Texas

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

by Taylor Williams March 27, 2020

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New York-based Midway, in the transaction. Austin-based Wildhorn Capital purchased the asset for an undisclosed price. Patrick Short of NKF arranged acquisition financing on behalf of the new ownership, which will implement a value-add program at the property. Hawthorne at the District was 97.5 percent occupied at the time of sale.

March 27, 2020

Development Healthcare Texas

Hoar Construction Begins Work on $90M Healthcare Project in Uvalde, Texas

by Taylor Williams March 27, 2020

UVALDE, TEXAS — Alabama-based general contractor Hoar Construction has begun work on a $90 million healthcare project in Uvalde, about 85 miles west of San Antonio. The new facility will be part of Uvalde Memorial Hospital and will include 32,870 square feet of institutional space, 31,872 square feet of administrative space and an 11,500 square-foot central utility plant. In addition, the facility will house an emergency department, physical and occupational therapy department, radiology department, urgent care department, an intensive care unit, a 25-bed medical surgical inpatient unit and 16 outpatient beds. The building is expected to be available for occupancy in September 2021.

March 27, 2020

Healthcare Leasing Activity Texas

NAI Partners Arranges 48,400 SF Healthcare Build-to-Suit Lease in Metro Houston

by Taylor Williams March 27, 2020

PEARLAND, TEXAS — NAI Partners has arranged a 48,400-square-foot build-to-suit lease at 11200 Broadway St. in Pearland for HCA Houston Healthcare, which plans to open a Healthcare Center for Clinical Advancement at the site by early 2021. The healthcare provider has signed a long-term lease at the property, which will feature high-fidelity hospital simulation labs, connected classrooms and debriefing rooms where the health system’s nearly 7,000 nurses will receive ongoing clinical education and training. Griff Bandy and Joe Bright of NAI Partners represented HCA in the lease negotiations. A second HCA Healthcare Center for Clinical Advancement is planned for a location north of Houston.

March 27, 2020

Development Industrial Texas

ARCO/Murray Completes 47,000 SF High Hazard Facility in Rhome, Texas

by Taylor Williams March 27, 2020

RHOME, TEXAS — Dallas-based design-build firm Arco/Murray has completed a 47,000-square-foot high hazard facility for aeronautics firm Socomore in Rhome, located north of Fort Worth. The facility includes H-2 hazardous material production space and 10,000 square feet of H-3 hazardous material production space. Explosion proof electrical fixtures and a foam fire protection system with in-rack sprinklers were used throughout.

March 27, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 43,631 SF Shopping Center in Houston

by Taylor Williams March 27, 2020

HOUSTON — Marcus & Millichap has brokered the sale of 7555 Bellaire, a 43,631-square-foot shopping center in Houston. The property was built in 2004 and houses tenants such as Family Thrift Center, Alegria Dental Care and Club Fit. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Additional terms of sale were not disclosed.

March 27, 2020

Market Reports Mixed-Use Texas Texas Market Reports

Placemaking, Integration Define Mixed-Use Projects in Texas

by Taylor Williams March 27, 2020

Development trends in commercial real estate are beholden to the whims of consumer behavior. When it comes to mixed-use in the 21st century, successful projects deliver a high-quality experience that centers on a sense of social belonging and connection — for living, working and playing alike. “In today’s experiential economy, demographic changes and shifts in consumer values and preferences across generations are converging on the desire for social connection,” says Brian Cramer, senior vice president and head of the Dallas office of mixed-use developer Newland Communities. “People crave experiences and connections, which is why mixed-use environments will become even more important in community development.” Bob Schultz, the developer of Mid Main, a mixed-use destination in Houston’s Midtown neighborhood, echoes Cramer’s position on man’s inherently social nature as a driver of growth in the mixed-use space. “Our experience is that these various populations are willing to live with each other as never before,” says Schultz. “Demographics of those who live in urban areas cross over in terms of age and economic differences in ways that are either comfortable or virtually unnoticed by the different populations. In other words, people who like to live, work and play in areas with density value …

March 27, 2020

Texas

President Trump Issues Major Disaster Declaration for Texas in Response to COVID-19

by Taylor Williams March 26, 2020

AUSTIN, TEXAS — President Donald Trump has issued a major disaster declaration for Texas in response to the outbreak of COVID-19, the disease caused by the novel coronavirus. The order enables the state and local governments to receive federal funding to support medical and safety efforts. Texas Gov. Greg Abbott made the announcement on Twitter yesterday afternoon after sending the Trump administration a formal request on Monday, March 23. At the time the letter was submitted, Abbott identified 352 confirmed cases of COVID-19 in Texas and noted that the state has already spent more than $50 million in response to the crisis. Abbott also noted that the Texas Department of State Health Services had declared a COVID-19 a “public health disaster,” the first time such a label had been issued in Texas in more than 100 years. Numbers vary as to the current number of cases, as the state has launched a new system for reporting COVID-19. But data released by Johns Hopkins University on the morning of Thursday, March 26 puts the number of confirmed cases at roughly 1,300.

March 26, 2020

Development Industrial Texas

TDC, Diamond Realty to Develop 326,792 SF Warehouse, Distribution Project in Metro Houston

by Taylor Williams March 26, 2020

SUGAR LAND, TEXAS — A joint venture between Transwestern Development Corp. (TDC) and Diamond Realty Investments have acquired 20.8 acres in the southwestern Houston suburb of Sugar Land for the development of a 326,792-square-foot warehouse/distribution project. Branded Sugar Land Crossroads, the project will consist of two buildings designed for tenants ranging from 28,000 square feet to the full capacity of 326,792 square feet. The buildings will offer 32-foot clear heights and share trailer parking spaces and a 255-foot truck court. Completion is slated for spring 2021.

March 26, 2020

Acquisitions Office Texas

JLL Arranges Sale of 168,953 SF One Glen Lakes Office Building in North Dallas

by Taylor Williams March 26, 2020

DALLAS — JLL has arranged the sale of One Glen Lakes, a 168,953-square-foot office building in North Dallas. The 10-story, Class A building is located within walking distance of the Walnut Hill DART station and features a deli, convenience store and onsite banking services. Jack Crews of JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, in the transaction. Jason Piering of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer, ICM Asset Management.

March 26, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 133,924 SF Jupiter Plaza Industrial Asset in Metro Dallas

by Taylor Williams March 26, 2020

GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Jupiter Plaza, a 133,924-square-foot industrial property located in the northeastern Dallas suburb of Garland. The property was built on 10.5 acres in 1974. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

March 26, 2020

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