HOUSTON — Orlando-based office owner-operator Parkway Property Investments and Houston-based mixed-use developer Midway have entered into a definitive agreement to create a new company with approximately 45 million square feet of commercial assets under management. That figure includes both stabilized assets and projects in various stages of development. The new venture expects to bring its teams together in the third quarter. The new entity will be headquartered in Houston and will offer a suite of services, including development, acquisitions, asset management, property management and leasing. Financial terms were not disclosed. Midway’s Bradley Freels and Parkway’s James Heistand will serve as co-executive chairmen of the board. Jayson Lipsey of Parkway and Jamie Bryant of Midway will serve as co-CEOs. Parkway is perhaps best known for developing Greenway Plaza, a 52-acre office campus located in between Houston’s Uptown and downtown areas. Midway is the developer behind large-scale mixed-use projects such as CITYCENTRE and East River.
BUDA, TEXAS — Texas-based private equity firm SPI Advisory has acquired The Bradford, a 264-unit apartment community located in the southern Austin suburb of Buda. Built in 2010 as Trails at Buda Ranch, the property offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center and outdoor grilling and dining stations. Patton Jones of Newmark represented the undisclosed seller in the transaction. SPI Advisory will undertake a light capital improvement program at the property. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.
BURLESON, TEXAS — Dallas-based developer Corsair Ventures has opened The Riley, a 178-unit multifamily complex in Burleson, a southern suburb of Fort Worth. Designed by HEDK Architects, The Riley offers studio, one-, two- and three-bedroom units with an average size of 880 square feet. Residences are furnished with stainless steel appliances, quartz or granite countertops and private balconies/patios. Amenities include a pool, fitness center, dog spa, wine bar, clubhouse/activity center, game room, coworking offices and package lockers. Rents start at roughly $1,250 per month for a studio apartment.
FORT WORTH, TEXAS — Lee & Associates has negotiated an 87,876-square-foot industrial lease at Champions Circle Business Park in Fort Worth. The tenant, Optimas, which provides fasteners for industrial manufacturers, will occupy the entirety of Building 3 at the 361,040-square-foot development. Reid Bassinger and Nathan Denton of Lee & Associates represented the landlord, Hopewell Development, in the lease negotiations. Ben Gibbs and Clint Manning of Cresa represented the tenant.
MISSION, TEXAS — Partners Real Estate has arranged the sale of a 49,320-square-foot medical office building in the Rio Grande Valley city of Mission. According to LoopNet Inc., the property was originally built in 1999 and renovated in 2010. Gustavo Torres of Partners represented the seller, MMP Development, in the transaction. Alex Wenzel of Sands Investment Group represented the undisclosed buyer.
By Jason Baker, principal at Baker Katz When a national retail or restaurant brand acquires another prominent national name, the move might initially seem to make a great deal of sense — especially when there are clear similarities between the two brands. Ultimately, however, what makes these high-profile transactions successful may turn out to be less about brand synergy and more about market dynamics and commercial real estate leverage. Accepting that premise in turn raises some interesting questions about the role that these types of acquisitions and brand conversions might play in an increasing competitive commercial real estate landscape. Those questions are especially relevant in places like Texas, where retailers looking to expand or move into new markets may view the acquisition and conversion of struggling retail brands as a viable strategy. From fitness concepts to coffee chains, there may be opportunities retailers can leverage to find quality retail spaces in otherwise occupied marketplaces. Some of these acquisitions have already taken place. However, questions remain about how much of a role these conversions may play in Texas markets. The phenomenon is hardly a new one, but it does seem like a noteworthy trend for industry analysts, retailers and brokers alike …
CORPUS CHRISTI, TEXAS — Developer Ashlar Development LLC and owner Diamond Beach Holdings LLC have broken ground on Whitecap NPI, an $800 million master-planned community on North Padre Island in Corpus Christi. The 240-acre development will serve as the first and only coastal luxury residential and resort destination on the island, according to the development team. Upon full build-out, Whitecap NPI will feature over 600 residential options, including single-family homes, villas, condos and cross-generational housing. The homes, many with canal access for boating and water sports, will be situated in island enclaves. Bridges, boardwalks and walking paths will connect the homes to the rest of the community. A public town center and mixed-use area will provide a variety of dining, entertainment and retail options. Plans also call for a resort-style hotel, dry stack marina, yacht club, cafés, shops, galleries, markets and the Whitecap Nature Preserve. “Whitecap sets a new standard for coastal living,” says Steve Yetts, president of Ashlar Development. “The focus is on building up, not out, and enhancing the feel of community through both canal- and street-level experiences.” The project team includes PLACE Designers Inc. as residential architect, Turner Ramirez Architects for amenity and commercial architecture, Cadence as …
AUSTIN, TEXAS — IBM will relocate its Austin office campus to The Domain, a 300-acre mixed-use development on the city’s north side, by 2027, according to several media outlets including The Austin American-Statesman and Axios. The former publication reports that IBM, which employs about 6,000 people in Austin, will take about 320,000 square feet across two newly constructed buildings at 11901 MoPac Expressway. The latter publication reports that the interconnected buildings will both rise 14 stories and that the tech giant intends to occupy the entirety of one tower and a small portion of the other. Bo Beacham and John Barksdale of CBRE represented the landlord, Hines, in the lease negotiations.
HOUSTON — Global chemical manufacturer LyondellBasell has signed a 318,504-square-foot office lease for its new U.S. headquarters at Williams Tower, a 64-story building in Houston’s West Loop/Galleria submarket. Craig Beyer and Kevin Saxe of CBRE represented LyondellBasell, which is relocating from downtown Houston, in the lease negotiations. Nina Seyyedin and Warren Savery of CBRE represented the landlord, Atlanta-based Invesco Real Estate. A timeline for occupancy was not disclosed.
AUSTIN, TEXAS — Houston-based Clay Development will build Mustang Ridge Distribution Center II, a 218,400-square-foot industrial project located on a 15-acre site in southeast Austin. Building features will include a rear-load configuration, 32-foot clear heights, an ESFR sprinkler system and parking for 233 cars and 38 trailers (expandable to 68). Raymond Construction is the general contractor for the project. The Austin office of Colliers will handle leasing of the project. Construction will begin later this month, with completion slated for April 2024.