Texas

Palladium Underway on 240-Unit Mixed-Income Residential Project in Fort Worth

by Taylor Williams March 9, 2023

FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Oak Grove, a 240-unit mixed-income residential project in Fort Worth. Residences will come in one, two- and three-bedroom formats, and amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s playroom and a resident clubroom. Cross Architects is designing the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $25.6 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust to fund the project. PNC Bank also provided over $23 million in equity. Palladium Oak Grove’s first units are expected to be complete in May 2024.

March 9, 2023

Industrial Leasing Activity Texas

Detering Co. Signs 100,000 SF Industrial Lease Near Downtown Houston

by Taylor Williams March 9, 2023

HOUSTON — The Detering Co., a family-owned supplier of building materials, has signed a 100,000-square-foot industrial lease at 1919 Collingsworth St., about three miles north of downtown Houston. According to LoopNet Inc., the property was built in 2001 and features 30- to 36-foot clear heights, 25 dock doors and additional acreage for trailer storage. John Milam of Fritsche Anderson Realty Partners represented the tenant, which plans to operate a lumber business at the property, in the lease negotiations. Chris Haro of Partners Real Estate represented the landlord, American Warehouses.

March 9, 2023

Acquisitions Office Texas

NewQuest Properties Negotiates Sale of 60,000 SF Office Building in Houston

by Taylor Williams March 9, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties has negotiated the sale of a 60,000-square-foot office building in Houston’s Greenspoint neighborhood. The six-story building at 11947 North Freeway was 29.5 percent leased at the time of sale. John Nguyen of NewQuest Properties represented the seller, an entity doing business as Contender Two LLC, in the transaction. Albi Neziri of Texas Advantage Realty represented the buyer, which plans to occupy the majority of the office space and offer the balance for multi-tenant use.

March 9, 2023

Acquisitions Industrial Texas

Cravey Real Estate Arranges Sale of 34,165 SF Industrial Property in Corpus Christi

by Taylor Williams March 9, 2023

CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has arranged the sale of a 34,165-square-foot industrial property in Corpus Christi. The property consists of four buildings on a 13.6-acre site that formerly housed the operations of Orion Drilling Co., the seller of the property that previously filed for bankruptcy. John Foret of Cravey Real Estate Services represented the buyer, CoFlow Compression LLC, in the transaction. George Clower of Clower Co. represented Orion Drilling.

March 9, 2023

Industrial Leasing Activity Texas

Hayes Co. Signs 900,000 SF Industrial Lease in Metro Dallas

by Taylor Williams March 8, 2023

FORNEY, TEXAS — Third-party logistics provider Hayes Co. has signed a 900,000-square-foot industrial lease at Forney Logistics Crossing, located on the eastern outskirts of Dallas. According to commercialcafé.com, the property was built on 42 acres in 2022. Greg Nelson of Paladin Partners represented Kansas-based Hayes Co. in the negotiations for the full-building lease. Nathan Lawrence and Krista Raymond at KBC Advisors represented the landlord, a partnership between Stillwater Capital and Grandview Partners.

March 8, 2023

Acquisitions Office Texas

Newmark Brokers Sale of 274,010 SF Office Building in Downtown Dallas

by Taylor Williams March 8, 2023

DALLAS — Newmark has brokered the sale of Founders Square, a 274,010-square-foot office building located at 900 Jackson St. in downtown Dallas. The building was originally constructed in 1914 and most recently renovated in 2016, according to LoopNet Inc. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen of Newmark represented the seller, Taiwanese investment firm Fidelity Commercial, in the transaction. The buyer was locally based investment firm Charter Holdings.

March 8, 2023

Loans Multifamily Texas

Colliers Mortgage Provides $9.9M Agency Acquisition Loan for Metro Dallas Apartments

by Taylor Williams March 8, 2023

MESQUITE, TEXAS — Colliers Mortgage has provided a $9.9 million Fannie Mae acquisition loan for The Ventura Apartment Homes, a 111-unit multifamily complex located in the eastern Dallas suburb of Mesquite. Built in 2003, the garden-style property consists of 10 three-story buildings and offers amenities such as a pool, fitness center, clubhouse and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the seven-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as LM-Ventura LLC.

March 8, 2023

Industrial Leasing Activity Texas

Partners Real Estate Negotiates 56,970 SF Industrial Lease in Metro Houston

by Taylor Williams March 8, 2023

MISSOURI CITY, TEXAS — Partners Real Estate, the locally based investment and brokerage firm formerly known as NAI Partners, has negotiated a 56,970-square-foot industrial lease at 13615 S. Gessner Road in Missouri City, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 2014 and totals 123,300 square feet. Chris Caudill of Partners represented the tenant, 2020 Exhibits, a provider of products and services for tradeshow events, in the lease negotiations. Lexie Curry represented the landlord, EQT Exeter, on an internal basis.

March 8, 2023

Development Life Sciences Texas

PackGene Biotech Underway on 25,000 SF Life Sciences Project in South Houston

by Taylor Williams March 8, 2023

HOUSTON — PackGene Biotech, a Massachusetts-based provider of gene therapy solutions, is underway on construction of a 25,000-square-foot life sciences project in South Houston. The site at 9310 Kirby St. will feature space for biomanufacturing, research and development, lab operations, warehousing and office usage. Perkins&Will is designing the facility and BE&K Building Group is serving as the general contractor. Completion is slated for the end of the year.

March 8, 2023

Acquisitions Industrial Texas

Keen-Summit Capital Arranges $102.2M Bankruptcy Sale of Austin Office Portfolio

by Taylor Williams March 7, 2023

AUSTIN, TEXAS — New York-based brokerage firm Keen-Summit Capital Partners has arranged the $102.2 million bankruptcy sale of a portfolio of 13 office buildings, which are collectively known as Braker Metric Business Park, and one retail strip center in Austin. The sales price represents a cap rate of 5.7 percent. According to the Austin Business Journal, the portfolio was previously owned by locally based investment firm World Class Holdings. The buyer was MIG Real Estate Partners. The office component totals 544,497 square feet, and the retail property spans 15,302 square feet. The properties are located at the intersections of West Braker Lane, Kramer Lane and Metric Boulevard on the city’s north-central side.

March 7, 2023

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