DALLAS — Burger chain Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.
By Sandy Schmid, director of acquisitions and development, StarPoint Properties In the fast-paced world of commercial real estate, foresight is as valuable as bricks and mortar. Despite whispers of distress on the horizon for the Lone Star State in 2024, the multifamily real estate market is ablaze with potential. Texas is one of the hottest destinations for developers and investors, and the strategic play is to not just weather the storm, but rather to ride it to success. Recent predictions of multifamily distress starting in the latter half of 2023 have certainly raised eyebrows and fueled speculation. However, predicting the Texas real estate market is akin to forecasting a Wild West shootout — a challenging task given the state’s history of resilience and its ongoing growth. Texas has consistently proven its ability to rebound from economic challenges, and current indicators suggest that the multifamily sector is poised for sustained growth. A Growth Powerhouse One factor supporting the optimistic outlook is the impressive trajectory of Texas’ GDP growth. The state saw a notable increase in its GDP over recent years: 5.7 percent growth in 2021, 2.7 percent in 2022 and 3 percent in the first quarter of 2023 alone. This data compares …
AUSTIN, TEXAS — Landmark Properties has recapitalized The Standard at Austin, a 934-bed student housing community that serves students at the University of Texas at Austin. Completed in 2021, the development offers studio through six-bedroom units. Shared amenities include a fitness center, study lounges and a rooftop pool deck with a jumbotron. TSB Capital Advisors arranged debt for the transaction. Specific details on the breakdown of debt and equity within the recapitalization were not disclosed.
BAYTOWN, TEXAS — Locally based owner Wayside Investment Group has completed renovations of the 82-room Extended Stay Suites America hotel in the eastern Houston suburb of Baytown. The project involved upgrades to guestrooms’ kitchens, furniture and bedding, as well as enhancements of amenity spaces, including the lobby, pool and fitness center. Wayside also outfitted the three-story hotel with new lighting fixtures, wall coverings, flooring and signage.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 50,130-square-foot industrial building in West Houston. According to LoopNet Inc., the property at 5919 Bonhomme Road was built on 2.7 acres in 2002 and features 30-foot clear heights and five dock-high doors. Jacob Summers & Dylan Stiteler of Oxford Partners represented the buyer, Unishow Inc., in the transaction. Martin Tijmes of eXp Realty represented the undisclosed seller.
AUSTIN, TEXAS — IBM has signed a 50,000-square-foot office and life sciences lease at Parmer Impact Labs in Austin. CBRE represented the landlord, Karlin Real Estate, in the lease negotiations. Cushman & Wakefield represented IBM. The New York-based tech giant follows University of Texas at Austin, which announced in September that it would locate its first off-campus wet lab site at Parmer Impact Labs. A timeline for occupancy was not disclosed.
PLANO, TEXAS — Holt Lunsford Commercial has negotiated a 13,936-square-foot office lease renewal and expansion at Lincoln Legacy Two in the northern Dallas suburb of Plano. Chase Stone and Caroline Hix of Holt Lunsford represented the landlord, Larson Capital Management, in the lease negotiations. Scott Jessen of Citadel Partners and Tyler Thomas of Trumont Commercial represented the tenant, The Mathworks, a provider of mathematical computing software.
SAN ANTONIO — A partnership between boutique investment firm Trestle Studio, Colorado-based Sopris Capital and The Town Lake Co. has acquired the 308-room El Tropicano Hotel in San Antonio’s RiverWalk District. According to CultureMap San Antonio, the El Tropicano originally opened in 1962 as the district’s first purpose-built hotel but has been closed since 2020. Steve Leslie and Chris Dewey of JLL represented the undisclosed seller in the transaction. The new ownership did not disclose its plans for the historic property.
MIIDLOTHIAN, TEXAS — Locally based investment firm Younger Partners has acquired Midlothian Towne Crossing, a 147,161-square-foot shopping center located on the southern outskirts of Dallas. The center sits on 34 acres and was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Burkes Outlet, JoAnn Fabrics, Petco, Ulta Beauty and Famous Footwear. Chris Cozby, Harrison Tye and Jim Batjer of CBRE represented the undisclosed seller in the transaction. Kathy Permenter and Micah Ashford represented Younger Partners on an internal basis.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 3.2-acre self-storage development site located at 5361 Pearsall Road in southwest San Antonio. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Danklefs also procured the buyer, DD&B Construction, which did not disclose specific development plans for the site.