Texas

CapitaLand to Develop 341-Unit Apartment Community in Austin

by Taylor Williams December 9, 2020

AUSTIN, TEXAS — CapitaLand Ltd., an investment and development firm based in Singapore, will develop a 341-unit apartment community in Austin. The firm has entered into an 80/20 joint venture with an undisclosed local developer to build the project, which will be located on a 4.7-acre parcel on the city’s north side. The property’s location puts it near The Domain, as well as the new McKalla Place Major League Soccer Stadium that is slated to open this spring. Units at the new community will feature studio, one- and two-bedroom floor plans. Completion is slated for 2023.

December 9, 2020

Company News Texas

CBRE Announces Leadership Changes Within Real Estate Investments Business Segment, Trammell Crow Subsidiary

by Taylor Williams December 9, 2020

DALLAS — CBRE Group Inc. (NYSE: CBRE) has announced leadership changes within its real estate investments division and Trammell Crow Co. subsidiary. Mike Lafitte, global CEO of real estate investments, will assume additional responsibilities as CEO of Trammell Crow. Matt Khourie, Trammell Crow’s current CEO, will move into the newly created position of chief investment officer of real estate investments. Both of these changes will become effective on Jan. 1. On April 1, Adam Weers will be promoted to COO of Trammell Crow when the current holder of that position, Mike Duffy, retires. CBRE announced in late October that it would be relocating its global headquarters from Los Angeles to Dallas.

December 9, 2020

Development Multifamily Texas

Howard Hughes to Open 163-Unit Lane at Waterway Apartments in Metro Houston

by Taylor Williams December 9, 2020

THE WOODLANDS, TEXAS — This month, the Howard Hughes Corp. (NYSE: HHC) will open The Lane at Waterway, a 163-unit apartment community in The Woodlands, about 30 miles north of Houston. The property features one-, two- and three-bedroom units, as well as townhomes, that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center, outdoor cooking areas and a clubroom. Rents start at $1,675 per month for a one-bedroom unit, according to apartmentfinder.com.

December 9, 2020

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $21.5M Agency Loan for Affordable Housing Property in El Paso

by Taylor Williams December 9, 2020

EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.

December 9, 2020

Development Industrial Oklahoma Texas

Amazon to Open 1 MSF Fulfillment Center in Oklahoma City, Create 500 Jobs

by Taylor Williams December 8, 2020

OKLAHOMA CITY — Amazon (NASDAQ: AMZN) will open a 1 million-square-foot fulfillment center in Oklahoma City in a move that is expected to create about 500 new full-time jobs. The developer and location of the facility, which is expected to open some time in 2021, were not disclosed. Since 2010, Amazon has created more than 4,000 jobs in Oklahoma and invested more than $650 million across the state, including infrastructure and compensation to its employees. The company also recently announced plans to open new facilities in metro Houston and Waco.

December 8, 2020

Acquisitions Industrial Texas

JLL Negotiates Sale of 155,425 SF Park Row Logistics Center in Arlington

by Taylor Williams December 8, 2020

ARLINGTON, TEXAS — JLL has negotiated the sale of Park Row Logistics Center, a 155,425-square-foot industrial building in Arlington. Built on 9.2 acres in 2019, the property was fully leased to e-commerce servicer Mochila Fulfillment at the time of sale. Building features include 32-foot clear heights, 180-foot truck court depths and 28 trailer parking spaces. Dustin Volz, Stephen Bailey, Zach Riebe and Austin Ross of JLL represented the seller, a partnership between Stream Realty Partners and LaSalle Investment Management, in the deal. The buyer was New York-based Clarion Partners.

December 8, 2020

Company News Retail Texas

Apparel, Accessories Retailer Francesca’s Files for Bankruptcy, to Close 97 More Stores

by Taylor Williams December 8, 2020

HOUSTON — Francesca’s, the Houston-based apparel and accessories chain for women, has filed for Chapter 11 bankruptcy and will close an additional 97 stores across the country, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware. Francesca’s had previously announced in mid-November that it would be closing 140 stores, or roughly 20 percent of its total count, and possibly pursuing a Chapter 11 bankruptcy declaration. According to CNBC, Francesca’s has received a buyout offer from Los Angeles-based TerraMar Capital and hopes to close a sale by late January.

December 8, 2020

Acquisitions Multifamily Texas

Next Wave Investors Purchases 73-Unit Multifamily Complex in Plano

by Taylor Williams December 8, 2020

PLANO, TEXAS — Next Wave Investors LLC, a Southern California-based private equity firm, has purchased Shiloh Park Townhomes, a 73-unit multifamily complex in Plano. Built in 2000, the for-rent property features residences that average 1,700 square feet per unit. The townhomes are equipped with washer/dryer connections and private garages in select units. The property was approximately 95 percent occupied at the time of sale. Next Wave plans to implement a value-add program to both unit interiors and building exteriors. The seller was not disclosed.

December 8, 2020

Development Retail Texas

Burlington to Open Store at Former Hastings Entertainment Site in San Angelo, Texas

by Taylor Williams December 8, 2020

SAN ANGELO, TEXAS — Burlington will open a new store at the site of a former Hastings Entertainment location in San Angelo, located in the western-central part of the state. Dallas-based N3 Real Estate is developing and leasing the property on which the new store will be situated. Construction is underway, and the opening is scheduled for spring 2021. The square footage was not disclosed. Hastings Entertainment was a retail chain that sold books, movies, music and video games and also functioned as a video rental shop. The company ceased operations in 2016.

December 8, 2020

Development Industrial Texas

Amazon to Open 1 MSF Fulfillment Center in Metro Houston, Create 500 Jobs

by Taylor Williams December 7, 2020

MISSOURI CITY, TEXAS — Amazon (NASDAQ: AMZN) will open a 1 million-square-foot fulfillment center in Missouri City, a southwestern suburb of Houston, in a move that is expected to create about 500 new full-time jobs. The location of the facility, which is expected to open some time in 2021, was not disclosed. Since 2010, Amazon has created more than 43,000 jobs in Texas and invested more than $16.9 billion across the state, including infrastructure and compensation to its employees.

December 7, 2020

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