DALLAS — Locally based firm GTC Real Estate Investments will develop Trinity Industrial Park, an 80,000-square-foot project that will be located in the Brookhollow submarket of Dallas. Trinity Industrial Park will comprise two buildings on a 5.4-acre site at 8733 N. Stemmons Freeway. Azimuth Architecture Inc. will handle design, and Pritchard Associates Inc. will serve as construction manager. NAI Robert Lynn will lease the development. Construction is scheduled to begin in the first quarter of 2023 and to be complete by the end of next year.
MCKINNEY, TEXAS — Avison Young has arranged the sale of a 48,304-square-foot office building located in the northern Dallas suburb of McKinney. The property was built on 2.7 acres in 2006 and includes 152 surface parking spaces. Susan Gwin Burks, Bruce Butler, John Bowles and Philip Boren of Avison Young represented the seller, Dallas-based PAR Capital, in the transaction. Bill Cox of Carey Cox Co. represented the undisclosed, locally based buyer. The building was roughly 95 percent leased at the time of sale.
AUSTIN, TEXAS — Locally based investment and development firm Rastegar Property Co. has broken ground on INF1NITY Park, a 600,000-square-foot industrial project in Austin. The property will be situated on 50 acres at 11708 McAngus Road near the Tesla Gigafactory and will be developed in phases. Phase I will comprise three buildings ranging in size from 90,000 to 168,000 square feet, one of which is already fully preleased. The second phase will feature a 241,920-square-foot building that will be marketed as a build-to-suit opportunity. The buildings will offer 32- to 36-foot clear heights and a total of 246 docks and 800 parking spaces.
AUSTIN, TEXAS — A partnership between Stream Realty Partners and Charlotte-based investment firm Barings will develop 1400 East, a six-story office building in East Austin. The square footage of the project is still being determined. Amenities will include private patios on each floor, a ground-floor paseo and onsite restaurant space, as well as a fitness center and bike valet services. HKS is the project architect. Construction is scheduled to begin in early 2023 and to be complete in late 2024.
DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.
HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.
HOUSTON — Houston Cardiovascular Associates has signed a 40,000-square-foot medical office lease at the Museo Institute for Medical Arts Building, a development located north of Texas Medical Center by Testa Rossa Properties. Andrew Zeplain of CBRE represented the tenant, which will occupy the entire eighth floor and part of the first floor, in the lease negotiations. Brandy Bellow Spinks, also with CBRE, represented the landlord, an entity doing business as Sculptura MOB LP.
RICHARDSON, TEXAS — Weitzman has completed the renovation of Dal-Rich Towne Square, a 162,925-square-foot retail center located in the northeastern Dallas suburb of Richardson. A 50,000-square-foot Cottonwood Market anchors the center, and other tenants include Jason’s Deli, Little Caesars and McDonald’s. Weitzman upgraded various aesthetic components and amenity spaces at Dal Rich Towne Square, which was originally built in 1965, and implemented a new digital marketing program for the center and individual tenants.
THE WOODLANDS, TEXAS — JLL has negotiated the sale of Parkwood II, a five-story, 101,056-square-foot office building located north of Houston in The Woodlands. Kevin McConn led the JLL team that represented the undisclosed seller in the transaction. Bryant Lach and Jeff Horton, also with JLL, represented the buyer, The Woodlands Financial Group, which plans to renovate the building to serve as its new headquarters.
BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.