process. If they do not like the result, they can file a lawsuit that provides a fresh start, turning the valuation issue over to a judge or jury, whichever the parties prefer. And if the taxpayer is unsatisfied with the court’s decision, he or she can seek review from a state appellate court and even the State Supreme Court. Not all states provide such a favorable review process. Texas is special. Built into the Texas Tax Code are processes and requirements that make litigating property tax appeals more efficient and less procedurally burdensome for taxpayers, even if an appeal advances to the state’s highest court. Here are a few of …
AUSTIN, TEXAS — Lee Development & Construction is building 48 East Avenue, a 35-story apartment tower in Austin’s Rainey Street District. The property will offer 250 units averaging approximately 850 square feet per unit, a pool, fitness center and a coffee bar. The project will also deliver 3,000 square feet of retail space and a 10-story parking garage. A timetable for delivery has not yet been established.
PEARLAND, TEXAS — A joint venture between Stream Realty Partners and Thackery Partners has sold The Center at Pearland Parkway I, a 167,704-square-foot retail power center located at the intersection of FM 518 and Pearland Parkway in the Houston metro of Pearland. Completed in 2014, the property was fully leased at the time of sale to tenants such as T.J. Maxx and Ross Dress for Less. Dunhill Partners Inc. purchased the asset for an undisclosed price.
