DALLAS — Hyatt Hotels Corp. (NYSE: H) has opened the 219-room Thompson Hotel in downtown Dallas, the first property under the Thompson lifestyle brand in Texas. Designed by Merriman/Anderson Architects, the hotel is the product of a redevelopment of a historic building at 205 N. Akard St. The property’s 219 rooms include 52 suites and two penthouses, and guests can also enjoy access to two onsite culinary destinations.
DALLAS — Colliers International has negotiated the sale of Ridge at Trinity Apartments, a 230-unit affordable housing community in southeast Dallas. The property, which consists of 19 buildings on 17.4 acres, was built in 1970 and renovated between 2015 and 2019. Amenities include a leasing office, onsite laundry facilities and open green spaces with playgrounds. Mark Allen and Courtland Charles of Colliers represented the seller, affordable housing owner-operator Hope Housing, in the transaction. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — NAI Partners has brokered the sale of a 50,000-square-foot industrial building located at 4401 Supply Court in South Austin. Troy Martin of NAI Partners represented the buyer, CKD USA, the U.S. subsidiary of Japanese machine manufacturing firm CKD Corp. Joe Novek and Darryl Dadon of CBRE represented the seller. The new ownership plans to invest about $13 million in revamping the facility, which is expected to be operational in fall 2021 and bring about 70 new jobs to the area.
BROWNSVILLE, TEXAS — An affiliate of Milwaukee-based Phoenix Investors has acquired the 1 million-square-foot former tire plant of Titan International Inc. in Brownsville. The property spans 108 acres and was originally built in 1997. Titan, which manufactures road tires and wheel technology for a variety of industries, ceased production at the site in 2003 and converted the facility into a multi-tenant property. Michael Reid of Newmark represented Titan in the sale of the plant. The sale included land for future industrial development.
DALLAS — NorthMarq has arranged the sale of The Muse, an 804-unit workforce housing community located at 3035 W. Pentagon Parkway in South Dallas. The Muse features approximately 30 different unit types with an average size of 926 square feet. Units include nickel finishes, pantries, private patios/balconies, tile backsplashes, walk-in closets and individual washer and dryer connections. Amenities include a fitness center, business center and onsite laundry facilities. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, S2 Capital LLC, in the transaction. Houston-based Nitya Capital purchased The Muse for an undisclosed price.
SAN ANTONIO — Hodges Ward Elliott (HWE) has brokered the sale of the 265-room Hotel Contessa, located at 306 W. Market St. in the Riverwalk area of downtown San Antonio. The 12-story luxury hotel was built in 2005 and features 10,000 square feet of event space, a rooftop pool and a restaurant/bar with Riverwalk views and access, as well as a full-service spa. John Bourret, Austin Brooks and David Auer of HWE represented the seller in the transaction. Lawrence Britvan and Pete Fehlman of HWE arranged acquisition financing on behalf of the undisclosed buyer.
BRYAN, TEXAS — Houston-based self-storage developer The Jenkins Organization has broken ground on a 304-site RV resort in Bryan. The project, which will be located near Texas A&M University, is one of the company’s five planned RV developments. Jenkins will operate the new park, which will also include 64 cabins, under the Great Escapes brand. Amenities will include two clubhouses with resort-style pools, covered pavilions for tailgating and events, walking trails, a sports court, two dog parks, a camp store and two workout facilities. The opening is scheduled for summer 2021.
AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.
Industrial developers throughout the major markets of Texas are hustling to acquire and entitle land, arrange construction financing and break ground on projects to meet ever-growing requests for an increasingly diverse group of users. Accelerated demand for e-commerce and logistics services and sustained population growth ensure that new, well-located industrial spaces will be absorbed as soon as they come on line — if not before then. Developers are increasing the proportion of spec projects within their portfolios in response to this. A recent example of such a project is the 1.3 million-square-foot Fort Worth Logistics Hub, a spec project by locally based developer VanTrust Real Estate that is designed to meet rising demand from logistics users. The developer broke ground on Phase I of the project, which is located in South Fort Worth, in late October and expects to deliver a 670,941-square-foot building in July 2021. “Right now, nearly all of our projects across 10 major markets, including Dallas-Fort Worth (DFW) are being developed on speculative basis,” says Rob Huthnance, partner at California-based investment and development firm CT Realty. “As long as the level of tenant demand remains at or near where it is now, there will continue to be …
HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.