Texas

Legacy-Oaks-Medical-Complex-San-Antonio

SAN ANTONIO — JLL has negotiated the sale of the 227,657-square-foot Legacy Oaks Medical Complex, which is located adjacent to South Texas Medical Center in San Antonio. The campus comprises seven buildings that house primary care, pediatrics, rheumatology, ophthalmology, optometry, radiology, pain management and outpatient rehabilitation users. Brian Bacharach, Vasili Davos and John Taylor of JLL represented the seller, Dallas-based private equity firm Velocis, in the transaction. A joint venture between Altera Fund Advisors and Harrison Street acquired the property for an undisclosed price.

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SACHSE, TEXAS — PMB Capital Development has unveiled updated plans for the retail and multifamily components of The Station, the Dallas-based developer’s $500 million mixed-use project in the northeastern suburb of Sachse. New food and beverage users that will open in the coming months at The Station include Manny’s Tex-Mex Restaurant, brewery Brass Tap, confectionary concept Cold Stone Creamery and Vietnamese kitchen Pho Station. In addition, PMB Capital has announced the construction of a 297-unit apartment community with 18,000 square feet of retail and restaurant space.

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FORT WORTH, TEXAS — Canadian investment firm Marlin Spring has acquired Centreport Lake Apartments, a 452-unit multifamily community in Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 673 to 1,394 square feet and amenities such as a pool, fitness center, business center and walking/biking trails. Global alternative investment firm H.I.G. Capital provided an undisclosed amount of acquisition financing for the deal.

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RICHMOND, TEXAS — Houston-based REIT Camden Property Trust has acquired 16 acres in the southwestern Houston suburb of Richmond for the development of a single-family rental community that will total 180 to 200 residences. The site is located within the 58-acre Grand Center at Long Meadow Farm mixed-use development. Ashley Strickland of NewQuest Properties represented the seller, CJ Development, in the sale of the land. Kenneth Danna of Dosch Marshall Real Estate represented Camden Property Trust. A construction timeline was not disclosed.

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DALLAS — Locally based brokerage firm Altschuler & Co. (ALT + Co.) has negotiated a 101,080-square-foot office lease at The Stack, a newly constructed office building in the Deep Ellum area of Dallas. ALT + Co. represented the landlord, a partnership between Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines, in the lease negotiations. Robert Blount and Andy Leatherman of JLL represented the tenant, marketing and advertising agency TRG. With this transaction, which follows the signing of life insurance software provider Bestow to a 42,000-square-foot deal, The Stack is now fully leased.

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Outdoor Hospitality quote from Jesse Pine, NAI

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 …

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Lenox-Grand-Austin

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 …

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Sovereign-Twin-Creeks-Allen

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.

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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.

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Westinghouse35-Georgetown

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.

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