Texas

Rastegar to Build 530,000 SF Industrial Park Near Tesla’s Gigafactory in Austin

by John Nelson February 16, 2021

AUSTIN, TEXAS — Rastegar Industrial, a division of Austin-based Rastegar Property Co., plans to build a 530,000-square-foot industrial park in Austin. The developer is targeting a third-quarter 2022 delivery and has tapped Newmark to market the property for lease. The unnamed project will span 50 acres near State Highway 130 at 11708 McAngus Road, which is within an opportunity zone. The development will be situated near Tesla’s new Gigafactory, as well as Austin-Bergstrom International Airport. “Austin is one of the fastest growing metros in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” says Ari Rastegar, founder and CEO of Rastegar Property Co. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. It is the most active corridor in the entire region.” Also along the State Highway 130 corridor, Chanel is completing a manufacturing facility and Formula 1 racetrack Circuit of the Americas is being redeveloped to include a hotel and water park. Rastegar is banking on the high demand for contiguous industrial product in …

February 16, 2021

Development Office Texas

CHRISTUS Health to Develop 400,000 SF Corporate Office Building in Irving

by Taylor Williams February 15, 2021

IRVING, TEXAS — CHRISTUS Health, a faith-based healthcare provider, will develop a new 400,000-square-foot corporate office building that will be located on a 4.2-acre parcel within Irving’s Las Colinas district. BOKA Powell is designing the building, which is expected to be complete in 2023 and will include outdoor patios, conference rooms and large areas for collaboration. Fidelis Healthcare Partners represented CHRISTUS Health in its site selection and pre-development planning. CHRISTUS Health, which is already headquartered in Irving, has a real estate footprint comprising almost 350 services and facilities, including more than 60 hospitals and long-term care facilities and 175 clinics and outpatient centers.

February 15, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 601,261 SF Industrial Building Near Port Houston

by Taylor Williams February 15, 2021

PASADENA, TEXAS — JLL has negotiated the sale of a 601,261-square-foot industrial building located near Port Houston in Pasadena. The rail-served building is situated on 31 acres and features 32-foot clear heights, 62 dock-high doors, outside storage and trailer parking and ESFR sprinkler systems. Rusty Tamlyn, Trent Agnew and Charles Strauss of JLL brokered the transaction between the seller, Link Logistics Real Estate, and the buyer, Illinois-based CenterPoint Properties.

February 15, 2021

Acquisitions Multifamily Texas

Bascom Group Acquires 350-Unit Apartment Community in Cypress, Texas

by Taylor Williams February 15, 2021

CYPRESS, TEXAS — California-based investment firm The Bascom Group has acquired Cantera at Towne Lake, a 350-unit apartment community in Cypress, part of the Houston MSA. Built in 2006, the 13-acre property’s unit mix comprises 52 one-bedroom units, 266 two-bedroom units and 32 three-bedroom units averaging 1,015 square feet. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center and two pools. Cantera at Town Lake is located within Caldwell Cos.’ Towne Lake master-planned community, which is also the home of Lone Star College. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced Freddie Mac acquisition financing for the deal, which was brokered by David Mitchell of Newmark along with James D’Argenio and Chang Liu of Bascom Group.

February 15, 2021

Acquisitions Retail Texas

Younger Partners Buys 77,669 SF Grocery-Anchored Shopping Center in Heath, Texas

by Taylor Williams February 15, 2021

HEATH, TEXAS — The newly launched retail investment division of Dallas-based Younger Partners has purchased Heath Town Center, a 77,669-square-foot, grocery-anchored shopping center in Heath, located northeast of Dallas. Tom Thumb is the grocery anchor at the center, which was 98 percent leased at the time of sale. Micah Ashford, Moody Younger and Kathy Permenter negotiated the deal internally for Younger Partners. Adam Howells and Barry Brown of JLL represented the seller, Malouf Interests Inc.

February 15, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers Sale of 167-Unit Seniors Housing Portfolio in El Paso

by Taylor Williams February 15, 2021

EL PASO, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of SunRidge of Cambria, Cielo Vista and Desert Springs, three seniors housing communities in El Paso totaling 167 units. The assisted living and memory care communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at the onset of the COVID-19 pandemic. The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a local owner-operator. Ryan Saul and Matthew Alley of SLIB represented the seller in the deal.

February 15, 2021

Development Multifamily Texas

ZOM Living to Develop 398-Unit Hazel by the Galleria Apartments in Dallas

by Taylor Williams February 12, 2021

DALLAS — Orlando-based ZOM Living will develop Hazel by the Galleria, a 398-unit apartment community that will be located on 3.5 acres at the corner of Noel Road and Interstate 635 in the Galleria area of Dallas. Amenities at Hazel by the Galleria will include a 3,000-square-foot coworking space with lounges, private offices and a coffee bar, a fitness center with saunas and a relaxation lounge, an outdoor pool with surrounding grilling stations and fire pits, an entertainment lounge with bar areas, pet spa and a package room. LRK is the project architect, and CBG Building Co. is the general contractor. Construction is scheduled to begin this month and to be complete in the second quarter of 2023.

February 12, 2021

Acquisitions Multifamily Texas

Stream Realty Partners Brokers Sale of 235,400 SF Lanark Distribution Center in Northeast San Antonio

by Taylor Williams February 12, 2021

SAN ANTONIO — Stream Realty Partners has brokered the sale of Lanark Distribution Center, a 235,400-square-foot industrial property situated on 10 acres in northeast San Antonio. The two-building property was built in 1982 and renovated in 2004, according to LoopNet Inc., and was 97 percent leased at the time of sale. Jamie Jennings, Andrew Rabinovich, Kevin Cosgrove and Walter Simpson of Stream Realty Partners represented the seller, a private partnership, in the transaction. The buyer and sales price were not disclosed.

February 12, 2021

Acquisitions Multifamily Texas

29th Street Capital Acquires 254-Unit Multifamily Community in Metro Houston

by Taylor Williams February 12, 2021

THE WOODLANDS, TEXAS — Chicago-based investment firm 29th Street Capital has acquired Avana Sterling Ridge Apartments, a 254-unit multifamily community located north of Houston in The Woodlands. According to Apartments.com, the property features one-, two- and three-bedroom units and a pool, fitness center, media center and a game room. The new ownership plans to rebrand the Class B property, implement a limited interior renovation package and improve the property’s exterior, clubhouse and amenity spaces. The seller and sales price were not disclosed.

February 12, 2021

Civic Development Texas

Adolfson & Peterson Completes 100,431 SF Elementary School in Haslet, Texas

by Taylor Williams February 12, 2021

HASLET, TEXAS — General contractor Adolfson & Peterson Construction has completed Haslet Elementary School, a 100,431-square-foot institution that will be located outside Fort Worth and that will be part of the Northwest Independent School District. The school, which has the capacity to enroll 850 students, features an open concept library, learning pods with classrooms and collaborative spaces. Austin-based Huckabee designed the project, construction of which began in summer 2019.

February 12, 2021

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