Texas

Marcus & Millichap Brokers Sale of 80-Room Dual-Branded Hotel in Lancaster, Texas

by Taylor Williams July 8, 2024

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of an 80-room dual-branded hotel in Lancaster, a southern suburb of Dallas. The three-story building houses Sleep Inn & Suites and Mainstay Suites and offers shared amenities such as a pool, fitness center, business center and outdoor picnic area. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based investment firm, in the transaction. The duo also procured the buyer, an out-of-state 1031 exchange investor.

July 8, 2024

Leasing Activity Office Texas

Holt Lunsford Negotiates 22,601 SF Office Lease in Irving

by Taylor Williams July 8, 2024

IRVING, TEXAS — Holt Lunsford Commercial has negotiated a 22,601-square-foot office lease in Irving. According to LoopNet Inc., the building at 3660 Regent Blvd. was constructed in 2000 and totals 158,728 square feet. John Dickenson and Paul Hernandez of Holt Lunsford Commercial represented the landlord, Houston-based investment firm Wedge Group, in the lease negotiations. Brendan Kelley of Avison Young and Mike McElwee of Hughes Marino represented the tenant, Power Home Remodeling Group.

July 8, 2024

Company News New York Northeast Retail Texas Top Stories

Saks Fifth Avenue Parent Company Agrees to Acquire Neiman Marcus for $2.6B

by Taylor Williams July 8, 2024

NEW YORK CITY AND DALLAS — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue operations under their original names. HBC will fund the purchase through a combination of equity from new and existing shareholders. Notably, both Amazon and Salesforce will be shareholders in the new company upon closing, with the Seattle-based e-commerce giant also expected to take on a consultative role. According to CNN, the two companies have been discussing a merger for several years. The Atlanta-based news network also reports that Saks currently operates 39 stores, while Neiman Marcus, which filed for Chapter 11 bankruptcy in 2020, operates 36 stores. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” says …

July 8, 2024

Development Hospitality Mixed-Use Multifamily Texas

Reports: Fort Worth City Council Approves $630M Expansion of Historic Stockyards

by Taylor Williams July 3, 2024

FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.

July 3, 2024

Acquisitions Multifamily Texas

Hamilton Point Investments Buys Houston-Area Apartment Portfolio for $195M

by Taylor Williams July 3, 2024

HOUSTON — Hamilton Point Investments, a real estate private equity firm based in Connecticut, has acquired a portfolio of four apartment communities in the Houston area for $195 million. The portfolio totals 1,174 units and consists of Prose Champions in Houston (360 units); Prose Copperfield in Houston (361 units); Prose Cypress Creek in Cypress (240 units); and Prose Franz in Katy (213 units). The properties were all constructed within the last three years. The seller was not disclosed, but Prose is the workforce housing brand of Alliance Residential. No third-party brokers were involved in the transaction.

July 3, 2024

Development Multifamily Texas

Toll Brothers, Equity Residential Complete 334-Unit Lyle Apartments in North Dallas

by Taylor Williams July 3, 2024

DALLAS — Metro Philadelphia-based developer Toll Brothers (NYSE: TOL) has completed Lyle, a 334-unit apartment community in North Dallas. Toll Brothers developed the property in partnership with Chicago-based Equity Residential as part of a trio of multifamily developments in the Dallas-Fort Worth metroplex. Units come in studio, one-, two- and three-bedroom floor plans and are furnished with quartz countertops, tile backsplashes and keyless entry mechanisms. Select residences also offer private balconies/patios. Amenities include a pool, game lawn, fitness center, coworking lounge and a coffee bar. Santander Bank financed construction of the project. Rents start at $1,675 per month for a studio apartment.

July 3, 2024

Development Industrial Texas

MDH Partners Delivers 215,912 SF Industrial Project Near Austin Airport

by Taylor Williams July 3, 2024

AUSTIN, TEXAS — MDH Partners has delivered 71 Logistics Center, a 215,912-square-foot industrial project located near Austin-Bergstrom International Airport. The Atlanta-based development and investment firm acquired the 45-acre site last summer, and the rear-load facility is divisible to 72,000 square feet. Building features include 32-foot clear heights, 185-foot truck court depths, 2,640 square feet of office space and parking for 142 cars (expandable to 262) and 54 trailers. ARCO Design/Build served as the general contractor for the project. JLL is the leasing agent.

July 3, 2024

Leasing Activity Office Texas

Savills Signs 10,000 SF Office Lease Expansion in Uptown Dallas

by Taylor Williams July 3, 2024

DALLAS — Savills has signed a 10,000-square-foot office lease expansion in Uptown Dallas. The commercial real estate advisory firm will relocate to the 14th floor of 23Springs, a 626,215-square-foot building in Uptown that is under construction, next spring. The deal represents a 25 percent expansion over Savills’ current space at Dallas Arts Tower. Granite Properties is developing 23Springs, which is now 56 percent preleased.

July 3, 2024

Data Centers Development Industrial Texas

Stream Breaks Ground on 135-Acre Data Center Campus in West San Antonio

by Taylor Williams July 2, 2024

SAN ANTONIO — The Dallas-based data center development arm of Stream Realty Partners has broken ground on a 135-acre hyperscale campus in San Antonio. The site is located near the junction of West Military Drive and Loop 1604 on the city’s west side and can support the development of up to five buildings totaling more than 1.5 million square feet. At full build-out, the facility will have a 200-megawatt capacity. Construction of the first 300,000-square-foot building is underway and is expected to be available for occupancy in the second quarter of next year. Multiple tenants that have requested anonymity have already committed to the project.

July 2, 2024

Development Retail Texas

Wilks Development Underway on Redevelopment of Historic Fort Worth Public Market

by Taylor Williams July 2, 2024

FORT WORTH, TEXAS — Wilks Development is underway on the redevelopment of the historic Fort Worth Public Market. Located just outside the downtown area, the property was originally built in 1930 and has been vacant since 2002. The redevelopment includes fire, water and asbestos remediation; removal of nonoriginal architectural elements such as gutters, lighting and roofing tiles; foundation, plumbing and masonry upgrades; and improvements or replacements of windows, elevators and utility systems. The development team, which includes architecture firm BOKA Powell and historical preservation consultant Nancy McCoy, expects to complete the project by next August, bringing more than 15,000 square feet of leasable space to market. The new marketplace will also connect via a courtyard to The Harden, a 199-unit, age-restricted seniors housing complex that is under construction behind the site. Wilks has partnered with The Woodmont Co. to lease the renovated space.

July 2, 2024

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