EULESS, TEXAS — Marcus & Millichap has arranged the sale of Post Oak Shopping Center, a 20,620-square-foot retail center located at 13912 Trinity Blvd. in Euless. The property was built in 1968 and sits on 2.3 acres. Philip Levy of Marcus & Millichap’s Dallas office represented the seller, a private investment firm, in the transaction and procured the undisclosed private buyer.
HOUSTON — Poynter Commercial Properties Corp. has been appointed as the leasing agent for Energy Tower, a 14-story, 325,797-square-foot office building located at 11700 Katy Freeway in Houston’s Energy Corridor. Built in 1999, the property features a freestanding fitness center, 200-person conference facility, a new Peppercini’s restaurant, indoor and outdoor dining and an outdoor putting green. Kevin Poynter, principal of Poynter Commercial, was part of the original ownership that developed Energy Tower. Atlas Energy Tower LLC, an entity associated with Dallas-based ATCAP Partners LLC, owns Energy Tower and appointed Poynter Commercial. The firm also hired Cedar Ridge Services to manage the office tower.
HALTOM CITY, TEXAS — MAG Capital Partners LLC has acquired a 139,150-square-foot industrial portfolio in the Fort Worth suburb of Haltom City from San Francisco-based private equity firm P4G Capital. The eight-building portfolio, which was acquired in a sale-leaseback transaction, is leased to local aerospace firm Fore Aero. P4G Capital acquired Fore Aero and the real estate in 2017. Andy Rogers of Kelly Hart & Hallman and Mary Garnett of law firm Barnes & Thornburg represented MAG Capital Partners in the transaction. Bryan Huber of New York-based SAB Capital represented the seller. MAG Capital Partners is a Fort Worth-based development and investment firm formed in 2015 by Dax T.S. Mitchell and Andrew Gi.
AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.
AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. Completion is scheduled for January 2022. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.
HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of an 18,000-square-foot office building located at 3322 Richmond Ave. in Houston’s Greenway Plaza submarket. Matthew Bronstein of NorthMarq arranged the funds through an undisclosed life insurance company on behalf of the borrower, M-K-L Properties.
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a 15,106-square-foot industrial flex building in the West Texas city of Midland. The property sits on 2.8 acres and was completed recently as a build-to-suit project for oilfield equipment supplier United Safety. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and additional terms of sale were not disclosed.
By Rachel Duck, director and senior property tax consultant at Popp Hutcheson LLP, the Texas member of the American Property Tax Counsel Property taxes are big news in Texas. Last year, property taxes were a primary focus of the 86th Legislature, and Texas Gov. Greg Abbott deemed property tax relief so important that he declared it an emergency item. The 2019 legislative session produced significant modifications to tax law. Here’s a rundown of the most noteworthy changes affecting taxpayers in 2020, along with a look at how fallout from the COVID-19 pandemic may complicate the taxpayer’s position. Removing The Veil Property taxes are not only big news, but they are also confusing, particularly given the “Texas two-step” appraisal and assessment process. After an appraisal district values a property, taxing entities separately tax that property based upon the final determined value. For a single property, a taxpayer may owe five or more taxing entities spread among three assessors’ offices. Understanding the ultimate tax liability for such a property can be a monumental task for taxpayers. Senate Bill 2 addressed the confusion and promoted transparency and truth in taxation, earning it the title of “The Texas Property Tax Reform and Transparency Act …
GEORGETOWN, TEXAS — Arkansas-based BSR REIT has acquired Retreat at Wolf Ranch, a 303-unit apartment community located in the northern Austin suburb of Georgetown, for $51.6 million. The garden-style property was built in 2017 and offers a pool, fitness center, package locker system and two dog parks. The seller was not disclosed. Following this transaction, BSR REIT now owns approximately 1,500 apartments in the Austin area.
DALLAS —Newmark Knight Frank (NKF) and E. Smith Advisors, a brokerage firm headed by former Cowboys running back Emmitt Smith, has secured a 50,000-square-foot office lease renewal at Campbell Centre in Dallas. John Wolf and Sara Fredericks of NKF represented the tenant, Istation, a provider of electronic education services, in the lease negotiations. The duo credited the Cowboys legend in facilitating their relationship with Istation, which is headquartered at the property. Haberman & Haberman owns Campbell Centre, a development that was built in 1978 and totals 322,382 square feet.