Texas

PNC Agrees to Acquire US Operations of BBVA in $11.6B Bank Merger

by John Nelson November 17, 2020

PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion. The transaction, which has been approved by both companies’ boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals. The transaction will bolster PNC’s national presence and create the fifth-largest bank in the United States, according to the Pittsburgh Post-Gazette. PNC will move beyond Charlotte-based Truist, the newly formed merger of equals between BB&T and SunTrust Bank. Houston-based BBVA USA Bancshares manages $104 billion in assets and provides commercial and retail banking services through its banking subsidiary BBVA USA. The bank operates 637 branches in Texas, Alabama, Arizona, California, Colorado and New Mexico. PNC operates 2,300 bank branches and nearly 18,000 partner ATMs nationwide. As of Sept. 30, 2020, PNC had $300 billion of assets under administration. When combined with PNC’s banking footprint, the expanded company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the United States. “Our acquisition of BBVA USA will accelerate …

November 17, 2020

Market Reports Office Texas Texas Market Reports

Why Dallas May Have A Competitive Advantage in the Office Market Recovery

by Taylor Williams November 17, 2020

By Brett Merz, senior vice president and asset manager, KBS As this unprecedented year hits the midpoint of the fourth quarter and office investors consider their options, one market in Texas stands out: Dallas. This market has historically shown strong resiliency and continues to do so throughout the pandemic. While Texas as a whole has been ahead of many other states in terms of allowing tenants that are eager to return to the office after the COVID-19 shutdown to do so, the Dallas office market has especially embraced reopening and returning to work. According to a new report by Kastle Systems, Dallas County leads the country in terms of the share of employees who are back to their workplaces following government-mandated shutdowns. Across the 10 largest metroplexes in the country, an average of 27.4 percent of employees are back in the office, while Dallas employees are returning to work at a rate of 43.3 percent. This figure compares favorably to proportions of employees returning to offices in other markets, including Los Angeles (34 percent), Washington, D.C. (24 percent) and San Francisco (14.7 percent). This news is a testament to tenants’ appetite for occupying office space and the market’s resiliency despite …

November 17, 2020

Acquisitions Industrial Texas

Fort Capital Sells 606,889 SF Light Industrial Portfolio in DFW

by Taylor Williams November 16, 2020

FORT WORTH, TEXAS — Locally based investment firm Fort Capital has sold a portfolio of 18 light industrial buildings totaling 606,889 square feet located throughout the Dallas-Fort Worth (DFW) metroplex. Each of the Class B properties offers proximity to one of the metroplex’s major interstates. The portfolio was 95 percent occupied at the time of sale. The buyer was not disclosed. Stephen Bailey, Dustin Volz, Zane Marcell, Wesley Gilmer and Erin Lazarus of JLL represented the seller in the transaction. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio.

November 16, 2020

Development Industrial Texas

Titan Development Breaks Ground on 330,000 SF Industrial Project in Metro Austin

by Taylor Williams November 16, 2020

GEORGETOWN, TEXAS — Titan Development has broken ground on Phase I of NorthPark 35, a project in the northern Austin suburb of Georgetown that will add 330,000 square feet of industrial space across two buildings to the local supply. The project includes the extension of Aviation Drive to intersect with State Highway 130 and Interstate 35. Titan Development, which has offices in Albuquerque and San Antonio, expects to complete Phase I of the 146-acre project in the spring of 2021. One building will be partially occupied by Georgetown-based Texas Speed & Performance, while the remaining space will be marketed to future users.

November 16, 2020

Development Healthcare Life Sciences Office Texas

Biotech Firm VGXI to Open 240,000 SF Life Sciences Facility in Metro Houston

by Taylor Williams November 16, 2020

CONROE, TEXAS — VGXI Inc., a biotechnology firm that supports the gene therapy and DNA vaccine industries, will open a new life sciences and headquarters facility in Conroe, about 40 miles north of Houston. Local media outlets, including Community Impact Newspaper and the Houston Business Journal, report that the facility will span 240,000 square feet. The company’s new space will be located within Deison Technology Park and will allow VGXI to quintuple its current production capacity. BE&K Building Group is handling the design and build of the project. Construction is underway, and the facility is expected to be operational by the first quarter of 2022.

November 16, 2020

Leasing Activity Retail Texas

Cowboys Fit Opens 57,000 SF Fitness Center in Pflugerville, Texas

by Taylor Williams November 16, 2020

PFLUGERVILLE, TEXAS — Cowboys Fit, a concept that brings the fitness equipment and programs of the Dallas Cowboys to regular users, has opened a 57,000-square-foot facility in the northern Austin suburb of Pflugerville. The space is located at 1401 Town Center Drive and features a basketball court, indoor pool, outdoor training area and a childcare area. Members also have access to boutique-style fitness classes like yoga, spin, barre and circuit training.

November 16, 2020

Development Office Texas

Greenstar Development Completes 32,900 SF Office Project in Austin’s Rosedale District

by Taylor Williams November 16, 2020

AUSTIN, TEXAS — Austin-based Greenstar Development has completed 49 Street Office Park, a 32,900-square-foot adaptive reuse project in the Rosedale neighborhood of Austin. Designed by Mark Odom Studio, the two-story building features three office spaces connected by outdoor work areas. Franklin-Alan served as the general contractor for the project. Architecture firms Britt Design Group and Thirteen23 have committed as tenants to the building.

November 16, 2020

Development Office Texas

Cawley Partners to Develop Three Office Buildings at Grandscape in Metro Dallas

by Taylor Williams November 13, 2020

THE COLONY, TEXAS — Dallas-based Cawley Partners will develop three office buildings totaling more than 1.5 million square feet at Grandscape, a 433-acre mixed-use destination located in the northern Dallas suburb of The Colony. Hoefer Wysocki is handling design of the new buildings, all of which will rise 17 stories and feature 500,000 square feet of Class A space. A construction timeline is still being established as the development team looks for a lead tenant for the project. Nebraska Furniture Mart is the lead developer of Grandscape and anchors the development’s retail component along with sporting goods store Scheels.

November 13, 2020

Acquisitions Office Texas

Lexington Realty Sells Stake in Metro Houston Office Building Leased to Dow Chemical for $192M

by Taylor Williams November 13, 2020

LAKE JACKSON, TEXAS — Lexington Realty Trust (NYSE: LXP) has sold its interest in an office building in Lake Jackson, a city located south of Houston, for $192 million. Built in 2016, the 664,100-square-foot building is situated on a 34.1-acre site and was fully leased to Dow Chemical, which also operates a nearby manufacturing plant, at the time of sale. The buyer was not disclosed. In announcing this news, Lexington also disclosed the purchase of a 201,784-square-foot warehouse and distribution center in Phoenix that is fully leased to an unspecified e-commerce firm.

November 13, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 204-Unit Heritage Park Apartments in Arlington

by Taylor Williams November 13, 2020

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Heritage Park, a 204-unit apartment community in Arlington. The garden-style property was built on seven acres in 1983 and features one- and two-bedroom units. Amenities include a pool, 24-hour fitness center, outdoor kitchen and grilling area, a new dog park and a newly renovated clubhouse. Tampa-based American Landmark Apartments sold the property to WAK Management Co. for an undisclosed price. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA, along with Nick Fluellen and Bard Hoover of Marcus & Millichap, represented both parties in the deal.

November 13, 2020

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