Texas

Cushman & Wakefield Negotiates 104,841 Office Sublease at Legacy Union One in Plano

by Taylor Williams October 12, 2020

PLANO, TEXAS — Cushman & Wakefield has negotiated a 104,841-square-foot office lease at Legacy Union One, a 318,852-square-foot building in Plano. The tenant, energy exploration firm Denbury Inc., has subleased three floors from Prosperity Bank and one floor from Aimbridge Hospitality to house its new headquarters. About 300 Denbury employees will work in the new office space, which offers direct access to the Shops at Legacy and the Legacy West corporate campuses. Mike Wyatt, Travis Boothe and Maureen Kelly Cooper of Cushman & Wakefield represented Denbury in the lease negotiations.

October 12, 2020

Acquisitions Multifamily Texas

Barvin Sells 137-Unit Oak Lawn Heights Apartments in Dallas

by Taylor Williams October 12, 2020

DALLAS — Barvin, a privately held investment firm based in Houston, has sold Oak Lawn Apartments, a 137-unit multifamily community in the Oak Lawn neighborhood of Dallas. The property was built in 1970 and offers one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. Barvin acquired the property in 2011 and implemented a value-add program. The buyer was not disclosed.

October 12, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Three-Property Seniors Housing Portfolio in East Texas

by Taylor Williams October 12, 2020

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.

October 12, 2020

Texas

Governor Abbott Signs Executive Order Allowing Texas Bars to Reopen at 50 Percent Capacity Starting Oct. 14

by Taylor Williams October 9, 2020

AUSTIN, TEXAS — Texas Gov. Greg Abbott signed an executive order earlier this week that will allow bars and similar establishments to resume in-person service at 50 percent of their listed capacities beginning Wednesday, Oct. 14, provided that reopenings do not conflict with any county or local ordinances. The executive order also increases the occupancy levels for all business establishments other than bars to 75 percent. Bar owners must follow certain recommendations that have been put forth by trade organizations, such as keeping dance floors closed, limiting tables to six or fewer patrons and mandating that all customers wear masks at all times when not seated at their table.

October 9, 2020

Alpha-Building-Mueller-Business-District-Austin

Office Texas

CBRE: Austin Office Market Vacancy Rate Up 360 Basis Points Year-to-Date

by Taylor Williams October 9, 2020

AUSTIN, TEXAS — The Austin office market closed the third quarter with a total vacancy rate of 14.3 percent, up 360 basis points from 10.7 percent at year-end 2019, according to a new report from CBRE. The market saw approximately 371,000 square feet of negative net absorption during the third quarter, fueled largely by vacated sublease space, and has now posted about 625,000 square feet of negative absorption for the year. While the bulk of the market’s negative absorption was concentrated in the CBD, some submarkets performed well, including the Southwest, which posted about 204,000 square feet of positive absorption. According to the report, roughly 400,000 square feet of sublease space was added to the supply between the second and third quarters, yielding a total of 1.6 million square feet of vacant sublease space. While vacancy is down relative to the second quarter of 2020, the report also noted that there are some 29 office projects totaling 6.1 million square feet under construction, suggesting that it may take some additional time for occupancy to return to pre-COVID levels even if absorption turns the corner into positive territory.

October 9, 2020

Acquisitions Multifamily Texas

Excelsa Properties Acquires 260-Unit Aspen at Mercer Crossing Apartments in Metro Dallas

by Taylor Williams October 9, 2020

FARMERS BRANCH, TEXAS — Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit apartment community located in the northern Dallas metro of Farmers Branch. Built in 2019, the property features studio, one-, two- and three-bedroom units ranging in size from 663 to 1,423 square feet. Amenities include a pool, outdoor kitchen and gaming area, fitness center and a dog park. The seller was not disclosed.

October 9, 2020

Civic Development Texas

Adolfson & Peterson Begins $53M Expansion Project at Metro Dallas High School

by Taylor Williams October 9, 2020

MIDLOTHIAN, TEXAS — Adolfson & Peterson Construction has begun a $53 million expansion project at Heritage High School, part of the Independent School District of Midlothian. Located about 30 miles south of Dallas, the project will add a second-level classroom wing, two gymnasiums, a fine arts complex, an expanded cafeteria and four new athletic facilities. Existing academic and athletic spaces will also be renovated. VLK Architects is handling design of the project, which is expected to be complete in summer 2022.

October 9, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 78-Unit Multifamily Complex in Hurst, Texas

by Taylor Williams October 9, 2020

HURST, TEXAS — Marcus & Millichap has arranged the sale of Arbor Park, a 78-unit multifamily complex in Hurst, located northeast of Fort Worth. According to Apartments.com, Arbor Park offers one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor

October 9, 2020

Development Industrial Texas

Parent Company of T.J. Maxx, Marshalls to Open $150M Distribution Center in El Paso

by Taylor Williams October 8, 2020

EL PASO, TEXAS — TJX Cos., the Massachusetts-based corporation that owns major discount retailers such as T.J. Maxx and Marshalls, will open a $150 million distribution center in El Paso, a move that will bring about 1,000 full-time jobs to the borderplex region. The facility could ultimately feature as much as 2 million square feet of industrial space. According to The El Paso Times, the proposed site for the facility is a 200-acre tract at Global Reach Drive and George Perry Boulevard in East El Paso that is owned by the El Paso International Airport. The paper also reports that Marmaxx Operating Corp., the affiliate of TJX Cos. that operates T.J. Maxx and Marshalls, received $14.3 million in tax rebates and other incentives for the project.

October 8, 2020

Development Office Texas

TRS Completes 134,938 SF Research Forest Lakeside Office Project in The Woodlands

by Taylor Williams October 8, 2020

THE WOODLANDS, TEXAS — Transwestern Real Estate Services has completed Research Forest Lakeside Building 9, a 134,938-square-foot office project located in The Woodlands, about 30 miles north of Houston. The six-story, Class A building includes floor-to-ceiling glass, a climate-controlled parking garage and proximity to a planned four-acre green space that will feature walking trails and exercise stations. In addition, several restaurants, including Snooze A.M. Eatery, Grub Burger Bar and Bellagreen American Bistro, are located adjacent to Building 9. Research Forest Lakeside is a mixed-use development that spans 77 acres overlooking Lake Woodlands that will ultimately feature 1.8 million square feet of commercial space.

October 8, 2020

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