HALTOM CITY, TEXAS — Phoenix-based Creation Equity has broken ground on The 820 Exchange, a commercial project located in the Fort Worth suburb of Haltom City that will consist of roughly 1 million square feet of office and warehouse space. LGE Design Build, also based in Phoenix, is the general contractor for the project. According to the Dallas Business Journal, the project is valued at $45 million and is expected to be complete by fall 2020.
TEMPLE, TEXAS — KeyBank Real Estate Capital has provided $19.6 million in financing to Denver-based Steele Properties LLC for the acquisition and renovation of Wayman Manor Apartments, a seniors housing property located in the Central Texas city of Temple. Following the renovation, Wayman Manor, which was built in 1971, will consist of 32 one-bedroom units, 96 two-bedroom residences and 32 three-bedroom units. All units are restricted under low-income housing tax credit (LIHTC) regulations at 60 percent of the area median income. Sarah Geis of KeyBank handled the transaction.
DALLAS — TripActions, a Silicon Valley-based platform that manages corporate travel, has signed an 88,490-square-foot office lease at Renaissance Tower, a 56-story building located at 1201 Elm St. in downtown Dallas. Evan Hammer, David Harris and Jade Scott of Whitebox Real Estate, along with Bo McNally and David Bergeron of T3 Advisors, represented TripActions in the lease negotiations. Dennis Barnes, Clay Gilbert and Ben Davis of CBRE represented the landlord, a joint venture between SMA Equities and Moinian Group.
AUSTIN, TEXAS — Rastegar Property Co. has acquired Plaza 38, a 48-unit multifamily property located at 206 W. 38th St. in Austin’s Hyde Park neighborhood of Austin. The property features one- and two-bedroom units with hardwood floors, full kitchens and brick accent walls. Amenities include a pool and patio area. The seller was not disclosed. Newmark Knight Frank represented Rastegar in the transaction.
Much of the national hype surrounding the growth in industrial development, investment and leasing activity in North Texas is centered on Dallas, a national leader in in-migration and employment growth across a variety of industries. The demographic and economic fundamentals of Dallas have made it a highly desirable market for e-commerce and third-party logistics users looking to service an ever-growing last-mile population. But beginning about four years ago, the dwindling supply of quality sites near the Dallas core began to generate rapid rent growth, causing priced-out developers and users to start looking westward. Fort Worth’s transition from a predominantly manufacturing market to a dynamic logistics and distribution hub began with Hillwood’s purchase of 15,000 acres for its AllianceTexas development in the mid 1980s. Since that time, Fort Worth has displayed a more aggressive stance on economic and industrial development. Both cities have long shared access to critical pieces of infrastructure — DFW International Airport, Interstates 20, 30 and 35 — as well as strong availability of land and a quality supply of laborers. But until recently, the growth paths always favored Dallas — the more gentrified of the two cities that was also a preferred destination for corporate relocations and …
HOUSTON — Hines has begun construction on Phase II of Boulevard Oaks Business Park, a project that will deliver approximately 1.1 million square feet of industrial space across six buildings. Boulevard Oaks Business Park spans 120 acres and is located in southwest Houston. Phase I of the project delivered 450,000 square feet of new industrial space across four buildings that is now 95 percent occupied. Phase II is expected to be complete in the third quarter of 2020. Burton Construction is the general contractor for the project, and Powers Brown is the architect of record. Cushman & Wakefield handles leasing of the property.
HOUSTON — Subsidiaries of Hartman Income REIT have acquired three office buildings totaling 222,043 square feet in Houston’s Energy Corridor area. Timberway II is a 130,828-square-foot building that was 64.2 percent occupied at the time of sale; One Park Ten Place is a 34,089-square-foot asset that was 34.6 percent occupied at the time of sale; and Two Park Ten Place is a 57,125-square-foot property that was 89.1 percent occupied at the time of sale. All three properties were built between 1979 and 1983 and have subsequently been renovated. The seller(s) was not disclosed.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has arranged the sale of a 213,630-square-foot industrial building leased to Ashley Furniture in Grand Prairie, located in the center of the Dallas-Fort Worth (DFW) metroplex. The property was built on 11.5 acres in 1979 and renovated in 1995. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors, in the transaction.
FORT WORTH, TEXAS — Marriott International has opened a 170-room Springhill Suites hotel at 2315 N. Main St. in Fort Worth’s Historic Stockyards district. The six-story property features a fitness center, outdoor pool, complimentary breakfast and 11,500 square feet of meeting and event space. In addition, a food and beverage concept from local chef Tim Love is scheduled to open at the hotel in early 2020. OGC Main Street LP owns the hotel, and Oldham Goodwin Group manages it.
PLANO, TEXAS — CIT Group Inc., a publicly traded national bank, has provided a $36.2 million acquisition loan for Park Center, a 236,000-square-foot office building in Plano. The five-story, Class A building houses tenants in the sports marketing, insurance and title industries. The borrower was an affiliate of New York-based Innovatus Capital Partners. Park Center was 97 percent leased at the time of sale.
