DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 32-acre mixed-use development site in Dripping Springs, located about 25 miles west of Austin. John Baird, Michael Kennedy and Sullivan Johnson of Avison Young represented the seller, a locally based entity doing business as RRWS Inc., in the transaction. The buyer, Juliet Five LLC, plans to develop a project at the site comprising retail, commercial and multifamily uses. Specific details of the project are still being determined.
CARROLLTON, TEXAS — Proterra Properties has completed the lease-up of Point 35/190, a 178,000-square-foot office and warehouse building located in the northern Dallas suburb of Carrollton, with the execution of two leases of undisclosed sizes. The tenants are SOPREMA USA, a manufacturer and engineering firm that supports the construction industry, and Compass Group USA, a Charlotte-based foodservices provider. Boston-based Longpoint Realty Partners developed the project, with Proterra Partners serving as the leasing agent. Jerry Reis and Harrison Shipp of Property Advisers Realty represented SOPREMA USA, and David Eseke and Adam Curran of Cushman & Wakefield represented Compass Group USA.
MISSOURI CITY, TEXAS — NorthMarq has arranged an undisclosed amount of acquisition financing for a 64,132-square-foot office building located in the southwestern Houston suburb of Missouri City. Matt Franke of NorthMarq arranged the nonrecourse loan, which carried a 10-year term and a 25-year amortization schedule, through Innovative Capital Advisors on behalf of the undisclosed borrower. The building was 91 percent leased at the time of the loan closing, with Wells Fargo serving as the anchor tenant.
GRAPEVINE, TEXAS — Mississippi-based investment firm Eastgroup Properties has acquired DFW Global Logistics Centre, a 611,000-square-foot industrial park located adjacent to Dallas-Fort Worth International Airport in Grapevine, for $89.7 million. The four-building development was fully leased at the time of sale. The deal increases Eastgroup’s total footprint in the metro Dallas market to approximately 4.5 million square feet. The seller was not disclosed.
COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.
IRVING, TEXAS — Newmark has negotiated the sale of a 512,269-square-foot office complex located within Las Colinas Urban Center in Irving. The 22-story property overlooks Lake Carolyn and was 77 percent leased at the time of sale to a tenant roster that includes multifamily developer JPI. Onsite amenities include a deli, fitness center and a conference facility. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer, a partnership between Dominus Commercial Inc. and Convergent Capital Partners, plans toa invest about $20 million in capital improvements.
FORT WORTH, TEXAS — Texas-based developer Presidium has completed Presidium Revelstoke, a 408-unit apartment community located near Alliance Town Center on the north side of Fort Worth. Units feature one-, two- and three-bedroom floor plans and stainless steel appliances, upscale finishes and smart technology devices. Amenities include a pool, clubhouse with a demonstration kitchen, business center with coworking spaces, billiards room and a fitness center. Project partners included O’Brien Architects, civil engineer Kimley-Horn and Provident General Contractors. Presidium Revelstoke represents Phase I of a larger development; construction of Presidium Berkshire, a 340-unit community that marks the second phase, began earlier this year. Rents start at $1,350 per month for a one-bedroom unit.
LEWISVILLE, TEXAS — A joint venture between Metro Philadelphia-based CenterSquare Investment Management and Dallas-based Preferred Real Estate Investments Inc. has acquired Lake Vista 7, a 240,000-square-foot office property located in the northern Dallas suburb of Lewisville. An undisclosed Fortune 500 company is vacating the building, and the new ownership will implement a value-add program with enhanced amenities such as a fitness center, meeting rooms, outdoor collaboration spaces and multiple dining options.
ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.
SAN ANTONIO — Newmark has brokered the sale of Southtown Flats, a 229-unit apartment community located near San Antonio’s RiverWalk area. Units feature studio, one- and two-bedroom floor plans and are furnished with nickel hardware fixtures, stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, indoor and outdoor game areas, a business center, cybercafé and package lockers. Patton Jones and Matt Michelson of Newmark represented the seller, Denver-based Ascentris, which developed the property in 2016. Matt Greer, Hank Glasgow and Braden Harmon of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, SPI Advisory.