KATY, TEXAS — JLL has negotiated the sale of an 805,601-square-foot industrial facility situated on 54.1 acres at 22525 Clay Road in Katy, a western suburb of Houston. The newly built facility was constructed as a build-to-suit for an e-commerce tenant, which the Houston Chronicle reports is Amazon. Building features include 40-foot clear heights, 190-foot truck court depths and an ESFR sprinkler system. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, an undisclosed publicly traded REIT, in the transaction. An affiliate of Chicago-based Walton Street Capital purchased the asset for an undisclosed price. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL placed floating-rate acquisition financing through Wells Fargo on behalf of the buyer.
AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners will redevelop the site of the former Health-South rehabilitation facility in downtown Austin into a mixed-use destination. Current plans for the site, which is located at the corner of 12th and Red River streets, call for a 36-story residential tower that will consist of 160 condos and 348 apartments, a 15-story office building, more than 25,000 square feet of retail space and a half-acre park. More than 25 percent of the multifamily units will be designated as affordable housing, and the project will also feature a rooftop café and 6,000 square feet of outdoor event space. A construction timeline is still being finalized. The groundbreaking is slated for 2023, with completion scheduled for 2026.
AUSTIN, TEXAS — New York City-based real estate giant Tishman Speyer has entered the Austin market with the acquisition of The Foundry, a 240,000-square-foot office complex located on the city’s east side. Tishman Speyer’s acquisition of Foundry I, which opened in 2019, was completed on February 3. The purchase of Foundry II will close when Austin-based developer Cielo Property Group delivers the building in May 2021. Sixth River Architects and Michael Hsu Office of Architecture designed the first and second buildings, respectively. Amenities include bike storage, outdoor terraces on every floor and underground parking. Mike McDonald and Katy Jane Jenevein of Cushman & Wakefield represented Cielo, which will continue to manage the buildings, in the transaction. Tishman Speyer has tapped CBRE to lease The Foundry.
ALLEN, TEXAS — Locally based developer JaRyCo will build FarmWORKs One, a 102,000-square-foot office building that will be part of Phase I of The Farm, a 135-acre mixed-use project in the northeastern Dallas suburb of Allen. The building will offer various features that promote health and wellness, such as outdoor workspaces with Wi-Fi connectivity on every floor, oversized elevators, additional restrooms on every level and high-efficiency air filtration systems. JaRyCo is the master developer of The Farm, which upon completion will consist of 1.6 million square feet of office space, 142,000 square feet of retail space, a 150-key hotel, 60,000 square feet of restaurant space, townhomes and 2,400 urban residential units. Construction on FarmWORKs One will begin this year and is scheduled to be complete in summer 2022. Avison Young will handle leasing of the building.
FORT WORTH, TEXAS — Newmark has negotiated a 257,500-square-foot industrial lease extension at 4900 Alliance Gateway in Fort Worth. Louis Pascuzzi, Jim Cooksey, Trace Elrod, Chris Mason, John Beach, Reggie Beavan III, Andy Iversen, David Creiner, Brad Mason and Jack Brewer of Newmark represented the tenant, Ed Tucker Distributor Inc., in the lease negotiations.
ARLINGTON, TEXAS — Provident Realty Advisors is underway on construction of Debbie Lane Flats, a 331-unit multifamily project that will be situated on 17 acres in Arlington. Amenities will include a fitness center, pool and a dog park. Construction officially began in June 2020 and is expected to be complete in the first quarter of 2022. Trez Capital recently provided $8.7 million in financing for the project.
RICHMOND, TEXAS — Locally based developer Allied Orion Group has broken ground on Granary Flats, a 324-unit apartment community that will be located in the southwestern Houston suburb of Richmond. Designed by Sage Group, the property will be situated within Johnson Development’s 1,300-acre Harvest Green master-planned community and will feature one-, two- and three-bedroom floor plans. Units will be furnished with stainless steel appliances, granite countertops and wood-style flooring. Amenities will include a pool, fitness center, media room and a resident lounge with coworking spaces. Allied Orion expects to open the community in the fourth quarter.
AUSTIN, TEXAS — A joint venture between developer Davis Cos. and Hayden Glade, an investment fund focused on affordable housing, has acquired Rosemont at Hidden Creek, a 250-unit property in northeast Austin that was built in 2006. The new ownership will invest in capital improvements to the unit interiors and common areas and rebrand the community as Eryngo Hills, named after a flower that is indigenous to the region. The seller was not disclosed.
MCKINNEY, TEXAS — Lee & Associates has negotiated two industrial leases totaling 91,992 square feet at McKinney Trade Center, an industrial development by ML Realty that is located on 24 acres in the northern Dallas suburb of McKinney. Blount Fine Foods Corp. preleased 28,212 square feet, and L&S Plumbing Partnership Ltd. preleased 63,780 square feet. Adam Graham and Ken Wesson of Lee & Associates represented ML Realty in both sets of lease negotiations. Brett Lewis of Lee & Associates represented Blount Fine Foods, and Kent Smith and Stephen Cooper of NAI Robert Lynn represented L&S Plumbing.
PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Normandy, a 143-unit multifamily asset that is located on 9.7 acres in Port Arthur, located just south of Beaumont. Nick Fluellen, Bard Hoover, David Fersing and Sean Scott of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.