Texas

Multifamily Markets Navigate Challenges Alex Virtue

Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets

by Sarah Daniels August 24, 2023

When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …

August 24, 2023

Development Healthcare Texas

University of Texas, MD Anderson to Open Medical Complex at Site of Erwin Center

by Taylor Williams August 23, 2023

AUSTIN, TEXAS — The University of Texas at Austin (UT) and MD Anderson will open a new medical complex at the site of the Erwin Center, the former arena of the university’s basketball teams. The complex will consist of a traditional hospital and cancer care/treatment facility. Demolitions are expected to begin in 2024, and the groundbreaking for the new medical facilities is scheduled for 2026. The total investment for these projects is estimated at $2.5 billion.

August 23, 2023

The-Business-Center-at-Five-Corners-Houston

Industrial Leasing Activity Texas

Porcelanosa USA Signs 70,000 SF Industrial Lease in Houston

by Taylor Williams August 23, 2023

HOUSTON — Porcelanosa USA, a distributor of tile, flooring and other building materials, has signed a 70,000-square-foot industrial lease at The Business Center at Five Corners in Houston. Owned by Levey Group and ANICO Eagle, the 550,000-square-foot development consists of five buildings on a 44-acre site on the city’s southwest side. Buildings range in size from 69,000 to 139,000 square feet and feature a mix of front-load, cross-dock and rear-load configurations and 28- to 32-foot clear heights. Nathan Wynne, Joseph Smith and Savannah Smith of CBRE represented Levey Group in the lease negotiations. John Talhelm of JLL represented the tenant.

August 23, 2023

Acquisitions Retail Texas

Ivy Cos., 35 South Capital Acquire 48,500 SF Shopping Center in Southwest Austin

by Taylor Williams August 23, 2023

AUSTIN, TEXAS — A partnership between locally based investment firm Ivy Cos. and Texas-based 35 South Capital has acquired Casis Village, a 48,500-square-foot shopping center located in Austin’s Tarrytown neighborhood. Built in 1952 and anchored by grocer Randalls, the center is also home to tenants such as Benchmark Bank, Starbucks, Tarrytown Pharmacy and Estilo Boutique. Dan Frey of Endeavor Real Estate Group represented the undisclosed seller in the transaction. The partnership was self-represented.

August 23, 2023

Development Industrial Texas

HDA Completes 28,000 SF Industrial Renovation, Expansion Project in Brenham, Texas

by Taylor Williams August 23, 2023

BRENHAM, TEXAS — Architecture firm HDA has completed a 28,000-square-foot industrial renovation and expansion project in Brenham, about 75 miles northwest of Houston. The project was a build-to-suit for Mike Hopkins Distributing, which serves the alcoholic beverage industry. The expansion consisted of a new controlled-temperature warehouse with offices and a customer pick-up area. The existing warehouse and coolers were also renovated with updated ancillary and storage areas and a new, enlarged keg cooler. Lastly, HDA designed a connector to link the new and existing facilities.

August 23, 2023

Leasing Activity Office Texas

Oxford Partners Negotiates 4,671 SF Office Lease in Houston

by Taylor Williams August 23, 2023

HOUSTON — Local brokerage firm Oxford Partners has negotiated a 4,671-square-foot office lease at 2929 Allen Parkway in Houston. The 43-story building, which is located just west of the downtown area, was originally constructed in 1982 and totals 952,080 square feet, according to LoopNet Inc. D.J. Hale of Oxford Partners represented the tenant, Nguyen Office PLLC, in the lease negotiations. Kristin Rabel of CBRE represented the landlord.

August 23, 2023

Acquisitions Industrial Texas

Taurus Investment Holdings Buys Six Dallas-Area Industrial Buildings Totaling 589,837 SF

by Taylor Williams August 22, 2023

BOSTON — Boston-based investment firm Taurus Investment Holdings has purchased six industrial buildings totaling 589,837 square feet that are located throughout the greater Dallas area. Taurus acquired the buildings, the specific addresses of which were not disclosed, as part of a portfolio sale that also includes six buildings in the Atlanta area totaling 334,863 square feet. The portfolio, which has an average building size of 77,000 square feet, was 99 percent leased to 32 tenants at the time of sale. The seller and sales price were not disclosed.

August 22, 2023

Development Hospitality Texas

AJ Capital Partners Nears Completion of Adaptive Reuse Project in Waco

by Taylor Williams August 22, 2023

WACO, TEXAS — AJ Capital Partners is nearing completion of Hotel 1928, an adaptive reuse project located at 701 Washington St. in Waco. The project reimagines the historic Grand Karem Shrine Building as a 33-room hotel with multiple onsite food-and-beverage options, as well as a rooftop terrace and 6,000 square feet of meeting and event space. The grand opening is set for Nov. 1. The hotel features “an inspired hospitality experience designed and developed by” Waco residents and TV personalities Chip and Joanna Gaines.

August 22, 2023

Acquisitions Northmarq Retail Texas

Northmarq Arranges Sale of 10,556 SF Retail Property Leased to Dollar General in Metro Austin

by Taylor Williams August 22, 2023

GEORGETOWN, TEXAS — Northmarq has arranged the sale of a 10,556-square-foot retail property in the northern Austin suburb of Georgetown that is leased to Dollar General. The newly constructed building sits on a 1.3-acre site just off I-35. The buyer and seller both requested anonymity. Jack Collins of Northmarq brokered the deal, which traded at a cap rate of 5.25 percent.

August 22, 2023

Leasing Activity Office Texas

Bradford Commercial Negotiates 8,247 SF Office Lease in Dallas

by Taylor Williams August 22, 2023

DALLAS — Bradford Commercial Real Estate Services has negotiated an 8,247-square-foot office lease at 4514 Travis St. in the Knox-Henderson area of Dallas. The tenant, real estate services firm Douglas Elliman Inc., is tripling the size of its Dallas office within Travis Walk, a 100,000-square-foot building. Melanie Hughes and Richmond Collinsworth of Bradford Commercial represented the undisclosed landlord in the lease negotiations.

August 22, 2023

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