FLOWER MOUND, TEXAS — Renaissance Network Reinvent, which provides engineering-centric repairs and supply chain management solutions, has signed a 42,596-square-foot industrial lease renewal at 1200 Lakeside Parkway in Flower Mound, located north of Fort Worth. According to LoopNet Inc., the property was built on 26.6 acres in 2007. Evan Hammer, Ben Crancer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate represented the tenant in the lease negotiations. Whitney Williamson represented the landlord, Prologis, on an internal basis.
Interviews by Taylor Williams The office markets of the major Texas cities have always been birds of different feathers, built to accommodate drastically different types of users and disproportionately subject to broader swings in occupancy and rent growth. Dallas-Fort Worth (DFW) remains the king of corporate relocations and regional consolidations, and the metroplex’s office market benefits from the highest degree of diversity among users, an attribute that has ushered it through the darkest days of the COVID-19 pandemic. Meanwhile, the Houston office market, hobbled for years by its reliance on energy users, may finally be poised to see some growth in occupancy as prices of these commodities head for the moon. In Austin, the non-California tech capital of the country, the supply of office space is still playing catch-up to demand, as evidenced by the healthy rents these buildings have achieved during the state capital’s ascendance to major-market status. And San Antonio? Like most commercial asset classes in the Alamo City, the performance of the office sector is steady, offering neither the glamorous appeal of trophy buildings with marquee users that attract institutional investors nor the profound cyclical dips that scare them away. Yet after two years of prolonged disruption …
HOUSTON — CBRE has negotiated a 500,000-square-foot, full-building industrial lease at 5800 Mesa Drive in northeast Houston. Situated on 95 acres, the property features 330 terminal doors, a 46,000-square-foot maintenance facility and 25 acres of secured trailer parking. Tres Reid and Andrew Jewett of CBRE represented the tenant, an undisclosed logistics firm, in the lease negotiations. John Simons, Gray Gilbert and Chris Haro of NAI Partners, along with Dave Dandurand of Burr & Temkin, represented the landlord, Dayton Street Partners. The Chicago-based investment firm acquired the property in January 2021 and implemented a $25 million value-add program.
HOUSTON — Virginia-based investment firm Capital Square has acquired a 304-unit apartment community formerly known as Alta West Alabama in Houston. Developed by Wood Partners in 2019, the property offers studio, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities include a pool, fitness center, sky lounge, coworking spaces, pet spa and a courtyard, as well as a clubhouse with TVs, a billiards table, lounge seating and an entertainment kitchen. Capital Square acquired the community via a Delaware Statutory Trust.
DALLAS —iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $20 million acquisition loan for a 232-unit apartment community located at 4542 W. Kiest Blvd. in the Oak Cliff neighborhood of Dallas. According to Apartments.com, the property offers two-bedroom units with an average size of 969 square feet. The borrower was not disclosed.
MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.
AUSTIN, TEXAS — A partnership between locally based development and brokerage firm AQUILA Commercial and institutional funds backed by J.P. Morgan Asset Management is underway on construction of Alto, a 110,000-square-foot office project at 924 E. Seventh St. in East Austin. Construction began earlier this year and is slated for delivery in the fourth quarter of 2023. The five-story building will include four levels of underground parking and an onsite restaurant. The Beck Group is the architect and general contractor for the project. AQUILA will also handle leasing of Alto.
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Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
ANNA, TEXAS — PC5 Properties, a holding company of HOLT CAT, an authorized dealer of products by construction machinery manufacturer Caterpillar, has acquired Anna Business Park. The 82-acre industrial development is located about 60 miles north of Dallas. Located at the northeast corner of the Collin County Outer Loop and State Highway 5, the site can support more than 3 million square feet of industrial development. The Anna Economic Development Corp. and the Anna Community Development Corp. sold the property for an undisclosed price.
FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.