SAN ANTONIO — Zachry Construction & Materials has signed a 55,718-square-foot headquarters lease at Walker Ranch Business Park, a 150,000-square-foot office development in San Antonio by locally based developer Worth & Associates. The tenant will relocate about 190 employees to Walker Ranch Business Park Building II, which is under construction and scheduled to be complete in August, beginning Nov. 1. Mark Krenger of JLL represented Zachry Construction in the lease negotiations. Following this transaction, Building II is 82 percent preleased.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of the 53-room Econo Lodge Inn & Suites Beaumont hotel. The property was listed for $3.3 million. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an undisclosed, California-based private investor.
By Brad Frisby, associate, NAI Rio Grande Valley As the national economy and society as a whole move toward recovery from the COVID-19 pandemic, multifamily investors of all varieties, eager to deploy capital into the space, are increasingly looking at markets in the Rio Grande Valley (RGV). While the region’s multifamily investment market has unquestionably experienced its share of decreased activity over the past 15 months, deal volume and velocity have really picked back up through the first two quarters of 2021. Many investors that are targeting the RGV are banking on its solid fundamentals holding through the recovery and are eyeing deals with five- to 10-year holding strategies in mind. Although the RGV remains something of a seller’s market — many multifamily deals are trading at sub-6-percent cap rates — buyers are willing to pony up to be in this high-growth market. This holds especially true when one considers the RGV as an alternative to Dallas, Houston or Austin. But it’s precisely from those markets that we continue to see an influx of capital looking for multifamily deals. Prior to the pandemic, the annual combination of limited new deliveries and steady job growth in resilient industries like healthcare, education …
AUSTIN, TEXAS — General contractor Austin Commercial has completed Q2 Stadium, the new, 20,500-seat soccer stadium for Austin FC, the city’s new Major League Soccer team that will host its first match in the 465,000-square-foot venue on June 19. The Austin City Council originally approved the development of the stadium, which is situated on a 24-acre site on the city’s north side, in August 2018. Designed by Gensler and owned by Precourt Sports Ventures, the stadium features an outdoor amphitheater and stage for live music, a beer hall with local food and beverage options, large video screens for parties and retail merchandise stores. St. David’s Performance Center, the team’s 29,000-square-foot training facility that was also designed by Gensler, opened this spring and features four full-sized and one half-sized fields, including a community field with seating for 1,000 spectators.
AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Camber Ranch on Parmer, a 483-unit apartment community in Austin. Designed by Humphreys & Partners, the community will consist of 22 residential buildings separated by a large green belt and wetland with walking trails. Units will range in size from 438 to almost 1,500 square feet, and multiple homes will include private garages. Other amenities will include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. The project was announced in December 2020.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Alexan Henderson, a 321-unit apartment community in the Knox-Henderson area of Dallas. The property was built in 2017 and offers amenities such as a resort-style pool, rooftop lounge, coworking space and a dog park with two pet spas. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Trammell Crow Residential, in the transaction. The team also procured the buyer, Nuveen Real Estate.
DURANT, OKLA. — HLC Equity, a national investment and management firm, has acquired High Meadows, a 208-unit apartment complex in Durant, located near the Texas-Oklahoma border. The property, which was built in 2007, fetched a sales price of $21 million. High Meadows offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, community clubhouse, playground, basketball court, dog parks and large communal outdoor areas. The seller was not disclosed.
HOUSTON — Locally based investment firm Levey Group has sold Northwest Place Industrial Park II, a 65,000-square-foot industrial building in northwest Houston. The sale included 6.5 acres of undeveloped land on the site. The buyer, Alco Designs, a California-based manufacturer of retail merchandise displays, will occupy the vacant portion of the facility. The other tenant, Tytan International, a nationwide supplier of industrial and agricultural products, currently occupies 28,500 square feet.
AUSTIN, TEXAS — Kilroy Realty Corp. (NYSE: KRC) has acquired Indeed Tower, a 36-story office development in Austin’s Central Business District for $580 million in an off-market transaction. Completed in May 2021, Indeed Tower is situated on a full city block at the intersection of 6th and Colorado streets. The 730,000-square-foot property was 57 percent leased at the time of sale, with 42 percent of the building occupied by online employee recruiting platform Indeed.com. The property features 10,000 square feet of ground-floor food and beverage space; 30,000 square feet of outdoor deck space; a 35,000-square-foot historic post office building that can accommodate a variety of uses; and a private park. Eastdil Secured and Allen Matkins advised Kilroy Realty on the acquisition of the tower, which is targeting LEED Platinum certification. “I can’t overstate how well Indeed Tower fits with our strategic and property objectives,” says John Kilroy, chairman and CEO of the Los Angeles-based buyer. “It provides us with scale that will support future growth, is anchored by an investment-grade technology tenant and provides a value-add opportunity through lease-up in an office market that is strengthening.” Austin has the fourth largest concentration of tech talent behind San Francisco, Seattle and …
SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.