AUSTIN, TEXAS — Whitestone REIT has acquired the inline retail space at Anderson Arbor, located in northwest Austin, in a deal that adds 89,746 square feet to the Houston-based investment firm’s holdings. The property was built in three phases beginning in 2003 and is part of a larger, 268,000-square-foot retail development. The inline space was roughly 91 percent leased at the time of sale to tenants such as Bank of America, Kerbey Lane Café, Austin Emergency Center, SalonRepublic, Great Clips, GNC, The Melting Pot and Double Dave’s Pizzaworks. Additional tenants in the portion of the center not owned by Whitestone include Gold’s Gym, Walgreens and Main Event Entertainment. Whitestone also has the option to purchase an additional undeveloped parcel and an existing multi-tenant pad site at Anderson Arbor. If exercised, these options would boost Whitestone’s owned square footage within the development to approximately 100,000 square feet. David Disney and Adam Crockett of Dallas-based Disney Investment Group represented the undisclosed seller in the transaction and procured Whitestone REIT as the buyer.
HOUSTON — Locally based development and investment firm The Dinerstein Cos. has opened Aspire Post Oak, a 40-story multifamily tower in Houston’s Post Oak neighborhood. The property features 383 units in one-, two- and three-bedroom formats and 18,000 square feet of retail and restaurant space. The amenity package consists of a pool, spa, fitness center with a yoga studio, dog park, sports lounge with a golf simulator, package locker system with refrigeration capabilities, outdoor kitchens and lounges and various other gathering and event spaces. Gensler designed the project. Rents start at $1,983 per month for a one-bedroom unit.
AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Asten at Ribelin Ranch, a 350-unit apartment community in Austin. Built on 17.5. acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 979 square feet. Amenities include multiple pools and a 24-hour convenience mart. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, a joint venture between CenterSquare and American Landmark, in the transaction. The trio also procured the undisclosed buyer.
FORT WORTH, TEXAS — RSI SmartCap, a provider of stainless steel truck cap systems, has signed a 391,985-square-foot industrial lease at Building F within Carter Distribution Center in Fort Worth. The four-building complex is located within Carter Industrial Park and features 32- to 36-foot clear heights, an ESFR sprinkler system and ample car and trailer parking spaces. Matt Carthey and Thomas Grafton of locally based brokerage firm Holt Lunsford Commercial represented the landlord, PGIM Real Estate, in the lease negotiations. Grant Pruitt with Whitebox Real Estate represented the tenant.
ADDISON AND CARROLLTON, TEXAS — CBRE has arranged the sale of a portfolio of nine industrial properties totaling 300,437 square feet in the northern Dallas metros of Addison and Carrollton. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE represented the locally based seller, Kennington Commercial, in the transaction. A joint venture between Birtcher Anderson & Davis and Belay Investment Group purchased the portfolio for an undisclosed price.
HOUSTON — Fundrise, an investment firm with roughly $1.7 billion in assets under management, has acquired Balcara at Balmoral, a 163-unit single-family rental (SFR) community in northeast Houston. Homes at Balcara at Balmoral feature one-, two- and three-bedroom floor plans, as well as garages and backyards. Amenities include a clubhouse, leasing center and a children’s play area. Fundrise acquired the 20-acre community from Houston-based Balcara Group and Dallas-based Montgomery Street Partners for an undisclosed price.
By Blake Virgilio, SIOR, CCIM, vice president at Colliers The Houston office market continued its very gradual stabilization with 27,000 square feet of positive absorption in the third quarter. While that volume of absorption only represents roughly one floor of office space in a typical Houston office building, it’s the first time the market has posted a quarter of positive net absorption in the last two years. The key activities of tenant tours and the return of employees to the office continued to increase throughout the third quarter. Nonetheless, the vacancy rate rose over the course of the quarter by 400 basis points from 22.9 to 23.3 percent, a historical high. Also in the most recent quarter, Houston’s office inventory increased slightly, with approximately 1 million square feet of new product added. There is still 3.2 million square feet of office space under construction, and most of the new inventory, which is 47 percent preleased, is expected to deliver this year. Of that total new product, about 2.3 million square feet is spec development, of which 60 percent is preleased. Houston has one of the highest physical office occupancy rates in the country, though many larger corporations began phasing their …
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Jameson at the Bluffs, a 387-unit apartment community in Fort Worth. Built on nine acres in 2021, the property features an average unit size of 784 square feet and amenities such as a pool, clubhouse, rooftop lounge, arcade and two dog parks. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Jeffrey Kindorf of IPA represented the seller, StoneHawk Capital Partners, in the transaction and procured the buyer, Buchanan Street Partners.
GEORGETOWN, TEXAS — Titan Development has broken ground on the 172,428-square-foot Building 3 as part of Phase II of Northpark35 Industrial Park, located in the northern Austin suburb of Georgetown. Phase I of the project centered on the development of Building 1, a 172,677-square-foot building that is now leased to Texas Speed & Performance, a supplier of automotive parts. Building 2 spans 157,300 square feet and is available for lease. Completion of Building 3 is slated for May 2022.