Texas

Cushman & Wakefield Brokers Sale of 381-Unit Wilder Apartments in South Austin

by Taylor Williams September 8, 2021

AUSTIN, TEXAS — Cushman & Wakefield has brokered the sale of Wilder, a newly built, 381-unit apartment community in South Austin. Wilder features one- and two-bedroom units and amenities such as a pool with a lounge area, two dog parks with a pet washing station, fitness center with a private training room, gazebo will grilling stations, outdoor yoga space and a bowling alley. John Carr and Ben Fuller of Cushman & Wakefield represented the sellers, Hudgins Cos. and Maverick Development Group, in the transaction. Chicago-based Redwood Capital Group, in partnership with Pacific Life, acquired the asset for an undisclosed price.

September 8, 2021

Industrial Leasing Activity Texas

Total Office Solutions Signs 329,328 SF Headquarters Lease at Stadium Logistics Center in Irving

by Taylor Williams September 8, 2021

IRVING, TEXAS — Total Office Solutions, a commercial moving and office furniture sales firm, has signed a 329,328-square-foot headquarters lease to occupy the entirety of Stadium Logistics Center, a newly built speculative development in Irving. The property spans 20 acres and features 192 trailer parking stalls and 300 car parking spaces. Robert Deptula and Collin Rock of Transwestern represented the tenant in the lease negotiations. Craig Jones and Randy Touchstone of JLL represented the landlord, California-based CT Realty. Total Office Solutions will also operate a showroom out of its new headquarters space.

September 8, 2021

Loans Office Texas

Tremont Mortgage Trust Provides $50M Acquisition Loan for Dallas Office Building

by Taylor Williams September 8, 2021

DALLAS — Metro Boston-based Tremont Mortgage Trust (NASDAQ: TRMT) has provided a $50 million first mortgage bridge loan for the acquisition of 10000 NCX, a 15-story, 296,000-square-foot office building located at 10000 North Central Expressway in Dallas. Colliers International arranged the loan on behalf of the sponsor, Charter Holdings. The loan was structured with a three-year initial term and two one-year extension options that are subject to the borrower meeting certain conditions. According to its property page, 10000 NCX was built in 1986 and was 80 percent leased at the time of sale. The building also offers amenities such as a fitness center, deli, break room and onsite storage space. The seller was Dallas-based Westdale Real Estate.

September 8, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 256-Unit Self-Storage Facility in North Houston

by Taylor Williams September 8, 2021

HOUSTON — Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 256-unit self-storage facility located about four miles north of downtown Houston. The property spans 34,660 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Utah-based limited liability company, in the transaction. The duo also procured the buyer, a locally based entity doing business as Houston Mini Storage LLC.

September 8, 2021

Acquisitions Industrial Office Texas

Provident Realty Advisors Sells 176,000 SF Plano Commerce Park

by Taylor Williams September 8, 2021

PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.

September 8, 2021

Development Multifamily Texas Top Stories

Stratus Properties Acquires Land in Downtown Austin for 300-Unit Luxury Apartment Tower

by Kristin Harlow September 8, 2021

AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower. Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman. The scope of the project includes the historic A.O. Watson house, which will be renovated and expanded to offer resident amenities such as a restaurant, pool and garden. Built in 1894, the house was the personal residence of architect Arthur Osborn Watson. Construction on Block 150 is expected to begin in early 2023 with completion slated for mid-2025. Stratus Block 150 LP, a Texas limited partnership, will own the development. Financing for the land purchase and predevelopment is in place and includes a land acquisition loan in the amount of $14 million. The remaining predevelopment costs will be funded by approximately $21 million in equity contributed to the limited partnership by Stratus and private equity investors. Stratus will receive 25 percent of the limited partnership’s equity, in exchange for development costs to date …

September 8, 2021

Industrial Leasing Activity Texas

Goodman Signs 494,000 SF Industrial Lease at Sam Houston Distribution Center

by Taylor Williams September 7, 2021

HOUSTON — Goodman Manufacturing Co., a supplier of HVAC systems, has signed a 494,000-square-foot industrial lease to occupy more than half the space at Sam Houston Distribution Center, an 833,720-square-foot speculative development on the city’s northwest side. Seth Koschak of Stream Realty Partners represented the tenant in the lease negotiations. Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond of Transwestern represented the landlord, a partnership between Transwestern Development Co. and J.P. Morgan Global Alternatives.

September 7, 2021

Acquisitions Multifamily Texas

Partnership Acquires 351-Unit Multifamily Property in Metro Houston

by Taylor Williams September 7, 2021

SPRING, TEXAS — A partnership between Austin-based Sunrise Capital, Plano-based Zane Holdings and Goodegg Investments has acquired Royal Spring, a 351-unit multifamily property located on the northern outskirts of Houston. Delivered earlier this year, Royal Spring’s units feature an average size of 1,007 square feet and are furnished with stainless steel appliances, granite countertops, custom cabinetry and wood-vinyl plank flooring. Amenities include a pool, clubhouse and lounge, fitness center, outdoor yoga space and a dog park. Rents start at approximately $1,200 per month for a one-bedroom unit.

September 7, 2021

Loans Lument Multifamily Texas

Lument Provides $29.4M Acquisition Loan for San Antonio Apartment Community

by Taylor Williams September 7, 2021

SAN ANTONIO — Lument has provided a $29.4 million bridge loan for the acquisition of Limestone Oaks, a 401-unit apartment and townhome community in northwest San Antonio. The property was originally built in 1981, renovated in 2007 and acquired by the undisclosed seller in 2013. Colin Cross and John Sloot led the transaction for Lument. John Brickson of Old Capital Lending arranged the debt. The borrower was locally based owner-operator DJE Texas Management Group.

September 7, 2021

Development Retail Texas

Weitzman to Redevelop 108,778 SF Grocery-Anchored Shopping Center in Dallas

by Taylor Williams September 7, 2021

DALLAS — Weitzman will redevelop Meadow Central Market, a 108,778-square-foot shopping center located at the intersection of North Central Expressway and Meadow Road in Dallas. A 29,121-square-foot Tom Thumb store anchors the center, which originally opened in the 1970s. The grocery store will receive new flooring, lighting and select food departments as part of the project. Other tenants include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center. Weitzman will upgrade the center’s façade, landscaping, signage and parking. Hodges & Associates is leading design of the project, which is expected to commence this fall. Completion is slated for early 2022.

September 7, 2021

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