Texas

Outdoor Hospitality quote from Jesse Pine, NAI

Outdoor Hospitality Properties Draw Greater Investment Interest Following Rapid Growth During the Pandemic

by Sarah Daniels March 29, 2022

Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …

March 29, 2022

Development Market Reports Multifamily Texas Texas Market Reports

Texas Multifamily Developers Carefully Scrutinize Product Types

by Taylor Williams March 29, 2022

By Taylor Williams From sprawling garden-style complexes in the suburbs to wrap-style construction and high-rise buildings in the urban core, multifamily properties come in many shapes and sizes. And in Texas, all of these product types are in high demand. Consequently, developers have generally seen healthy paces of rent growth over the last decade. But with each year of cyclical maturation, land becomes more scarce, construction grows more costly and more communities come on line, making the competition to secure renters increasingly stiff. On a more granular level, bidding wars for large tracts of land that can support major residential density are becoming increasingly intense with the growth of build-to-rent (BTR) development throughout Texas. Global supply chain disruption is putting relentless pressure on costs of construction materials and timelines for new projects, and leasing initiatives are getting smarter via sophisticated proptech platforms that were developed exclusively with real estate operations in mind. But these economic and operational constraints exist entirely on the supply side of the market. Simultaneously, demand for housing is accelerating unencumbered throughout Texas, a perennial medalist in population growth among the 50 states. These market factors are creating an unusual dynamic in which the forces that drive …

March 29, 2022

Acquisitions Multifamily Texas

Castle Lanterra Acquires 366-Unit Sovereign Twin Creeks Apartments in Metro Dallas

by Taylor Williams March 28, 2022

ALLEN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired Sovereign Twin Creeks, a 366-unit apartment community in the northeastern Dallas suburb of Allen. The property offers one-, two- and three-bedroom units that range in size from 786 to 1,416 square feet and are furnished with stainless steel appliances and granite countertops. Amenities include a pool with cabanas, fitness center with a yoga studio, Wi-Fi lounge with a coffee bar, outdoor grilling and dining areas and a conference room. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The seller was not disclosed.

March 28, 2022

Development Multifamily Texas

Hillwood Breaks Ground on 300-Unit Casey at Frisco Station Apartments in Metro Dallas

by Taylor Williams March 28, 2022

FRISCO, TEXAS — Hillwood has broken ground on The Casey at Frisco Station, a 300-unit multifamily project that will be located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building represents Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened last September. Units will offer one- and two-bedroom floor plans that will range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities will include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. The first units are expected to be available for occupancy in fall 2023.

March 28, 2022

Development Industrial Texas

Stonemont Financial to Develop 230,000 SF Spec Industrial Project in Metro Austin

by Taylor Williams March 28, 2022

GEORGETOWN, TEXAS — Atlanta-based Stonemont Financial Group has acquired an 18-acre site just off Interstate 35 in the northern Austin suburb of Georgetown for the development of a 230,000-square-foot speculative industrial project. Westinghouse35 will feature a rear-load configuration, 32-foot clear heights and 58 dock doors, as well as up to 345 auto parking stalls and 68 full-size trailer parking stalls. Project partners include architecture firm GMA, civil engineer Kimley-Horn, design-build firm ARCO/Murray and leasing agent KBC Advisors. Completion is slated for the first half of 2023.

March 28, 2022

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 57,607 SF Industrial Lease in West Dallas

by Taylor Williams March 28, 2022

DALLAS — Lee & Associates has negotiated a 57,607-square-foot industrial lease at 119 Regal Row in the Brookhollow submarket of West Dallas. The property spans 182,149 square feet and features 28-foot clear heights, 115-foot truck court depths and 10 trailer stalls. Stephen Williamson and Matthew Johnson of Lee & Associates represented the landlord, Dogwood Industrial Properties, which acquired the asset in 2019, in the lease negotiations. The name and representative of the tenant were not disclosed.

March 28, 2022

Leasing Activity Office Texas

Tricentis Signs 42,019 SF Office Lease at Uplands Corporate Center in North Austin

by Taylor Williams March 28, 2022

AUSTIN, TEXAS — Tricentis, a provider of automated software testing services, has signed a 42,019-square-foot office lease at Uplands Corporate Center, a recently expanded office campus in North Austin. Russell Young of JLL represented the tenant, which plans to hire about 100 new employees, in the lease negotiations. Kevin Granger and Matt Frizzell of Cushman & Wakefield represented the landlord, Drawbridge Realty.

March 28, 2022

Acquisitions Industrial New York Self-Storage Texas Top Stories

CBRE Investment Management, William Warren Group Acquire Self-Storage Portfolio Across 10 States for $588M

by Julia Sanders March 25, 2022

NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …

March 25, 2022

Development Industrial Texas

Navistar Opens 1 MSF Truck Manufacturing Facility in San Antonio

by Taylor Williams March 25, 2022

SAN ANTONIO — Navistar (NYSE: NAV), an Illinois-based truck and bus manufacturer, has opened a nearly 1 million-square-foot facility in San Antonio. The site is located along Interstate 35 and links the company’s supply bases in Mexico and the United States. The plant includes a body shop, paint shop, general assembly shop and logistics center equipped to produce various vehicles, including electric models. Navistar is in the process of hiring as many as 600 people to operate the facility.

March 25, 2022

Acquisitions Multifamily Student Housing Texas

Preiss Co. Acquires 828-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 25, 2022

COLLEGE STATION, TEXAS — The Preiss Co. has acquired University Trails College Station, an 828-bed student housing property located within walking distance of the Texas A&M University campus in College Station. The community offers a mix of one-, two-, three- and four-bedroom units that are fully furnished and feature private balconies. Shared amenities include a sand volleyball court, pool and hot tub, basketball court, two fitness centers, a business center and multiple study rooms. Preiss Co. plans to implement a value-add program.

March 25, 2022

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