Texas

Cadence McShane Completes 197-Unit Affordable Seniors Housing Project in San Antonio

by Taylor Williams March 25, 2021

SAN ANTONIO — Cadence McShane, the metro Dallas-based general contractor that is a division of The McShane Cos., has completed Brookwood Senior Apartments, a 197-unit affordable housing project in San Antonio catering to senior citizens. Designed by B&A Architects, the six-acre property features one- and two-bedroom units. Amenities include a clubroom, fitness center, dining area, lounge, arts and crafts studio, game room, salon and self-storage rooms. Outdoor amenities include a pool, herb garden and two courtyards. The four-story, wood-frame property also houses carports and 224 parking spaces. San Antonio-based Mission GD developed the property, which is located at 9015 Ingram Road on the city’s west side, in partnership with the Texas Department of Housing & Community Affairs (TDHCA). Information on renter restrictions was also undisclosed.

March 25, 2021

MorningStar-Assisted-Living-&-Memory-Care-at-River-Oaks

Development Multifamily Seniors Housing Texas

MorningStar, Hines Near Completion of 112-Unit Seniors Housing Facility in Houston

by Taylor Williams March 25, 2021

HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate giant Hines are nearing completion of MorningStar Assisted Living & Memory Care at River Oaks, a 112-unit seniors housing facility in Houston. The six-story community will feature 85 assisted living residences and 27 memory care suites. The site is bordered by River Oaks, West University, The Texas Medical Center, Montrose, Downtown and the Galleria. The opening is set for this fall.

March 25, 2021

Leasing Activity Office Texas

Vinson & Elkins Signs 50,273 SF Office Lease at Indeed Tower in Downtown Austin

by Taylor Williams March 25, 2021

AUSTIN, TEXAS — Law firm Vinson & Elkins has signed a 50,273-square-foot office lease at Indeed Tower, a 673,000-square-foot office building under construction at 200 W. Sixth St. in downtown Austin. A joint venture between Trammell Crow Co. and Principal Real Estate Investors is developing the 36-story building, which is expected to be complete this summer. The law firm’s lease covers the entire 25h floor and part of the 26th floor.

March 25, 2021

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 19,601 SF Office Lease in South Austin

by Taylor Williams March 25, 2021

AUSTIN, TEXAS — Cushman & Wakefield has negotiated a 19,601-square-foot office lease at Uplands Corporate Center in South Austin. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, San Francisco-based Drawbridge Realty, in the lease negotiations. The tenant, North Carolina-based engineering firm Kimley-Horn, will occupy part of a 124,080-square-foot building that is under construction and represents the second phase of the development.

March 25, 2021

Development Office Texas

Cawley Partners to Develop 600,000 SF Office Project in Frisco

by Taylor Williams March 24, 2021

FRISCO, TEXAS — Dallas-based Cawley Partners will develop Tate + Toll, a 600,000-square-foot office project that will be located just off the Dallas North Tollway at Warren Parkway in Frisco. Designed by BOKA Powell, the development will consist of two 12-story buildings and will offer amenities including a fitness center, conference center, rooftop lounge and food service. Cawley Partners is currently searching for a tenant with a requirement of at least 100,000 square feet to anchor the property and guide design of the project. Once a tenant is secured, the developer expects to spend about seven months in the design phase and to have an 18-month construction period.

March 24, 2021

Acquisitions Multifamily Texas

Worldwide Commercial Brokers Sale of 552-Unit Waterford Grove Apartments in Houston

by Taylor Williams March 24, 2021

HOUSTON — Frisco-based Worldwide Commercial has brokered the sale of Waterford Grove, a 552-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1973 and offers two-and three-bedroom units. Amenities include a fitness center, leasing office, pool, a dog park and an after-hours childcare program. The names of the New Hampshire-based buyer and locally based seller were not disclosed.

March 24, 2021

Acquisitions Multifamily Texas

Elandis Acquires 260-Unit Waters at Westchase Apartments in Houston

by Taylor Williams March 24, 2021

HOUSTON — Miami-based investment firm Elandis has acquired Waters at Westchase, a 260-unit apartment community in Houston. Built in 1979, the property features one- and two-bedroom units. Elandis acquired the property in a joint venture with London-based M&G Investments and multinational conglomerate Libra Group. The new ownership will implement a value-add program focused on the unit interiors, amenity spaces and common areas. The seller was not disclosed.

March 24, 2021

Leasing Activity Office Texas

Apollo Retail Specialists Signs 40,000 SF Office Lease Near DFW International Airport

by Taylor Williams March 24, 2021

DALLAS — Apollo Retail Specialists has signed a 40,000-square-foot office lease at 1100 N. 28th Ave. in Dallas near Dallas-Fort Worth International Airport. David Creiner, Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, LIT Finance III LLC. Apollo Retail Specialists is a Florida-based firm that specializes in fixture install, merchandising resets, store remodels and other services for retailers.

March 24, 2021

Leasing Activity NAI Retail Texas

NAI Partners Negotiates 12,946 SF Retail Lease in Metro Austin

by Taylor Williams March 24, 2021

ROUND ROCK, TEXAS — NAI Partners has negotiated a 12,946-square-foot retail lease at The Triangle Center, located at 2000 Mays St. N. in the northern Austin suburb of Round Rock. Joe DeCola of NAI Partners represented the undisclosed landlord in the lease negotiations. The tenant was Genuine Parts Co., a replacement automotive parts retailer headquartered in Atlanta.

March 24, 2021

Market Reports Office Texas Texas Market Reports

Despite Current Pain, Long-Term Needs for Office Space Won’t Disappear in Houston

by Taylor Williams March 24, 2021

By Dustin Devine, vice president, Avison Young In 2020, COVID-19 further compounded the issues Houston’s office market was facing with depressed oil and gas prices. With many office users implementing work-from-home policies — although a shift back to the office is in progress — and minimal business travel, there was weak demand for office space in 2020. Houston’s office market is expecting a resurgence of sorts beginning in mid- to late-2021 due to increased vaccine rollouts and work-from-home burnout, along with commodity prices continuing to tick upward. Increased demand will not occur overnight, however, as it will take years to absorb all of the current available space. Most activity at present is expiration-driven. Although Houston’s economy today is more diversified than it was in the 1980s, much of the city’s business either revolves around or touches the oil and gas industry. Avison Young’s recent Office Market Report shows that current citywide office availability is over 25 percent, with nearly 6.5 million square feet of sublease space available. With availability rates and the amount of sublease inventory at such high levels, it is clear that many industries are hurting, including commercial real estate. As a firm, we are doing whatever we …

March 24, 2021

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