AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has acquired DoubleTree by Hilton Austin, a 350-room hotel located at 6505 N. Interstate 35 in the central part of the state capital. The six-story hotel includes 25,000 square feet of meeting and event space. Mohr Capital plans to invest about $11 million in capital improvements to guestrooms, elevators and common areas. John Bourret and Austin Brooks of Hodges Ward Elliott represented the undisclosed seller in the transaction.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Starpoint Self Storage & Business Park, a 327-unit facility located in the eastern Dallas suburb of Mesquite. The property spans 70,590 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a privately held investment partnership, in the transaction. Karr also procured the buyer, a publicly traded REIT. Both parties involved in the deal requested anonymity.
DALLAS — Greysteel has arranged the sale of Del Sol on Royal Lane, a 172-unit multifamily property in northwest Dallas. Built in 1966, the property offers one-, two- and three-bedroom units with an average size of 807 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the seller, Lion Real Estate Group. The buyer and sales price were not disclosed.
HOUSTON — JD Fields & Co., a locally based supplier of steel products, has signed a 133,25-square-foot lease at Greens Port Industrial Park, a 735-acre development located near Port Houston. The multimodal park encompasses more than 3 million square feet of warehouse space and four railyards. Steve Pastor of NAI James E. Hanson and Gray Gilbert, Chris Haro and Jack Gilbert of NAI Partners represented the landlord, Kansas-based Watco, in the lease negotiations. The representative of the tenant was not disclosed.
HOUSTON — Fort Worth-based investment firm Silver Creek Realty Advisors has acquired a 110,452-square-foot office building located at 1717 St. James Place in Houston’s Galleria district. The six-story building is situated on a 2.3-acre site within St. James Place, a deed-restricted business park, and was 70.5 percent leased at the time of sale. Marty Hogan and Kevin McConn of JLL represented the seller, Florida-based Accesso Partners, in the transaction. The sales price was not disclosed.
By Brad Frisby, director of land acquisitions, Rhodes Enterprises Demand for housing of all types continues to outpace supply in the Rio Grande Valley (RGV), and developers’ best efforts to add much-needed product throughout the region appear to be reaching a crescendo. Like the rest of the country, residential development in the RGV has been stymied and exacerbated by global supply chain disruption over the last year. Nor have developers in the region been spared from the pricing volatility of key construction materials, from basic building blocks like lumber and steel to more precise pieces such as air conditioning units and kitchen appliances. These factors, along with rising labor costs generated by the reheating of the regional economy, have negatively impacted conventional multifamily construction timelines and budgets over the past 12 to 18 months. While traditional single-family projects have not been hit nearly as hard as their multifamily counterparts, the net result of all this activity has been a widening of the gap between housing supply and demand. Though the regional vacancy rate for multifamily product is up on a year-over-year basis — about 4.5 percent today versus 3.5 percent at the end of the first quarter of 2021 — …
GEORGETOWN, TEXAS — Stonelake Capital Partners, a private equity firm with offices located in Texas and Atlanta, has broken ground on Georgetown Logistics Park, a 619,740-square-foot speculative industrial project that will be located on the northern outskirts of Austin. The development will consist of three buildings on a 48-acre site that is situated along the Interstate 35 corridor. The 426,240-square-foot cross-dock building will feature 40-foot clear heights and 82 trailer parking stalls. The 123,200-square-foot rear-load building will house 36-foot clear heights, and the 70,300 square-foot rear-load building will have 32-foot clear heights. Powers Brown Architecture is designing the project, and Zapalac Reed is serving as the general contractor. Pape Dawson is the civil engineer, and JLL is the leasing agent. Completion is slated for March 2023.
HOUSTON — A partnership between locally based developer Sueba USA and McCormack Commercial has broken ground on Kingfield Lofts, a 370-unit multifamily project that will be situated on a 14.5-acre site in West Houston. Kingfield Lofts will feature studio, one-, two- and three-bedroom units that will range in size from 480 to 2,196 square feet. Residences will be furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities will include a pool, fitness center, clubroom, conference center and a catering kitchen. Preleasing will begin in fall 2023, with full completion slated for March 2024.
HOUSTON — Axiom Space, a developer of infrastructure for space exploration, will open a new, 106,000-square-foot headquarters facility at the Houston Spaceport, a center for aerospace research and development that is located on the city’s southwest side. Developer Griffin Partners recently broke ground on the campus, which will house offices, astronaut training areas, engineering development/testing labs and a high bay production facility to house Axiom’s space station modules. Project partners include Jacobs Engineering and general contractor Turner Construction Co. Axiom Space currently employs more than 400 people, the majority of which work at its current Houston facilities. The company has plans to grow the number to 600 by the end of the year and 1,000 by 2025.
ARLINGTON, TEXAS — Global Real Estate Advisors (GREA) has arranged the portfolio sale of three multifamily properties totaling 217 units in Arlington that were all built in the 1960s. The properties include Avalon (75 units), Tuscany Square (70 units) and Regency (72 units). Mark Allen of GREA represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
