Texas

Satya to Build 37-Acre Mixed-Use Project in Rosenberg, Texas

by Taylor Williams December 15, 2021

ROSENBERG, TEXAS — Locally based developer Satya will build a mixed-use project on a 37-acre site within a Qualified Opportunity Zone in Rosenberg, a southwestern suburb of Houston. The project will consist of Fairgrounds Apartments, a 312-unit multifamily community complex situated on a 15-acre site, as well as retail and restaurant space on an adjoining 17-acre parcel. Tenants such as Arby’s, Starbucks, Whataburger, AutoZone and Harbor Freight have already committed to the latter portion of the project. Residential units will feature one-, two- and three-bedroom floor plans ranging in size from 670 to 1,500 square feet. Amenities will include a pool, playground, dog park, fitness center, golf simulator, beer garden and an Amazon package locker system. Garcia & Associates is the project architect. Construction is set to begin next summer and to be complete in the fourth quarter of 2023.

December 15, 2021

Civic Development Texas

Joeris General Contractors Completes Renovation of 10,000-Seat Stadium in Metro Austin

by Taylor Williams December 15, 2021

HUTTO, TEXAS — Joeris General Contractors, in partnership with the Hutto Independent School District, has completed the renovation of Hutto Memorial Stadium, a 10,000-seat venue located north of Austin. The total project cost was approximately $18 million. Upgrades include a new visitors’ field house, new home and visitors’ concessions and restroom facilities, an enhanced LED video display board, multi-level press box and film deck and additional site improvements to support these facilities. VLK Architects designed the project.

December 15, 2021

Loans Multifamily Texas

Ready Capital Closes Acquisition Loan for Dallas-Fort Worth Multifamily Portfolio

by Taylor Williams December 15, 2021

NEW YORK CITY — New York City-based Ready Capital has closed a loan of an undisclosed amount for the acquisition, renovation and stabilization of a portfolio of five multifamily properties located throughout the Dallas-Fort Worth metroplex. Ready Capital closed the nonrecourse, interest-only loan, which carried a floating interest rate, 36-month term and two extension options, on behalf of the borrower, Dallas-based WindMass Capital. The names of the properties were not disclosed.

December 15, 2021

Leasing Activity Retail Texas

Department of Wonder to Open 10,000 SF Entertainment Venue in Metro Houston

by Taylor Williams December 15, 2021

SUGAR LAND, TEXAS — Department of Wonder, an entertainment concept that combines interactive theater with puzzle-solving and immersive technology, will open a 10,000-square-foot venue at Sugar Land Town Square on the southwestern outskirts of Houston. The opening of the flagship venue is slated for early 2022. Department of Wonder was created by a team of storytellers, technologists, designers and producers with decades of collective experience producing novel forms of digital and interactive entertainment.

December 15, 2021

Industrial Market Reports Texas Texas Market Reports

Houston Industrial Market Puts a Bow on a Record Year

by Taylor Williams December 15, 2021

By Zack Taylor, senior vice president, Colliers Houston’s industrial market continued to see strong leasing activity in the third quarter. Overall net absorption for 2021 should easily pass 20 million square feet, making it the best year on record by a long shot. For context, Houston’s industrial market has, on average, absorbed between 8 million and 11 million square feet of space per year since 2014. Houston’s North and Southwest submarkets absorbed the most space in the third quarter of this year, led by Lowe’s Home Improvement taking down 1.5 million square feet and Amazon taking 1.9 million square feet in each of those respective submarkets. Total marketwide leasing volume for the year is well over 30 million square feet and does not show any signs of stopping as we hit the midpoint of the fourth quarter. Direct vacancy is continuing its downward trend, but rental rates have largely remained the same on new product. Second-generation infill warehouses are experiencing the greatest increase in rents, especially for tenants with requirements between 20,000 and 50,000 square feet. Many of these tenants are faced with a dilemma: They can either accept higher rents for their infill locations or relocate to more expensive …

December 15, 2021

Development Industrial Texas

Seefried, USAA to Develop 1.3 MSF East Gate Logistics Center in Forney, Texas

by Taylor Williams December 14, 2021

FORNEY, TEXAS — A partnership between Atlanta-based Seefried Industrial Properties and San Antonio-based USAA Real Estate will develop East Gate Logistics Center, an approximately 1.3 million-square-foot industrial project that will be located in the eastern Dallas suburb of Forney. Building features will include 40-foot clear heights, abundant car and trailer parking and an ESFR sprinkler system. Construction is slated to begin in the first quarter of next year and to be complete in mid-2023. The new facility will be the largest of its kind in the history of the Dallas-Fort Worth metroplex, according to the development team. KBC Advisors is marketing the property for lease.

December 14, 2021

Acquisitions Retail Texas

JLL Brokers Sale of 227,041 SF South Frisco Village Retail Power Center

by Taylor Williams December 14, 2021

FRISCO, TEXAS — JLL has brokered the sale of South Frisco Village, a 227,041-square-foot retail power center located on the northern outskirts of Dallas. Built in 2001, the property was 92 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Jo-Ann Fabrics, buybuy Baby and Painted Tree Marketplace. Ryan Shore, Chris Gerard, Barry Brown and Jack Copher of JLL represented the seller, Illinois-based InvenTrust Properties, in the transaction. Vista Property Co. purchased the asset for an undisclosed price.

December 14, 2021

Acquisitions Multifamily Texas

Colliers Arranges Sale of 280-Unit Dominion Park Apartments in Northwest San Antonio

by Taylor Williams December 14, 2021

SAN ANTONIO — Colliers has arranged the sale of Dominion Park, a 280-unit apartment community in northwest San Antonio that was built in 2002. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 597 to 1,346 square feet and amenities such as a pool, fitness center, clubhouse and a business center. Chip Nash, Bob Heard and Todd Stewart of Colliers represented the seller, an entity doing business as GSSW Dominion LLC, and procured the buyer, Austin-based GVA Real Estate Group.

December 14, 2021

Leasing Activity Office Texas

Galderma to Relocate U.S. Headquarters to Trammell Crow Center in Dallas

by Taylor Williams December 14, 2021

DALLAS — Galderma, a Swiss dermatology company known as the maker of Cetaphil, will relocate its U.S. headquarters to Trammell Crow Center, located at 2001 Ross Ave. in The Dallas Arts District. The lease spans 50,000 square feet across the 16th and 17th floors. About 400 people will work out of the new headquarters space. Galderma plans take occupancy next summer. Trammell Crow Center offers a 9,000-square-foot athletic club, 1.4 acres of outdoor space, a 9,000-square-foot conference center and a convenient market, as well as 200 boutique hotel rooms.

December 14, 2021

Loans Office Texas

Emerald Creek Capital Provides $13.2M Acquisition Loan for Houston Office Building

by Taylor Williams December 14, 2021

HOUSTON — New York City-based Emerald Creek Capital has provided a $13.2 million bridge loan for the acquisition for a 107,923-square-foot office building in Houston’s Westchase neighborhood. The Home Depot occupies the four-story property, which sits on a 5.7-acre site about 15 miles west of downtown Houston. Matt Fantuzzi of Emerald Creek originated the loan. The borrower was not disclosed.

December 14, 2021

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