Texas

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Development Mixed-Use Texas

Gulf Coast Commercial to Begin Sitework Next Month on 60-Acre Mixed-Use Project in Metro Houston

by Taylor Williams April 25, 2022

MAGNOLIA, TEXAS — Houston-based Gulf Coast Commercial will begin sitework next month on the initial phase of Magnolia Village, a 60-acre mixed-use project that will be located on the northwestern outskirts of Houston. The site is located across from Stratus Properties’ 120-acre Magnolia Place development, where a new H-E-B grocery store is under construction. Phase I will encompass 36 acres and three retail buildings totaling 10,000 square feet each, as well as 300 multifamily units on nearly 12 acres that will be developed by Trammell Crow Residential. Magnolia Village will feature residential, office, retail and restaurant uses at full buildout.

April 25, 2022

Acquisitions Multifamily Texas

Newmark Negotiates Sale of 712-Unit Multifamily Portfolio in North Dallas

by Taylor Williams April 25, 2022

DALLAS — Newmark has negotiated the sale of a portfolio of two multifamily properties totaling 712 units in North Dallas. Allure is a 364-unit community that was built in 1998 and offers one- and two-bedroom units with an average size of 850 square feet. Essence is a 348-unit development that was originally constructed in 1996 and also houses one- and two-bedroom units with an average size of 869 square feet. Both properties offer amenities such as pools, fitness centers, game and lounge areas, business centers and indoor and outdoor sport courts. Utah-based Bridge Investment Group purchased the portfolio from Southern California-based Archway Equities for an undisclosed price. Richard Furr, Brian Murphy, Brian O’Boyle, Jr. and Jakob Andersen of Newmark represented both parties in the transaction.

April 25, 2022

Acquisitions Industrial Retail Self-Storage Texas

DealPoint Merrill Sells Self-Storage Facility, Goodwill Store in Benbrook, Texas for $20M

by Taylor Williams April 25, 2022

BENBROOK, TEXAS — California-based investment firm DealPoint Merrill has sold a 982-unit self-storage facility in Benbrook, a southwestern suburb of Fort Worth, for $20 million. The two-story property spans 112,000 square feet and includes a 10,036-square-foot Goodwill store. The self-storage facility features entirely climate-controlled space. The buyer was not disclosed.

April 25, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Holiday Inn & Suites San Antonio Northwest Hotel

by Taylor Williams April 25, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of the Holiday Inn & Suites San Antonio Northwest Hotel. The 122-room hotel’s amenity package consists of a pool, fitness center, business center and a cocktail lounge. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust, in the transaction. Both parties requested anonymity.

April 25, 2022

Development Office Texas

Rastegar Property Breaks Ground on 24,700 SF Office Project in East Austin

by Taylor Williams April 25, 2022

AUSTIN, TEXAS — Locally based developer Rastegar Property Co. has broken ground on 809 Skyline, a 24,700-square-foot boutique office project in East Austin. The development will consist of two approximately 12,000-square-foot buildings that will be available for either single- or multi-tenant use. Completion is slated for the first quarter of 2023. Stream Realty Partners will lease the buildings.

April 25, 2022

Acquisitions Multifamily Texas

Rosewood Realty Arranges Sale of 529-Unit Quail Creek Multifamily Portfolio in Houston

by Taylor Williams April 22, 2022

HOUSTON — New York City-based brokerage firm Rosewood Realty Group has arranged the sale of Quail Creek I and Quail Creek II, a 529-unit multifamily portfolio in northwest Houston. The communities were built in the late 1970s and respectively consist of 12 and 30 buildings for a total of 436,447 square feet of residential space. Units come in one- and two-bedroom floor plans, and amenities include a pool and outdoor entertainment spaces. Mike Kerwin and Scott Bernstein of Rosewood Realty Group represented the seller, locally based investment firm Nitya Capital, in the transaction. Aaron Jungreis, also with Rosewood, represented the buyer, Ventus Capital.

April 22, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 401-Unit Broadstone Memorial Apartments in Houston

by Taylor Williams April 22, 2022

HOUSTON — Berkadia has negotiated the sale of Broadstone Memorial, a 401-unit apartment community in Houston’s Energy Corridor area. Built in 2007, Broadstone Memorial offers one-, two- and three-bedroom apartments ranging in size from 628 to 1,766 square feet. Units feature granite or quartz countertops, walk-in closets and full-sized washer and dryers. Amenities include a pool, clubhouse, coffee bar, business center, game room, spin room, outdoor grilling stations, a dog park and package lockers. Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Boston-based AEW Capital Management, in the transaction. Andy Hill and Tyler Nowlin of Berkadia arranged acquisition financing through an international bank on behalf of the buyer, South Florida-based Atlantic | Pacific Cos.

April 22, 2022

Acquisitions Industrial Texas

Fort Capital Buys Two Houston Industrial Properties Totaling 322,475 SF

by Taylor Williams April 22, 2022

HOUSTON — Fort Worth-based investment firm Fort Capital has purchased two industrial properties in Houston totaling 322,475 square feet. Haynes-Theall Industrial Park is a 197,400-square-foot development on the city’s north side that was 97 percent leased at the time of sale to 36 tenants. Harwin Business Park, located on the southwestern side of Houston, spans 125,075 square feet and was 98 percent leased at the time of sale. The seller and sales price were not disclosed.

April 22, 2022

Acquisitions Retail Texas

Levcor Acquires Two Shopping Centers Totaling 184,000 SF in College Station

by Taylor Williams April 22, 2022

COLLEGE STATION, TEXAS — Houston-based retail investment and management firm Levcor has acquired two shopping centers totaling 184,000 square feet in College Station. University Park is a grocery-anchored center that comprises 97,000 square feet on a 9.2-acre site that is within one mile of Texas A&M University’s campus. Texas Avenue Crossing, located about 2.5 miles from campus, totals 87,000 square feet and is anchored by Bed Bath & Beyond, with Total Wine & More and Boot Barn set to join the roster this summer.

April 22, 2022

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