Texas

OliveMill Holdings Begins Renovation of 240,000 SF Office Building in North Dallas

by Taylor Williams March 2, 2023

DALLAS — Locally based development and investment firm OliveMill Holdings has begun renovations on a 240,000-square-foot office building located at 2801 N. Central Expressway in North Dallas. The 18-story building was originally developed in 2015 as the headquarters office for advertising agency The Richards Group. Capital improvements will include upgrades of the ground floor, bathrooms, lobby and elevators, as well as a rebranding of the property as One West Village. Gensler is designing the project, which is slated for completion this summer. OliveMill Holdings owns the building in partnership with Angelo Gordon and Hunt Realty Investments.

March 2, 2023

Affordable Housing Development Multifamily Texas

Mintwood Real Estate Breaks Ground on 219-Unit Mixed-Income Residential Project in Dallas

by Taylor Williams March 2, 2023

DALLAS — Locally based developer Mintwood Real Estate has broken ground on Oakhouse, a 219-unit mixed-income residential project that will be located in the Oak Cliff area of Dallas. Mintwood is developing the project in partnership with Mirasol Capital and New York City-based MSquared. Approximately half the units will be reserved for households earning 80 percent or less of the area median income. Amenities will include a pool, fitness center, dog park, children’s play area and a resident lounge. WDG Associates is the designing the project, and Rogers O’Brien is the general contractor. Independent Financial provided construction financing. Completion is slated for late summer 2024.

March 2, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 30-Unit Apartment Complex in Austin

by Taylor Williams March 2, 2023

AUSTIN, TEXAS — Northmarq has arranged the sale of Red River Apartments, a 30-unit multifamily complex in Austin’s Cherrywood neighborhood. The property was built in 1963 and renovated in phases between 2017 and 2022. Capital improvements included new bathrooms, flooring, countertops and backsplashes in unit interiors, as well as various upgrades to the exterior of the three-story building. Hayden Schnieders of Northmarq brokered the sale of the property. Cheryl Higley, also with Northmarq, provided a five-year, fixed-rate Fannie Mae acquisition loan. The buyer and seller were not disclosed. Red River Apartments was fully leased at the time of sale.

March 2, 2023

Leasing Activity Retail Texas

Corporate Fitness Solutions Signs 8,385 SF Industrial Lease Renewal in Addison, Texas

by Taylor Williams March 2, 2023

ADDISON, TEXAS — Corporate Fitness Solutions has signed an 8,385-square-foot industrial lease renewal in the northern Dallas suburb of Addison. According to LoopNet Inc., the property at 4950 Keller Springs Road was built in 1980 and totals 60,118 square feet. Adam Curran of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Parkway Ltd.

March 2, 2023

Development Multifamily Texas

Abby Development to Build 280-Unit Apartment Community in Cleburne, Texas

by Taylor Williams February 28, 2023

CLEBURNE, TEXAS — Dallas-based Abby Development will build a 280-unit apartment community in Cleburne, about 30 miles south of Fort Worth. The unnamed development will feature one-, two- and three-bedroom units that will be furnished with stainless steel appliances, stone countertops, walk-in closets and private balconies/patios. Amenities will include a pool, fitness center, resident lounge, outdoor grilling and dining areas, business center and a dog park. Berkadia provided construction financing for the project, which is slated for a late 2024 delivery.

February 28, 2023

Development Healthcare Texas

4M, Newmark Begin Leasing 260,000 SF Medical Office Complex in West Houston

by Taylor Williams February 28, 2023

HOUSTON — Locally based venture capital and private equity firm 4M Investments has begun leasing Park 10 Commons, a medical office development located at 17754 Katy Freeway in West Houston. The firm has tapped Newmark to lead the leasing initiative. The development consists of one existing building and three proposed buildings that will ultimately comprise 206,000 square feet of medical office space, as well as 4,500 square feet of retail space. Details on construction timelines were not disclosed.

February 28, 2023

Acquisitions Multifamily Texas

IPA Arranges Sale of 144-Unit Multifamily Property in Dallas

by Taylor Williams February 28, 2023

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lex, a 144-unit multifamily property located in the Lake Highlands area of Dallas. The Lex was built in 1984 and offers six different floor plans with an average size of 825 square feet. Amenities include a pool and outdoor grilling and dining stations. Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse of IPA represented the seller, GVA Real Estate Group, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged acquisition financing on behalf of the buyer, Los Angeles-based investment firm Dunleer.

February 28, 2023

Acquisitions Retail Texas

JLL Negotiates Sale of 43,134 SF Shopping Center in Metro Dallas

by Taylor Williams February 28, 2023

ALLEN, TEXAS — JLL has negotiated the sale of Twin Creeks Marketplace, a 43,134-square-foot shopping center located in the northeastern Dallas suburb of Allen. Sprouts Farmers Market anchors the center, which was built in 2016 and was fully leased at the time of sale. Other tenants include Starbucks, Verizon Wireless, ATI Physical Therapy and Advancial. Chris Gerard, Adam Howells, Caroline Binning, Pauli Kerr and Cole Sutter of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.

February 28, 2023

Market Reports Texas Texas Market Reports

Why Commercial Real Estate Employment is Thriving in Texas

by Taylor Williams February 28, 2023

By Kent Elliott, principal, and Chase Fryhover, director, RETS Associates While December’s national jobs report painted an optimistic picture of the employment landscape, some sources have noted that workers in commercial real estate are leaving the industry. Yet although some national brokerage firms may be trimming the fat to cut costs in light of recent economic uncertainty, this trend does not seem to apply to Texas-based commercial real estate companies. In fact, according to Estateserve, with the Texas office market booming, vacancy rates dropping and rents rising, “Texas’ commercial real estate is experiencing a resurgence.” As a national executive search firm that has served the industry for more than two decades, RETS Associates has a seasoned perspective on job markets throughout the country. Here are the trends we are noticing throughout the industry in Texas and why we believe the market is poised for ongoing strength and stability. Continued In-Migration Texas is the ninth-largest economy in the world, as well as one of the leading markets in the country in job and economic growth. The Dallas-Fort Worth (DFW) area in particular, the fourth-largest MSA in the country, led the country in population growth in March 2022 and in post-pandemic job …

February 28, 2023

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 309-Unit Metro Greenway Apartments in Houston

by Taylor Williams February 27, 2023

HOUSTON — Berkadia has arranged the sale of Metro Greenway, a 309-unit apartment community in Houston’s Greenway/Upper Kirby neighborhood. Developed in 2008 by The Dinerstein Cos., Metro Greenway is a four-story building that sits on a two-level parking garage. Units come in one- and two-bedroom floor plans and range in size from 709 to 1,272 square feet. Amenities include a pool, fitness center, outdoor kitchen, pet park, coffee bar and a resident lounge. Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Denver-based Simpson Housing, in the transaction. Dallas-based investment firm Westdale acquired the asset for an undisclosed price.

February 27, 2023

Newer Posts

Older Posts