Texas

Ryman Hospitality Terminates Agreement to Purchase Block 21 Mixed-Use Development in Austin

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided to Stratus in connection with the execution of the purchase agreement in December 2019. Originally developed in 2010, Block 21 houses the 2,750-seat Moody Theater, The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants space.

May 22, 2020

Development Multifamily Texas

Aspen Heights Partners Begins Work on 323-Unit Apartment Community in Austin’s East Riverside

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners has begun construction on a 323-unit apartment community that will be located less than one mile from Oracle’s campus in the East Riverside area of Austin. The four-story property will feature one- and two-bedroom units and amenities such as interior courtyards and a rooftop deck with a pool and a fitness center. Select units will also offer private balconies. The developer expects to begin leasing the property in November.

May 22, 2020

Acquisitions Industrial Self-Storage Texas

Trez Capital, Hines Acquire 760-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams May 22, 2020

WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.

May 22, 2020

Development Office Texas

Patrinely Group, USAA Break Ground on 128,990 SF Office Project for Q2 Holdings in Austin

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — A joint venture between national developer Patrinely Group and San Antonio-based USAA Real Estate has broken ground on Aspen Lake Three, a 128,990-square-foot build-to-suit office project in Austin for Q2 Holdings, a provider of cloud-based banking solutions based in the state capital. The four-story building will be located on the city’s north side and is expected to be complete in April 2021. Will Douglas, Russell Young and Harrison Schumacher of JLL represented Q2 Holdings in its site selection and lease negotiations for Aspen Lake Three, which is part of a three-building complex located on the city’s northwest side. Dennis Tarro of Patrinely Group represented the landlord internally along with Ben Tolson of local firm AQUILA Commercial.

May 22, 2020

Leasing Activity Office Texas

University of North Texas Signs 56,517 SF Office Lease Renewal, Expansion at Hall Park in Frisco

by Taylor Williams May 22, 2020

FRISCO, TEXAS — The University of North Texas (UNT), a public college based in Denton, has signed an office lease renewal and expansion to now occupy 56,517 square feet at Hall Office Park in Frisco, where the university also has a campus. Jim Cooksey and Garrison Efird of Newmark Knight Frank represented UNT in the lease negotiations. Kim Butler, Brad Gibson and Cynthia Cowen represented the owner and developer, Hall Group, on an internal basis. Hall Office Park is a 162-acre campus with more than 2 million square feet of office space housing more than 10,000 employees.

May 22, 2020

Development Healthcare Texas

Texas Children’s to Open $450M Hospital in North Austin

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.

May 21, 2020

Acquisitions Development Texas

McCord Development Buys 201-Acre Tract Adjacent to Houston’s Generation Park

by Taylor Williams May 21, 2020

HOUSTON — McCord Development has purchased a 201-acre tract in northeast Houston that will be an addition to the 4,200-acre Generation Park master-planned development, from Chicago-based power company Exelon Generation Co Inc. Specific development plans were not disclosed, but the buyer stated that the site would feature commercial uses and would be part of a future network of trails and parks that connects each region of Generation Park. David Cook, Jeff Peden and Scott Miller of Cushman & Wakefield worked with Will Condrey, Kayla Black and Ben Sample of Cresa Global Inc. to represent Exelon Generation in the sale of the land. Since 2017, Generation Park has seen more than $1 billion in commercial development, including 438,000 square feet of office space, 490,000 square feet of retail space, 908,000 square feet of industrial space, 251 luxury apartment units and two colleges. Another 2.1 million square feet of new construction is currently under development with more in the development pipeline.

May 21, 2020

Loans Multifamily Texas

Dwight Capital Provides $23.8M HUD Green Loan for Refinancing of Austin Apartments

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $23.8 million HUD loan for the refinancing of Oxford at Tech Ridge, a 256-unit apartment community in Austin. The property features one- and two-bedroom units and amenities such as a pool, fitness center, indoor basketball court, resident clubhouse, business center and a dog park. Brandon Baksh and Brian Yee of Dwight Capital originated the loan through HUD’s Green Mortgage Insurance Premium program, which allowed for a reduced rate of 0.25 percent based on the property’s green/energy efficient status. The sponsor was Justin Swartz, owner of Oxford at Tech Ridge Apartments LLC.

May 21, 2020

Development Multifamily Student Housing Texas

Focal Point Development to Build 76-Bed Student Housing Property Near UT Austin

by Taylor Williams May 21, 2020

AUSTIN, TEXAS — California-based Focal Point Development will build The Point North, a 76-bed student housing community that will be located one block north of the University of Texas at Austin. The property is expected to be complete in summer 2021 and will feature an amenity courtyard, fitness studio and two study lounges. Craig Miller of FourPoint Capital Markets arranged an undisclosed amount of construction financing for the project.

May 21, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 19,950 SF Rayford Village Retail Center in Metro Houston

by Taylor Williams May 21, 2020

SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.

May 21, 2020

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