Texas

SRS Real Estate Partners Names Garrett Colburn as President

by Amy Works July 11, 2024

DALLAS — Dallas-headquartered SRS Real Estate Partners has named Garrett Colburn as president, responsible for the company’s continued national growth, including office productivity and culture. Colburn will partner with CEO Chris Maguire to generate growth across all platforms, including retail, capital markets and industrial. Additionally, Colburn will serve on SRS’ Executive Committee, the group responsible for setting overall strategy for the firm throughout the United States and globally. Colburn currently serves as managing principal and co-market leader of SRS’ five California offices and will continue both roles in addition to his new responsibilities. He joined the company in 2012 to grow the Southern California office and has served on the SRS Board of Directors since 2016.

July 11, 2024

Development Multifamily Texas

Southern Land Co. Completes 27-Story Deco Apartment Tower in Downtown Fort Worth

by Taylor Williams July 10, 2024

FORT WORTH, TEXAS — Nashville-based developer Southern Land Co. has completed Deco, a 27-story apartment building located at 969 Commerce St. in downtown Fort Worth. The 567,000-square-foot building spans 302 units and includes ground-floor retail space that is preleased to Broadway 10 Bar & Chophouse. Units come in one-, two- and three-bedroom floor plans, as well as penthouse configurations, and range in size from 700 to 2,800 square feet. Amenities include a pool and poolside bar, rooftop lounge, fitness center, demonstration kitchen, outdoor grilling and dining stations, package room and a lobby lounge with a bar. Rents start at approximately $2,000 per month for a one-bedroom apartment.

July 10, 2024

Development Industrial Texas

Fidelis Breaks Ground on 520,571 SF Industrial Project in Georgetown, Texas

by Taylor Williams July 10, 2024

GEORGETOWN, TEXAS — Houston-based developer Fidelis has broken ground on Berry Creek Business Park, a three-building, 520,571-square-foot industrial project located in the northern Austin suburb of Georgetown. The development will consist of two rear-load buildings ranging in size from 126,722 to 140,685 square feet with 32-foot clear heights and one cross-dock building that will span 253,164 square feet and feature 36-foot clear heights. Project partners include GSR Andrade (architect), Gordon Highlander Construction (general contractor), Westwood Civil (engineer) and Transwestern (leasing agent). Delivery is slated for early 2025.

July 10, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 274-Room Dual-Branded Hotel in Downtown Dallas

by Taylor Williams July 10, 2024

DALLAS — Marcus & Millichap has brokered the sale of a 274-room dual-branded hotel in downtown Dallas. The hotel component of the building, which was constructed in 1910 and houses 237 apartments and 20,000 square feet of commercial space, consists of 132 rooms under the TownePlace Suites brand and 142 rooms under the Fairfield Inn & Suites brand. Shared amenities include an outdoor pool, fitness center, business center, 1,050 square feet of meeting space and a convenience store. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Butler Brothers Hospitality Group LLC, which will continue to own and operate the apartments and commercial space, in the transaction. The duo also procured the buyer, a joint venture between Lowen Hospitality and Vashee & Associates.

July 10, 2024

Acquisitions Industrial Texas

Partners Real Estate Arranges Sale of 32,900 SF Industrial Building in Katy, Texas

by Taylor Williams July 10, 2024

KATY, TEXAS — Partners Real Estate has arranged the sale of a 32,900-square-foot industrial building in the western Houston suburb of Katy. According to LoopNet Inc., the single-tenant building at 7633 Cherokee St. was originally constructed in 1980. Hunter Stockard and Wyatt Huff of Partners represented the seller, an entity doing business as BC Real Estate Investments LLC, in the transaction. Jeff Peltier and Ben Condara of Colliers represented the undisclosed buyer.

July 10, 2024

Leasing Activity Office Texas

Hari Mari Opens 4,500 SF Office in Dallas’ Deep Ellum District

by Taylor Williams July 10, 2024

DALLAS — Hari Mari has opened a 4,500-square-foot office in the Deep Ellum district of Dallas. The apparel and footwear retailer is relocating from 208 Haskell St. to 2616 Main St. Rhett Miller and Ryan Evanich of Stream Realty Partners represented the landlord, Charlotte-based Asana Partners, in the lease negotiations. Austin Studebaker and Chelby Sanders of Cresa represented Hari Mari.

July 10, 2024

Acquisitions Multifamily Texas

Newmark Arranges Sale of 290-Unit Park on Brodie Lane Apartments in South Austin

by Taylor Williams July 9, 2024

AUSTIN, TEXAS — Newmark has arranged the sale of The Park on Brodie Lane, a 290-unit apartment community in South Austin. The recently renovated property sits on approximately 39 acres and was 97 percent leased at the time of sale. Amenities include a pool, outdoor grilling and dining area, a fitness center, dog park, volleyball and basketball courts and a clubhouse with a coffee bar. Patton Jones and Andrew Dickson of Newmark represented the seller, Charlotte-based Barings Real Estate, in the transaction. Matt Greer and Andrew Wilson, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Mill Creek Residential, which has rebranded the property as Alister Sunset Valley.

July 9, 2024

Affordable Housing Development Multifamily Texas

Housing Trust Group Begins Work on $33.7M Affordable Housing Redevelopment Project in Lubbock

by Taylor Williams July 9, 2024

LUBBOCK, TEXAS — Housing Trust Group has begun work on Inn Town Lofts, a $33.7 million affordable housing redevelopment project in Lubbock. The project will convert the former Jim Kimmell Center into a residential complex that, along with another building that will be constructed from the ground up, will add 56 units to the local supply. Residences will come in studio, one-, two- and three-bedroom formats and will feature a range of income restricions. Amenities will include a fitness center, children’s playground, community laundry room, business center and a community theater area. Wallace Architects designed Inn Town Lofts, and Teinert Construction is the general contractor. Leasing will begin next summer.

July 9, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 82-Room Wyndham-Branded Hotel in Midland

by Taylor Williams July 9, 2024

MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of an 82-room Wyndham-branded hotel in the West Texas city of Midland. The Microtel Inn & Suites by Wyndham Midland is a three-story building that was developed between 2013 and 2014 and offers amenities such as a fitness center, business center and a guest laundry facility. Matt Omansky of Marcus & Millichap represented the seller in the transaction. Chris Gomes, also with Marcus & Millichap, procured the buyer. Both parties were private investors that requested anonymity. Allan Miller of Marcus & Millichap assisted in closing the deal as the supporting broker.

July 9, 2024

Leasing Activity Office Texas

Holt Lunsford Negotiates 19,780 SF Office Lease Renewal in Fort Worth

by Taylor Williams July 9, 2024

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 19,780-square-foot office lease renewal at One Ridgmar Centre in Fort Worth. The 10-story, 177,199-square-foot building will soon undergo a capital improvement program that will upgrade the tenant lounge, lobby, conference rooms and common corridors. Jake Neal, Matt Carthey and Vic Meyer of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The representative of the tenant, Nine Energy Services, was not disclosed.

July 9, 2024

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