Thursday, October 3, 2024
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Parkside-Uptown-Dallas
LoansOfficeTexas

JLL Arranges $290M Construction Loan for Uptown Dallas Office Tower

by Taylor Williams

DALLAS — JLL has arranged a $290 million construction loan for Parkside Uptown, a 500,000-square-foot office tower that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Dallas. Bank of America has preleased roughly half the space at the 30-story building, which is slated for a 2027 delivery. Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL arranged the four-year, floating-rate loan through Goldman Sachs Alternatives. The borrower is a partnership led by Pacific Elm Properties that also includes local developer KDC. New York-based architect Kohn Pedersen Fox designed Parkside Uptown.

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SouthPark-183-Austin
DevelopmentIndustrialTexas

HLCI to Develop 246,310 SF Industrial Project in Southeast Austin

by Taylor Williams

AUSTIN, TEXAS — Holt Lunsford Commercial Investments (HLCI) will develop SouthPark 183, a 246,310-square-foot industrial project in Austin. The 19.1-acre site is located within an opportunity zone, approximately nine miles from downtown Austin and two miles from Austin-Bergstrom International Airport. HLCI acquired the land in December with plans to develop three shallow-bay buildings. Construction is scheduled to begin in the first quarter of next year.

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LoansMultifamilyTexas

Avatar Financial Provides $6.5M Loan for Refinancing of Houston Apartment Complex

by Taylor Williams

HOUSTON — Seattle-based lender Avatar Financial Group has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit apartment complex in southeast Houston. Built in 1961 and renovated in 2001, Bellfort Plaza offers one-, two- and three-bedroom units. The borrower, an entity doing business as HSR Bellfort Plaza Apartments LLC, acquired the property in 2003 and will use the proceeds to pay off a $6 million first mortgage loan and complete construction of 14 new units. Those new units are all preleased.  A.J. Funaro of Brookview Financial arranged the debt.

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Leasing ActivityOfficeTexas

REOC San Antonio Negotiates 11,177 SF Office Lease at Cannon Oaks Tower

by Taylor Williams

SAN ANTONIO — REOC San Antonio has negotiated an 11,177-square-foot office lease at Cannon Oaks Tower, a 57,912-square-foot building on the city’s northwest side. The seven-story building was originally constructed on 2.4 acres in 1983. Michael Morse of REOC San Antonio represented the landlord in the lease negotiations. The tenant, personal injury law firm Ruben Beltran, was self-represented.

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Leasing ActivityOfficeTexas

RGM Engineering Signs 2,418 SF Office Lease Renewal in San Antonio

by Taylor Williams

SAN ANTONIO — RGM Engineering has signed a 2,418-square-foot office lease renewal at Northwest Center in San Antonio. The building, which according to LoopNet Inc. was built in 1985 and totals 241,405 square feet, is located at the junction of Interstates 10 and 410. Larry Mendez and Brad Kaufman of CBRE represented the tenant in the lease negotiations. Paul Barker and Hayley Ruggles of Endura Advisory Group represented the landlord, Westdale Real Estate & Investment Management.

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1001-Fannin-Houston-North-Plaza
Market ReportsTexasTexas Market Reports

Houston Owners, Brokers Dish on Demographic, Economic Drivers

by Taylor Williams

Historically, the fortunes of many commercial real estate endeavors in Houston have been tied to the energy sector.  But as developers and leasing agents across all major property types know, the market now boasts a much more diverse set of growth drivers, including regional distribution, healthcare, aerospace/defense and financial services. Each of these industries fuels growth in development and absorption of commercial space, not to mention housing. Yet even to the layman, these industries are as different as the commercial structures that house their operations. And taken collectively, the performances of Houston’s commercial properties  do not always paint a wholistic picture of the larger economy. That holds especially true in times of larger macroeconomic disruption like the present.  Texas Real Estate Business recently reached out to developers/owners, as well as leasing agents/managers who are deeply immersed in the Houston multifamily, industrial, retail, office and mixed-use sectors. By posing a quintet of questions that are — almost — equally applicable to each of these asset classes, we uncover insights on how the five major food groups are performing on a relative basis. Participating in the Q&A are Matt Bronstein, vice president at BHW Capital (multifamily); Robert Clay, president and co-founder of …

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5839-Kyle-Parkway
DevelopmentMultifamilyTexas

CTC Residential to Develop 384-Unit Apartment Community in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Houston-based developer CTC Residential will build an apartment community in Kyle, about 20 miles south of Austin. CTC Residential acquired the 15-acre site at 5839 Kyle Parkway, which is located across the street from Seton Hospital, in October 2022 before having it rezoned to support multifamily. Preliminary plans call for 384 apartments and a 38,000-square-foot open green space that will be activated by a 7,500-square-foot food-and-beverage anchor space and other retail uses. Weitzman is handling retail leasing for the project. Information on floor plans and amenities was not disclosed.

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The-Juniper-Dallas
DevelopmentMultifamilyTexas

Larkspur Capital Underway on 219-Unit Multifamily Project in Dallas

by Taylor Williams

DALLAS — Locally based developer Larkspur Capital is underway on construction of The Juniper, a 219-unit multifamily project that will be located in the Exposition Park area of Dallas. The site at 4003 Commerce St. spans 1.4 acres, and the property will feature studio, one- and two-bedroom units that will range in size from 567 to 1,992 square feet. The Juniper will also have 18 flat-style homes and a number of penthouses. Amenities will include a pool, dog park, outdoor grilling and dining stations and a clubhouse. Corgan is the project architect, and OHT Partners is the general contractor. Delivery is slated for mid-2026.

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AcquisitionsIndustrialTexas

Apricus Realty Acquires Eight-Acre Industrial Outdoor Storage Site in Northeast Houston

by Taylor Williams

HOUSTON — Dallas-based Apricus Realty Capital has acquired an eight-acre industrial outdoor storage site in northeast Houston. The site at 9987 Wallisville Road is a fully fenced truck parking facility that houses 9,000 square feet of warehouse space and 2,000 square feet of office space, according to LoopNet Inc. Matt Haley, Garrett Marler and Cort Martin internally represented Apricus Realty, which acquired the property in partnership with ABR Capital, in the transaction. The seller and sales price were not disclosed.

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Leasing ActivityOfficeTexas

Dow Jones Opens 10,890 SF Office in West Houston

by Taylor Williams

HOUSTON — Dow Jones has opened a 10,890-square-foot office at Town Centre One in West Houston. The space will serve as the hub for chemical markets analysis and will feature 64 workstations, nine meeting rooms and a collaborative breakout space. Shannon Unsicker and Brian Sapp of Fischer Corporate Real Estate represented Dow Jones in its site selection and lease negotiations. The opening is slated for this summer. The Instant Group handled the build-out of the space.

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