Texas

Rosewood Property Acquires 170,000 SF Industrial Facility in Schertz, Texas

by Taylor Williams October 6, 2023

SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.

October 6, 2023

Leasing Activity Office Texas

Lincoln Property Co. Unveils 58,644 SF Global Headquarters in Dallas

by Taylor Williams October 6, 2023

DALLAS — Lincoln Property Co. (LPC) has unveiled its new, 58,644-square-foot global headquarters at 8111 Douglas Ave., in the University Park neighborhood of Dallas. The site consists of two 13-story buildings, one of which houses 225,000 square feet of office and retail space and the other housing 128 multifamily units and 1,400 square feet of retail space. LPC delivered the property in 2023. Office and residential amenities include indoor and outdoor fitness spaces, a ground-floor park and an amenity deck with a putting green and pickleball and bocce ball courts. Including its Dallas headquarters, LPC now operates 35 offices worldwide.

October 6, 2023

Development Office Texas

Hope Media Group to Open Headquarters Office in New Caney, Texas

by Taylor Williams October 6, 2023

NEW CANEY, TEXAS — Hope Media Group, a provider of religious content, will open its global headquarters office within Valley Ranch, a 1,400-acre master-planned development in the northeastern Houston suburb of New Caney. The facility will house video and podcast production space, studios with noise isolation features and modern collaborative spaces. Gensler is the project architect, and Houston-based Tellepsen is the general contractor. Construction is expected to begin before the end of the year. Signorelli Co. owns Valley Ranch.

October 6, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $65M Affordable Housing Project in San Antonio

by Taylor Williams October 5, 2023

SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.

October 5, 2023

Development Multifamily Texas

Legacy Partners, Pondmoon Capital Open 296-Unit Merit Apartments in Lewisville, Texas

by Taylor Williams October 5, 2023

LEWISVILLE, TEXAS — San Francisco-based Legacy Partners and Pondmoon Capital Holdings USA have opened Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development features one-, two- and three-bedroom units that range in size from 630 to 1,500 square feet and are furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies/patios. Amenities include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Project partners included JHP Architecture and Provident General Contractors.

October 5, 2023

Acquisitions Office Texas

JLL Negotiates Sale of 226,586 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 5, 2023

HOUSTON — JLL has negotiated the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor area. The 11-story building sits on 2.5 acres and has received multiple capital improvements since 2017, including a renovated lobby, and was 25 percent leased at the time of sale. Rick Goings, Tom Hall and Chad Coluccio of JLL represented the undisclosed seller in the transaction. The buyer was Interra Capital, a Houston-based private equity and financial advisory firm.

October 5, 2023

Leasing Activity Retail Texas

House of Gainz to Open 41,000 SF Gym in Northeast Austin

by Taylor Williams October 5, 2023

AUSTIN, TEXAS — Fitness operator House of Gainz will open a 41,000-square-foot gym at 235 Canyon Ridge Drive in northeast Austin. The facility, which will be the company’s second in the Austin area, will offer boxing, HIIT and boot camp classes, a range of fitness equipment and weights, posing room, cold plunge, sauna and a wellness center. The opening is scheduled for November. Kristiana Beck of Realty Austin represented House of Gainz in the lease negotiations. Bryan McMurrey of Transwestern represented the landlord.

October 5, 2023

Acquisitions Office Texas

Cravey Real Estate Arranges Sale-Leaseback of 9,500 SF Office Building in Corpus Christi

by Taylor Williams October 5, 2023

CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has arranged the sale of a 9,500-square-foot office building located at 1434 S. Port Ave. in Corpus Christi. Lynann Pinkham of Cravey Real Estate represented the seller and occupant, Plains Capital Bank, in the transaction. Jesus Barba Jr. represented the buyer, Texas RioGrande Legal Aid Inc. Plains Capital Bank will continue to lease back the space for the next 18 months while going through the site selection process for a future hub.

October 5, 2023

Acquisitions Office Texas

Parkway Acquires 1.4 MSF CityWestPlace Office Campus in Houston’s Westchase District

by Taylor Williams October 4, 2023

HOUSTON — Parkway, which is a partnership between Orlando-based Parkway Property Investments and Houston-based Midway, has acquired CityWestPlace, a four-building, 1.4 million-square-foot office campus in Houston’s Westchase District. Designed by Keating Mann Jerrigan Rottet and Daniel Mann Johnson & Mendenhall, CityWestPlace was constructed between 1993 and 2001 and renovated in 2020. Amenities include a conference space, multiple food-and-beverage options, two fitness centers, trails and sports fields. Eastdil Secured represented the undisclosed seller, which previously owned an interest in the property, in the transaction. Parkway will continue to operate the property, and Parkway’s development partner, Midway, will oversee the continued development of CityWestPlace.

October 4, 2023

Development Industrial Texas

Street Realty to Develop 140,000 SF Industrial Project in White Settlement, Texas

by Taylor Williams October 4, 2023

WHITE SETTLEMENT, TEXAS — Locally based developer Street Realty will build West Loop Business Park, a 140,000-square-foot industrial project in White Settlement, a western suburb of Fort Worth. West Loop Business Park will comprise 14 shallow-bay buildings on a 12-acre site. Each building will span 9,900 square feet and can be subdivided for multiple tenants or marketed to a single tenant. Construction is scheduled to begin before the end of the year and wrap up in the third quarter of 2024. FirstBank Southwest provided construction financing for the deal.

October 4, 2023

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