Texas

Vroom Signs 102,500 SF Office Lease at Westchase Park II in Houston

by Taylor Williams January 21, 2021

HOUSTON — Vroom, a New York City-based automotive retailer and online marketplace, has signed a 102,500-square-foot office lease at Westchase Park II in Houston. The 569,825-square-foot office complex comprises two buildings and a freestanding amenity center that houses a Citrus Kitchen restaurant, a fitness center with full-service locker rooms and a tenant conference center. Louie Crapitto of JLL represented the tenant in the lease negotiations. Eric Anderson, Parker Burkett and Katy Gragg of Transwestern represented the undisclosed landlord. The lease brings the building’s occupancy rate to 92 percent.

January 21, 2021

Development Hospitality Multifamily Texas

Caydon Launches Phase II of 2.5 MSF Mixed-Use Laneways Project in Houston

by Taylor Williams January 20, 2021

HOUSTON — Australian development firm Caydon has launched Fitzroy Residences, a 32-story residential tower that represents Phase II of the company’s 2.5 million-square-foot Laneways mixed-use development in Houston. The building will house 191 condos ranging in size from 567 square feet for a studio unit to 2,243 square feet for a three-bedroom penthouse, as well as 190 hotel rooms that will be operated under the Kimpton Hotels & Restaurants brand. Residential amenities will include coworking spaces, a meditation room, yoga and fitness deck, two outdoor pools, fitness center and concierge services. Sales are underway, and construction is scheduled to begin over the summer and to be complete by the end of 2023. The entire Laneways project will ultimately span three city blocks and will also include retail and restaurant uses, as well as outdoor spaces.

January 20, 2021

Acquisitions Industrial Texas

Huntington Industrial Partners Sells 468,300 SF Warehouse in Metro Dallas

by Taylor Williams January 20, 2021

LANCASTER, TEXAS — Colorado-based Huntington Industrial Partners has sold Park 20, a 468,300-square-foot warehouse located in the southern Dallas suburb of Lancaster. Built in 2017, the property offers immediate access to Interstates 35, 20 and 45 and was fully leased at the time of sale to pet products supplier PetMate. Building features include 32-foot clear heights, 99 overhead dock doors, an ESFR sprinkler system and 48 trailer parking stalls. Dustin Volz, Stephen Bailey and Zach Riebe of JLL represented the seller in the transaction. An affiliate of New York City-based Lexington Realty Trust purchased the asset for an undisclosed price.

January 20, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 524-Unit Self-Storage Facility in Fresno, Texas

by Taylor Williams January 20, 2021

FRESNO, TEXAS — Marcus & Millichap has arranged the sale of Cajun Self Storage, a 524-unit facility in Fresno, located south of Houston. Built in 2005 and expanded in 2015, the facility spans 104,823 net rentable square feet across both climate- and non-climate-controlled units. Brian Kelly, Brett Hatcher, Gabriel Coe and Jack Newman of Marcus & Millichap represented the seller in the transaction. Kelly, Hatcher and Coe also procured the buyer. Both parties were limited liability companies that requested anonymity. Tim Speck, division manager and broker of record, assisted in closing this transaction.

January 20, 2021

Acquisitions Industrial Texas

Stonelake Capital Acquires 127,513 SF Industrial Property in Northwest Houston

by Taylor Williams January 20, 2021

HOUSTON — Texas-based investment firm Stonelake Capital Partners has acquired a 127,513-square-foot industrial property in northwest Houston. Andy Sowell of Boyd Commercial represented the seller and former occupant of the building, Graybar Electric Co., in the deal. David Munson and Wes Williams, also with Boyd Commercial, subsequently negotiated a full-building lease with Hannibal Industries, a manufacturer of steel pallet racks.

January 20, 2021

Acquisitions Industrial Texas

Stream Realty Partners Brokers Sale of 104,427 SF Industrial Building in Dallas

by Taylor Williams January 20, 2021

DALLAS — Stream Realty Partners has brokered the sale of a 104,427-square-foot industrial property in Dallas. The property is situated on a roughly 10-acre site along Interstate 35 in the South Stemmons submarket. Jamie Jennings, Andrew Rabinovich and Jason Moser of Stream Realty Partners represented the seller in the transaction. Additional terms of sale were not disclosed.

January 20, 2021

Company News Texas

Digital Realty Trust to Relocate Global Headquarters from San Francisco to Austin

by Taylor Williams January 19, 2021

AUSTIN, TEXAS — Data center REIT Digital Realty Trust (NYSE: DLR) will relocate its global headquarters from San Francisco to Austin. In announcing the move, Digital Realty cited the state’s affordable cost of living for employees, as well as its highly educated workforce and pro-business climate as the key drivers of the relocation. Data Center Knowledge reports that Digital Realty has about 30 data centers in Texas spanning 4 million square feet with a capacity for more than 120 megawatts of power. Details about the company’s new office property were not released. Digital Realty joins Oracle and Tesla as the latest publicly traded companies originally based in California to make sizable investments or relocations in Austin.

January 19, 2021

Acquisitions Industrial Texas

Binswanger Brokers Sale of 1 MSF Industrial Property in Greenville, Texas

by Taylor Williams January 19, 2021

GREENVILLE, TEXAS — Philadelphia-based Binswanger Commercial Real Estate Services has brokered the sale of an approximately 1 million-square-foot industrial property in Greenville, located northeast of Dallas. The site consists of a 626,682-square-foot warehouse and a 418,482-square-foot manufacturing building set on more than 100 acres. Locally based manufacturer Fritz Industries sold the property to private investment firm EPM Partners for an undisclosed price. Holmes Davis of Binswanger brokered the deal. Cary Pollack and Judah Neuman of Meridian Capital Group arranged acquisition financing through Cerco Funding LLC.

January 19, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Funds $18.5M Loan for Refinancing of Mixed-Income Housing Community in San Antonio

by Taylor Williams January 19, 2021

SAN ANTONIO — Bellwether Enterprise Real Estate Capital has funded an $18.5 million Freddie Mac loan for the refinancing of Waters at Elm Creek, a mixed-income housing community located on the north side of San Antonio. The property includes one-, two- and three-bedroom units that are restricted to earners making between 50 and 80 percent of the area median income. Communal amenities include a pool and a 24-hour fitness center. Phil Melton of Bellwether’s Dallas office originated the loan. The borrower was not disclosed.

January 19, 2021

Loans Multifamily Texas

HALL Structured Finance Provides $15.5M Construction Loan for Multifamily Project in Gregory, Texas

by Taylor Williams January 19, 2021

GREGORY, TEXAS — Dallas-based HALL Structured Finance has provided a $15.5 million construction loan for The Glades II, a 144-unit multifamily project in Gregory, located 10 miles outside of Corpus Christi. The garden-style complex will consist of seven three-story buildings with an average unit size of 948 square feet. Amenities will include a clubhouse, business center, media room, fitness center, pool and a playground. Elad Dattelkramer of ARC Israel sourced the debt on behalf of the borrower, a partnership between Torno Properties LLC and Cleburne Oaks GP. Completion is scheduled for the first quarter of 2022.

January 19, 2021

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