Texas

D’Agostino, TGS Cedar Port to Develop 132,000 SF Office Project in Metro Houston

by Taylor Williams August 2, 2021

BAYTOWN, TEXAS — A partnership between local developer D’Agostino Cos. and TGS Cedar Port Partners LP will develop Cedar Port Office Plaza, a 132,000-square-foot project in the eastern Houston suburb of Baytown. Situated near Port Houston, the complex will consist of a 79,200-square-foot building and a 52,800-square-foot building that will be located within the 15,000-acre Cedar Port Industrial Park. Construction is scheduled to begin in October and to be complete in the first quarter of 2023. NAI Partners is leasing the project. TGS Cedar Port also plans to relocate its office headquarters to Cedar Port Office Plaza.

August 2, 2021

Leasing Activity Office Texas

Aspen Technology Signs 79,867 SF Office Lease Renewal in Houston

by Taylor Williams August 2, 2021

HOUSTON — Aspen Technology Inc., a metro Boston-based software developer, has signed a 79,867-square-foot office lease renewal at 2500 CityWest Blvd. in Houston. Win Haggard Jr. and Vince Strake of Cushman & Wakefield, along with internal agent Dennis Tarro of Patrinely Group, which owns the property in partnership with USAA Real Estate, represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 2, 2021

Company News Texas

CBRE to Acquire Majority Stake in British Management Firm Turner & Townsend for $1.3B

by Taylor Williams July 30, 2021

DALLAS — CBRE Group Inc. (NYSE: CBRE) has entered into an agreement to acquire a 60 percent interest in Turner & Townsend, a project management and advisory firm based in the United Kingdom, for $1.3 billion. Upon the closing of the deal, which is expected to occur in the fourth quarter, Turner & Townsend’s executive management team, led by chairman and CEO Vincent Clancy, will continue to run the company’s day-to-day operations and retain a 40 percent equity stake. In addressing the motivating factors behind the deal, Turner & Townsend cited the opportunity to expand its service offerings in the United States via the Dallas-based real estate giant’s platform of occupier and investor relationships. Bob Sulentic, CBRE’s president and CEO, added that with public and private infrastructure investment at the top of the current U.S. political agenda, there are major growth opportunities in project management. “Turner & Townsend is by far the best firm to help us realize our ambitions for this business,” he says. CBRE’s stock price opened at $91.35 per share on Wednesday, July 28, the first full day of trading after the deal was announced. Shares were trading at a high of $96.96 per share during the …

July 30, 2021

Acquisitions Multifamily Texas

American Landmark Acquires 325-Unit Elan River District Apartments in Fort Worth

by Taylor Williams July 30, 2021

FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired Elan River District Apartments, a 325-unit community in Fort Worth. Built in 2017, the property features studio, one-, two- and three-bedroom units with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool, business center, fitness center and a social lounge. American Landmark will implement a value-add program and rebrand the property as Mercantile River District.

July 30, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 154-Unit Oasis Springs Apartments Near DFW Airport

by Taylor Williams July 30, 2021

HURST, TEXAS — Marcus & Millichap has brokered the sale of Oasis Springs, a 154-unit apartment complex located near Dallas-Fort Worth International Airport in Hurst. The property was built in 1979 and offers amenities such as a pool, basketball court, playground and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based private investment firms that requested anonymity.

July 30, 2021

Acquisitions Hospitality Texas

Napali Capital Acquires 152-Room Hilton-Branded Hotel in Dallas CBD

by Taylor Williams July 30, 2021

DALLAS — North Texas-based investment firm Napali Capital has acquired the 152-room Tru by Hilton Dallas Market Center hotel in the city’s central business district. The building was originally constructed in 1965 as a bank and until recently functioned as an office property. The building was converted to a hotel in January of this year following a gut renovation. Amenities include two food and beverage concepts, a 24/7 grab-and-go market, fitness center and a lobby with foosball, billiards and other games. The seller and sales price were not disclosed.

July 30, 2021

Acquisitions Retail Texas

Baker Katz Arranges Sale of 60,935 SF Former Star Furniture Retail Building in Houston

by Taylor Williams July 30, 2021

HOUSTON — Locally based brokerage firm Baker Katz has arranged the sale of a 60,935-square-foot retail building in Houston that was formerly occupied by Star Furniture. The building sits on 2.4 acres at 7111 FM 1960 on the city’s northwest side and includes showroom space. Jason Baker and Ben Brown of Baker Katz represented the seller, Power Squared Group, in the transaction. Brian Ashby of CBRE represented the buyer, Bel Furniture.

July 30, 2021

Acquisitions Market Reports Multifamily Texas Texas Market Reports

How Multifamily Investors Can Find Success in the Competitive Dallas-Fort Worth Market

by Taylor Williams July 30, 2021

By Ryan Mueller and Mitch Faccio, vice presidents of acquisitions, MLG Capital There’s no end in sight for the rising competition among multifamily investors in the desirable Dallas-Fort Worth (DFW) market. These days, it’s common for a fully marketed multifamily property in the DFW metroplex to receive upwards of 50 offers during the first round of the sale process alone. This sheer competitiveness in acquisitions has forced sellers to pursue several rounds of bidding and buyers to differentiate themselves through pricing and terms. In addition, the level of competition has made it difficult for new buyers to participate in the market at all. The metroplex has been, and continues to be, the top transactional market in the country for multifamily. In the last 12 months, sales volume across Texas has exceeded $19.2 billion, with DFW accounting for $9.6 billion, or approximately 50 percent of the Lone Star State’s total sales volume. DFW has outpaced both Atlanta and New York City by more than $1 billion in sales volume in the last year, with those markets seeing $8.6 and $8.4 billion in multifamily sales, respectively. At the same time, we are seeing capitalization rates compress across the metroplex. In the last …

July 30, 2021

Development Healthcare Texas

McCarthy Breaks Ground on 365,000 SF Texas Children’s Hospital in Austin

by Taylor Williams July 29, 2021

AUSTIN, TEXAS — General contractor McCarthy Building Cos. has broken ground on the 365,000-square-foot Texas Children’s Hospital in Austin. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Page is the project architect. Construction is scheduled to be complete in the first quarter of 2024.

July 29, 2021

Development Hospitality Texas

Arch-Con Breaks Ground on 17-Story Fairfield Inn & Suites Hotel in Downtown Austin

by Taylor Williams July 29, 2021

AUSTIN, TEXAS — General contractor Arch-Con Corp. has broken ground on a 17-story Fairfield Inn & Suites hotel that will be located at 76 East Ave. in downtown Austin’s Rainey Street District. Developed by RGB Hospitality and designed by MCS Architects LLC, the property will feature 126 rooms, as well as a lobby, dining area, lounge and pantry market. The hotel’s top three floors will house a rooftop terrace, fitness center, pool, spa, multi-purpose room and a presidential suite. Completion is scheduled for late 2022.

July 29, 2021

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