GEORGETOWN, TEXAS — Walker Real Estate and Chalk Hill Ventures have completed construction of an active adult community in Georgetown, a northern suburb of Austin. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living comprising 210 apartments. Roscoe Property Management is the operator. Other project partners include Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction.
SOUTHLAKE, TEXAS — Chicago-based American Bear Logistics Corp. has signed a 19,451-square-foot industrial lease at 419 Bank St. in Southlake. The global logistics firm will occupy space within Southlake Business Park, a three-building, 12.6-acre development located less than five miles from Dallas-Fort Worth International Airport. Noah Dodge and Joe Santaularia of Bradford Commercial Real Estate Services, along with Nick Krejci of Darwin Realty, represented the tenant in the lease negotiations. Hogan Harrison, Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, an entity doing business as Southlake Industrial LP.
AUSTIN, TEXAS — NorthMarq has provided a $2.7 million Freddie Mac acquisition loan for Village Flats, a 48-unit apartment complex located at 8930 Galewood Drive in North Austin. According to Apartments.com, the property was built in 1980 and offers one-bedroom units. Chase Johnson of NorthMarq originated the financing through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.
HOUSTON — Healthcare provider Kelsey-Seybold will open a 7,500-square-foot clinic at Shops at Stone Park, a 149,029-square-foot shopping center located at 5820 E. Sam Houston Parkway in Houston’s North Channel submarket. The tenant will occupy a junior anchor space formerly leased to Dressbarn. A tentative opening date was not released. Ashley Strickland, Nick Ramsey and Kevin Sims internally negotiated the lease on behalf of the owner, Houston-based NewQuest Properties.
KERRVILLE, TEXAS — Gulf Avionics, an aerospace maintenance and repair firm, has relocated its headquarters and operations to a 7,000-square-foot space in the Central Texas city of Kerrville. The new facility will service aviation clients from the greater San Antonio area. Gulf Avionics, a division of E.H. Caddis & Co., which also owns Dallas-based RBR Aviation, plans to add 50 avionics and aerospace jobs to the local economy over the next five years.
DALLAS — Fort Worth-based based investment and development firm Crescent Real Estate LLC has re-acquired The Crescent, a 1.3 million-square-foot mixed-use property in Uptown Dallas. The property was originally built in 1986 and consists of a luxury hotel, three office towers and retail/restaurant space. According to The Dallas Morning News, the sales price was upwards of $700 million. The 11-acre property was part of Crescent Real Estate’s initial public offering in 1994. After a later sale, Crescent Real Estate re-acquired the asset in 2009 in partnership with Barclays. This latest acquisition of the property marks its third stint under Crescent Real Estate’s ownership; however, the firm has continued to lease and manage The Crescent since 1994. The previous owner completed $33 million in renovations in 2016. “I chose the Crescent name for our company because I loved the asset — its quality, timeless architecture and iconic nature,” said John Goff, chairman of Crescent Real Estate. “To acquire it, now for the third time, is exciting for me personally and the entire Crescent team.”
FRISCO, TEXAS — General contractor Adolfson & Peterson Construction (AP Construction) has reached the midpoint of the development of PGA of America’s 106,622-square-foot headquarters building in Frisco. The building will be situated on a 6.2-acre tract within the new 660-acre campus, which will also include two new championship golf courses, a 500-room Omni PGA Frisco Resort and a golf entertainment district. Approximately 150 employees will work in the four-story headquarters building, which is scheduled to be fully complete in the first quarter of 2022. PGA of America originally announced its relocation from South Florida to Frisco in December 2018. At the time, the organization projected an initial investment of $500 million in the local economy, a figure that is anticipated to grow to $2.5 billion over the next 15 to 20 years.
AMARILLO, TEXAS — Watchman Properties has sold Amarillo Lock Storage, a 238-unit self-storage facility in northwest Texas. The property spans 42,150 net rentable square feet. An undisclosed national REIT purchased the asset for an undisclosed price. Andrew Plunkett, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.
MCKINNEY, TEXAS — Petoskey Plastics, a manufacturer of resins and other plastic products, has purchased a 53,627-square-foot industrial facility at 2050 Couch Drive in the northern Dallas suburb of McKinney. According to LoopNet Inc., the single-tenant property was built on 15 acres in 1985 and renovated in 2001. Evan Hammer of Whitebox Real Estate represented Petoskey Plastics, which will use the building as its new headquarters, in the transaction. The seller was not disclosed. The new ownership will expand the building by 40,00 square feet to accommodate more warehouse and silo space, a move that is expected to add anywhere from 50 to 100 new jobs in the process.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Executive Apartments, a 68-unit complex in northwest San Antonio. The property was built in 1964 and, according to Apartments.com, offers one- and two-bedroom units, as well as a pool and a business center. Bryce Smith and Paul Yazbeck of TMG represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership will implement a value-add program to the unit interiors and building exteriors.
