Texas

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

Development Mixed-Use Texas

Partnership Completes Vertical Construction of 66-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams November 4, 2022

AUSTIN, TEXAS — A partnership between three developers, San Antonio-based Kairoi Residential, Dallas-based Lincoln Property Co. and San Francisco-based DivcoWest, has completed vertical construction of Sixth & Guadalupe, a 66-story mixed-use tower in downtown Austin. Rising 865 feet and spanning 2.2 million square feet, Sixth & Guadalupe comprises 32 levels of multifamily units, 19 floors of Class A office space, 14 levels of parking and 10,000 square feet of ground-floor retail space. The residential component comprises 349 units in studio, one-, two- and three-bedroom formats, as well as 24 penthouses, and the office component totals roughly 589,000 square feet. Gensler designed the building, and J.E. Dunn Construction is serving as the general contractor. Construction began in late 2019 and is expected to be fully complete in late summer 2023.

November 4, 2022

Development Office Texas

Harwood Tops Out 27-Story Office Building in Uptown Dallas

by Taylor Williams November 4, 2022

DALLAS — Harwood International has topped out Harwood No. 14, a 27-story office building located within the locally based developer’s 19-block namesake district in Uptown Dallas. Construction of the 360,000-square-foot building began in March 2021, and the property is now 70 percent preleased. The design team includes Dallas-based HDF, Dallas-based Corgan and Tokyo-based Kengo Kuma & Associates. Manhattan Construction is the general contractor for the project, which also houses 17,000 square feet of retail and restaurant space. Full completion is scheduled for 2023.

November 4, 2022

Development Mixed-Use Texas

Sendero Cross, WindRidge to Develop 25-Acre Mixed-Use Project in Kerrville, Texas

by Taylor Williams November 4, 2022

KERRVILLE, TEXAS — A partnership between two Dallas-based firms, Sendero Cross Capital and WindRidge Real Estate, will develop Tivy Commons, a 25-acre mixed-use project that will be located about 65 miles northwest of San Antonio in Kerrville. The name derives from the site formerly housing Tivy Middle School and High School before closing in 2021, though sections of the original gym floor have been preserved by the Kerrville Independent School District. Plans for Tivy Commons are still being finalized, but the development team expects the multifamily component to comprise 250 to 300 units and the retail/restaurant component to comprise 150,000 to 200,000 square feet. Potential hotel and entertainment uses are also being explored. Demolitions of existing structures on the site are underway and expected to be complete in the first quarter of 2023. At that time, construction of retail pad sites will commence, with the groundbreaking of retail boxes and multifamily buildings to follow later that year.

November 4, 2022

Affordable Housing Development Loans Multifamily Texas

Hunt Capital Partners Provides $14.1M in LIHTC Equity for Austin Affordable Housing Project

by Taylor Williams November 4, 2022

AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.

November 4, 2022

Industrial Leasing Activity Texas

Builders FirstSource Signs 47,000 SF Industrial Lease in Kyle, Texas

by Taylor Williams November 4, 2022

KYLE, TEXAS — Builders FirstSource has signed a 47,000-square-foot industrial lease in the southern Austin suburb of Kyle, a move that is expected to add about 40 jobs to the local economy. The supplier of construction materials is relocating from nearby Buda. General contractor CT Darnell Construction plans to break ground on the facility, which Builders FirstSource will use to house its lumber yard and distribution operations, in the first quarter of 2023. The development team is targeting a July 2023 completion.

November 4, 2022

Acquisitions Multifamily Texas

Tides Equities Acquires Three Dallas-Area Apartment Communities Totaling 966 Units

by Taylor Williams November 3, 2022

DALLAS AND RICHARDSON, TEXAS — Los Angeles-based investment firm Tides Equities has acquired three apartment communities totaling 966 units in the Dallas area. Belterra and Estancia are both located in the northeastern suburb of Richardson, were respectively built in 1984 and 1981 and respectively total 314 and 220 units. Solaris is located in the Lake Highlands neighborhood of Dallas, was constructed in 1983 and comprises 432 apartments. Units at Belterra, Estancia and Solaris respectively feature an average size of 584, 934 and 762 square feet, and all three properties offer assorted outdoor amenities. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The ValCap Group, in the transaction. The team also procured Tides Equities as the buyer.

November 3, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 938,103 SF Retail Power Center in Austin

by Taylor Williams November 3, 2022

AUSTIN, TEXAS — JLL has negotiated the sale of Southpark Meadows, a 938,103-square-foot retail power center in Austin. Built in phases between 2004 and 2008, the center was 95 percent leased at the time of sale to tenants such as HomeGoods, Marshalls, Ross Dress for Less, Hobby Lobby, Burlington, Dave & Busters, Best Buy, Five Below and Rooms To Go. Chris Gerard, Barry Brown, Ryan Shore, Robby Westerfield and Cole Sutter of JLL represented the undisclosed seller in the transaction. Chris McColpin and Chris Drew, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Charlotte-based Big V Property Group.

November 3, 2022

Acquisitions Development Mixed-Use Texas

Trademark Acquires 470,000 SF Shopping Center in Arlington, Plans $150M Redevelopment

by Taylor Williams November 3, 2022

ARLINGTON, TEXAS — Fort Worth-based investment firm Trademark Property Co. has acquired Lincoln Square, a 470,000-square-foot regional shopping center in Arlington, with plans to redevelop the 45-acre site into a mixed-use destination with office and multifamily components. To that end, Trademark has entered into a 30-year public-private partnership agreement with the City of Arlington to invest $150 million into the property over the next six years, with the city committing $14.2 million under the terms of the agreement. Current tenants at Lincoln Square include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. The seller and sales price were not disclosed. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Beth Lambert, also with Cushman & Wakefield, arranged acquisition financing on behalf of Trademark Property Co.

November 3, 2022

Acquisitions Development Multifamily Texas

Bill Foose Co. Negotiates Sale of 7.4-Acre Multifamily Development Site in Garland, Texas

by Taylor Williams November 3, 2022

GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.

November 3, 2022

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