FORT WORTH, TEXAS — Restoration 1, which provides solutions for properties damaged by water, fire or mold, has signed a 10,060-square-foot industrial lease in North Fort Worth. The building at 13019 Harmon Road comprises six suites and features 25-foot clear heights. Jen Martin of TX Business Parks represented the landlord, an entity doing business as Harmon Condos LLC, in the lease negotiations. Richard Hitz of Bradford Commercial Real Estate Services represented the tenant.
HOUSTON — Locally based brokerage firm Oxford Partners has negotiated the sale of a 10,000-square-foot industrial building in southwest Houston. According to propertyshark.com, the building at 9306 Summerbell Lane features 14-foot clear heights, five dock-high doors and 500 square feet of office space. Jeffery Arnaud and Ryley Caton of Oxford Partners represented the seller in the transaction. Rigoberto Juarez of Global Investment Realty represented the undisclosed buyer.
SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million. The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October. Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …
With elevated prices on everything from land to debt financing, insurance, building materials and labor, developers face an uphill climb attempting to pencil out multifamily projects at a profit. That’s why in 2024, developers are opting for practical and convenient amenities over luxury and choosing builder-friendly suburban locations over complex urban sites. And with diminishing room to raise rents on market-rate apartments, many investors and developers are shifting their attention to affordable and workforce housing, where incentives offset some expenses and, ideally, help position projects to deliver positive returns. “Market-rate developers in our region are starting to change their model to embrace more of an affordable product,” confirms Chad Riddle, Atlanta branch manager at Bohler. “Unfortunately, that puts them behind the eight ball because they may not know the tricks of the trade and they are competing with affordable housing developers that already know the business and are thriving.” There is no single strategy to pencil out a profitable multifamily project, but developers are achieving success by sticking to proven, cost-effective design elements and amenities, avoiding costly missteps and cutting down unnecessary spending throughout the development process. Drawing on affordable housing specialists and other in-house experts, Bohler helps clients avoid …
HOUSTON — A partnership between High Street Residential and Japanese homebuilder Daiwa House has topped out Rone Residences, a 12-story apartment building in Houston’s River Oaks/Upper Kirby area. Designed by Zeigler Cooper Architects and built by Hoar Construction, Rone Residences offers 209 units in one-, two-, and three-bedroom floor plans with an average size of roughly 1,400 square feet. Amenities include multiple pools, a fitness center, game lounge, coworking and private conference spaces, a pet park and tenant storage spaces. Rone Residences will also house 2,900 square feet of retail space. The first units are expected to be available for occupancy in early 2025.
TYLER, TEXAS — Texas-based private equity firm SPI Advisory has sold Parker Apartments, a 192-unit multifamily complex located about 100 miles east of Dallas in Tyler. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, business center and tennis courts. SPI Advisory acquired the property in 2018 in partnership with CR Capital and implemented a value-add program during its ownership period. The buyer was not disclosed.
LITTLE ELM, TEXAS — Dallas-based MYCON General Contractors has broken ground on a 47,434-square-foot retail project that will be located on a six-acre site in Little Elm, a northern suburb of Dallas. The project, which is a build-to-suit for automotive repair retailer Parkwood Collision, will consist of 32,250-square-foot body shop and an adjacent 15,184-square-foot store. Completion is slated for March 2025. The owner of the site is an entity doing business as Buckman Partnership Ltd.
EL PASO, TEXAS — Newmark has arranged a 24,787-square-foot lease renewal at Vista Del Sol Industrial Park in El Paso. According to LoopNet Inc., the building at 12135 Esther Lama Drive was built in 1994 and totals 189,025 square feet. Reid Blynn, Blake Anderson, Nick Pickard, Thomas McDugall, Jim Belcher, Stephen Cook and Mike Spaeder of Newmark represented the tenant, packaging company SupplyOne Tucson, in the lease negotiations. PIRES International represented the undisclosed landlord.
SUGAR LAND, TEXAS — Partners Real Estate has brokered the sale of a 14,000-square-foot ambulatory surgery center in the southwestern Houston suburb of Sugar Land. According to LoopNet Inc., the building 2121 Williams Trace Blvd was constructed on roughly two acres in 1995 and was renovated in 2007. Ryan McCullough and Davis Amanyisye of Partners represented the seller, an entity doing business as SNA Medical Center LLC, in the transaction. The buyer and sales price were not disclosed.
Economic development is, in many ways, the business of facilitating growth. Yet in Texas, thanks to an array of business- and development-friendly policies and laws, influxes of jobs, people and new real estate projects to support them sometimes seem to just happen naturally. When this kind of heavy growth is sustained over time, it can lead to less-affordable housing, more cookie-cutter retail scenes and heavier congestion and pressure on local infrastructure. But it is possible for smaller municipalities to embrace job and population growth with new real estate uses and projects in ways that don’t entirely compromise the historic charm or tranquility that many residents of these cities value. Revitalizing a downtown area — bringing in new businesses, adaptively reusing older buildings, creating pedestrian-friendly networks — is a primary means of marrying those objectives. When a successful downtown revitalization program is executed, the benefits tend to have a domino effect. Elevated foot traffic boosts sales at local businesses, increasing asset values over time and stimulating sales of properties. Other investors take note of the viable business plan, and the rest becomes history. But the whole process often starts with the visions of local business owners and the willingness of local …