Texas

Fenway Capital, Waterfall to Redevelop 878,564 SF Campbell Centre Office Complex in Dallas

by Taylor Williams October 11, 2021

DALLAS — A partnership between Dallas- and California-based Fenway Capital Advisors and New York-based Waterfall Asset Management will redevelop Campbell Centre, an 878,564-square-foot office complex in Dallas. The two-building property, which will be renamed The Gild, was originally built in the 1970s and is located in the North Central Expressway submarket. The project will add new tenant lounges, a boutique café and new coffee bars and dining areas, as well as a new conference center. In addition, the development team will update restrooms and corridors, expand tenant suites and develop a connecting park between the two buildings. Gensler is designing the project, and Stream Realty Partners is the leasing agent. Renovations are scheduled to begin immediately, and full completion of the project is slated for the first quarter of 2023.

October 11, 2021

Acquisitions Multifamily Texas

Newmark Arranges Sale of 316-Unit Estates at Bee Cave Apartments in Metro Austin

by Taylor Williams October 11, 2021

BEE CAVE, TEXAS — Newmark has arranged the sale of Estates at Bee Cave, a 316-unit multifamily property in the Austin area. Units feature one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, game room, cyber lounge and a demonstration kitchen. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer was an affiliate of New York City-based Abacus Capital Group.

October 11, 2021

Acquisitions Multifamily Texas

Oldham Goodwin Sells 250-Unit Multifamily Property in Portland, Texas

by Taylor Williams October 11, 2021

PORTLAND, TEXAS — Oldham Goodwin Group, a Texas-based development, management and brokerage firm, has sold Palm Bluff Place, a 250-unit multifamily property in the Corpus Christi suburb of Portland. Oldham Goodwin completed the project in 2017. Units are available in one-, two- and three-bedroom floor plans; range in size from 705 to 1,313 square feet; and feature stainless steel appliances, granite countertops and wood-style flooring. Amenities include a pool, fitness center, outdoor kitchen and grilling stations and a resident lounge/clubhouse. The buyer was an undisclosed institutional private equity group.

October 11, 2021

Company News Texas

Tesla to Relocate Headquarters from Palo Alto, California to Austin

by Taylor Williams October 8, 2021

AUSTIN, TEXAS — Tesla (NYSE: TSLA) will relocate its headquarters from Palo Alto, California, to Austin, CEO Elon Musk announced at a company shareholder meeting on Thursday night. Information on where the company’s new headquarters office will be located and when the move will commence was not immediately available. The electric vehicle manufacturer announced in July 2020 that it had selected a development site near Austin-Bergstrom International Airport for its $1 billion Gigafactory. Vehicle production at the Gigafactory, which will span more than 2,500 acres and employ some 7,000 people, is expected to begin in 2022. Musk’s other signature company, SpaceX, operates a rocket production facility and test site near the South Texas city of Brownsville. In explaining the move, Musk cited rising home prices and lengthy commute times for employees as primary deterrents to the company continuing to operate out of the Silicon Valley. Tesla joins Oracle and Digital Realty Trust as one of the latest major tech firms to announce a relocation from the Bay Area to the Texas state capital. The stock price of Tesla, which was founded in 2003, opened at $785.46 per share on Friday, Oct. 8, following the breaking of the news. The company’s …

October 8, 2021

Acquisitions Multifamily Texas

Lee & Associates Arranges $58M Sale of Holly Hall Apartments in Houston

by Taylor Williams October 8, 2021

HOUSTON — Lee & Associates has arranged the $58 million sale of Holly Hall Apartments, a 569-unit multifamily community in Houston. The sales price equates to roughly $102,000 per unit. The property is located on an 18.5-acre site near NRG Stadium and Texas Medical Center. Units range in size from 598 to 1,354 square feet and are furnished with custom cabinetry, granite countertops and individual washers and dryers. The amenity package consists of a pool, fitness center, spa, picnic area, pet play area and a courtyard. Matthew Jacocks of Lee & Associates represented the buyer, Miami-based GDF Properties, in the transaction. The seller was Harbert Management Corp FEICA/Holly Hall LLC. Seth Denison, also with Lee & Associates, arranged acquisition financing for the deal.

October 8, 2021

Acquisitions Multifamily Texas

Praedium Group Acquires 347-Unit Norra Apartments in Lewisville, Texas

by Taylor Williams October 8, 2021

LEWISVILLE, TEXAS — The Praedium Group, a New York City-based investment firm, has acquired Norra, a 347-unit apartment community located in the northern Dallas suburb of Lewisville. The newly built property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops, vinyl plank flooring and full-sized washer and dryers. Communal amenities include a pool, fitness center, clubhouse, work lounge, recreational lounge with a kitchen, dog park and a package locker system. The seller/developer of Norra was not disclosed. New York Life Real Estate Investors, a division of New York Life Insurance Co., provided acquisition financing for the deal. Information on starting rents was not disclosed.

October 8, 2021

Development Healthcare Life Sciences Office Texas

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

by Taylor Williams October 8, 2021

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.

October 8, 2021

Acquisitions Hospitality Texas

Noble Investment Group Buys 138-Room Hyatt Place Hotel in Round Rock, Texas

by Taylor Williams October 8, 2021

ROUND ROCK, TEXAS — Atlanta-based private equity firm Noble Investment Group has purchased the Hyatt Place Austin | Round Rock, a 138-room hotel located on the northern outskirts of Austin. Built in 2017, the pet-friendly property is situated within the La Frontera mixed-use development and offers a pool, fitness center, meeting rooms and complimentary breakfast service. The seller and sales price were not disclosed.

October 8, 2021

Acquisitions Industrial Texas

CBRE Investment Management Buys 952,000 SF Industrial Property Near Fort Worth

by Taylor Williams October 7, 2021

HALTOM CITY, TEXAS — A fund sponsored by CBRE Investment Management, the entity formerly known as CBRE Global Investors, has acquired 820 Exchange, a roughly 952,000-square-foot industrial property in the Fort Worth suburb of Haltom City. Phoenix-based Creation developed the four-building property and completed it earlier this year. Two of the development’s four buildings that feature 30- to 36-foot clear heights and cross-dock/rear-load configurations were fully leased at the time of sale. All told, 820 Exchange is currently 72 percent leased to three tenants. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller in the transaction.

October 7, 2021

Development Office Texas

Ryan Cos. to Develop 400,000 SF Office Building at Legacy West in Plano

by Taylor Williams October 7, 2021

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. will build a 400,000-square-foot office building at Legacy West, a mixed-use development located on the northern outskirts of Dallas in Plano. The 24-story building will offer amenities such as a fitness center, tenant lounge, café, multiple conference rooms and open green space. Gensler is designing the project, construction of which is scheduled to begin in the first quarter of next year and to wrap up by the first quarter of 2024. The building is already 50 percent preleased to global tax services and software provider Ryan LLC, and JLL is marketing the remaining space for lease.

October 7, 2021

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