DALLAS — Texas-based developer Stonelake Capital will develop The Trinity, a 490-unit apartment community that represents the third phase of the company’s 25-acre Trinity Green residential district in west Dallas. The five-story building will be situated on five acres and will feature two pools, multiple clubrooms, a fitness center, coworking spaces and access to the development’s one-acre park. Construction is expected to begin during the second quarter.
AUSTIN, TEXAS — California-based investment firm DB Capital Management has acquired a portfolio of three multifamily properties totaling 422 units in North Austin. The properties were built in the early 1980s, range in size from 130 to 160 units and were collectively 95 percent occupied at the time of sale. DB Capital Management will implement a two-year value-add program focused on upgrading unit interiors and mechanical systems. Michael Wardlaw, Charles Cirar and Colin Cannata of CBRE represented the undisclosed seller in the transaction.
DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.
HOUSTON — Lee & Associates has brokered the $56.8 million sale of a 383,750-square-foot industrial building located at 8017 Breen Drive in northwest Houston. The sales price equates to approximately $148 per square foot. The building is fully leased to locally based oilfield services firm National Oilwell Varco (NOV) on a triple-net basis. John Berger and Mauricio Olaiz of Lee & Associates represented the buyer in the deal. Colliers International represented the seller.
DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 167,405-square-foot industrial lease at 8801 Autobahn Drive in Dallas. According to LoopNet Inc., the property was built in 1997 and totals 270,490 square feet. John Gorman and Canon Shoults with Holt Lunsford represented the landlord, Boston-based TA Realty, in the lease negotiations. Michael Chiocca and Baron Aldrine of CBRE represented the tenant, cabinetmaker Sunrise Wood Designs LLC.
HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …
GARLAND, TEXAS — New York City-based investment firm Lightstone has acquired a 649,361-square-foot manufacturing and distribution facility in the northeastern Dallas suburb of Garland. Built in 1960 and renovated in 2016, the property features clear heights ranging from 12 to 40 feet, 40 loading docks, 18 overhead doors, six drive-in doors, a low office finish and substantial truck and vehicle parking space. The facility was 97 percent leased to five tenants in the retail and logistics industries at the time of sale. Peter Rotchford, Cullen Aderhold, Alex Staikos, Ross Crawford and Bo Beidleman of JLL arranged a $14.4 million acquisition loan through RGA Reinsurance Co. for the transaction. The loan was structured with a seven-year term and a fixed interest rate.
MESQUITE, TEXAS — Conor Commercial Real Estate, a division of The McShane Cos., has completed Skyline Commerce Center, a 198,109-square-foot industrial project located in the eastern Dallas suburb of Mesquite. The property consists of two buildings on a 12.3-acre site that fronts Interstate 30. Building 1 totals 135,396 square feet and features 32-foot clear heights, 12 trailer parking stalls and 133 car parking spaces. Building 2 spans 62,713 square feet and features 28-foot clear heights and 122 car parking spaces.
EL PASO, TEXAS — CBRE has negotiated a 123,966-square-foot industrial lease at 9541 Joe Rodriguez Drive in El Paso. Boston-based Equity Industrial Partners and New York-based Raith Capital Partners broke ground on the speculative building in March and have now leased the entirety of the space to a single, undisclosed third-party logistics user. Arturo De la Mora and Andres Sandoval of CBRE represented building ownership in the lease negotiations.
GARLAND, TEXAS — Stream Realty Partners has brokered the sale of a 123,800-square-foot industrial building located at 2917 Oakland St. in the northeastern Dallas suburb of Garland. Adam Jones and James Mantzuranis of Stream Realty Partners represented the buyer, locally based investment firm CanTex Capital, in the transaction. Hal Penchan and Matt Troutt of Altschuler & Co. represented the undisclosed seller.
