LUBBOCK, TEXAS — Housing Trust Group has begun work on Inn Town Lofts, a $33.7 million affordable housing redevelopment project in Lubbock. The project will convert the former Jim Kimmell Center into a residential complex that, along with another building that will be constructed from the ground up, will add 56 units to the local supply. Residences will come in studio, one-, two- and three-bedroom formats and will feature a range of income restricions. Amenities will include a fitness center, children’s playground, community laundry room, business center and a community theater area. Wallace Architects designed Inn Town Lofts, and Teinert Construction is the general contractor. Leasing will begin next summer.
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of an 82-room Wyndham-branded hotel in the West Texas city of Midland. The Microtel Inn & Suites by Wyndham Midland is a three-story building that was developed between 2013 and 2014 and offers amenities such as a fitness center, business center and a guest laundry facility. Matt Omansky of Marcus & Millichap represented the seller in the transaction. Chris Gomes, also with Marcus & Millichap, procured the buyer. Both parties were private investors that requested anonymity. Allan Miller of Marcus & Millichap assisted in closing the deal as the supporting broker.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 19,780-square-foot office lease renewal at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building will soon undergo a capital improvement program that will upgrade the tenant lounge, lobby, conference rooms and common corridors. Jake Neal, Matt Carthey and Vic Meyer of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The representative of the tenant, Nine Energy Services, was not disclosed.
HOUSTON — Khaadi, a women’s apparel retailer based in Pakistan, has opened a 4,700-square-foot store at Houston’s Galleria Mall. The store will be the second in the United States for the brand, with the other being located in Tysons, Va. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Khaadi, which is also in talks to open stores in the New York City and Chicago areas, in lease negotiations. Simon Property Group owns the mall.
AUSTIN, TEXAS — JLL has arranged a $430 million CMBS loan for the refinancing of Fairmont Austin, a 37-story luxury hotel tower located at 101 Red River St. in downtown Austin. The borrower, San Diego-based developer Manchester Financial Group, used the five-year, fixed-rate loan to replace a $300 million senior loan and $125 million of mezzanine debt, which Berkadia arranged in 2019. Spanning 1.4 million square feet, Fairmont Austin features 1,048 guestrooms and suites, nearly 140,000 square feet of meeting space, a full-service spa, five dining options, an outdoor resort-style pool deck on the seventh floor and a pedestrian walkway connected to the Austin Convention Center. The hotel is currently the fifth-tallest building in Austin, according to JLL. Manchester Financial Group delivered the Fairmont Austin in 2018. In addition to its direct connection to the convention center, the building is near Lady Bird Lake and the city’s premier neighborhoods including the Rainey Street District and East Austin. Tim Wright, Aldon Cole and Olga Walsh of JLL’s capital markets debt advisory team arranged the interest-only loan through Goldman Sachs, which acted as lead manager and sole bookrunner in the transaction. Walsh says the marketing process for the refinancing was “competitive” due …
LUBBOCK, TEXAS — Coldwell Banker has brokered the sale of Dimora Village, a 418-unit multifamily property in the West Texas city of Lubbock. The site is located roughly one mile from the Texas Tech University campus and adjacent to the North Park mixed-use development. Dimora Village consists of 209 separately deeded duplexes. According to Apartments.com, units come in two-, three- and four-bedroom floor plans, and amenities include a pool, basketball court, courtyard and pet play area. Chase Tucker and Taylor Tucker of Coldwell Banker represented the undisclosed seller in the transaction and procured the buyer, Crain Co.
AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.
IRVING, TEXAS — Western Pacific Building Materials has signed a 101,900-square-foot industrial lease at Prologis Freeport Distribution Center Building 2 in Irving. According to LoopNet Inc., the building, which was constructed on 10.6 acres in 1985 and renovated in 1998. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Jeremy Kelly of Stream Realty Partners, along with internal agent Mitchell Pruitt, represented Prologis. The 227,394-square-foot building is now fully leased.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of an 80-room dual-branded hotel in Lancaster, a southern suburb of Dallas. The three-story building houses Sleep Inn & Suites and Mainstay Suites and offers shared amenities such as a pool, fitness center, business center and outdoor picnic area. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based investment firm, in the transaction. The duo also procured the buyer, an out-of-state 1031 exchange investor.
IRVING, TEXAS — Holt Lunsford Commercial has negotiated a 22,601-square-foot office lease in Irving. According to LoopNet Inc., the building at 3660 Regent Blvd. was constructed in 2000 and totals 158,728 square feet. John Dickenson and Paul Hernandez of Holt Lunsford Commercial represented the landlord, Houston-based investment firm Wedge Group, in the lease negotiations. Brendan Kelley of Avison Young and Mike McElwee of Hughes Marino represented the tenant, Power Home Remodeling Group.