FORT WORTH, TEXAS — Pinnacle Bank has taken back the keys at Burnett Plaza, a 40-story office tower in Fort Worth, via a $12.3 million auction sale, according to reports from multiple news outlets including the Dallas Business Journal and Fox Business. The former publication reports that the previous owner, an affiliate of New York-based investment firm Opal Holdings, bought the building for $137.5 million in 2021 and recently defaulted on a $13 million loan. Fox Business reports that Burnett Plaza, which spans more than 1 million square feet and was originally built in 1983, had a 22 percent vacancy rate as of the first quarter of this year.
ROUND ROCK, TEXAS — Texas-based general contractor Bartlett Cocke has broken ground on a $31 million academic building in metro Austin that will be part of the Round Rock Independent School District’s Early College High School campus. The 46,500-square-foot building will house classrooms and science labs, student breakout spaces, a cafeteria, central common area that can accommodate 150 students, a fitness center, an administration suite and outdoor dining and study spaces. O’Connell Robertson is providing architecture and engineering services, and Birmingham-based HPM is the program manager for the project. Completion is slated for fall 2025.
HOUSTON — David Z Mafrige Interests (DZMI) has acquired The Tower at 290, a 12-story, 245,846-square-foot office building located near the junction of U.S. Highway 290 and Loop 610 in northwest Houston. The new ownership plans to implement a value-add program and has tapped Stream Realty Partners as the leasing agent. A renovation of the lobby is already underway, and enhancements of various common and amenity spaces are also forthcoming. The seller and sales price were not disclosed.
OKLAHOMA CITY — TruCore Investments, a Tulsa-based firm specializing in Class B industrial deals, has acquired a 142,115-square-foot property in Oklahoma City in a sale-leaseback with an undisclosed tenant. The building sits on 8.5 acres at 13131 Broadway Extension. According to LoopNet Inc., the property was originally built in 1979 and features 22-foot clear heights and 12 dock-high loading doors. Rusty Smith and Allan Meadors of Cushman & Wakefield brokered the deal. TruCore plans to implement a value-add program.
WESTLAKE, TEXAS — Terra Lounge has opened a 2,400-square-foot bar and restaurant at The Terraces, an eight-building, 1.1 million-square-foot office complex located north of Fort Worth in Westlake. Terra Lounge, which can accommodate about 100 people, offers beer, wine and cocktails, as well as appetizers, salads and gourmet pizzas. Chicago-based Glenstar purchased the property, which is home to office users like Goosehead Insurance and ECI Software Solutions, in 2019.
DALLAS — Miami-based developer Resia, formerly known as AHS Residential, has completed a 336-unit, garden-style multifamily project in West Dallas. Resia Dallas West features one-, two- and three-bedroom units, including 17 affordable housing residences, across eight three-story buildings. All units feature private balconies or patios. Amenities include a pool, fitness center and a business center. Leasing began in October 2023, at which points rents started at $1,280 per month for a one-bedroom unit. Fifth Third Bank and Chicago-based Pearlmark financed construction of the project.
DECATUR, TEXAS — Colliers Mortgage has provided a $32.9 million HUD-insured construction loan for Deer Park Apartments, a 204-unit multifamily property in Decatur, about 40 miles northwest of Fort Worth. The property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, game room, outdoor grilling and dining stations and a dog park. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the borrower. A construction timeline was not disclosed.
TAYLOR, TEXAS — Marcus & Millichap has brokered the sale of Windmill Mini Storage, a 256-unit self-storage facility in Taylor, a northeastern suburb of Austin. The facility sits on 2.2 acres and spans 33,600 net rentable square feet of non-climate-controlled space. Jon Danklefs and Arol Horkavy of Marcus & Millichap represented the undisclosed seller in the transaction. Horkavy also procured the buyer, a limited liability company that also requested anonymity.
DALLAS — Multifamily brokerage firm GREA has arranged the sale of 3311 at Vernon and La Madera, two apartment complexes totaling 178 units in South Dallas. According to Apartments.com, 3311 at Vernon property totals 118 units and was built in 1968, and La Madera totals 60 units and was constructed in 1962. Both properties offer one- and two-bedroom floor plans, and La Madera also includes some three-bedroom units. The buyer and seller both requested anonymity. Mark Allen of GREA brokered the deal.
DALLAS — Steelcase, a manufacturer of office furniture, has opened an 11,169-square-foot showroom in the Victory Park area of Dallas. The space is known as the WorkLife Center and is located within the 15-story, 352,000-square-foot Victory Commons One office building. Scott Hage of JLL represented Steelcase in the lease negotiations. Bill Brokaw and Karch Schreiner represented the landlord, Hillwood Urban, on an internal basis. BOKA Powell designed the WorkLife Center, and Balfour Beatty built out the showroom.