DALLAS — Greystone has brokered the sale of Midpark Towers, a 202-unit apartment complex in North Dallas that was built in 1978. According to Apartments.com, the property offers one-bedroom units with an average size of 525 square feet. Mark Allen of Greystone represented the undisclosed, locally based seller in the transaction. The buyer was Elizabeth Property Group.
TULSA, OKLA. — Stan Johnson Co., a Tulsa-based brokerage firm focused on net-leased assets, has negotiated the $13.7 million sale of a portfolio of 10 restaurant properties totaling 25,643 square feet that are leased to Taco Bueno. The properties are located in various cities in Texas and Oklahoma. Josh Pardue of Stan Johnson Co. represented the seller, New York-based private equity firm U.S. Realty Advisors LLC, in the transaction. The buyer was Dallas-based Centric Capital Partners. The deal traded at a cap rate of 7.22 percent.
PRYOR, OKLA. — Trident Multifamily, an investment firm based in North Texas, has sold The Park @12Twenty, a 100-unit apartment complex located in the eastern Tulsa suburb of Pryor. The sales price was $6.5 million. The property was built on 8.3 acres in 1974, renovated in 2019 and had an occupancy rate of 96 percent at the time of sale. Mike Marrara, David Dirkschneider, William Forrest and Chris O’Hare of Capstone Apartment Partners represented Trident Multifamily in the transaction and procured the buyer, Adventurous REI.
By Bobby Weinberg, senior vice president of debt and equity, NorthMarq Employment growth is providing a powerful tailwind for the Dallas-Fort Worth (DFW) commercial real estate market. And while Dallas may be the headline name that is attracting employers and investment capital to the metroplex, Fort Worth is commanding attention as a formidable market in its own right. DFW embodies a classic story of a high tide raising all boats. The metro has been one a national leader in terms of employment growth for several years, and the region is expected to add another 150,000 jobs this year. Employers that are looking to tap into that workforce are finding that Fort Worth checks all the right boxes. It has an educated labor pool with colleges and universities that include Texas Christian University and the nearby University of Texas-Arlington, among others. Furthermore, the city has a business-friendly government. An important third leg to that stool involves the affordable cost of living for workers. Fort Worth offers a multitude of workforce housing options — both in its single-family residential and its growing multifamily sector — that provide lifestyle choices for workers that employers like. Investors are discovering that there is not a …
HOUSTON — Locally based developer Levcor will redevelop Post Oak Plaza, an 503,000-square-foot shopping and dining destination in Houston’s Uptown neighborhood. Architecture firm BRR is leading the design of the project, which will be carried out in phases throughout 2022. The development team will upgrade storefronts to allow more natural light, introduce communal outdoor gathering spaces, widen pathways that connect buildings and install new landscaping features. Businesses will remain open throughout the redevelopment project. Current tenants at Post Oak Plaza include Bill Walker Clothier, Eye Elegance, FedEx, Home Source, Madison Lily, Pinto Ranch, Post Oak Nail Lounge, Sensia, Toys to Love and UPS. SHOP Cos. has been tapped to lease the property following completion of the project.
HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 135-room Hampton Inn & Suites by Hilton Houston I-10 West/Park Row. The hotel offers a covered outdoor picnic area, fitness center, outdoor pool, convenience mart and 575 square feet of meeting and event space. The seller and sales price were not disclosed. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
HOUSTON — TricorBraun, a designer and distributor of packaging supplies, has signed a 70,106-square-foot industrial lease at Ella West Crossing, a 221,363-square-foot development in East Houston. The property, which is located within Pinto Business Park, features 32-foot clear heights, an ESFR sprinkler system and 67 trailer parking spaces. Kelly Landwermeyer, Craig Bean and John Kruse of Dallas-based Holt Lunsford Commercial represented the landlord, Seefried Industrial Partners, in the lease negotiations. Steve Schmid and Will Condrey of Cresa represented the tenant.
SPRING, TEXAS — Common Desk, a Dallas-based provider of coworking and flexible workspace solutions, has opened a 26,750-square-foot space at City Place, a mixed-use development located in the northern Houston suburb of Spring. Chrissy Wilson and Matt Pruitt of JLL, along with internal agents Phillip Moore and Dennis Tarro of Patrinely Group, represented the landlord in the lease negotiations. Patrinely Group owns the building in partnership with USAA Real Estate. Common Desk also recently opened a 25,000-square-foot space at HALL Park in Frisco.
TEXARKANA, TEXAS — Cherokee Federal, a contractor that serves the construction, engineering, manufacturing and defense industries, has signed two new lease agreements with TexAmericas Center (TAC) to accommodate the company’s expansion. Cherokee Nation Red Wing, a defense contractor serving the Red River Army Depot, will lease a 19,228-square-foot light manufacturing space at 154 Service St. This move represents an expansion of the company’s existing 126,00-square-footprint at 312 Panther Creek Drive on TAC’s central campus. In addition, the company’s aerospace and defense department will lease 4,000 square feet of office space at 342 Texas Ave. TexAmericas Center owns and operates roughly 12,000 development-ready acres of land and about 3.5 million square feet of commercial and industrial product that serve four states.
HUTTO, TEXAS — Titan Development has launched Phase II of Titan Innovation Business Park, located in the northern Austin suburb of Hutto, with the acquisition of 100 acres that will ultimately be developed into six buildings. Titan has negotiated a 52,500-square-foot build-to-suit lease with Kval Inc., a manufacturer of door machinery, as the inaugural tenant of Phase II. Construction of Kval’s facility, which is expected to bring about 80 new jobs to the area, is scheduled to begin in August and to last about a year. This is the fifth project funded by Titan Development’s Real Estate Fund II, which focuses on investments in the industrial and multifamily spaces.
