DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate has begun leasing Peridot, a 228-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, lounges and two lobby restaurants. Peridot’s grand opening is slated for July. Rents start at roughly $2,000 per month for a one-bedroom apartment. Santander Tower also houses a boutique hotel and Class A offices.
DALLAS — Nine retailers and restaurant operators have or will soon debut new stores at Galleria Dallas. Outdoor apparel and equipment retailer Cotopaxi and women’s clothing provider Intimissimi have already opened. H&M Home has committed to 7,500 square feet to complement an existing store. Restaurants Salut Paris Bakery and North Italia will open this summer and fall, respectively. Louis Vuitton and Bachendorf’s also plan to launch new stores, and Luciano Pizza & Pasta and Mi Cocina have reopened following remodels. Trademark Property Group manages Galleria Dallas, and MetLife owns the property.
THE WOODLANDS, TEXAS — Avison Young has negotiated a 53,060-square-foot office lease at The Woodlands Towers at The Waterway, an office property located about 30 miles north of Houston. Anthony Squillante and Drew Coupe of Avison Young represented the tenant, Kodiak Gas Services, which is relocating and expanding from its current office in Montgomery, Texas, in the lease negotiations. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers represented the landlord, The Howard Hughes Corp
IRVING, TEXAS — Prize Pest Control has signed a 4,469-square-foot lease at Highview Business Center, an industrial flex property in Irving. According to LoopNet Inc., the complex was built on 2.9 acres in 1981 and totals 40,618 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Barbara Brown of S&D Family Partners represented the landlord, an entity doing business as HV DJN Properties LP.
Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual restaurants, car washes, coffee shops, auto parts stores, entertainment concepts and medical services. The only obstacle stopping them at this point is the higher rental rates that they may have to pay as a consequence of higher construction costs, says George Macoubray, vice president of retail brokerage for NAI Elliott in Portland, Oregon. “A lot of these concepts are doing well,” declares Macoubray, whose Northwest Retail Advisors team represents landlords and regional and national tenants throughout Oregon and Washington. “We’ll see how far these tenants can go in terms of what they pay to fill new projects, but the enthusiasm and willingness to grow is definitely there.” Practicing Vigilance The same can’t be said for ICSC conference attendees who are on the capital markets side of the business. Higher interest rates have fueled a bid-ask spread between buyers and lenders, while regulatory …
AUSTIN, TEXAS — CBRE has arranged a $67.1 million acquisition loan for a portfolio of 12 office buildings and one retail building totaling 547,395 square feet in Austin. The buildings are situated on a combined 42 acres within Braker Business Park. Bill Chiles, Scott Peterson, Colby Matzke and Brian Cruz of CBRE arranged the five-year, nonrecourse loan on behalf of the borrower, California-based M.I.G. Capital. The direct lender was not disclosed. The buyer previously purchased three other buildings within Braker Business Park in 2016.
FORT WORTH, TEXAS — SWBC will develop The Royalton at Sienna Hills, a 293-unit apartment community that will be located on the west side of Fort Worth. Units will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, conference room and outdoor grilling and dining areas. Cross Architects is designing the project, and Jordan Foster is serving as the general contractor. Construction is expected to last about 24 months.
DALLAS — Avison Young has brokered the $20 million sale of a multifamily development site located at 3515 Brown St. in Uptown Dallas. The 1.6-acre site currently houses a 26-unit condominium complex. Mike Kennedy and Paul Harmon of Avison Young represented the seller, the Wimbledon Place Homeowners Association, in the transaction. The buyer, Chicago-based developer Fifield Cos., plans to demolish the existing building and construct a 24-story apartment tower on the site. A construction timeline was not disclosed.
SAN ANTONIO — Northmarq has arranged the sale of RiverBend Apartments, a 200-unit multifamily complex in San Antonio. Built in 1984 and recently renovated, the property offers studio, one- and two-bedroom units and amenities such as two pools, a playground, clubhouse, basketball court and outdoor picnic areas. Regional Investment & Management sold the asset to Two Ten Management for an undisclosed price. Moses Siller, Zar Haro, Phil Grafe, Bryan VanCura and Brian Booth of Northmarq represented both parties in the deal.
HOUSTON — Partners Real Estate has negotiated a 5,000-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the property at 12826 Hempstead Road was built in 1979, totals 20,077 square feet and offers four dock doors and two drive-in bays. Devin Hawkins of Partners represented the tenant, Choice Botanicals Inc., in the lease negotiations. Mickey Brown of Bernell & Associates represented the landlord, an entity doing business as RB Warehouses 290.