SAN ANTONIO — Healthcare investment firm Montecito Medical has acquired a newly built, 29,375-square-foot medical office building in the Westover Hills neighborhood of San Antonio. The property was fully leased at the time of sale to anchor tenant Methodist Healthcare of San Antonio, as well as South Texas Radiology and San Antonio ENT. The seller and sales price were not disclosed.
DALLAS — Hillwood Urban, a division of Fort Worth-based industrial giant Hillwood, plans to develop Field Street Tower, a 38-story office building that will be located at 1201 Field St. at the crossroads of Uptown and downtown Dallas. A total price tag for the project was not disclosed. The site of Field Street Tower is adjacent to Klyde Warren Park and across from the Perot Museum of Nature and Science. The 520,000-square-foot property will rise 600 feet, making it the tallest office building developed in downtown Dallas in the last three decades, according to the development team. Field Street Tower will feature amenities such as a tenant lounge, coffee bar, conference facilities, a 9,000-square-foot fitness center and a half-acre of outdoor green space with views of Klyde Warren Park. The building will also house retail and restaurant space with outdoor seating. In addition, the HVAC system will be equipped with an ultraviolet air purification system to protect tenants from airborne contagions. Pickard-Chilton is designing the project, while BOKA Powell is the architect of record. The Office of James Burnett is handling landscape design. Construction is set to begin in June. The development team believes the building could be available for …
DALLAS — Mill Creek Residential has topped out Modera Katy Trail, a 217-unit apartment community located at 5350 McKinney Ave. in Uptown Dallas. Designed by BKV Group, the property features studio, one-, two- and three-bedroom units with quartz countertops, custom cabinetry and wood-plank flooring. Amenities include a pool, fitness center, coworking spaces and conference rooms and a clubhouse with a lounge and wet bar. The development team expects to welcome its first residents in spring 2022.
DENTON, TEXAS — Southwest Warehouse Services, a Fort Worth-based logistics company, has signed a 175,000-square-foot lease at a 374,560-square-foot speculative cold storage facility in the North Texas city of Denton. Cold Creek Solutions is the developer of the project, which features 45-foot clear heights, 65 trailer parking spaces and multi-temperature zones. MCM Real Estate Advisors LLC represented the tenant in the lease negotiations. Cold Creek Solutions was self-represented. Construction is scheduled to begin in the third quarter and to be complete in the second quarter of 2022.
ARLINGTON, GRAND PRAIRIE AND NORTH RICHLAND HILLS, TEXAS — PHP Capital Partners, a newly launched investment firm, has acquired three industrial properties totaling 194,784 square feet in the Dallas-Fort Worth metroplex. The properties include a 96,124-square-foot building in Arlington; a 37,400-square-foot complex in Grand Prairie; and a 61,260-square-foot asset in North Richland Hills. Additional terms of the deals were not disclosed.
BEEVILLE, TEXAS — Marcus & Millichap has arranged the sale of Yonder Inn Beeville, a 79-room hotel located about 65 miles north of Corpus Christi in South Texas. Matt Omansky, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a private investor, in the transaction. Miller and Gomes, along with Andrew Frosch and Joseph Manuel of Marcus & Millichap, also procured a locally based investment group as the buyer. Both parties requested anonymity.
FORT WORTH, TEXAS — Newmark has negotiated a 63,000-square-foot industrial sublease at Valley View Business Center in Fort Worth. Frank Puskarich, Jim Cooksey, Louis Pascuzzi and Reid Halverson of Newmark represented the subtenant, linen manufacturer Brunton International Inc., in the lease negotiations. The representative of the sublandlord, Tosca Services Inc., was not disclosed.
SAN FRANCISCO — Art Gensler, the founder of the global architecture firm that bore his name, passed away peacefully earlier this week at his home in Mill Valley, Calif. He was 85. Gensler was born in Brooklyn in 1935 and graduated from Cornell University’s College of Architecture, Art and Planning in 1958. Gensler and his wife, Drucilla Cortell Gensler, along with James Follett, co-founded their namesake firm in a one-room office in San Francisco in 1965. Today, Gensler employs more than 6,000 people across 50 offices in Asia, Europe, Australia and the Americas. The firm has designed projects across numerous commercial real estate assets classes in Texas, including the terminal expansion at Austin-Bergstrom International Airport; the redevelopment of the Houston Center office complex; and the ground-up development of The Star, the Dallas Cowboys 25-acre headquarters campus in Frisco.
AUSTIN, TEXAS — A partnership between Chicago-based Magellan Development Group, BLG Capital Advisors, Geolo Capital and Wanxiang America Real Estate Group has begun leasing Sienna at The Thompson, a 331-unit apartment complex in Austin. The residences will be located on floors 15 through 31 of the 212-room Thompson Hotel building that is under construction in downtown Austin. Units will feature studio, one- and two-bedroom floor plans and will be furnished with quartz countertops and backsplashes, stainless steel appliances and kitchen islands. Residents will have access to indoor and outdoor amenities that will be shared with hotel guests, including a pool, fitness center, business lounge, rooftop deck, 24-hour concierge services and a dog run. The building will also house multiple food and beverage concepts and a four-story underground parking garage. The average rent is $2,636 per month, and move-ins are expected to begin in late summer.
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently de-licensed, and the entire building was again operated as independent living. The seller, Valstone, purchased the asset in November 2020. Valstone then elected to sell it to an out-of-industry buyer that plans to convert the property to affordable housing for seniors. The sales price was not disclosed. Bradley Clousing and Matt Alley handled the transaction for SLIB.