Texas

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By Taylor Williams With widespread vaccination several months away and the federal government having passed additional relief legislation, the end of the COVID-19 pandemic appears to be in sight. To that end, retailers and restaurants that have survived the public health crisis can, with some reservations, start to look toward the rebound phase. Because there’s no question that American consumers are itching to make up for lost eating, drinking and socializing time, provided they can do so in what they feel are safe environments. “Our biggest point of optimism for 2021 lies in the fact that people want to go out, eat, shop and be entertained,” says Lucas Patterson, executive vice president at metro-Dallas based Bright Realty. “As we continue to respond to the pandemic, people are increasingly ready to get out of their homes, be with others, eat at restaurants, have drinks and listen to music. We believe we can offer those opportunities as soon as the time is right.” “Looking forward, our biggest source of positivity involves consumers’ built-up savings and pent-up demand for human connection in a more normal existence,” adds Terri Montesi, CEO of Trademark Property Co, the developer behind mixed-use projects such as Victory Park …

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AUSTIN, TEXAS — Austin-based HPI Real Estate Services & Investments will develop Crossroads Logistics Center, a 1.6 million-square-foot industrial project that will be located east of Parmer Lane between U.S. Highway 290 and State Highway 130 in Austin. The project will be developed across four phases, with the first phase consisting of three cross-dock buildings totaling 483,840 square feet. Delivery of Phase I is scheduled for the fourth quarter of 2021. Project partners include David Bessent Architects and Jamison Civil Engineering.            

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IRVING, TEXAS — JLL has negotiated the sale of Gateway Logistics Center, a 1.4 million-square-foot industrial park located near DFW International Airport in Irving. The property was built in 2019. Dustin Volz, Stephen Bailey, Jody Thornton, Zach Riebe and Wells Waller of JLL represented the seller and developer, a partnership between Dallas-based Bandera Ventures and Boston-based Long Wharf Capital, in the transaction. BentallGreenOak acquired the five-building industrial park on behalf on an institutional investor.

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AUSTIN AND KYLE, TEXAS — Austin-based Rastegar Property Co. will develop a 700,000-square-foot bulk distribution center and a 200-acre residential community that will feature single-family homes and townhome rentals in Central Texas. The industrial project will be located at 11708 McAngus Road near the new Tesla Gigafactory, and the residential community will be located at 700 Bunton Lane in the suburb of Kyle. Ronald Granite and Elena Burgos of investment banking firm Eyzenberg & Company arranged a $4.6 million fixed-rate loan through a regional insurance company to partially fund pre-development costs of both projects. Construction timelines were not disclosed.

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IRVING, TEXAS — Locally based developer JPI has broken ground on Jefferson Texas Plaza II, a 325-unit apartment project in Irving. Units will feature granite countertops, glass-enclosed showers and private yards. Amenities will include a fitness center, pool with cabanas and a demonstration kitchen. JPI is partnering with investment firm NTS on the project, which is expected to be complete in fall 2022.

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LA PORTE, TEXAS — Denver-based EverWest Real Estate Investors has purchased a 109,000-square-foot warehouse in La Porte, a city located near Port Houston. The sales price was $8.7 million. The building is divisible to 40,000 square feet and features 28-foot clear heights and 130-foot truck court depths. Colliers International is marketing the property for lease. The seller was Phelan-Bennett Development. Mark Bigarel and Justin Bennett handled the transaction internally on behalf of the buyer and seller, respectively.

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Collection-at-Overlook-San-Antonio

SAN ANTONIO — Walker & Dunlop has brokered the sale of Collection at Overlook, a 411-unit multifamily community in San Antonio. The garden-style property was built on 16 acres in 1984 and consists of 31 two- and three-story buildings. Amenities include a pool, resident clubhouse, business center and a fitness center. Forest Bass and Matt Pohl of Walker & Dunlop represented the buyer and seller, both of which requested anonymity, in the transaction. Tom Toland and Matt Newton of Walker & Dunlop secured acquisition financing for the deal through Freddie Mac’s Multifamily Green Advantage program. The loan was structured with a 10-year term and five years of interest-only payments. The new ownership will implement a value-add program to upgrade units and meet Freddie Mac’s energy saving requirements.

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Trinity-at-Left-Bank-Fort-Worth

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Trinity at Left Bank, a 337-unit apartment community in Fort Worth. Built in 2019, the property features one- and two-bedroom units with an average size of 835 square feet. Amenities include a pool, clubroom, business center, rooftop terrace, package locker system and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. The team also procured the buyer, Virginia-based Weinstein Properties.

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WHITE SETTLEMENT, TEXAS — Dallas-based Darwin German Real Estate Investments has acquired Oak View Apartments, a 270-unit multifamily property in White Settlement, a western suburb of Fort Worth. The community was built on 2.3 acres in 2018 and was 93 percent occupied at the time of sale. Oak View features one- and two-bedroom units and amenities such as a pool and a fitness center. Darwin German purchased the asset from the locally based developer for an undisclosed price.

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HOUSTON — Microsoft has signed a lease to occupy an undisclosed amount of space at The Ion, a 300,000-square-foot office project located at 4201 Main St. in Midtown Houston that is a redevelopment of the former Sears building. More than 50 percent of the office space at the 16-acre site is now leased to commercial tenants including Microsoft and Chevron. The Redmond, Wash.-based tech giant will use the space to further develop its Azure cloud storage and similar platforms. Rice Management Co. is leading the redevelopment of The Ion and expects the project to be ready for occupancy this year. Savills handles leasing of the property.

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