AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.
HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.
THE WOODLANDS, TEXAS — NAI Partners has negotiated a 16,000-square-foot office headquarters sublease for exploration firm Ring Energy at 1725 Hughes Landing Blvd. in The Woodlands, about 30 miles north of Houston. Charlie Neuhaus and Harry Holmes of NAI Partners represented the tenant, which is relocating from Midland, in the lease negotiations. Jerrod McQuain of JLL represented the sublandlord.
HOUSTON — JLL has arranged a property swap between Weingarten Realty Investors (NYSE: WRI) and Fidelis, two Houston-based retail owners and developers. The properties included the Village Plaza at Bunker Hill in Houston, which is owned by an existing joint venture between WRI and Fidelis, and Overton Park Plaza in Fort Worth. Fidelis sold its ownership interest in the 491,686-square-foot Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s 354,600-square-foot Overton Park Plaza. Grocers H-E-B and Sprouts Farmers Market respectively anchor the two shopping centers. Ryan West, Chris Gerard, Katherine Miller and Adam Roossien of JLL brokered the deal. Colby Mueck and Clint Coe of JLL arranged acquisition financing on behalf of Fidelis.
FRISCO, TEXAS — Developer Toll Brothers Inc. has completed Kilby, a 258-unit apartment community located within the Frisco Square mixed-use development on the northern outskirts of Dallas. Units come in one- and two-bedroom floor plans and feature quartz countertops, stainless steel appliances and wood-style flooring. Amenities include a pool, outdoor kitchen and bar, clubroom, fitness center and a pet spa. KWA Construction served as the general contractor for the project. Rents start at approximately $1,380 per month for a one-bedroom unit, according to Apartments.com.
AUSTIN, TEXAS — Avanta Residential, an affiliate of Hunt Cos., will develop a community of 216 single-family rental homes within The Colony, a 2,300-acre master-planned community in Austin. Communal amenities will include a clubhouse and pool, walking trails with fitness stations, open play areas and playgrounds. Avanta plans to break ground in the near future and to deliver the homes for rent in 2022. Alliance Bank of Arizona is providing construction financing for the project.
HOUSTON — Colliers International has negotiated a 157,805-square-foot industrial lease at Cypress Preserve Logistics Center in North Houston. The property consists of two multi-tenant buildings totaling 516,000 square feet and two smaller freestanding buildings. Walker Barnett and Ryan Byrd of Colliers represented the landlord, Davis Commercial Development, in the lease negotiations. Trace Elrod of Newmark represented the tenant, Source Logistics Houston.
GARLAND, TEXAS — Plastipak Packaging, a Michigan-based supplier of bottles for major food companies like PepsiCo and Kraft Heinz, will undertake a $10 million expansion of its industrial facility in the northeastern Dallas suburb of Garland. The project will include capital investment in the company’s 400,000-square-foot manufacturing facility and is expected to create six new jobs. Plastipak’s total footprint in Garland exceeds 900,000 square feet.
By Taylor Williams At a time in which politics pervades nearly every facet of life and business, and in which ideological divides are wide and getting wider, commercial real estate professionals in Texas have some concerns about how the Democrats’ newfound control of two of the three branches of the federal government will impact business. President Joe Biden has been sworn into the nation’s highest public office, and Democrats now hold control of both houses of Congress following the Senate runoff elections in Georgia that flipped two seats from red to blue. That chamber consists of 50 members on each side of the aisle, with Vice President Kamala Harris representing the tie-breaking vote as head of the Senate. In conducting its three annual forecast surveys for brokers, developers/owners and lenders, Texas Real Estate Business received a multitude of opinions on how and to what extent the new political regime will impact deal volume and velocity. Respondents also weighed in on how the changing of the political guard will affect ancillary issues such as taxes, regulation and marketplace confidence. Unsurprisingly, out of all the brokers, developers and lenders who provided written responses on how the political landscape will affect commercial real …
DALLAS — The Home Depot (NYSE: HD) has opened a 1.5 million-square-foot distribution center in Dallas as part of the Atlanta-based retailer’s $1.2 billion initiative to expand its national distribution network. Home Depot intends to grow its supply chain footprint in Dallas-Fort Worth from 2.1 million to 4.5 million square feet and to create 1,500 new jobs by the end of the year. The company currently operates 20 distribution centers throughout Texas and 20 retail stores within a 50-mile radius of Dallas.