Texas

Colliers Brokers Sale of Land for $25M Office/Industrial Facility in Metro Houston

by Haisten Willis September 1, 2016

TOMBALL, TEXAS — Colliers International has brokered the sale of a 5.5-acre tract of land on Spell Road just west of Hufsmith Kohrville Road in Tomball. The $25 million project, the second for the Tomball Business and Technology Park, will consist of a 42,700-square-foot laboratory and office facility expected to hold 75 employees. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller, Tomball Economic Development Corp. Gray Gilbert of CBRE represented the buyer, GE Betz Inc. Jane Matthews of Stewart Title Tomball coordinated the closing.

September 1, 2016

Texas

Castle Lanterra Acquires 370-Unit Apartment Property in Austin

by Haisten Willis September 1, 2016

AUSTIN, TEXAS — Castle Lanterra Properties has purchased Arrangement, a 370-unit apartment property in Austin. The acquisition marks the fourth in Austin for the New York-based firm since entering the market in March 2015. Located in Austin’s East Riverside corridor, Arrangement was originally constructed in 1973 and underwent a $10 million redevelopment in 2013. The property is located less than three miles from downtown Austin.

September 1, 2016

Office Texas

CBRE Negotiates Lease Renewal for Cosco Container Lines Americas in Houston

by Haisten Willis September 1, 2016

HOUSTON — CBRE has negotiated a 38,561-square-foot lease renewal for container operator Cosco Container Lines Americas Inc. The office facility is located at 15600 John F Kennedy Blvd. in Houston. Cosco will renovate the space to accommodate new hires. CBRE’s Kevin Saxe and Jerrod McQuain negotiated the lease on behalf of Cosco. Wade Bowlin of PMRG represented the landlord, 15600 JFK Houston Partners LLC.

September 1, 2016

Industrial Texas

Lee & Associates Arranges 28,891 SF Industrial Lease Renewal in Dallas

by Haisten Willis September 1, 2016

DALLAS — Lee & Associates has completed a lease renewal for a 28,891-square-foot industrial space located at 11625 Columbia Center Drive in Dallas. Nathan Denton of Lee & Associates Dallas/Fort Worth represented the tenant, Vogue Tyre, a provider of custom tires and wheels, and Mitch Pruitt internally represented the landlord, Prologis.

September 1, 2016

Multifamily Texas

Oden Hughes Begins Construction on Lenox Springs in South Austin

by Haisten Willis August 31, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has begun construction on Lenox Springs, a luxury apartment community in south Austin that will include 660 Class A apartments. Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in fall 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined. Lenox Springs will be the fifth south Austin community Oden Hughes has developed since it was founded in 2010. Oden Hughes Taylor Construction will be the general contractor for Lenox Springs, while Oden Hughes Management will lease and manage the community.

August 31, 2016

Industrial Texas

Arch-Con Breaks Ground on I-20 Commerce Center in Metro Dallas

by Haisten Willis August 31, 2016

LANCASTER, TEXAS — Arch-Con Construction has broken ground on I-20 Commerce Center, a 900,043-square-foot speculative warehouse for Copeland Commercial LLC. Located at 3535 N. Houston School Road in Lancaster, the warehouse is on a 50-acre site near I-35 and I-20. Powers Brown Architecture designed the tilt-wall warehouse, which features a cross-dock configuration, 36-foot clear height and a building depth of 600 feet. The building will feature two stories of glass at the office entries. The project is expected to be complete in May 2017, and JLL’s Kurt Griffin and Nathan Orbin are the leasing agents.

August 31, 2016

Mixed-Use Office Texas

FM Global to Become Largest Commercial Tenant of The Star in Frisco

by Haisten Willis August 31, 2016

FRISCO, TEXAS — FM Global has signed on as an office tenant at The Star, home of the Dallas Cowboys headquarters that opened in July 2016. The commercial property insurance company will occupy more than 79,000 square feet of office space across floors five and six, including that tower’s entire top floor. The Star includes 398,000 square feet of Class A office space, including a two-story underground parking garage. Established nearly 200 years ago, FM Global is a multi-national mutual insurance company. The company is the Dallas Cowboys’ provider of property and builders’ risk insurance. The move will bring over 300 of FM Global’s employees, mostly from the company’s current space in Plano, to The Star in June 2017.

August 31, 2016

Loans Multifamily Texas

Dougherty Secures $27.5M Fannie Mae Loan for Westbridge Apartments in Carrollton

by Haisten Willis August 31, 2016

CARROLLTON, TEXAS — Dougherty Mortgage LLC has secured a $27.5 million Fannie Mae loan for the acquisition of Westbridge Apartments, a 284-unit market rate multifamily apartment property located in Carrollton. The pet-friendly, gated property is located near hiking/biking trails and includes a dog park, swimming pool, fitness center and complimentary yoga classes. Apartments feature nine-foot ceilings with crown molding, built-in bookshelves, ceiling fans, a patio or balcony, washer and dryer hookup and fireplaces. The 12-year Fannie Mae loan includes five years of interest-only payments and a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for borrower, Westbridge 2300 LLC.

August 31, 2016

Industrial Texas

B. Braun Medical Renews Industrial Lease in Metro Dallas

by Haisten Willis August 31, 2016

CARROLLTON, TEXAS — JLL has negotiated an 82,588-square-foot industrial lease renewal for B. Braun Medical Inc. The medical device manufacturer’s Dallas office is located at 1601 Wallace Drive in Carrollton. JLL’s Elizabeth Jones and Tom McCarthy negotiated the lease on behalf of the tenant. CBRE’s Steve Trese and Wilson Brown represented the landlord, Colony Capital.

August 31, 2016

Multifamily Texas

Morgan Opens Pearl at The Mix Apartment Community in Midtown Houston

by Haisten Willis August 30, 2016

HOUSTON — Morgan, a company specializing in multifamily development, construction and property management, has opened Pearl at the Mix in Houston’s Midtown district. Located at 2910 Milam St., the new apartment community sits on the city block bound by Louisiana, Tuam, Milam and Anita streets. Pearl at the Mix, the second Midtown property Morgan has opened in the past two years, is one block away from Pearl Midtown. Pearl at the Mix consists of five residential levels above a two-level parking garage. The property’s 196 units are a mix of studios, one- and two-bedroom units. Unit interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, walk-in closets with wood shelving, full-size washers and dryers, USB charging ports and floor-to-ceiling windows. Community amenities include a WiFi-enabled club lounge furnished with a pool table, two classic arcade machines, TVs, a patio facing downtown, swimming pool, outdoor kitchen, fitness center and grilling stations. Cadence Bank provided construction financing for Pearl at the Mix.

August 30, 2016

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