Texas

Greystar Underway on 2,000-Unit Multifamily Renovation Project at Riata Austin

by Taylor Williams July 22, 2020

AUSTIN, TEXAS — Greystar is underway on a project to renovate some 2,000 units at Riata Austin, the state capital’s largest apartment community that was developed in the late 1990s by a group of investors led by Dallas Cowboys owner Jerry Jones. The project began with upgrades to amenity spaces, including the pool, outdoor dining area, bocce ball court and 11,000-square-foot fitness center. The project team is also underway on work to deliver new amenities such as a music lounge, playground, volleyball court, dog park and the surrounding trail system. Charleston, S.C.-based Greystar expects to compete renovations to amenity and public spaces by the end of the year. Upgrades of unit interiors are being conducted in conjunction with resident move-outs.

July 22, 2020

Development Office Texas

VanTrust Real Estate Breaks Ground on 115,000 SF Spec Office Project in McKinney, Texas

by Taylor Williams July 22, 2020

MCKINNEY, TEXAS — Developer VanTrust Real Estate has broken ground on McKinney Corporate Center II, a 115,000-square-foot speculative office project located north of Dallas. The building will be located within the 2,200-acre Craig Ranch master-planned development, across the street from the campus of Collin College Tech. Amenities will include a tenant lounge, conference center and a tenant patio, as well as grab-and-go food service. Holt Lunsford Commercial is handling leasing of the project, a firm completion date for which has not yet been established. VanTrust completed McKinney Corporate Center I, which is now fully leased, in 2015.

July 22, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 260-Unit Lago del Mar Apartments in Laredo, Texas

by Taylor Williams July 22, 2020

LAREDO, TEXAS — Berkadia has arranged the sale of Lago del Mar, a 260-unit multifamily community located in the South Texas city of Laredo. Built in the early 2000s, the property offers one-, two- and three-bedroom units that average 776 square feet and feature walk-in closets, private patios and balconies and individual washers and dryers. Amenities include a pool, fitness center, dog park and a playground. Ryan Epstein, Mike Miller, Will Caruth and Cody Courtney of Berkadia represented the Chicago-based seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the buyer, Haley Real Estate Group.

July 22, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 91,580 SF Industrial Lease in Plano

by Taylor Williams July 22, 2020

PLANO, TEXAS — Lee & Associates has negotiated a 91,580-square-foot industrial lease at 901 Jupiter Road in Plano. According to LoopNet Inc., the property was built in 1979, renovated in 2000 and spans 143,819 square feet. George Tanghongs and Brett Lewis of Lee & Associates represented the landlord, Jupiter Star LLC, in the lease negotiations. Nathan Lawrence of CBRE represented the tenant, Telemar Network Technology Inc., a provider of infrastructure for the telecommunications industry.

July 22, 2020

Acquisitions Multifamily Texas

Rastegar Property Acquires 35-Unit Edge at SoCo Apartments in South Austin

by Taylor Williams July 22, 2020

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired The Edge at SoCo, a 35-unit apartment building located in the Buckingham Ridge neighborhood of South Austin. The property features one- and two-bedroom units and was 94 percent occupied at the time of sale. Rastegar will implement a value-add program that will deliver upgraded floors, cabinets and countertops to unit interiors, as well as improvements to the property exteriors and landscaping. The seller was not disclosed.

July 22, 2020

Industrial Leasing Activity Texas

Majestic Signs Amazon to 308,000 SF Industrial Lease at Kyle Crossing in Metro Austin

by Taylor Williams July 21, 2020

KYLE, TEXAS — Amazon has signed a lease to occupy a roughly 308,000-square-foot facility at Kyle Crossing Business Park in metro Austin, where the e-commerce giant will operate a sortation facility that will employ as many as 200 people. Majestic Realty, a developer based in Southern California, is the owner of the 40-acre Kyle Crossing Business Park, which is located just one block west of Interstate 35. The news follows Amazon’s announcement to open an 820,000-square-foot distribution center in Pflugerville, a northern suburb of Austin.

July 21, 2020

Development Multifamily Seniors Housing Texas

Oldham Goodwin Opens 120-Unit Affordable Seniors Housing Community in College Station

by Taylor Williams July 21, 2020

COLLEGE STATION, TEXAS — Oldham Goodwin Group has opened The Huntington at College Station, a 120-unit affordable seniors housing community in Central Texas. The property spans five acres and offers proximity to Baylor Scott & White Medical Center and the newly developed Midtown City Center mixed-use destination, as well as Texas A&M University. Units at The Huntington feature Whirlpool appliances, vinyl flooring and individual washers and dryers. Amenities include a clubroom with a kitchen area, resident library, business center, arts and crafts room, fitness center, putting green, bocce and pickleball courts and access to walking trails. Construction began in June 2019.

July 21, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers $7.4M Sale of Wood Memorial Nursing Home in Mineola, Texas

by Taylor Williams July 21, 2020

MINEOLA, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home in Mineola, approximately midway between Dallas and Shreveport, La. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. The skilled nursing facility was built in 1964 and features 115 total beds. Matthew Alley arranged the transaction for SLIB.

July 21, 2020

Acquisitions Office Texas

Colliers Arranges Sale of 23,657 SF Flex Building in Mont Belvieu, Texas

by Taylor Williams July 21, 2020

MONT BELVIEU, TEXAS — Colliers International has arranged the sale of Midstream Business Park, a 23,657-square-foot flux building in Mont Belvieu, about 30 miles east of Houston. Judd Harrison and Jason Tangen of Colliers represented the seller, Bellwether Interest LLC, in the transaction. Hart Schleicher of Capital Real Estate Commercial represented the buyer, Kimberlee Partners LP. The property was fully leased at the time of sale.

July 21, 2020

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 8,346 SF Industrial Lease in Irving

by Taylor Williams July 21, 2020

IRVING, TEXAS — Holt Lunsford Commercial has negotiated an 8,346-square-foot industrial lease at 8080 Tristar Drive in Irving. According to LoopNet Inc., the property was built in 1980 and totals 137,237 square feet. Canon Shoults, Josh Barnes and Maddy Canty with Holt Lunsford Commercial represented the landlord, KFG Investments, in the lease negotiations. Elizabeth Jones with JLL represented the tenant, Progressive Healthcare Solutions LLC.

July 21, 2020

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