Texas

DivcoWest Sells Five-Building, 318,534 SF Office Campus in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — DivcoWest, an investment firm with offices in Boston and San Francisco, has sold The Campus at Arboretum, a five-building, 318,534-square-foot office campus in Austin. The 16.5-acre campus, which offers walking trails, volleyball and basketball courts and picnic areas, is located near several major roads, including U.S. Highway 183 and Loop 360. Collectively, the three-story buildings are 97 percent leased to tenants such as BMC Software Inc. and Trion Worlds Inc. HFF represented DivcoWest in the transaction and procured the buyer, a partnership between Vanderbilt Partners and True North Management Group LLC. The buyer secured an undisclosed amount of acquisition financing from JPMorgan Chase.

July 6, 2017

Lingerfelt Buys 272,941 SF Office Tower in Houston for $52M

by Taylor Williams July 6, 2017

HOUSTON — Lingerfelt CommonWealth Partners LLC, a Richmond, Va.-based investment firm, has purchased 1700 West Loop, a 14-story, 272,941-square-foot office tower in Houston’s Galleria neighborhood for $52 million. The Class A property was 81 percent occupied at the time of sale and is anchored by engineering and consulting firm Burns & McDonnell. The sale includes a 786-space parking garage adjacent to the building. The name of the seller was not disclosed.

July 6, 2017

Multifamily Texas

Waterton Purchases 288-Unit Apartment Community in Dallas

by Taylor Williams July 6, 2017

DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.

July 6, 2017

Multifamily Texas

Praedium Group Acquires 288-Unit Apartment Community in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.

July 6, 2017

Restaurant Retail Texas

StrEat Park LLC Breaks Ground on $2.5M Food Park Project in San Antonio

by Taylor Williams July 6, 2017

SAN ANTONIO — San Antonio-based developer StrEat Park LLC has broken ground on Brooklyn StrEat Food Park, a $2.5 million project located at 201 Burnet St. in San Antonio. Scheduled to open in January 2018, according to Rivard Report, the food park will feature nine food trucks and a full-service bar, provide indoor and outdoor seating for about 450 people and stage live music.

July 6, 2017

Industrial Texas

Clay Development Breaks Ground on 334,360 SF Industrial Property Near Port Houston

by Taylor Williams July 5, 2017

PASADENA, TEXAS — Clay Development & Construction has broken ground on Phase II of Energy Commerce Business Park, a 45-acre industrial park located along Sam Houston Parkway near Highway 225 in the Port Houston submarket. Phase II will deliver two buildings: a 101,400-square-foot, rear load facility and a 232,960-square-foot cross-dock warehouse/distribution center. Both buildings are slated for an early 2018 completion. Phase I of construction, which was completed in 2016, delivered two buildings totaling 287,560 square feet that are 70 percent leased to tenants such as DNA Motoring, Cintas First Aid & Safety and JGB Enterprises.

July 5, 2017

Loans Multifamily Texas

Mason Joseph Closes $29.5M HUD Construction Loan for 256-Unit Apartment Community in Bryan

by Taylor Williams July 5, 2017

BRYAN, TEXAS — Mason Joseph Co. Inc. has closed a $29.5 million loan for the construction and permanent financing of The Residence at Oakmont, a 256-unit apartment community in Bryan. Parkcrest Builders Ltd. and Parkgreen Living LLC will develop the Class A, garden-style community, which will be located at the intersection of Boonville Road and Pendleton Drive. HUD provided the non-recourse loan, which offers a fixed interest rate for the 18-month construction period and subsequent 40-year term.

July 5, 2017

Multifamily Texas

Wellington Arranges Sale of 117-Unit Apartment Complex in Dallas

by Taylor Williams July 5, 2017

DALLAS — Wellington Realty has arranged the sale of La Bella Palms, a 117-unit apartment complex located at 9450 Royal Lane in Dallas. Situated near Northpark Center Mall, Southern Methodist University and Richland College, the property features a swimming pool and on-site laundry services. Caleb Jones, Tammy Shaffer and David Shaffer of Wellington procured the buyer, a partnership between Michaelson Real Estate Group LLC and a private equity investor, in the transaction.

July 5, 2017

Industrial Office Texas

NAI Robert Lynn Negotiates 114,515 SF Office/Warehouse Lease in Garland

by Taylor Williams July 5, 2017

GARLAND, TEXAS — NAI Robert Lynn has negotiated an 114,515-square-foot office/warehouse lease at 3901 W. Miller Road in the Dallas metro of Garland. Stephen Cooper of NAI Robert Lynn represented the undisclosed landlord in the transaction. Ann Huntington of CBRE represented the tenant, Stonecrop Technologies LLC, a California-based communications deployment firm.

July 5, 2017

Retail Texas

STRIVE Brokers Sale of 14,030 SF Strip Center in Irving

by Taylor Williams July 5, 2017

IRVING, TEXAS — STRIVE has brokered the sale of Riverside Retail Strip, a 14,030-square-foot, Class A retail center located at 6421 Riverside Drive in Irving. Built in 2016, the center was 100 percent occupied at the time of sale to tenants such as Wayback Burgers, Donut House and Yummy Thai. Jason Vitorino of STRIVE represented the seller, a Dallas-based developer, in the transaction.

July 5, 2017

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