Texas

Senior Resource Group Opens 232-Unit Seniors Housing Community at The Domain in Austin

by John Nelson January 2, 2020

AUSTIN, TEXAS — Senior Resource Group (SRG) has opened Maravilla at The Domain, the company’s first community in Texas. The project is located in the heart of the residential area of The Domain, a high-density mixed-use development in the North Burnet neighborhood of Austin. The seniors housing community comprises an 11-story south tower, six-story central tower and seven-story north tower, with subterranean parking, courtyards and a swimming pool. The 370,000-square-foot development offers 144 independent living, 54 assisted living and 34 memory care units. Residents have begun moving into Maravilla’s independent living apartments located in the central and south towers, and will start moving into the assisted living and memory care residences in the north tower this month.

January 2, 2020

Leasing Activity Restaurant Retail Texas

Whitestone REIT Signs Two Restaurant Concepts to Join Parkside Village South in Austin

by John Nelson January 2, 2020

AUSTIN, TEXAS — Whitestone REIT has signed two new restaurant concepts to join Parkside Village South, a shopping center located at 5701 W. Slaughter Lane in southwest Austin. The two restaurants, Oasthouse Kitchen + Bar and Keepers, will occupy 8,043 square feet and share a kitchen. Local restaurateurs Amir Hajimaleki and Ali Hajimaleki created the two concepts. The Parkside Village South location will be the second Oasthouse restaurant, while Keepers is a new seafood concept. The brothers also operate District Kitchen in Austin, which opened in 2013. Parkside Village South’s tenant roster includes Alamo Drafthouse Cinema, Chase Bank, Orangetheory Fitness, Kumon Learning Center, ATX Bike Shop, Kid Spa Austin and Burger Fi.

January 2, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 46,250 SF Industrial Building in The Colony, Texas

by John Nelson January 2, 2020

THE COLONY, TEXAS — Marcus & Millichap has brokered the sale of Riverview Business Center, a 46,250-square-foot industrial building located at 1671 Riverview Drive in The Colony. Situated on a four-acre parcel, the property was built in 2006 and renovated in 2010. Adam Abushagur of Marcus & Millichap’s Dallas office represented the seller, a private investor, in the transaction. Abushagur also procured the buyer, a private investor based in California that used the 1031 program.

January 2, 2020

Leasing Activity Office Texas

Paragon Healthcare Leases 67,000 SF at The Apex Building in Plano

by John Nelson January 2, 2020

PLANO, TEXAS — Paragon Healthcare, a medical firm specializing in infusible and injectable pharmacy services, has leased 67,000 square feet of office space at The Apex Building in Plano. The company will move more than 250 employees from its current headquarters in Dallas to its new offices at 3033 W. President George Bush Highway. Paragon plans to create an additional 75 positions at the office by 2021. Brad Struck, Darren Woodson and Roy Reis of esrp represented Paragon in the lease negotiations, and Susan Arledge of esrp arranged incentives with the City of Plano. Duane Henley of Transwestern represented the landlord, Dallas-based Champion Partners.

January 2, 2020

Leasing Activity Restaurant Texas

Mooyah Burgers Opens New Restaurant at Stonebriar Centre in Frisco Within KidZania USA

by John Nelson January 2, 2020

FRISCO, TEXAS — MOOYAH Burgers, Fries & Shakes, a fast-casual burger chain based in Plano, has partnered with KidZania USA, an interactive 85,000-square-foot indoor “city” for kids ages 6 to 14, to be one of the featured restaurant experiences within KidZania’s first North America location. The indoor family entertainment center, which now has 29 locations in 22 countries, opened at Stonebriar Centre in Frisco. Brookfield Properties owns the mall. Guests at Mooyah can be their own chefs by creating their own hand-cut fries and real ice cream shakes. According to the Brookfield website, there are more than 100 occupations that children can utilize at the KidZania USA location.

January 2, 2020

Acquisitions Industrial Office Texas Top Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado January 2, 2020

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

January 2, 2020

Industrial Market Reports Texas Texas Market Reports

Pricing for Industrial Assets in Dallas Increases 20 Percent in 12 Months

by Taylor Williams December 31, 2019

Pricing for industrial distribution and warehouse properties has climbed in many U.S. markets over the past 12 months as investors have continued to focus on markets tied to large population centers and their connections to logistics and e-commerce spaces. According to an Avison Young Industrial Investment Review, prices in the Dallas-Fort Worth (DFW) market rose the most out of the major industrial markets reviewed, increasing 20 percent to $85 per square foot. Prices for DFW industrial assets rose more than those in New York/Northern New Jersey (15.9 percent to $167), Miami (14.8 percent to $140), Los Angeles (11.6 percent to $168), and California’s Inland Empire (7.5 percent to $123). The review analyzed data from Real Capital Analytics (RCA) from the fourth quarter of 2018 to the third quarter of 2019. Strong population growth in North Texas has generated demand for a wide range of industrial assets, including e-commerce, and has propelled DFW into the spotlight for global investors. The market benefits from solid infrastructure, with four major intermodal terminals and the massive DFW International Airport helping position it as one of the nation’s largest inland ports. The DFW industrial market is also supported by strong job growth, construction activity, absorption …

December 31, 2019

Market Reports Office Texas Texas Market Reports

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

by Taylor Williams December 27, 2019

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have expanded or consolidated their regional workforces in this area. Currently, Dallas has 5.3 million square feet of Class A office product under construction, 2 million of which is in Las Colinas. In fact, since 2009, Las Colinas has added over 54,000 employees. That’s equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying. Even with this remarkable influx of new jobs and our growing population, the competition for talent in Dallas remains fierce. Jason Savings, an economist with the Federal Reserve Bank of Dallas, recently noted that we’re in the midst of a historically tight labor market, the likes of which haven’t been seen since 1969. The Irving–Las Colinas submarket leads the …

December 27, 2019

Acquisitions Multifamily Texas

Tradewind Properties Buys 270-Unit Apartment Community in Corpus Christi

by Taylor Williams December 24, 2019

CORPUS CHRISTI, TEXAS — Tradewind Properties has acquired Camden South Bay, a 270-unit apartment community in Corpus Christi. Built in 2007, the property offers one-, two- and three-bedroom layouts ranging in size from 642 to 1,500 square feet. Amenities include a 24-hour fitness center with a children’s play area, gaming lounge with billiards, pool and outdoor kitchen, business center, sand volleyball court and a dog park. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Fund South Bay, in the transaction. Cutt Ableson of Berkadia arranged floating-rate acquisition financing through Freddie Mac on behalf of Tradewind.

December 24, 2019

Development Hospitality Oklahoma Texas

Plains Management to Develop 120-Room Ellison Hotel in Oklahoma City

by Taylor Williams December 24, 2019

OKLAHOMA CITY — Locally based firm Plains Management Group will develop a 120-room hotel in Oklahoma City’s Nichols Hills neighborhood that will be named after the city’s literary icon Ralph Ellison. Set to open in 2021, the Ellison hotel will feature a rooftop pool and bar and 7,000 square feet of meeting space. Washington Prime Group sold the land on which the hotel will be developed.

December 24, 2019

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