Texas

MCKINNEY, TEXAS — Hospitality management firm TPG Hotels & Resorts has opened its new 7,500-square-foot office headquarters at District 121, a mixed-use development located north of Dallas in McKinney. The space occupies the fifth floor of a 190,000-square-foot building. David Rubenstein of Savills represented the tenant in the lease negotiations. Craig International owns District 121.

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DALLAS — Lincoln Property Co. has acquired a four-acre site at 2500 Cedar Springs Road in Uptown Dallas. The firm plans to develop a Class A mixed-use project with approximately 400,000 to 500,000 square feet of office space, 250 luxury apartment units, a 200-room hotel, 25,000 square feet of food-and-beverage retail, and ample green space. The project site is near the Crescent office and hotel, the Ritz-Carlton hotel, the Katy Trail, Klyde Warren Park, Victory Park, the American Airlines Center and numerous restaurants. Although a seller was not disclosed, the Dallas Business Journal reports that an entity connected to Greenway Investment Co. previously owned the property, a retail strip built in the 1950s. A timeline for development has yet to be finalized, according to Chase Prospere, senior vice president and office market leader at Lincoln in Dallas. “Complex developments like this are years in the making and it’s very early in the process, but we intend to move at pace to get to groundbreaking,” says Prospere. “We are actively marketing the project to prospective anchor tenants and expect leasing activity to be strong given the unique location and amenities of the project.” The Uptown submarket of Dallas posted an office …

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Twinwood-Distribution-Center-Brookshire

BROOKSHIRE, TEXAS ­— Houston-based Clay Development has completed Twinwood Distribution Center III, a 767,520-square-foot industrial project in the western Houston suburb of Brookshire. The cross-dock facility sits on 37.1 acres within the 200-acre Uplands Twinwood Business Park. Building features include 40-foot clear heights, 180 dock-high doors, four drive-in ramps, 130-foot truck court depths, 2,600 square feet of office space, an ESFR sprinkler system and parking for 264 cars. The site can also support the addition of parking space for up to 55 trailers. Cushman & Wakefield has been appointed as the property’s third-party leasing agency.

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Boardwalk-Square-Katy

KATY, TEXAS — Locally based developer Sueba USA has broken ground on Boardwalk Square, a 353-unit multifamily project that will be located west of Houston in Katy. Units will come in studio, one-, two- and three-bedroom formats and range in size from 496 to 2,088 square feet. Residences will be furnished with stainless steel appliances, granite countertops, custom cabinetry and individual washers and dryers. Amenities will include a pool, fitness center, spa, outdoor lounge, coworking lounge, package lockers and a catering kitchen. Boardwalk Square represents the second phase of a larger Sueba development, the first phase of which totals 319 units and was completed in late 2021 and subsequently sold in spring 2022. The first units are expected to be available for occupancy in fall 2025.

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IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Landen Apartment Homes, a 134-unit multifamily property in Irving. The garden-style property consists of four two-story buildings that house studio, one-, two- and three-bedroom units. Amenities include a pool, playground and outdoor kitchen and grilling stations. Fritz Waldvogel of Colliers Mortgage originated the loan, which carries a five-year term, through a partnership with Old Capital Lending. The borrower was an entity doing business as NH Investments LAH LLC.

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AUSTIN, TEXAS — Tokyo Electron has signed a 98,761-square-foot office lease at RiverSouth, a 15-story, 372,000-square-foot office building in downtown Austin. The provider of semiconductors and display production equipment is relocating and will join existing tenants such as Baker Botts, Alert Media and Under Armour. Brad Philp and Conor Greissing of Stream Realty Partners represented the landlord in the lease negotiations on an internal basis. Kendall King and Stan Erwin of HPI Real Estate Services & Investments represented Tokyo Electron. 

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HOUSTON — Marcus & Millichap has brokered the sale of Rosslyn Heights Apartments, a 60-unit multifamily complex in northwest Houston. According to Apartments.com, the property was built in 1985 and offers two-bedroom units and a playground. Kyle Devillier, Gregory Austin, Travis Austin and Jackson Hart of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

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AI Jeff Salladin Predictive Analytics

The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …

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BLVD-at-Medical-Center-San-Antonio

SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold BLVD at Medical Center, a 248-unit apartment community in San Antonio. Built in 2016 and located roughly 15 miles northwest of the downtown area, BLVD at Medical Center offers one-, two- and three-bedroom units with an average size of 776 square feet. Residences are furnished with stainless steel appliances, walk-in closets, granite countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen, playground and a business center. The buyer and sales price were not disclosed. Hamilton Zanze acquired the property soon after completion and implemented various value-add measures during its course of ownership.

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HOUSTON — Locally based brokerage firm Davis Commercial has arranged the sale of a 153,000-square-foot office and industrial complex in northwest Houston. The property comprises an 111,000-square-foot office building and a 43,000-square-foot warehouse on a the 12.6-acre site at 7000 Hollister St. According to LoopNet Inc., the three-story complex was originally built in 1985. Cotton Munson of Davis Commercial represented the seller, FJS Investments LP, in the transaction. Charlie Le of Realm Real Estate represented the buyer, and entity doing business as Yinlun TDI LLC.

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