DALLAS — Ridesharing services provider Alto has opened its 16,000-square-foot headquarters office at 141 Manufacturing St. in the Dallas Design District. The space offers a rooftop lounge and kitchen and walking trails. Stream Realty Partners represented Alto in the lease negotiations. Quadrant Investment Properties owns the building, and Transwestern provides leasing services.
By Marshall Mays, vice president, Colliers Dallas-Fort Worth (DFW) is a hot market for commercial real estate right now, with people from across the country relocating to the area every day. The metroplex’s population is growing at an annual rate that rivals those of other top U.S. markets, including Austin, its neighbor to the south that is often considered to be a more glamorous city. With the increasing number of businesses relocating to Texas and more offices opening back up, the urban core of Fort Worth has become a particularly popular destination for industry growth in Texas. The Market Today The performance of Fort Worth’s office market has been particularly encouraging since the start of 2021. Overall, the city’s office vacancy rate currently stands at 13.3 percent, down from a pandemic-era high of 14 percent in the third quarter of 2020. This positive trend is aided by a quicker “return to office” in DFW. According to research from Kastle Systems, a security company that provides access control systems for office buildings around the globe, Texas as a whole has outpaced major cities and other states in terms of the speed and degree to which office occupancy rates have been recouped. …
ROSHARON, TEXAS — Wan Bridge, a Texas-based developer of build-to-rent residential neighborhoods, is underway on vertical construction of Pradera Oaks, an 812-unit community located south of Houston in Rosharon. Pradera Oaks will offer three- and four-bedroom homes with an average size of 1,750 square feet and two-car garages. Residents will have access to a lake, jogging trail, dog park, playground and splash pad as part of the amenity package. The development team will deliver the community in phases, adding about 300 homes over each of the next three years.
CYPRESS, TEXAS — St. Louis-based general contractor McCarthy Buildings Cos. has broken ground on a 106-acre hospital campus in the northwestern Houston suburb of Cypress for Houston Methodist. The campus will comprise a 570,700 -square-foot, seven-story hospital and two medical office buildings totaling roughly 320,000 square feet that will be linked by a sky bridge. Page is the project architect, and Walter P. Moore is the structural and civil engineer. Completion is slated for late 2024. The site formerly housed 11 buildings totaling 600,000 that were occupied by Sysco Corp., all of which will be demolished.
CARROLLTON, TEXAS — MC Cos., an Arizona-based investment firm, has acquired Briarcrest Apartments, a 238-unit multifamily property in the northern Dallas suburb of Carrollton. The property exclusively offers two-bedroom units, including 38 townhomes, with an average size of 961 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, playground and a dog park. The new ownership plans to implement a value-add program at Briarcrest Apartments, which has not undergone interior renovations since its original construction in 1983. The seller was not disclosed.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of Brauntex Storage, a 194-unit self-storage facility that sits on 2.5 acres on the northeastern outskirts of San Antonio. Dave Knobler and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a New York-based investment firm. Both parties requested anonymity.
SOUTHLAKE, TEXAS — Locally based hospitality investment firm NewcrestImage has purchased the 175-room Cambria Hotel Southlake DFW. The property was built in 2016 and is located roughly six miles from Dallas-Fort Worth International Airport. Amenities include an outdoor pool and game area, fitness center, business center, convenience market, lounge and a fine dining restaurant. The seller and sales price were not disclosed.
AUSTIN, TEXAS — PGIM Real Estate has provided a $77 million acquisition loan for Centro South, a 164,976-square-foot, newly constructed office building in Austin. Centro South represents Phase II of a larger development, and the sister building, Centro North, will be complete later this summer. At the time of the loan closing, Centro South was 96 percent leased, with Australian software developer Atlassian serving as the anchor tenant. The borrower, AEW Capital Management LP, acquired the five-story building from the developer, Riverside Resources, which will retain management responsibilities.
SAN MARCOS, TEXAS — South Carolina-based developer Greystar has broken ground on Phase II of Whisper 35, a 500,000-square-foot industrial project in San Marcos, located roughly midway between Austin and San Antonio. Phase I of Whisper 35 consists of two buildings totaling approximately 180,000 square feet, the first of which is complete and fully leased and the second of which is slated for a fourth-quarter delivery. Phase II will comprise three buildings totaling roughly 315,000 square feet that are expected to be complete in the third quarter of 2023. RC Page is the general contractor for the project, and Stream Realty Partners is the leasing agent.
DALLAS — Locally based investment firm Westmount Realty Capital has sold Highland Bluffs, a 357-unit apartment community in East Dallas. The property was built in 1984 and consists of 28 three-story buildings that house one- and two-bedroom units ranging in size from 465 to 1,012 square feet. Amenities include a pool, playground, outdoor picnic areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented Westmount Realty Capital, which invested significant upgrades during its eight years of ownership, in the transaction. The duo also procured the buyer, Dallas-based Lurin Investments.