Texas

Adolfson & Peterson Begins Work on 180,000 SF VariSpace Coppell Near Fort Worth

by Taylor Williams June 28, 2021

COPPELL, TEXAS — General contractor Adolfson & Peterson has begun construction on VariSpace Coppell, a 180,000-square-foot office building near Fort Worth that will serve as the global headquarters for flexible workspace provider Vari. Designed by BOKA Powell with interior design by Corgan, the building includes 120,000 square feet of flexible office space with balconies. Amenities include a fitness center and grab-and-go food services. Completion is slated for summer 2022. Vari, formerly known as VariDesk, is known for incorporating standing desks into its workspaces.

June 28, 2021

Development Office Texas

Jay Paul Co. to Develop 872,500 SF Springdale Green Office Complex in East Austin

by Taylor Williams June 25, 2021

AUSTIN, TEXAS — San Francisco-based development and investment firm Jay Paul Co. has announced plans to develop Springdale Green, an 872,500-square-foot office complex in East Austin. Designed by Gensler, the 30-acre property will comprise two six-story buildings and multiple outdoor areas, as well as an onsite parking garage. About two-thirds of the site (19 acres) has been preserved and restored with native meadows, woodlands and plantings, as well as an urban creek tributary. Amenities will include an 18,000-square-foot flexible conference space; 23,000-square-foot fitness and wellness center; jogging and nature trails; and basketball and volleyball courts. A firm construction timeline has not yet been established.

June 25, 2021

Acquisitions Industrial Texas

Partnership Acquires 311,000 SF Forney Industrial Park in Metro Dallas

by Taylor Williams June 25, 2021

FORNEY, TEXAS — A partnership controlled by Dallas-based developers Gault Co. and RTG Capital LLC has purchased Forney Industrial Park, a 311,000-square-foot property located on the eastern outskirts of Dallas. The property consists of 32 buildings across 50 acres that are leased to a roster of 35 tenants. The seller and sales price were not disclosed. The new ownership is planning various upgrades and improvements to the property, including possibly adding additional buildings in the future. TAG Industrial Group, a division of Marcus & Millichap, brokered the deal.

June 25, 2021

Acquisitions Multifamily Texas

American Landmark Buys 225-Unit Alta Spring Creek Apartments in Garland, Texas

by Taylor Williams June 25, 2021

GARLAND, TEXAS — Tampa-based multifamily investment firm American Landmark has purchased Alta Spring Creek, a 225-unit apartment community in the northeastern Dallas suburb of Garland. The property features studio, one-, two- and three-bedroom units with walk-in closets and in-unit washers and dryers. Amenities include package delivery services, an outdoor entertainment space with a grilling station, a 24/7 athletic studio and private meeting and conference spaces. The seller was not disclosed, but national multifamily firm Wood Partners developed and completed the property last September. American Landmark will rebrand the community as The ReVe and invest in capital improvements.

June 25, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Atlantic Pacific, HCDD to Build 135-Unit Mixed-Income Seniors Housing Community in Houston

by Taylor Williams June 25, 2021

HOUSTON — A partnership between an affiliate of Atlantic Pacific Communities and the Houston Housing and Community Development Department (HCDD) have unveiled plans for Heritage Senior Residences, a mixed-income senior living community in Houston that will replace housing lost during Hurricane Harvey. About 70 percent of the units, which will feature one- and two-bedroom floor plans, will be earmarked as affordable, while the remaining units will be rented at market rates. Amenities will include a fitness center, laundry facilities, clubroom, community dining area, business center, conference room, card room and a recreational deck terrace with pavilions and grills. Construction is slated for completion in late 2022. Bank of America provided a $20.5 million construction loan for the project, and Citi Community Bank provided $9.8 million in permanent financing. The capital stack also includes $14.3 million in city-appropriated disaster relief funds and $13.8 million in low-income housing tax credit equity.

