Texas

MetroNational Tops Out 25-Story McKinley Memorial City Apartment Tower in West Houston

by Taylor Williams August 6, 2020

HOUSTON — MetroNational has topped out The McKinley Memorial City, a 278-unit luxury apartment tower located at 9757 Katy Freeway in West Houston. The 25-story building, which is scheduled to be complete in the fourth quarter of 2021, will be part of a larger, four-acre mixed-use development. McKinley Memorial City will feature studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, movie theater, chef’s kitchen, wine bar, dog park and a golf simulator. Ziegler Cooper Architects designed the 332,231-square-foot project, and Anslow Bryant is serving as the general contractor.

August 6, 2020

Development Office Texas

Bright Realty Completes 109,000 SF Office Project in Metro Dallas

by Taylor Williams August 6, 2020

LEWISVILLE, TEXAS —Bright Realty has completed Crown Centre at Castle Hills, a 109,000-square-foot office building in the northern Dallas suburb of Lewisville that represents Phase I of the locally based developer’s Crown Centre mixed-use project. The four-story, Class A property is the first of more that 35 buildings that will ultimately comprise Crown Centre. Upon completion, the development will consist of 35 buildings featuring 3 million square feet of office space, 2,000 apartments, 140,000 square feet of dining and retail space, and 500 hotel rooms interconnected by extensive walking trails lined. Hill & Wilkinson served as the general contractor for the office building.

August 6, 2020

Acquisitions Healthcare Texas

Colliers Brokers Sale of 30,000 SF Medical Office Building in Metro Houston

by Taylor Williams August 6, 2020

KATY, TEXAS — Colliers International has brokered the sale of the Mason Creek medical office building, a 30,000-square-foot facility in the western Houston suburb of Katy. The property was fully leased to Village Family Practice LLP and Memorial MRI & Diagnostics LLC at the time of sale. Beth Young and Bob Parsley of Colliers represented the seller, Read King, in the transaction. The buyer was Montecito Medical Real Estate. Arch-Con Construction served as general contractor of the newly built facility. Several healthcare systems have recently opened hospital campuses within a four-mile radius of Mason Creek, including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.

August 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 18,138 SF Retail Center in Mansfield, Texas

by Taylor Williams August 6, 2020

MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Mansfield Highlands, an 18,138-square-foot retail center located southeast of Fort Worth. Tenants at the center include Mama’s Pizza, Beer & Wine World, Vintage Barber Shop, Debbie Donuts, Unique Threading Salon and Grade Power Learning Center. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

August 6, 2020

Features Industrial Texas Texas & Oklahoma Feature Archive

Warehouse Sector Reaches New Heights as User Demand for Flexibility, Variation Increases

by Taylor Williams August 6, 2020

By Nazir Khalfe, Principal, Powers Brown Architecture Having designed multiple millions of square feet of speculative and build-to-suit industrial buildings in my career, I’ve witnessed some striking trends over the past two decades, especially with the advancements made in tilt-wall construction. The ability to go higher and store and ship more product with today’s technology is creating an ever-changing landscape for industrial product. We have witnessed the boom of e-commerce, advancements in logistics and automation, and all the while tried to keep up with the dynamic market forces that produce a successful industrial park. Since the Great Recession, demand for industrial space has been at a premium, not only in Texas but also in most markets throughout the United States. Out of necessity for how our lives are changing, the industrial market has become the darling of the real estate industry. In 2020, thanks to the exponential growth of e-commerce activity and manufacturing jobs, we are breaking new ground on how a standard industrial park looks, feels and operates. While COVID-19 has not changed the expansive, open-space feel of warehouses where social distancing is inherently built-in, the pandemic has started to impact the industrial world on the development side. Developers …

August 6, 2020

Development Industrial Loans Texas

JLL Arranges Construction Financing for 956,020 SF Industrial Project in Fort Worth

by Taylor Williams August 5, 2020

FORT WORTH, TEXAS — JLL has arranged construction financing for South Fort Worth Logistics, a 956,020-square-foot speculative industrial project that will be situated on 47.6 acres near Interstates 20 and 35. Halff Associates is designing the project, which will consist of two cross-dock buildings with 36- to 40-foot clear heights, ample trailer parking and storage, 231 loading doors and ESFR sprinkler systems. A JLL Capital Markets team of Dustin Volz, Stephen Bailey, Taylor Coy and Zach Riebe arranged a three-year, floating-rate construction loan through Veritex Bank on behalf of the borrower, a partnership between Invesco Real Estate and Bandera Ventures. The development team expects to complete the project in 2021.

August 5, 2020

Acquisitions Multifamily Texas

Pearlmark, Sinatra Buy 340-Unit La Jolla Apartments in Fort Worth

by Taylor Williams August 5, 2020

FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.

August 5, 2020

Acquisitions Multifamily Texas

GenCap Partners Sells 274-Unit Park at Rialto Apartment Community in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Dallas-based GenCap Partners Inc. has sold Park at Rialto, a 274-unit apartment community that is situated on 9.3 acres in northwest San Antonio. GenCap Partners completed the property in 2018. Units feature one-, two- and three-bedroom floor plans with an average size of 882 square feet. Amenities include a pool, fitness center, business center and a resident clubhouse. Sean Sorrell of JLL represented GenCap Partners as the seller in transaction. C.W. Sheehan, Alastair Barnes and Scott Dickey of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the buyer, Covenant Capital Group.

August 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLP Operations Acquires 118-Bed Skilled Nursing Facility in Orange, Texas

by Taylor Williams August 5, 2020

ORANGE, TEXAS — Skilled nursing owner-operator SLP Operations has acquired Pinehurst Nursing & Rehabilitation Center, a 118-bed facility in Orange, about 110 miles east of Houston. The facility also offers post-acute care, long-term care, respite care and memory care services. The seller and sales price were not disclosed.

August 5, 2020

Industrial Leasing Activity Texas

Freedom Forever Texas Signs 16,364 SF Industrial Lease in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Solar energy company Freedom Forever Texas has signed a 16,364-square-foot industrial lease at 4940 Eisenhauer Road in San Antonio. John Grady of CBRE’s Phoenix office represented the tenant in the lease negotiations. Josh Aguilar of CBRE’s San Antonio office represented the landlord, Prologis.

August 5, 2020

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