HOUSTON — Chicago-based Brennan Investment Group has acquired 12 acres at the intersection of Kirby Drive and North Spectrum Boulevard in South Houston for the development of a 216,004-square-foot industrial facility. The rear-load building will feature 36-foot clear heights, 175-foot truck court depths and an ESFR sprinkler system. Construction is scheduled to begin in early January and to be complete by the fourth quarter of 2023.
DALLAS — Locally based investment firm Westmount Realty Capital has purchased Premier at Prestonwood, a 208-unit multifamily property in North Dallas. Built in 1995, the property offers one- and two-bedroom units with an average size of 1,027 square feet, as well as a pool, fitness center and a clubhouse. Westmount plans to upgrade the building exteriors and the interiors of select units while also enhancing the amenity package with the addition of a dog park and package lockers. The seller was not disclosed.
DALLAS — Law firm McGuireWoods has signed a 33,345-square-foot office lease at The Link at Uptown in Dallas. The firm will occupy the entire 22nd floor and part of the 21st floor of the 25-story building, which is now 96 percent leased. Blake Shipley of JLL, in conjunction with Sarah Kennington and Bryce Jackson of Thirty-Four Commercial, represented the landlord, Kaizen Development Partners, in the lease negotiations. Stephen Hemphill, Cory Darden and Steve Macnoll of Mohr Partners represented McGuireWoods.
DALLAS — Cushman & Wakefield has arranged the sale of a portfolio of seven industrial buildings totaling approximately 759,889 square feet in Dallas-Fort Worth. The properties are scattered throughout the metroplex in municipalities including Richardson, Lewisville, Irving, Farmers Branch, Coppell and Arlington. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. New Jersey-based investment firm Faropoint acquired the portfolio, which was fully leased at the time of sale, for an undisclosed price.
DALLAS — Granite Properties, in partnership with publicly traded REIT Highwoods Properties (NYSE: HIW), has acquired McKinney & Olive, a 507,000-square-foot office building in Uptown Dallas. Designed by architect Cesar Pelli and completed in 2016, the building includes 50,000 square feet of retail space and was 99 percent leased at the time of sale. Other amenities include a fitness center, rooftop terrace, lounge and a conference center. Andrew Levy and Todd Savage of JLL represented the seller and developer, institutional investors advised by J.P. Morgan Asset Management, in the transaction.
SAN ANTONIO — Winston Hotels, a North Carolina-based owner-operator, has completed an adaptive reuse project in San Antonio’s RiverWalk area. The project converted a former office building at 111 Soledad St. into a dual-branded hotel with 343 rooms across the Element by Westin (162 rooms) and AC by Marriott (181 rooms) brands. Guests at both hotels will have access to a fitness center, business center, 4,000 square feet of meeting and event space and a rooftop bar and lounge.
DENTON, TEXAS — Dallas-based developer Box Investment Group will build M380 Business Park, a 156,090-square-foot industrial project in the North Texas city of Denton. The site is located at the corner of North Masch Branch Road and State Highway 380 and will house four freestanding buildings that can be marketed to users with a variety of square footage requirements. Construction is scheduled to begin early next year and to be complete in the first quarter of 2024.
SCHERTZ, TEXAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has negotiated a 112,935-square-foot industrial lease at Doerr Lane Logistics Center in the northeastern San Antonio suburb of Schertz. John Colglazier, Kyle Kennan and Carlos Marquez of Partners represented the landlord, an entity doing business as Baltisse-Ackerman Schertz LLP, in the lease negotiations. Brad Hanagan of ATCAP Partners represented the tenant, MEI Rigging & Crating LLC. The property, which is under construction and slated for a February 2023 delivery, is now 75 percent preleased.
By The Allen Economic Development Corp. Austin is often in the spotlight as one of the country’s top tech hubs, but Allen, a growing suburb located north of Dallas, has emerged as a mini tech hub in its own right. Most recently, the Allen Economic Development Corp. (AEDC) announced that Pushpay, a provider of payments and engagement solutions for faith-based and nonprofit businesses, has signed a lease at One Bethany West as the company looks to expand its presence in North Texas. Pushpay is one of several companies that has in recent years discovered that Allen has the right combination of qualities and amenities to support tech companies seeking a new home. Pushpay is one of several companies that has in recent years discovered that Allen has the right combination of qualities and amenities to support tech companies seeking a new home. Pushpay will occupy 10,000 square feet of office space in the 17-acre Watters Creek campus, which will be accessible to its employees in the metroplex, many of which include associates from its subsidiary, Resi Media. “Pushpay and Resi are the perfect additions to the growing roster of tech-focused companies in Allen,” says David Ellis, assistant director at AEDC. …
FORT WORTH, TEXAS — Marcus & Millichap has arranged the $6.4 million sale of the 10 Federal Texas Portfolio, a collection of three self-storage facilities totaling 585 units in Fort Worth. The portfolio spans five acres and 68,030 net rentable square feet. Stacey Gorman, Eric Jones, Cameron Bradford and Sam Slocum of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Brandon Karr and Danny Cunningham, also with Marcus & Millichap, procured the buyer, a private investor, and the firm’s Tim Speck assisted in closing the deal as the broker of record. The portfolio was 86 percent occupied at the time of sale.