June 25, 2021

Development Industrial Texas

i3 Interests Breaks Ground on 148,900 SF Cold Storage Facility in Metro Houston

by Taylor Williams June 25, 2021

PASADENA, TEXAS — Developer i3 Interests has broken ground on 3° Red Bluff, a 148,900-square-foot cold storage facility that will be located in the eastern Houston suburb of Pasadena. The Class A property will consist of two buildings on a 12-acre site that can be customized to fit a variety of cold storage needs, from bulk distribution to food processing. About 62 percent of the first building is preleased to Houston Meat Distributors. Colliers International is leasing the development, completion of which is slated for late in the third quarter.

June 25, 2021

Market Reports Retail Texas Texas Market Reports

Low Retail Inventory Sustains Sales Prices in Dallas, Austin

by Taylor Williams June 25, 2021

By Taylor Williams The combination of a flight by investors to highly targeted segments of the physical retail market and a lack of new development in 2020 is keeping prices high for select properties in some of Texas’ biggest markets. Retail investment sales brokers in Dallas and Austin say that for specific subtypes of well-located properties — such as single-tenant, net-leased (STNL) assets and multi-tenant strip centers with essential businesses — there simply aren’t enough of these deals being brought market to go around. These supply constraints ensure that pricing continues to rise and cap rates continue to compress for these in-demand assets. According to data provided by CoStar Group and Real Capital Analytics (RCA), Dallas-Fort Worth (DFW) was a top 10 market in 2020 in terms of average retail sales price growth. Although total transaction volume was, unsurprisingly, down for the year, the metroplex saw an average price of $396 per square foot for single-tenant retail assets, a year-over-year increase of 5 percent. The average sales price for multi-tenant retail properties rose 6 percent to $329 per square foot over the course of the year. The data from CoStar and RCA for Austin also illustrates more muted sales price …

June 25, 2021

Company News Texas

Former CBRE Occupier Services Team in Dallas Joins Colliers

by Taylor Williams June 24, 2021

DALLAS — A Dallas-based occupier services team that consists of Steve Rigby, Baron Aldrine, Mike Kay, Peter Danna and Mike Cleary has joined Colliers International from CBRE. Between its various members, the team brings several decades’ worth of industry experience to the table. “Colliers promotes an entrepreneurial and nimble culture that will provide our team the flexibility to tailor customized solutions for our clients,” said Steve Rigby. “Its global brand combined with a powerful platform and a broker-focused leadership team provides the ideal environment for our team to excel.”

June 24, 2021

Acquisitions Multifamily Texas

ShainRealty Capital Acquires Reflections at Highpoint Apartments in Dallas for $46.3M

by Taylor Williams June 24, 2021

DALLAS — Los Angeles-based investment firm ShainRealty Capital has acquired Reflections at Highpoint, a 373-unit apartment community in the Northwood Heights area of Dallas. The sales price was $46.3 million. Built in 1986, the property features one-, two- and three-bedroom units and amenities such as four pools, a fitness center, spa, package lockers and community gardens. Doug Banerjee, Andrew Mueller, Jack Stone and Hugo Reisenbichler of Greysteel represented ShainRealty and the undisclosed seller in the transaction. New York-based Arbor Realty Trust provided $40.6 million in acquisition financing to ShainRealty, which will implement a $2.3 million capital improvement program.

June 24, 2021

Acquisitions Industrial Self-Storage Texas

JLL Brokers Sale of 426-Unit Springwood Self Storage Facility in Austin

by Taylor Williams June 24, 2021

AUSTIN, TEXAS — JLL has brokered the sale of Springwood Self Storage, a 426-unit facility located at 9206 Anderson Mill Road on Austin’s north side. The three-story building was completed in 2017. All units are climate-controlled. Brian Somoza and Steve Mellon of JLL represented the seller, an entity doing business as Springwood Self Storage LLC, in the transaction. Wasatch Storage Partners purchased the asset for an undisclosed price.

June 24, 2021

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