Texas

NewQuest Properties, Red Oak Negotiate Sale of 326-Unit Apartment Community in Houston

by Taylor Williams June 28, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.

June 28, 2023

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 50,000 SF Cold Storage Facility in Metro Houston

by Taylor Williams June 28, 2023

SUGAR LAND, TEXAS — Partners Real Estate has brokered the sale of a 50,000-square-foot cold storage facility located within Sugar Land Business Park on the southwestern outskirts of Houston. According to LoopNet Inc., the property at 12501 Cardinal Meadow Drive was built in 2000. Chris Caudill of Partners and John Ferruzzo of Transwestern jointly represented the seller, Mainna Investments LP, in the transaction. Will Austin of Bridge Commercial represented the buyer, Gearment Investment LLC.

June 28, 2023

Loans Retail Texas

Largo Capital Arranges $2.8M Acquisition Loan for Arlington Retail Property

by Taylor Williams June 28, 2023

ARLINGTON, TEXAS — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $2.8 million acquisition loan for a retail property in Arlington. The newly constructed property was fully occupied at the time of the loan closing by a car wash operator on a 20-year lease. The borrower was an undisclosed private investor based in the Northeast. The direct lender was also not disclosed.

June 28, 2023

Leasing Activity Office Texas

Akorbi Signs 10,573 SF Office Lease in El Paso

by Taylor Williams June 28, 2023

EL PASO, TEXAS — Akorbi, a provider of language services and workplace solutions like staffing, payroll and compliance, has signed a 10,573-square-foot office lease in El Paso. Jeff Pappas of Newmark represented Akorbi, which now operates 10 facilities including its Plan headquarters, in the lease negotiations. Will Brown and Michael McBroom of Sonny Brown Associates represented the undisclosed landlord.

June 28, 2023

Market Reports Multifamily Texas Texas Market Reports

Multifamily Sales Volume Slips Across Texas

by Taylor Williams June 28, 2023

By Taylor Williams Multifamily investment sales activity has been muted across major Texas markets during the first half of 2023, underscoring the unfortunate reality that even the most coveted asset classes are not immune to severe macroeconomic headwinds. Much like a year ago, the combined effects of stubborn inflation and corresponding interest rate hikes have wrought visibly negative changes to the world of multifamily investment sales. But in summer 2022, deals were still getting done at a decent clip; price disparities and depreciation were the most significant and obvious impediments to deal velocity. Today, buyers and sellers are more closely aligned on market realities as relates to price points, but many are simply not motivated to transact — at least in the short term. According to data from RealPage, in the first quarter of 2023, there were 337 multifamily transactions within the Dallas-Plano-Irving triangle, down from 510 in the first quarter of 2022. The greater Houston area saw 266 deals executed in the first quarter this year, a decline from 410 during that period in 2022, while the Austin market’s total number of transaction fell from 191 to 123 quarter-over-quarter. Multifamily sales prices responded differently to reduced deal volume from …

June 28, 2023

Civic Development Texas

Texas A&M Breaks Ground on $150M Academic Building at New Fort Worth Campus

by Taylor Williams June 27, 2023

FORT WORTH, TEXAS — Texas A&M University has broken ground on a $150 million academic building in Fort Worth that marks the beginning of development of a larger, four-block campus. The first building will rise eight stories and house the Texas A&M School of Law as well as other academic divisions. The university is collaborating with the City of Fort Worth and Tarrant County on the project, which will feature two additional buildings. The first will be known as The Research & Innovation Building. The second, The Gateway Building, will house offices, more classroom and meeting spaces and a conference center. The law building is slated for a 2025 delivery, with full completion of the first three buildings targeted for 2027.

June 27, 2023

Acquisitions Hospitality Texas

Driftwood Capital Acquires 299-Room Hilton-Branded Hotel in Plano

by Taylor Williams June 27, 2023

PLANO, TEXAS — Hospitality investment and development firm Driftwood Capital has acquired the 299-room Hilton Dallas/Plano Granite Park hotel. The accommodations include rooms with queen and king beds, as well as suites. The amenity package comprises a pool, fitness center, business center, grab-and-go mart, two onsite dining options and more than 33,000 square feet of meeting and event space. The new ownership plans to upgrade the guestrooms and meeting space and to assume management of the property. Eastdil Secured represented the seller, Granite Properties, in the transaction.

June 27, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $29M HUD-Insured Refinancing of Multifamily Property in DeSoto, Texas

by Taylor Williams June 27, 2023

DESOTO, TEXAS — Colliers Mortgage has provided a $29 million HUD-insured loan for the refinancing of The Beacon on Westmoreland, a 194-unit multifamily property in DeSoto, a southern suburb of Dallas. The complex was completed in 2021 and consists of seven residential buildings and a leasing office/clubhouse. Amenities include a pool, fitness center, dog park and walking trails. Fritz Waldvogel of Colliers Mortgage originated the 35-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

June 27, 2023

Acquisitions Retail Texas

JLL Negotiates Sale of 151,905 SF Shopping Center in Galveston, Texas

by Taylor Williams June 27, 2023

GALVESTON, TEXAS — JLL has negotiated the sale of The Plaza at Galveston Island, a 151,905-square-foot shopping center located southeast of Houston. Built in 1970, the property was 84.5 percent leased at the time of sale to tenants such as Dollar Tree, Ross Dress for Less, Five Below, Beall’s Outlet, UPS, AT&T and Whataburger. Ryan West and John Indelli of JLL represented the seller, Harold A. Clark & Co., in the transaction. The sales price was not disclosed.

June 27, 2023

Development Office Texas

Mark Odom Studio to Open 10,000 SF Creative Office in Austin

by Taylor Williams June 27, 2023

AUSTIN, TEXAS — Architecture firm Mark Odom Studio will open a 10,000-square-foot creative office at 4000 Medical Parkway in Austin. The existing structure on the site was built in 1970, and Mark Odom Studio is renovating the building with plans to occupy about half the space and lease the other 5,000 square feet. Citadel Development is the general contractor for the project. A group of local partners doing business as 4000MP Austin LLC owns the property. Completion of the renovation is slated for November.

June 27, 2023

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