EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a multifamily project in Edmond, located just north of Oklahoma City. Oaks at Covell will comprise 102 townhomes in two-, three- and four-bedroom floor plans that will be located along I-35. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.
PORTLAND, TEXAS — Locally based brokerage firm Cravey Real Estate Services has negotiated the sale of Esplanade at Northshore, a 50,800-square-foot shopping center in Portland, located just outside of Corpus Christi. The two-building center was constructed on 7.7 acres in 2011, with the undisclosed buyer acquiring the 37,800-square-foot Building A and the 13,000-square-foot Building B in December 2023 and March 2024, respectively. Lynann Pinkham of Cravey Real Estate Services represented the seller in the transaction.
SAN ANTONIO — Architecture firm Perkins&Will has opened a new studio in San Antonio’s Pearl District. The space, the square footage of which was not disclosed, is situated within The Lab Building, which is located at 303 Pearl Parkway and was originally constructed in 2012. Christi Griggs of CBRE represented the undisclosed landlord in the lease negotiations. Jeff Miller of JLL represented Perkins&Will.
DALLAS — JLL has arranged a $290 million construction loan for Parkside Uptown, a 500,000-square-foot office tower that will be located at the corner of North Harwood Street and Woodall Rodgers Freeway in Dallas. Bank of America has preleased roughly half the space at the 30-story building, which is slated for a 2027 delivery. Trey Morsbach, Jim Curtin, Michael Cosby and Greg Napper of JLL arranged the four-year, floating-rate loan through Goldman Sachs Alternatives. The borrower is a partnership led by Pacific Elm Properties that also includes local developer KDC. New York-based architect Kohn Pedersen Fox designed Parkside Uptown.
AUSTIN, TEXAS — Holt Lunsford Commercial Investments (HLCI) will develop SouthPark 183, a 246,310-square-foot industrial project in Austin. The 19.1-acre site is located within an opportunity zone, approximately nine miles from downtown Austin and two miles from Austin-Bergstrom International Airport. HLCI acquired the land in December with plans to develop three shallow-bay buildings. Construction is scheduled to begin in the first quarter of next year.
HOUSTON — Seattle-based lender Avatar Financial Group has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit apartment complex in southeast Houston. Built in 1961 and renovated in 2001, Bellfort Plaza offers one-, two- and three-bedroom units. The borrower, an entity doing business as HSR Bellfort Plaza Apartments LLC, acquired the property in 2003 and will use the proceeds to pay off a $6 million first mortgage loan and complete construction of 14 new units. Those new units are all preleased. A.J. Funaro of Brookview Financial arranged the debt.
SAN ANTONIO — REOC San Antonio has negotiated an 11,177-square-foot office lease at Cannon Oaks Tower, a 57,912-square-foot building on the city’s northwest side. The seven-story building was originally constructed on 2.4 acres in 1983. Michael Morse of REOC San Antonio represented the landlord in the lease negotiations. The tenant, personal injury law firm Ruben Beltran, was self-represented.
SAN ANTONIO — RGM Engineering has signed a 2,418-square-foot office lease renewal at Northwest Center in San Antonio. The building, which according to LoopNet Inc. was built in 1985 and totals 241,405 square feet, is located at the junction of Interstates 10 and 410. Larry Mendez and Brad Kaufman of CBRE represented the tenant in the lease negotiations. Paul Barker and Hayley Ruggles of Endura Advisory Group represented the landlord, Westdale Real Estate & Investment Management.
Historically, the fortunes of many commercial real estate endeavors in Houston have been tied to the energy sector. But as developers and leasing agents across all major property types know, the market now boasts a much more diverse set of growth drivers, including regional distribution, healthcare, aerospace/defense and financial services. Each of these industries fuels growth in development and absorption of commercial space, not to mention housing. Yet even to the layman, these industries are as different as the commercial structures that house their operations. And taken collectively, the performances of Houston’s commercial properties do not always paint a wholistic picture of the larger economy. That holds especially true in times of larger macroeconomic disruption like the present. Texas Real Estate Business recently reached out to developers/owners, as well as leasing agents/managers who are deeply immersed in the Houston multifamily, industrial, retail, office and mixed-use sectors. By posing a quintet of questions that are — almost — equally applicable to each of these asset classes, we uncover insights on how the five major food groups are performing on a relative basis. Participating in the Q&A are Matt Bronstein, vice president at BHW Capital (multifamily); Robert Clay, president and co-founder of …
KYLE, TEXAS — Houston-based developer CTC Residential will build an apartment community in Kyle, about 20 miles south of Austin. CTC Residential acquired the 15-acre site at 5839 Kyle Parkway, which is located across the street from Seton Hospital, in October 2022 before having it rezoned to support multifamily. Preliminary plans call for 384 apartments and a 38,000-square-foot open green space that will be activated by a 7,500-square-foot food-and-beverage anchor space and other retail uses. Weitzman is handling retail leasing for the project. Information on floor plans and amenities was not disclosed.
