AUSTIN, TEXAS — National general contractor JT Magen has completed the renovation of the 8,079-square-foot office space of video game developer Owlchemy Labs in Austin. Revel Architecture designed the project, which involved the creation of several areas for larger group gatherings, as well as smaller connection spaces and a space for recreational gaming. The project team also maintained private meeting rooms and added larger ground-floor windows to increase the flow of natural light.
MENARD, TEXAS — Marcus & Millichap has brokered the sale of Bowie’s Truck Stop, a 4,995-square-foot retail property in Menard, about 150 miles west of Austin. Bowie’s Truck Stop sits on five acres and features a convenience store and 16 gas pumps that are operated by Valero. Sai Thakor and Jacob Luna led the Marcus & Millichap team that represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ROUND ROCK AND TAYLOR, TEXAS — iMarket America, a supplier of industrial raw materials and products, will relocate its U.S. headquarters to the northern Austin suburb of Round Rock, according to a release from the Round Rock Chamber. iMarket America, whose parent company is based in South Korea, is a major vendor of Korean electronics giant Samsung, which is developing a $17 billion semiconductor manufacturing facility in Taylor, another northern suburb of Austin. To facilitate that relationship, iMarket America has proposed a plan to develop a 212-acre campus that would be located northeast of the intersection of Carlos G. Parker Boulevard SE and FM 112 near the Samsung plant. According to the Austin Business Journal, the development would feature about 2.2 million square feet of warehousing, manufacturing, office and research-and-development space. The publication also reports that iMarket America purchased the land after signing a nonbinding memorandum of understanding with the City of Taylor in 2023. Samsung broke ground on its Taylor facility in 2022 and expects to be operational this year.
SAN MARCOS, TEXAS — Austin-based investment firm Palladius Capital Management has sold The Oasis, a 672-bed student housing property in San Marcos, located roughly midway between Austin and San Antonio. The 240-unit property is located about three miles from the Texas State University campus and offers amenities such as a pool, fitness center, clubhouse and study lounges. Palladius acquired the property in spring 2022 and implemented a value-add program prior to the sale. Chris Epp of Walker & Dunlop represented Palladius in the transaction The buyer and sales price were not disclosed.
DENTON, TEXAS — Texas-based private equity firm SPI Advisory has acquired a portfolio of two multifamily properties totaling 248 units in the North Texas city of Denton. Lana is a 116-unit, garden-style property that was originally built in 1981, and Aspire is a 132-unit complex that was constructed in 1970. Both properties offer one- and two-bedroom units and underwent capital improvement programs over the past two years. Mark Allen of GREA represented the seller, Legacy REI, in the transaction. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $5 million in acquisition financing for a 112,700-square-foot industrial building in East Houston. According to LoopNet Inc., the single-tenant facility at 14830 Talcott St. was constructed on seven acres in 1970. Adam Pike of MMCC originated the financing, which carried an 8 percent fixed interest rate and a 20-year amortization schedule, through an undisclosed local bank. The borrower was also not disclosed.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 3,150-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the building at 10750 Barker Cypress Road was built on three acres in 2005 and totals 31,113 square feet. Chase Tucker and Tyler Holt of Finial Group represented the undisclosed landlord in the lease negotiations. The tenant, an entity doing business as MTGK3 Enterprises LLC, was self-represented.
AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has topped out ATX Tower, a mixed-use tower located at 321 West St. in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 58-story building will house 1,000 square feet of ground-floor retail space, more than 100,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Ryan Cos. is also the general contractor. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019 and broke ground in spring 2022.
SAN ANTONIO — Atlanta-based developer Wood Partners has broken ground on Alta Westover Hills, a 312-unit multifamily project on the west side of San Antonio. Alta Westover Hills will offer one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes, custom cabinets and full-sized washers and dryers. Amenities will include a pool, clubroom, fitness center, business center, conference and entertainment spaces, outdoor kitchen and dining areas and a dog park. Wood Partners is developing the property in partnership with German investment firm EIG EuroInvestor. Completion is slated for summer 2025.
DALLAS — JLL has brokered the sale of Churchill Tower, a 277,187-square-foot office building in North Dallas. Built in 1999 and recently renovated, the 12-story building was 73 percent leased at the time of sale to tenants such as Carr Riggs & Ingram, Level Four Advisory Services, Borden and Relation. Amenities include a fitness center, conference center and a café. Todd Savage, Ben Esterer, Megan Babovec and Andrew Griffin of JLL represented the undisclosed seller in the transaction and procured the buyer, Irving-based TXRE Properties.