Texas

Rubenstein Mortgage Provides $62M Acquisition Loan for Metro Dallas Office Building

by Taylor Williams September 28, 2022

RICHARDSON, TEXAS — Rubenstein Mortgage Capital has provided a $62 million acquisition loan for 3400 CityLine, a 312,345-square-foot office building located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2018, the property rises five stories and features a total of 1,400 parking spaces, as well as a lounge, conference center, fitness center and an outdoor entertainment area. Andrew Murray of Rubenstein Mortgage Capital originated the loan on behalf of the borrower, Chicago-based Zeller Realty Group. At the time of the loan closing, 3400 CityLine was 83 percent leased. JLL arranged the debt.

September 28, 2022

Andretti-Indoor-Karting-&-Games-Grand-Prairie

Leasing Activity Retail Texas

Andretti Indoor Karting & Games to Open 96,000 SF Venue in Grand Prairie, Texas

by Taylor Williams September 28, 2022

GRAND PRAIRIE, TEXAS — Andretti Indoor Karting & Games will open a 96,000-square-foot racing and entertainment facility in Grand Prairie, located in the central part of the Dallas-Fort Worth (DFW) metroplex. In addition to the namesake activity, the center will include laser tag, arcade and virtual reality games and duckpin bowling. The facility, which will be the second in the DFW area and seventh nationwide for the Orlando-based concept, is scheduled to open before the end of 2023.

September 28, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 424-Unit Self-Storage Facility in El Paso

by Taylor Williams September 28, 2022

EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Stuff Hotel, a 424-unit self-storage facility that is situated on a 2.5-acre site at 11655 Pellicano Drive in El Paso. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

September 28, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Negotiates Sale of 192-Unit Aubry Hills Apartments in North Austin

by Taylor Williams September 28, 2022

AUSTIN, TEXAS — Northmarq has negotiated the sale of Aubry Hills, a 192-unit apartment complex located at 8926 N. Lamar Blvd. in North Austin. Built in 1973, the property offers units with a range of floor plans that feature balconies and washer/dryer connections. Amenities include a pool, outdoor grilling and dining areas, a clubhouse, playground and sport courts for tennis, basketball and volleyball. Zar Haro, Moses Siller, Scott Lamontagne, Bryan VanCura and Will Collier of Northmarq represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 28, 2022

Leasing Activity Office Texas

Brown Sims Signs 35,198 SF Office Lease in Uptown Houston

by Taylor Williams September 28, 2022

HOUSTON — Law firm Brown Sims has signed an 35,198-square-foot office lease at Post Oak Central in Uptown Houston. The national litigation firm will occupy two full floors at the three-building, 1.2 million-square-foot campus. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. Griff Bandy of Partners represented Brown Sims.

September 28, 2022

Market Reports Texas Texas Market Reports

Texas Real Estate Programs, Internships Aim to Simulate Real Deal

by Taylor Williams September 28, 2022

As the volume of commercial real estate demand, deals and development skyrockets throughout Texas, the industry is working to curate the talented workforce needed to sustain growth, with an emphasis on short-circuiting the gap between education and application. As with any business, understanding the historic principles, ethics and philosophies that govern how commercial real estate is practiced can augment anyone’s career. In addition, it doesn’t hurt to possess certain personality traits — articulation, sociability, self-motivation — that have long been associated with commercial real estate “types.” But according to professors within real estate programs at some of the state’s prominent academic institutions, simulating actual work experience at the grassroots level is what really allows students and interns to thrive early in their careers. Just as important, the industry professionals who hire and train these individuals tend to support this approach. UT Austin At the University of Texas at Austin (UT), real estate is not a formal major that students can declare, but rather a concentration within the finance program in which both undergrad and graduate students can specialize. The program typically includes 100 to 150 undergrads and 15 to 20 graduate students pursuing a Masters of Business Administration (MBA) degree. …

September 28, 2022

Development Industrial Texas

EastGroup Properties Begins Construction on 275,559 SF Industrial Project in Buda, Texas

by Taylor Williams September 27, 2022

BUDA, TEXAS — Mississippi-based developer EastGroup Properties has begun construction on Stonefield 35, a 275,559-square-foot industrial project in Buda, located south of Austin. The three-building facility will be situated on 21 acres and will be able to accommodate single or multiple users. Building features will include 28-foot clear heights, 180-foot truck court depths, ESFR sprinkler systems and ample car parking. Pross Design Group is the project architect, and RC Page Construction is the general contractor. Transwestern is the leasing agent. Completion is slated for mid-2023.

September 27, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers $58.9M Sale of Three Metroplex Multifamily Properties

by Taylor Williams September 27, 2022

LANCASTER, DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of three multifamily properties totaling 411 units that are located throughout the Dallas-Fort Worth (DFW) metroplex for a combined price of $58.9 million. The properties include The Meadows, a 120-unit asset in the southern Dallas suburb of Lancaster that was built in 1981; Newport Landing, a 185-unit property in the Lake Highlands area of Dallas that was constructed in 1971; and Monterrey, a 106-unit complex in Fort Worth that was completed in 1969. Al Silva and Ford Braly of Marcus & Millichap represented the buyers and sellers, all of which requested anonymity, in the three separate transactions.

September 27, 2022

Acquisitions Industrial Texas

GID Acquires 62,496 SF Warehouse Near Austin-Bergstrom International Airport

by Taylor Williams September 27, 2022

AUSTIN, TEXAS — National investment firm GID has acquired a 62,496-square-foot warehouse located at 4201 Supply Court, about one mile west of Austin-Bergstrom International Airport. The rear-load facility features 28-foot clear heights, 10 dock-high doors, two drive-in doors and three suites averaging 20,000 square feet. The seller and sales price were not disclosed.

September 27, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 60-Unit Multifamily Property in Houston

by Taylor Williams September 27, 2022

HOUSTON — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Glenwood Apartment Homes, a 60-unit multifamily property in Houston. Built in 1981, the property features one- and two-bedroom units with an average size of 971 square feet that are furnished with granite countertops, walk-in closets and washer/dryer connections. Communal amenities include a pool and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the transaction.

September 27, 2022

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