Texas

CBRE Negotiates 500,000 SF Industrial Lease in Northeast Houston

by Taylor Williams May 10, 2022

HOUSTON — CBRE has negotiated a 500,000-square-foot, full-building industrial lease at 5800 Mesa Drive in northeast Houston. Situated on 95 acres, the property features 330 terminal doors, a 46,000-square-foot maintenance facility and 25 acres of secured trailer parking. Tres Reid and Andrew Jewett of CBRE represented the tenant, an undisclosed logistics firm, in the lease negotiations. John Simons, Gray Gilbert and Chris Haro of NAI Partners, along with Dave Dandurand of Burr & Temkin, represented the landlord, Dayton Street Partners. The Chicago-based investment firm acquired the property in January 2021 and implemented a $25 million value-add program.

May 10, 2022

Acquisitions Multifamily Texas

Capital Square Acquires 304-Unit Apartment Community in Houston

by Taylor Williams May 10, 2022

HOUSTON — Virginia-based investment firm Capital Square has acquired a 304-unit apartment community formerly known as Alta West Alabama in Houston. Developed by Wood Partners in 2019, the property offers studio, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities include a pool, fitness center, sky lounge, coworking spaces, pet spa and a courtyard, as well as a clubhouse with TVs, a billiards table, lounge seating and an entertainment kitchen. Capital Square acquired the community via a Delaware Statutory Trust.

May 10, 2022

Loans Multifamily Texas

iBorrow Provides $20M Acquisition Loan for Dallas Apartment Community

by Taylor Williams May 10, 2022

DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.

May 10, 2022

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 190-Unit Multifamily Property in Mesquite, Texas

by Taylor Williams May 10, 2022

MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.

May 10, 2022

Development Office Texas

AQUILA Commercial, J.P. Morgan Underway on 110,000 SF Alto Office Project in East Austin

by Taylor Williams May 10, 2022

AUSTIN, TEXAS — A partnership between locally based development and brokerage firm AQUILA Commercial and institutional funds backed by J.P. Morgan Asset Management is underway on construction of Alto, a 110,000-square-foot office project at 924 E. Seventh St. in East Austin. Construction began earlier this year and is slated for delivery in the fourth quarter of 2023. The five-story building will include four levels of underground parking and an onsite restaurant. The Beck Group is the architect and general contractor for the project. AQUILA will also handle leasing of Alto.

May 10, 2022

Affordable Housing Features Midwest Multifamily Northeast Seniors Housing Southeast Student Housing Texas Western

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

by Jaime Lackey May 10, 2022

The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …

May 10, 2022

Acquisitions Industrial Texas

PC5 Properties Acquires 82-Acre Business Park in Anna, Texas

by Taylor Williams May 9, 2022

ANNA, TEXAS — PC5 Properties, a holding company of HOLT CAT, an authorized dealer of products by construction machinery manufacturer Caterpillar, has acquired Anna Business Park. The 82-acre industrial development is located about 60 miles north of Dallas. Located at the northeast corner of the Collin County Outer Loop and State Highway 5, the site can support more than 3 million square feet of industrial development. The Anna Economic Development Corp. and the Anna Community Development Corp. sold the property for an undisclosed price.

May 9, 2022

Development Multifamily Texas

Realty Capital to Develop 200-Unit Apartment Complex in Flower Mound, Texas

by Taylor Williams May 9, 2022

FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.

May 9, 2022

Leasing Activity Office Texas

Cushman & Wakefield Negotiates Three Office Leases Totaling 128,000 SF in Irving

by Taylor Williams May 9, 2022

IRVING, TEXAS — Cushman & Wakefield has negotiated a trio of office leases totaling roughly 128,000 square feet at VariSpace Las Colinas, a 312,000-square-foot building in Irving. Aviation engineering firm CAE signed a lease for 16,000 square feet; Caris Life Sciences inked a deal for 37,000 square feet; and an undisclosed education organization committed to 75,000 square feet. Cushman & Wakefield’s Johnny Johnson and Chris Taylor represented the landlord, Vari, a provider of office furniture and other workplace solutions, in the lease negotiations. Jeff Eiting of CBRE represented CAE, and Greg Burns of ESRP represented Caris Life Sciences.

May 9, 2022

Development Industrial Texas

Avera Cos. Breaks Ground on 120,022 SF Industrial Project in North Houston

by Taylor Williams May 9, 2022

HOUSTON — Locally based developer Avera Cos. has broken ground on a 120,022-square-foot industrial project that will be located on an 8.2-acre site in north Houston. The building will be the fourth within Avera’s Century Plaza Distribution Center and will feature 32-foot clear heights, 195-foot truck court depths and an ESFR sprinkler system. Construction is scheduled for a second-quarter 2023 completion. CBRE will lease the building.

May 9, 2022

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