Texas

Growing Pool of Investors Targets Multifamily, Industrial Deals in Fort Worth

by Taylor Williams July 20, 2021

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 …

July 20, 2021

Development Retail Texas

Levcor to Redevelop 503,000 SF Post Oak Plaza in Uptown Houston

by Taylor Williams July 19, 2021

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.

July 19, 2021

Acquisitions Hospitality Texas

MCR Acquires 135-Room Hampton Inn & Suites Hotel in Houston

by Taylor Williams July 19, 2021

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.

July 19, 2021

Industrial Leasing Activity Texas

TricorBraun Signs 70,106 SF Industrial Lease at Ella West Crossing in East Houston

by Taylor Williams July 19, 2021

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.

July 19, 2021

Leasing Activity Office Texas

Common Desk Opens 26,750 SF Coworking Space at City Place in Metro Houston

by Taylor Williams July 19, 2021

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.

July 19, 2021

Industrial Leasing Activity Texas

Cherokee Federal Signs Two New Leases at TexAmericas Center

by Taylor Williams July 19, 2021

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.

July 19, 2021

Kval-Titan-Innovation-Business-Park-Hutto

Development Industrial Leasing Activity Texas

Titan Development Launches Phase II of Metro Austin Industrial Park, Signs Kval to 52,500 SF Lease

by Taylor Williams July 16, 2021

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.

July 16, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,321-Unit Self-Storage Portfolio in Dallas-Fort Worth

by Taylor Williams July 16, 2021

CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.

July 16, 2021

Acquisitions Hospitality Texas

MCR Acquires 132-Room Courtyard by Marriott Hotel in Houston

by Taylor Williams July 16, 2021

HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 132-room Courtyard by Marriott Houston I-10 West/Park Row hotel. The property features a convenience store, 24-hour fitness center, meeting and event space, an outdoor pool and a bistro that serves food, alcoholic beverages and Starbucks coffee. The seller and sales price were not disclosed. MCR acquired the property as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 16, 2021

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers $10M Sale of Vacant Transitional Care Facility on Texas Panhandle

by Taylor Williams July 16, 2021

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $10 million sale of a transitional care facility located in the Texas Panhandle region. The property name and location were not released. Mainstreet developed the 70-unit property, which is located within a larger medical park, but never opened it. A local investor acquired the property with the intent of opening it as a post-acute hospital and has structured a lease with a national healthcare system based in Southern California. The seller was undisclosed seller.

July 16, 2021

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