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Lyle-Dallas
DevelopmentMultifamilyTexas

KWA Construction Tops Out 334-Unit Multifamily Project in North Dallas

by Taylor Williams

DALLAS — Locally based general contractor KWA Construction has topped out Lyle, a 334-unit multifamily project located in North Dallas. Dallas-based GFF Architects designed the project, and a joint venture between Equity Residential and Toll Brothers is the developer. Lyle will offer studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking spaces, a pet spa, game room and Zen courtyards, as well as a 475-space parking garage. Completion is slated for November 2024.

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HospitalityLoansTexas

Sonnenblick-Eichner Arranges $21M Loan for Refinancing of Lubbock Hotel

by Taylor Williams

LUBBOCK, TEXAS — California-based Sonnenblick-Eichner Co. has arranged a $21 million loan for the refinancing of the Cotton Court Hotel in the West Texas city of Lubbock. The 165-room boutique hotel houses an onsite restaurant and bar, 4,489 square feet of indoor meeting space and a pool area with a bar, outdoor fireplaces and seating throughout. An undisclosed investment bank provided the five-year, nonrecourse loan, which carries a fixed interest rate, to the undisclosed borrower.

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AcquisitionsOfficeTexas

Cushman & Wakefield Brokers Sale of 37,500 SF Industrial Building in North Houston

by Taylor Williams

HOUSTON — Cushman & Wakefield has brokered the sale of a 37,500-square-foot industrial building located at 431 Bammel Road in North Houston. According to LoopNet Inc., the building was constructed on 5.8 acres in 2015 and features four dock-high doors, two grade-level doors and 28-foot clear heights. Landon Williams, Katie Hargett and Coe Parker of Cushman & Wakefield represented the buyer, Greenbriar Properties, in the transaction. Mike Boyd, Greg Barra and Cory Grant of Boyd Commercial represented the undisclosed seller. The building was fully leased at the time of sale.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 28,562 SF Industrial Lease in Northwest Dallas

by Taylor Williams

DALLAS — Lee & Associates has negotiated a 28,562-square-foot industrial lease in northwest Dallas. The building at 10701 N. Stemmons Freeway totals 83,370 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties, in the lease negotiations. The tenant was Baker Distributing Co. No other third-party brokers were involved in the deal.

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Portside-Logistics-Center-Houston
DevelopmentIndustrialTexas

Stream Realty, Principal Asset Management Complete 1 MSF Spec Industrial Project Near Port Houston

by Taylor Williams

HOUSTON — A joint venture between Stream Realty Partners and Principal Asset Management has completed Portside Logistics Center, a 1 million-square-foot speculative industrial project located near Port Houston in Baytown. Portside Logistics Center consists of an expandable 760,000-square-foot, cross-dock building and a flexible 260,000-square-foot, front-load building. The structures offer 40- and 36-foot heights, respectively, as well as office space and fully fenced truck courts. Stream is also the leasing agent for the property.

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AcquisitionsMultifamilyTexas

Greysteel Arranges Sale of 320-Unit Multifamily Property in El Paso

by Taylor Williams

EL PASO, TEXAS — Greysteel has arranged the sale of El Sol del Lago, a 320-unit multifamily property in El Paso. The garden-style community was built in 1973 and offers studio, one- and two-bedroom units, according to Apartments.com. Doug Banerjee, Andrew Mueller, John Tallis and Sterling Warren of Greysteel represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program. El Sol del Lago was approximately 98 percent occupied at the time of sale.

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IndustrialLeasing ActivityTexas

Newmark Negotiates 162,500 SF Industrial Lease Extension in Irving

by Taylor Williams

IRVING, TEXAS — Newmark has negotiated a 162,500-square-foot industrial lease extension at International Commerce Park in Irving. According to LoopNet Inc., the building at 1011 N. 28th Ave. was built in 2006 and totals 205,000 square feet. Blake Anderson of Newmark represented the tenant, packaging and fulfillment services provider AmeriPac, in the lease negotiations. Stream Realty Partners represented the unnamed landlord.

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DevelopmentIndustrialTexas

H-E-B Opens 100,000 SF E-Commerce Fulfillment Center in Katy, Texas

by Taylor Williams

KATY, TEXAS — Texas-based grocer H-E-B has opened a 100,000-square-foot e-commerce fulfillment center at 2102 Elrod Road in the western Houston suburb of Katy. The facility, which is expected to employ about 300 people on full- and part-time bases, is the seventh that the grocer has opened in Texas since 2018, with more planned to launch by the end of next year.

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IndustrialLeasing ActivityTexas

Horizon Forest Products Signs 30,600 SF Industrial Lease in Northwest Houston

by Taylor Williams

HOUSTON — Horizon Forest Products has signed a 30,600-square-foot industrial lease at 9284 Baythorne Drive in northwest Houston. Jon Michael, Ed Bane and J.D. Dieckman of Bridge Commercial Real Estate represented the landlord, Teachers Insurance & Annuity Association of America (TIAA) in the lease negotiations. George Montes of locally based brokerage firm Cypressbrook Co. represented the tenant.

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55-Broad-Mahattan
Market ReportsMultifamilyOfficeTexasTexas Market Reports

Office-to-Multifamily Conversions Are Reshaping Downtown Dallas

by Taylor Williams

By Ryan Kimura, senior vice president of strategic partnerships, Premier The changing landscape of work and the future of the office remains in flux, leading to a reduced demand for office space in major metropolitan areas throughout the country. This shift has rendered many office buildings underutilized and obsolete, prompting developers and investors to seek alternative uses for these structures. Simultaneously, urbanization continues to grow, fueling the demand for housing and a need for innovative multifamily solutions. Office-to-multifamily conversions provide an answer to both challenges, repurposing office spaces into much-needed residential units while allowing investors to capitalize on demand. This perfect storm of reduced office demand, increased housing needs and favorable regulatory conditions has driven the popularity of office-to-multifamily conversions, positioning them as a sustainable strategy for urban development. These conversions began to surge in popular metro areas during the height of the pandemic as uncertainty surrounded the return to the workplace. Fast forward three years later and office conversions are still booming — especially in the Dallas market. The region, which has witnessed some of the largest population increase in the country over the past five years, has also had a double-digit office vacancy rate in its downtown area …

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