HOUSTON — Colliers International has brokered the sale of a 112,867-square-foot office building located at 1220 Augusta Drive in the San Felipe/Voss submarket of West Houston. Christopher Winters and Jay Kyle of Colliers represented the undisclosed seller in the transaction. The buyer is a locally based investment firm doing business as 1220 Augusta LLC.
DALLAS — Private developers and twin brothers Blake and Brandon Shirk are nearing completion of the SOVA Hotel in downtown Dallas. The boutique hotel will incorporate elements from all over the world, with guests staying in 39 micro rooms that feature elements representing 50 different countries and cultures. Construction began in late October 2020.
DALLAS — Dogwood Industrial Partners, a division of San Francisco-based TPG Real Estate Partners, has acquired Turnpike 3 and Turnpike 4, two industrial properties totaling approximately 600,000 square feet in West Dallas. The buildings are located along the Interstate 30 corridor. Locally based development and investment firm Billingsley Co. sold the assets to Dogwood Industrial for an undisclosed price. Dallas-based Holt Lunsford Commercial brokered the deal.
HOUSTON — Houston-based Blackline Cold Storage has broken ground on a 300,000-square-foot facility within Cedar Port Industrial Park, a master-planned, rail-served development near Port Houston. The facility will be situated on a 36-acre site near the Barbours Cut and Bayport container terminals and will feature multiple segregated temperature zones, 48-foot ceiling heights, up to 50 truck doors and blast freezing capability. Gordon Reynolds, Brian Myers, Jeff Stein, Brock Hudson, Art Rasmussen and David Norrie of CBRE arranged an undisclosed amount of debt and equity for the construction of the project, which is expected to be complete in the first quarter of 2022.
IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of Courtyard of Roses, a 224-unit apartment community in Irving. The property, which consists of 17 two-story apartment buildings and a single-story clubhouse, was originally built in 1972 and renovated between 2015 and 2019. Colliers Mortgage originated the financing, which was structured with a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, MM Courtyards LLC.
WHITE SETTLEMENT, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sky Landing, an apartment community located in the western Fort Worth suburb of White Settlement that was built in 1968. According to Apartments.com, the property totals 144 units and offers amenities such as a sports court and onsite laundry facilities. Jon Krebbs of TMG represented the buyer and seller, both of which requested anonymity, in the deal.
HOUSTON — The Siegel Group Nevada Inc. has acquired a former Amerihome Inn & Suites hotel in Houston. The three-story building was originally constructed in 1983 and spans 110,700 square feet. The company plans to renovate and rebrand the property under its Siegel Suites flagship hospitality brand, which features fully furnished apartment-style units with full kitchens. Capital improvements will include upgrades to floors, cabinets, furniture, appliances, windows and signage.
DALLAS — A partnership between two development firms, Los Angeles-based Banyan Residential and Indianapolis-based Milhaus, has broken ground on Banyan Beckley, a $59 million multifamily project in Dallas. The site is located just outside the downtown area in a Qualified Opportunity Zone at 1710 N. Beckley Ave. Designed by architecture firm JHP, Banyan Beckley will offer 279 units in one-, two- and three-bedroom floor plans, as well as in micro-units and studio configurations. Amenities will include a pool, mobile workspaces, clubhouse and a rooftop deck. Hillcrest Bank provided $38.2 million in construction financing for the project, which marks Banyan Residential’s entry into the Dallas market. Other project partners include Oden Hughes, Vignette Interior Design and SPIARS Engineering. Completion is slated for 2023.
WAXAHACHIE, TEXAS — Dallas-based Kalterra Capital Partners has sold Park Place, a 213-unit apartment community located on a 12-acre site in Waxahachie, about 30 miles south of Dallas. Park Place features one-, two- and three-bedroom units with private yards and attached garages, as well as a pool, fitness center, a dog park and courtyards. The seller and sales price were not disclosed. Kalterra Capital Partners plans to break ground on another multifamily and an active adult project in Waxahachie later this year.
CHICAGO — Chicago-based Stream Capital Partners LLC has arranged a $29 million sale-leaseback of a portfolio of nine quick service restaurants located throughout Texas. Palenque Group, which operates 34 restaurants throughout the state under the Taco Palenque, Pollo Palenque and Palenque Grill brands, was the seller and will continue to occupy the properties. The buyer was not disclosed. Chelsea Mandel of Stream Capital Partners brokered the deal.