FORT WORTH, TEXAS — Black Creek Group, a Denver-based investment and development firm, has broken ground on a 569,000-square-foot industrial project within Carter Logistics Center in Fort Worth. The project will deliver three buildings with 32-foot clear heights, 180-foot truck court depths and proximity to Interstates 35 and 20. The buildings will range in size from 88,000 to 250,000 square feet and will be divisible down to 30,000 square feet to accommodate multiple tenants. Construction is scheduled to be complete in the third quarter of 2020. CBRE is handling leasing of the project.
HOUSTON — Hartman Income REIT, a private real estate investment trust, has acquired a portfolio of three office buildings totaling 254,234 square feet in Houston. The first property is a 102,893-square-foot building located at 1400 Broadfield Blvd. in the Energy Corridor area. The second asset is an 83,760-square-foot property located at 16420 Park 10, and the third property is a 67,581-square-foot building located at 7915 FM 1960 in northwest Houston. The three properties were 55.2 percent leased on average at the time of sale. JLL represented the undisclosed seller in the transaction.
DALLAS — Locally based developer Hall Group has opened the HALL Arts Hotel, a luxury boutique hotel located in the Dallas Arts District. Designed by HKS Architects, the property features a 183 guest rooms, 19 suites, a restaurant and lounge, rooftop pool, fitness center, contemporary art collection and more than 6,000 square feet of meeting and event space. The property is the first hotel to open in the district.
CEDAR PARK, TEXAS — CBRE has arranged an undisclosed amount of permanent acquisition financing for The View at Cedar Park, a 166-unit multifamily community located on the northern outskirts of Austin in Cedar Park. The property was completed in 2017 and features amenities such as a pool, fitness center, business center and a dog park. Benjamin Roelke and Ian Walker of CBRE arranged the loan, which carried a five-year term and a fixed interest rate, through an undisclosed life company on behalf of the borrower, Horizon Realty Advisors. The new ownership will implement a value-add program.
ARLINGTON, TEXAS — Fort Capital, a Fort Worth-based investment firm, has purchased a portfolio of 10 light industrial buildings totaling 455,331 square feet in Arlington. The buildings, located in the Great Southwest submarket, are situated within half a mile of Interstate 30 and just minutes south of Dallas-Fort Worth International Airport. The seller was not disclosed. With this transaction, Fort Capital has now acquired more than 2.5 million square feet of industrial product in the last two years.
IRVING AND PLANO, TEXAS — Cushman & Wakefield has brokered the sale of two seniors housing communities totaling 265 units in the Dallas area. The communities include MacArthur Hills in Irving and Prestonwood Court in Plano. The two Class A, infill properties offer a combination of independent living, assisted living and memory care services. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Chris Remeika. The buyer and sales price were not disclosed.
ROUND ROCK, TEXAS — NAI Partners’ Investment Fund III has acquired Triangle Center, a 58,929-square-foot retail center situated on 4.9 acres in the northern Austin suburb of Round Rock. According to LoopNet Inc., the property was built in 1984. Andrew Pappas and Adam Hawkins of NAI Partners negotiated the deal with Matt Fain of Equitable Commercial Realty, who represented the undisclosed seller. Veritex Community Bank provided acquisition financing.
BLUE MOUND, TEXAS — Prolift Rigging, a Virginia-based crane services provider, has signed a 52,000-square-foot industrial lease at 1005 S. Blue Mound Road on the northern outskirts of Fort Worth. Forrest Cook and Sarah Ozanne of Stream Realty Partners represented the landlord, Hilzer Family Trust, in the lease negotiations. The representative of the tenant was not disclosed.
FARMERS BRANCH, TEXAS — Lee & Associates has negotiated an 8,500-square-foot industrial lease in Farmers Branch, a northern suburb of Dallas. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, IC Industrial REIT, in the lease negotiations. Robert Powell of Powell Realty Advisors represented the tenant, TSI Commercial Flooring.
With the major markets of Texas adding thousands of new apartments every year, multifamily management firms are increasingly relying on technology to accelerate leasing activity, grow renewal rates and handle requests from tenants — all in the name of keeping their properties competitive and their investor clients happy. As beneficiaries of strong job and population growth throughout this cycle, Dallas-Fort Worth (DFW), Houston and Austin have all watched their multifamily supply levels increase. According to CoStar Group, DFW, a national leader in apartment development, has added more than 20,000 units per year in each of the last three years. Houston has also seen its supply of multifamily product grow over the past several years as natural population growth has worked to offset hiring slumps brought on by depressed energy prices. Austin and San Antonio are also facing demand for more housing via the strong population growth occurring throughout the region. Multifamily supply growth means that renters have more options on where to live and can afford to be more selective, not only with regard to rental rates, but also in terms of services. To the latter point, management professionals have taken on an added element of customer service that …