DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 117,047-square-foot industrial lease renewal at 3901 Pipestone Road in West Dallas. According to LoopNet Inc., the property sits on 7.6 acres and spans 176,274 square feet. John Gorman of Holt Lunsford represented the landlord, Prim Turnpike Portfolio LLC, in the lease negotiations. Art Leichner and Andrew Crites with Newmark represented the tenant, New Thermo-Serv Ltd.
DALLAS — A partnership between two Houston-based firms, Hines and McNair Interests, and Mitsui Fudosan America has broken ground on Maple Terrace, a 3.4-acre mixed-use project in Uptown Dallas. The project is being developed at the site of the former Maple Terrace building, which was originally constructed in the 1920s and will be preserved and revamped. Project plans currently call for 157,000 square feet of office space, a 22-story residential tower with 345 luxury apartments and 12,000 square feet of restaurant space, a portion of which is preleased to steakhouse concept Maple & Ash. Residential units will range in size from 601 to 2,879 square feet, and residential amenities will include a fitness center, pool, dog park and a rooftop terrace, while office users will have access to another fitness center, lobby lounge and library bar and a golf simulator. Dallas-based 5G Studio Collaborative is the architect for the preservation of the historic building that will house the office space. Dallas-based GFF is designing the multifamily tower, and international architecture firm Rottet Studio will handle interior design of both the office and residential components. Maple Terrace is slated for completion in the third quarter of 2023.
SPRING, TEXAS — Locally based development and investment firm Caldwell Cos. has sold Asher Oaks, a 330-unit apartment community located in the northern Houston suburb of Spring. The 18-acre property opened in 2019 and features one-, two- and three-bedroom units that are furnished with quartz and granite countertops, stainless steel appliances, tile backsplashes and custom cabinetry in select units. Amenities include a resort-style pool with lounge seating, a social patio with an outdoor kitchen and fireplace patio, demonstration kitchen, golf simulator, yoga and cycling room, fitness center, coffee bar and a work area. The undisclosed buyer has since rebranded the property as Savannah Oaks.
SHERMAN, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for 23Hundred Apartments, a 216-unit multifamily property located in the North Texas city of Sherman. Built in 1986, the 22-building community features a resident lounge, a resort-style pool, courtyards, an internet lounge, clubhouse, business center and a pet park. Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
SAN ANTONIO — Zachry Construction & Materials has signed a 55,718-square-foot headquarters lease at Walker Ranch Business Park, a 150,000-square-foot office development in San Antonio by locally based developer Worth & Associates. The tenant will relocate about 190 employees to Walker Ranch Business Park Building II, which is under construction and scheduled to be complete in August, beginning Nov. 1. Mark Krenger of JLL represented Zachry Construction in the lease negotiations. Following this transaction, Building II is 82 percent preleased.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of the 53-room Econo Lodge Inn & Suites Beaumont hotel. The property was listed for $3.3 million. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an undisclosed, California-based private investor.
By Brad Frisby, associate, NAI Rio Grande Valley As the national economy and society as a whole move toward recovery from the COVID-19 pandemic, multifamily investors of all varieties, eager to deploy capital into the space, are increasingly looking at markets in the Rio Grande Valley (RGV). While the region’s multifamily investment market has unquestionably experienced its share of decreased activity over the past 15 months, deal volume and velocity have really picked back up through the first two quarters of 2021. Many investors that are targeting the RGV are banking on its solid fundamentals holding through the recovery and are eyeing deals with five- to 10-year holding strategies in mind. Although the RGV remains something of a seller’s market — many multifamily deals are trading at sub-6-percent cap rates — buyers are willing to pony up to be in this high-growth market. This holds especially true when one considers the RGV as an alternative to Dallas, Houston or Austin. But it’s precisely from those markets that we continue to see an influx of capital looking for multifamily deals. Prior to the pandemic, the annual combination of limited new deliveries and steady job growth in resilient industries like healthcare, education …
AUSTIN, TEXAS — General contractor Austin Commercial has completed Q2 Stadium, the new, 20,500-seat soccer stadium for Austin FC, the city’s new Major League Soccer team that will host its first match in the 465,000-square-foot venue on June 19. The Austin City Council originally approved the development of the stadium, which is situated on a 24-acre site on the city’s north side, in August 2018. Designed by Gensler and owned by Precourt Sports Ventures, the stadium features an outdoor amphitheater and stage for live music, a beer hall with local food and beverage options, large video screens for parties and retail merchandise stores. St. David’s Performance Center, the team’s 29,000-square-foot training facility that was also designed by Gensler, opened this spring and features four full-sized and one half-sized fields, including a community field with seating for 1,000 spectators.
AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Camber Ranch on Parmer, a 483-unit apartment community in Austin. Designed by Humphreys & Partners, the community will consist of 22 residential buildings separated by a large green belt and wetland with walking trails. Units will range in size from 438 to almost 1,500 square feet, and multiple homes will include private garages. Other amenities will include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. The project was announced in December 2020.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Alexan Henderson, a 321-unit apartment community in the Knox-Henderson area of Dallas. The property was built in 2017 and offers amenities such as a resort-style pool, rooftop lounge, coworking space and a dog park with two pet spas. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Trammell Crow Residential, in the transaction. The team also procured the buyer, Nuveen Real Estate.