HOUSTON — Drilling Tools International, a manufacturer of products for the downhole land and offshore drilling industries, has signed a 27,150-square-foot industrial lease at 1612 Southcreek Lane in Houston. The crane-served property is located on a 2.9-acre site within Candle Ridge Business Park on the city’s north side. Ed Frantz, John Amini and Boomer White of CBRE represented the tenant in the lease negotiations. Jason Tangen of Colliers International represented the landlord, TRECAP Southcreek Partners.
FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …
By Matt Epple, executive vice president, Weitzman Austin; and David Nicolson, president, Weitzman San Antonio One of the best-known metroplexes — a term that was coined way back in 1915 to describe the phenomenon whereby two or more important cities expand to form one continuous urban area — in the country is Dallas-Fort Worth (DFW). Now, new data from the U.S. Census Bureau has led the Texas State demographer to predict that Texas’ next new mega metro will be Austin-San Antonio. Austin gained nearly 200,000 new residents over the past decade for a growth rate of 21 percent. San Antonio added 107,218 people and is one of the top 10 largest U.S. cities by population. Together, the two markets form a powerhouse metro area of nearly 5 million people. The Austin and San Antonio metro areas each represent robust economies with strong population, job and housing growth. Together, they are almost unbeatable. While the markets are on track to merge into a metroplex, for now they are each distinct enough that we produce separate research reports. But without a doubt, these two metro areas account for some of the most positive retail performance in the state. In formulating this market …
FORT WORTH, TEXAS — Locally based developer Trammell Crow Co. (TCC) has unveiled plans for Phase III of Eagle 35, a 2.1 million-square-foot speculative industrial project located at Interstate 35 West and Eagle Parkway in Fort Worth. Phase III of Eagle 35 will consist of five buildings ranging in size from 103,668 to 1.2 million square feet, with the site of the largest building expandable to 1.5 million square feet. The buildings will be constructed on a combined 40 acres adjacent to Alliance Airport and will feature 32- to 40-foot clear heights, 140- to 195-foot truck court depths and ample space for car and trailer parking. Phase I of Eagle 35 consisted of two buildings totaling 1.5 million square feet, and Phase II comprised three buildings totaling 1.6 million square feet. Alliance Architects, Inc. is the project architect for Phase III, and Halff Associates Inc. is the civil engineer. Steve Trese and Bob Scully with CBRE’s Dallas office are leasing and marketing the project. Construction is scheduled to begin in January.
GRAND PRAIRIE, TEXAS — Dallas-based Kalterra Capital Partners will develop Midtown GP, a 56-acre mixed-use project located in the central metroplex city of Grand Prairie. The development’s residential component will consist of 142 townhomes and 366 apartments with clubhouses, resort-style pools, gyms and outdoor courtyards. In addition, Midtown GP will feature office, retail, restaurant and hospitality uses. Kalterra will develop the project in phases, with the construction of the first phase expected to be complete in 2023.
KATY, TEXAS — California-based investment firm Brixton Capital has purchased Mason Park, a 312-unit apartment community in the western Houston suburb of Katy. The property was built on 13 acres in 2008 and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, cybercafé, bark park, media lounge and an outdoor picnic area with grilling stations. Zach Springer of Newmark represented the locally based seller, Hilltop Residential, in the transaction. Brixton Capital was self-represented. David Schwarz, also with Newmark, arranged acquisition financing through a local bank.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of The Storage Place, a 553-unit self-storage facility located in the eastern Dallas suburb of Mesquite. The property spans approximately 74,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Karr also procured the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — Newmark has brokered the sale of Enclave at Water’s Edge, a 184-unit apartment complex located near The Domain in North Austin. Units feature studio, one- and two-bedroom floor plans, and amenities include three pools, a fitness center, Amazon package lockers, game room and a dog park. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the deal. Matt Greer and Andrew Wilson, also with Newmark, arranged acquisition financing through Bridge Investment Group on behalf of the buyer, Austin-based Wildhorn Capital. Enclave at Water’s Edge was 94 percent occupied at the time of sale.
AUSTIN, TEXAS — Locally based firm Stratus Properties Inc. (NASDAQ: STRS) has entered into an agreement to sell Block 21, a mixed-use property that occupies a full city block in downtown Austin, to Nashville-based Ryman Hospitality Properties Inc. for $260 million. The two firms originally entered into a purchase agreement for Block 21 in December 2019 for a price of $275 million, including the assumption of $142 million in debt. The agreement was subsequently terminated in May 2020 due to concerns over COVID-19, resulting in Ryman forfeiting $15 million in earnest money. Stratus and Ryman are aiming to close this deal before the end of the year. Originally developed by Stratus in 2010, Block 21 houses the 251-room W Austin Hotel and the 2,750-seat Austin City Limits Live at the Moody Theater, as well as office and retail space.
SAN ANTONIO — Tampa-based multifamily investment firm American Landmark has acquired Palmetto Point Apartments, a 328-unit community in San Antonio’s Medical Center submarket. The site is located across from USAA’s corporate headquarters on the city’s northwest side. Built in 2020, the gated community features one- and two-bedroom units ranging in size from 653 to 1,451 square feet. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Communal amenities include a resort-style pool with cabanas and an outdoor fireplace, clubhouse with a fitness center, business center, internet café and an entertainment room with billiards and flatscreen TVs. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller and developer, locally based firm Koontz Corp.