Texas

Fortis Property Group to Renovate, Rebrand 55-Story Office Building in Downtown Dallas

by Taylor Williams May 25, 2023

DALLAS — New York-based Fortis Property Group will renovate and rebrand Chase Tower, a 55-story, 1.2 million-square-foot office building located at 2200 Ross Ave. in downtown Dallas. The centerpiece of the project will be the reimagining of the lobby, including the installation of a new art gallery with pieces by local artists. New lighting and flooring will accentuate the artwork, and ownership will also upgrade the elevator cabs. Lastly, Fortis will rebrand the property as Dallas Arts Tower and add two new food-and-beverage concepts, a café and a Greek restaurant. Stream Realty Partners leases the building. CBRE represented the restaurant operator, Milkshake Concepts, in its negotiations to lease the lobby space.

May 25, 2023

Development Industrial Texas

Brasfield & Gorrie Tops Out 438,000 SF Industrial Project for Raytheon in McKinney, Texas

by Taylor Williams May 25, 2023

MCKINNEY, TEXAS — General contractor Brasfield & Gorrie has topped out a 438,000-square-foot industrial building in the northern Dallas suburb of McKinney that is a build-to-suit for defense contractor Raytheon. The seven-story facility will include 259,200 square feet of manufacturing space and 43,200 square feet of office space, as well as lab space. Corgan is the project architect, and KDC is the developer. Construction is scheduled for a first-quarter 2024 completion.

May 25, 2023

Affordable Housing Development Multifamily Texas

NHP Foundation Opens 74-Unit Affordable Housing Complex in Houston

by Taylor Williams May 25, 2023

HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.

May 25, 2023

Loans Office Texas

MMCC Arranges $4.7M Acquisition Loan for Office Building in Richardson, Texas

by Taylor Williams May 25, 2023

RICHARDSON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million acquisition loan for a roughly 10,000-square-foot office building located at 1140 W. Campbell Road in Richardson, a northeastern suburb of Dallas. The borrower, a partnership between Brytar Cos. and EvCap Investment, plans to convert the building into an early learning and daycare facility that will be operated by The Montessori School. Kevan McCormack of MMCC originated the financing through an undisclosed direct lender.

May 25, 2023

Industrial Leasing Activity Texas

Network Cabling Services Signs 9,573 SF Industrial Lease in Carrollton, Texas

by Taylor Williams May 25, 2023

CARROLLTON, TEXAS — Houston-based Network Cabling Services has signed a 9,573-square-foot industrial lease in the northern Dallas metro of Carrollton. The company will occupy space at Building 2 at Counter Point at Valwood, a two-building, 97,943-square-foot development. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an affiliate of Hay & Jones Inc., in the lease negotiations. Lee Owen of Compass Real Estate represented the tenant. Counter Point at Valwood is now 90 percent leased.

May 25, 2023

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 426-Unit Chateaux Dijon Apartments in Houston

by Taylor Williams May 24, 2023

HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community located at 5331 Beverlyhill St. in Houston’s Galleria district. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, outdoor grilling and dining areas, package lockers and a pet park. Austin-based InvestRes, which acquired the asset in 2018, sold the property to Three Pillars Capital for an undisclosed price. Jordon Emmott and Abraham Garza of Global Real Estate Advisors brokered the deal.

May 24, 2023

Development Industrial Texas

ARCO Beverage Group Breaks Ground on 253,200 SF Distribution Center in Weslaco, Texas

by Taylor Williams May 24, 2023

WESLACO, TEXAS — ARCO Beverage Group, a division of St. Louis-based general contractor ARCO National Construction, has broken ground on a 253,200-square-foot distribution center for Glazer’s Beer & Beverage in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor will be the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development that is owned by Weslaco Economic Development Corp. Building features will include 210,000 square feet of temperature-controlled space, 36-foot clear heights, 27 dock positions and 25,000 square feet of office space. Completion is slated for the first quarter of 2024.

May 24, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 67-Room Hotel in Longview, Texas

by Taylor Williams May 24, 2023

LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Wingate by Wyndham Longview North, a 67-room hotel located about 120 miles east of Dallas. The hotel offers an indoor pool, fitness center, business center and meeting rooms. Allan Miller, Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio, along with Marcus & Millichap’s Hussain Shaik, also procured the buyer. Both parties requested anonymity.

May 24, 2023

Industrial Leasing Activity Texas

Ameresco Solar Signs 41,080 SF Industrial Lease Renewal in Tomball, Texas

by Taylor Williams May 24, 2023

TOMBALL, TEXAS — Charlotte-based energy equipment provider Ameresco Solar has signed a 41,080-square-foot industrial lease renewal at South Live Oak Business Park in Tomball, a northwestern suburb of Houston. The property comprises two buildings on a 6.2-acre site in the downtown area. Tom Condon Jr. and John Grimsley of Colliers represented the landlord, Tomball Economic Development Corp., in the lease negotiations. Ameresco was self-represented.

May 24, 2023

Acquisitions Industrial Texas

Partners Real Estate Negotiates Sale of 23,100 SF Industrial Facility in North Houston

by Taylor Williams May 24, 2023

HOUSTON — Partners Real Estate has negotiated the sale of a 23,100-square-foot industrial facility that sits on a 1.3-acre site within the three-building Intercontinental Crossing Business Park in North Houston. According to LoopNet Inc., the building was completed in 2022 and features 28-foot clear heights. Clay Pritchett and Zane Carman of Partners represented the seller, TNRG Development, in the transaction. The name and representative of the buyer were not disclosed.

May 24, 2023

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