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AcquisitionsHospitalityTexas

Joint Venture Acquires 180-Room Dual-Branded Hotel in The Woodlands, Texas

by Taylor Williams

THE WOODLANDS, TEXAS — A joint venture between Dallas-based hospitality owner-operator NewcrestImage, Dabu Group and Preeminent Hotels has acquired a 180-room, dual-branded hotel in The Woodlands, about 30 miles north of Houston. The property consists of a 90-room Courtyard by Marriott hotel and a 90-room Residence Inn by Marriott hotel. Amenities at the Courtyard include a fine dining restaurant, Starbucks coffee shop, fitness center, business center and an indoor pool, while the Residence Inn also offers an indoor pool and fitness center, as well as tennis courts and grilling stations. The new ownership plans to implement a capital improvement program.

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Leasing ActivityRetailTexas

Lowe’s Outlet Opens 41,453 SF Store at Champions Village in Northwest Houston

by Taylor Williams

HOUSTON — Lowe’s Outlet has opened a 41,453-square-foot store at Champions Village, a 383,346-square-foot retail power center in northwest Houston. The North Carolina-based home improvement retailer backfilled a space previously occupied by Stein Mart. The opening precedes the 2024 debuts of Hibbett Sports and soul food restaurant The Greasy Spoon at the center. The owner of Champions Village, First National Realty Partners, also recently reached long-term extension agreements with two anchor tenants, grocer Randalls and Barnes & Noble.

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Leasing ActivityOfficeTexas

Fee, Smith & Sharp Signs 10,517 SF Office Lease Renewal in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Law firm Fee, Smith & Sharp has signed a 10,517-square-foot office lease renewal in southwest Austin. The firm is taking space at the 167,369-square-foot Uplands 1, which was renovated in 2019. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, San Francisco-based Drawbridge Realty, in the lease negotiations. John Scoblick and Jerry Frey of Savills represented the tenant.

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High Tech Solutions Lenders Bill Hyman Lument quote
Content PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasVideoWestern

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels

  Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

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Legend-Park-Lawton
AcquisitionsMultifamilyOklahomaTexas

Cushman & Wakefield Brokers Sale of 360-Unit Legend Park Apartments in Lawton, Oklahoma

by Taylor Williams

LAWTON, OKLA. — Cushman & Wakefield has brokered the sale of Legend Park, a 360-unit apartment community in Lawton, located about 90 miles southwest of Oklahoma City. Built between 2010 and 2012, Legend Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, basketball court, dog park, business center, playground and outdoor grilling and dining areas. Martin Bynum, Craig Hey and Stephen Pestinger of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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DevelopmentIndustrialTexas

GTIS Partners to Develop 272,160 SF Warehouse Near DFW Airport

by Taylor Williams

GRAPEVINE, TEXAS — New York City-based development and investment firm GTIS Partners has acquired 17 acres in Grapevine, located near Dallas-Fort Worth International Airport, with plans to build a 272,160-square-foot warehouse. The site offers proximity to State Highway 121, I-635, State Highway 114 and I-35, and the facility will feature 36-foot clear heights, 135-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Construction is scheduled to begin in March 2024 and to be complete before the end of that year. Jordan Roeschlaub, Dustin Stolly, Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Chase Tagen, Eden Abraham and Chloie Mercer arranged joint venture equity with an undisclosed partner on behalf of GTIS Partners.

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AcquisitionsIndustrialTexas

SRS Arranges Sale of 74,758 SF Industrial Building in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — SRS Real Estate Partners has arranged the sale of a 74,758-square-foot industrial building in the northeastern Dallas suburb of Garland. The building is one of two at the 194,000-square-foot Marquis Logistics Center, which was delivered earlier this year. Shannon Johnston and Joseph Cooper of SRS represented the seller, Reserve Capital Partners, which developed the larger project in partnership with Trinity Investors, in the transaction. Peirce Williams and Frank Bullock of Henry S. Miller represented the buyer, Kandi America, a manufacturer of electric off-road vehicles.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 22,200 SF Industrial Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Lee & Associates has negotiated a 22,200-square-foot industrial lease in Arlington. According to LoopNet Inc., the building at 1208 Commercial Blvd. N was built on 1.2 acres in 1995 and features 20-foot clear heights, two dock-high doors and three drive-in doors. Stephen Williamson of Lee & Associates represented the landlord, CPL Investments, in the lease negotiations. Eddie Yoo of Landmark Realty Group represented the tenant, logistics firm B.R. International USA.

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Leasing ActivityOfficeTexas

Weaver Signs 11,000 SF Office Lease in The Woodlands, Texas

by Taylor Williams

THE WOODLANDS, TEXAS — Accounting firm Weaver has signed an 11,000-square-foot office lease at One Hughes Landing in The Woodlands, about 30 miles north of Houston. The firm plans to relocate from nearby Conroe in early December. Scott Morse and Katherine Jessen of Citadel Partners represented Weaver in the lease negotiations. Jillian Fredericks and Norm Munoz of Colliers represented the landlord, Howard Hughes Holdings Inc.

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AcquisitionsOfficeRetailTexasTop Stories

Newmark Brokers Sale of 1.2 MSF Plaza of the Americas Office Complex in Downtown Dallas

by Kristin Harlow

DALLAS — Newmark has brokered the sale of Plaza of the Americas, a 1.2 million-square-foot office and retail asset located in the Arts District of downtown Dallas. The sales price was not disclosed, but the brokerage states that the transaction marks the largest office sale in Dallas so far this year. New York-based Shelbourne Global Solutions was the buyer, according to The Dallas Morning News. Located at 600 and 700 N. Pearl St., Plaza of the Americas comprises two 25-story office towers connected by a glass atrium. There are 120,000 square feet of retail and dining spaces on the first and second floors as well as an eight-story parking garage. Constructed in 1980, the buildings have undergone $26 million in capital improvements over the last decade. Recent renovations to the atrium replaced an under-utilized ice-skating rink with an urban garden area equipped with water features, food pavilions and retail shops. The new ownership plans to start a multi-million-dollar renovation later this year. Plaza of the Americas is situated adjacent to DART Pearl Street Station. The property is within walking distance of Klyde Warren Park, the 400-room Dallas Marriott Downtown hotel and several entertainment options such as the Dallas Museum of …

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