Texas

Koontz Corp. to Develop 188-Acre Industrial Project in San Antonio

by Taylor Williams May 2, 2023

SAN ANTONIO — Locally based developer Koontz Corp. will build Frontera Logistics Supersite, a 188-acre industrial project that will be located on the south side of San Antonio. Plans currently call for up to 2.8 million square feet of manufacturing and warehouse space across eight buildings with parking for 3,350 cars and 812 trailers. Carl Olson of Olson Properties represented the undisclosed sellers in the disposition of the land, which is an assemblage of 11 parcels. Koontz Corp. was self-represented in that transaction. Beaty Palmer Architects is designing the project, and Partners Real Estate has been appointed as the marketing and leasing agent. A construction timeline has not yet been finalized.

May 2, 2023

Castlewinds-Apartments-North-Richland-Hills

Loans Multifamily Texas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams May 2, 2023

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

May 2, 2023

Acquisitions Industrial Texas

Partners Real Estate Arranges Sale of 60,680 SF Industrial Property in Pasadena, Texas

by Taylor Williams May 2, 2023

PASADENA, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 60,680-square-foot industrial property in the eastern Houston suburb of Pasadena. The multi-tenant facility sits on a 10.6-acre site at 3321-3411 Westside Drive. According to LoopNet Inc., the building rises two stories, was constructed in 1973 and has four drive-in doors. Clay Pritchett and Zane Carman of Partners represented the buyer, Grace Heritage Properties, in the transaction. The seller was also not disclosed.

May 2, 2023

Industrial Leasing Activity Texas

Finial Group Negotiates 29,105 SF Industrial Lease Renewal Near San Antonio

by Taylor Williams May 2, 2023

ELMENDORF, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 29,105-square-foot industrial lease renewal in Elmendorf, a southeastern suburb of San Antonio. According to LoopNet Inc., the property at 19940 I-27 S was built on 2.2 acres in 2013 and features 16- to 20-foot clear heights. Finial Group owns the building, and internal agents David Durham and Patrick Rubsamen negotiated the deal. Brian Schaffer of Realty Austin represented the tenant, Midwest Hose & Specialty, which serves the energy sector.

May 2, 2023

Leasing Activity Office Texas

Paceline Equity Signs 12,465 SF Office Lease in Uptown Dallas

by Taylor Williams May 2, 2023

DALLAS — Dallas-based Paceline Equity Partners has signed a 12,465-square-foot lease at The Offices at Turtle Creek Village in the Oak Lawn area of Dallas. The 18-story, 229,868-square-foot building was originally constructed in 1973 and offers a conference room and a tenant lounge. Travis Boothe and Zach Bean of Cushman & Wakefield represented the tenant in the lease negotiations. Tommy Nelson and Alexandra Cullins of CBRE represented the landlord, Los Angeles-based CIM Group, which acquired the building in 2017.

May 2, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling

by Sarah Daniels May 2, 2023

High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …

May 2, 2023

Acquisitions Industrial Texas

Westcore Acquires Three Fort Worth Industrial Buildings Totaling 485,330 SF

by Taylor Williams May 1, 2023

FORT WORTH, TEXAS — San Diego-based investment firm Westcore has acquired three industrial buildings totaling 485,330 square feet in Fort Worth. Buildings 1, 2 and 4 within North Quarter 35, a development by M2G Ventures, were all fully leased at the time of sale. Seth Koschak and Matteson Hamilton represented the seller in the transaction. Westcore was self-represented. North Quarter 35 features a mix of shallow-bay, read-load and cross-dock buildings totaling 645,000 square feet.

May 1, 2023

Build-to-Rent Development Single-Family Rental Texas

Core Spaces Underway on 408-Unit Build-to-Rent Residential Project in Princeton, Texas

by Taylor Williams May 1, 2023

PRINCETON, TEXAS — Core Spaces, a developer with offices in Chicago and Austin, is underway on construction of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Completion is scheduled for April 2024.

May 1, 2023

Acquisitions Multifamily Texas

ZOM Living, Civitas Capital Sell 378-Unit Mezzo Apartments in North Dallas

by Taylor Williams May 1, 2023

DALLAS — A partnership between Orlando-based developer ZOM Living and Dallas-based investment firm Civitas Capital Group has sold Mezzo, a 378-unit apartment community in North Dallas. Completed last summer, the garden-style property consists of 13 buildings on a 15-acre site. Units come in one-, two- and three-bedroom formats and range in size from 700 to 1,560 square feet. Amenities include a pool, fitness center, lounge, coworking spaces, game room and a dog park. Harbor Group International purchased Mezzo, which was 85 percent occupied at the time of sale, for an undisclosed price.

May 1, 2023

Leasing Activity Office Texas

Locke Lord Signs 27,826 SF Office Lease in Downtown Austin

by Taylor Williams May 1, 2023

AUSTIN, TEXAS — Dallas-based law firm Locke Lord has signed a 27,826-square-foot office lease at 300 Colorado St. in downtown Austin. The firm is relocating from 600 Congress Ave. to the 32-story building, which houses a 13-story parking deck, onsite restaurant, conference center, catering kitchen and a fitness center. Atlanta-based Cousins Properties owns the property in a joint venture with Riverside Resources and Ironwood Real Estate.

May 1, 2023

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