MISSION, TEXAS — Northmarq has arranged the sale of Bella Rose, an 84-unit apartment complex located in the Rio Grande Valley city of Mission. Built in 2008, the property features units with renovated interiors and amenities such as a pool, fitness center and onsite maintenance and management. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller in the transaction. The buyer, an entity doing business as AZTEX RE Investments LLC, plans to combine Bella Rose with the neighboring 80-unit property that it purchased earlier this year.
HOUSTON — NAI Partners has negotiated a 50,995-square-foot industrial lease at 6410 Langfield Road in northwest Houston. According to LoopNet Inc., the property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord, an entity doing business as HOU IND 2 LLC, in the lease negotiations. Patrick McKiernan and Jason Mashni of First Houston Properties represented the tenant, Legion Piping Fabricators Inc.
AUSTIN, TEXAS — A joint venture between Generational Commercial Properties and Fairway Real Estate has received $124 million in construction financing for Zilker Point, a 207,000-square-foot office development in Austin. The project, which is located at 218 South Lamar Blvd. in the city’s Central Business District South, will offer 192,000 square feet of office space across the building’s top six floors upon completion. The development will also feature 15,000 square feet of ground-floor retail and amenity space and 635 parking spaces. Building amenities are set to include a 3,600-square-foot rooftop deck with views of the downtown Austin skyline; a 1,240-square-foot fitness center with men’s and women’s showers and lockers; an art gallery with exhibitions by local artists; bike storage; and a courtyard with shaded seating, an outdoor bar and a live music stage. Zilker Point is located across from Lady Bird Lake and adjacent to hiking and biking trails including the Barton Springs Road Bike Trail, Barton Creek Greenbelt Trail and West Bouldin Creek Preserve Trail. The development was designed to meet the WELL Building Standard and will include open floor plans with expansive window walls, an advanced hybrid HVAC system, a clean air system with hospital-grade filtration and touch-less technology. …
CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.
AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.
WAXAHACHIE, TEXAS — Kalterra Capital Partners will develop The Fitzgerald, a 184-unit multifamily project in Waxahachie, a southern suburb of Dallas. The seven-acre complex will be situated directly to Park Place Apartments, Kalterra’s 213-unit development that sold to North Carolina-based Rowan Properties last May. Rowan Properties also purchased The Fitzgerald during the preconstruction phase but retained Kalterra to complete the development. Kalterra expects to deliver The Fitzgerald in the second quarter of 2023.
DALLAS — Bradford Commercial Real Estate Services has launched an $8 million renovation of Meadow Park Tower, a 16-story office building in North Dallas. The project will deliver an overhaul of HVAC systems and updates to the amenity and common areas, including the addition of new outdoor spaces and activities. The plan also calls for three office suites to be upgraded. Bradford acquired the building, which is currently 89 percent leased, about nine months ago and operates its headquarters office from the 11th floor. Completion of the renovation is slated for the first quarter of next year.
EDINBURG, TEXAS — Coldwell Banker Commercial has arranged the sale of a 61,000-square-foot medical office building in the Rio Grande Valley city of Edinburg. The three-story property was built on three acres in 2003 within Cornerstone Medical Park. Daniel Galvan and Michael Pacheco of Coldwell Banker Commercial represented the buyer and seller, both of which requested anonymity, in the transaction. The building was 99 percent leased at the time of sale.
By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift marketwide occupancy levels. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs, inflation — may lead to a slowdown. On the positive side, retailer, developer and investor interest remains at extremely high levels, since retail real estate is a long-term game that factors in short-term concerns. The retail market also bolstered by robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that benefits from rising energy prices. …
By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift occupancy levels marketwide. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs and inflation — may lead to a slowdown. On the positive side, tenant, developer and investor interest remains extremely high since retail real estate is a long-term game that factors in short-term concerns. The retail market also benefits from several positive influences, including robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that is bolstered …