AUSTIN, TEXAS — Austin-based Greenstar Development has completed 49 Street Office Park, a 32,900-square-foot adaptive reuse project in the Rosedale neighborhood of Austin. Designed by Mark Odom Studio, the two-story building features three office spaces connected by outdoor work areas. Franklin-Alan served as the general contractor for the project. Architecture firms Britt Design Group and Thirteen23 have committed as tenants to the building.
THE COLONY, TEXAS — Dallas-based Cawley Partners will develop three office buildings totaling more than 1.5 million square feet at Grandscape, a 433-acre mixed-use destination located in the northern Dallas suburb of The Colony. Hoefer Wysocki is handling design of the new buildings, all of which will rise 17 stories and feature 500,000 square feet of Class A space. A construction timeline is still being established as the development team looks for a lead tenant for the project. Nebraska Furniture Mart is the lead developer of Grandscape and anchors the development’s retail component along with sporting goods store Scheels.
LAKE JACKSON, TEXAS — Lexington Realty Trust (NYSE: LXP) has sold its interest in an office building in Lake Jackson, a city located south of Houston, for $192 million. Built in 2016, the 664,100-square-foot building is situated on a 34.1-acre site and was fully leased to Dow Chemical, which also operates a nearby manufacturing plant, at the time of sale. The buyer was not disclosed. In announcing this news, Lexington also disclosed the purchase of a 201,784-square-foot warehouse and distribution center in Phoenix that is fully leased to an unspecified e-commerce firm.
ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Heritage Park, a 204-unit apartment community in Arlington. The garden-style property was built on seven acres in 1983 and features one- and two-bedroom units. Amenities include a pool, 24-hour fitness center, outdoor kitchen and grilling area, a new dog park and a newly renovated clubhouse. Tampa-based American Landmark Apartments sold the property to WAK Management Co. for an undisclosed price. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA, along with Nick Fluellen and Bard Hoover of Marcus & Millichap, represented both parties in the deal.
ARLINGTON, TEXAS — South Carolina-based Johnson Development Associates Inc. will build Forum Commerce Center, a 129,450-square-foot speculative industrial project that will be located in the Great Southwest submarket in Arlington. Building features will include a cross-dock configuration, 32-foot clear heights, 24 dock doors, 84 car parking spaces (expandable) and nine trailer parking stalls. Cushman & Wakefield is handling leasing of the project, which is expected to be complete in the second quarter of 2021.
FLOWER MOUND, TEXAS — Custom Ink, a provider of printing services for the apparel industry, has signed a 90,200-square-foot industrial lease renewal at Lakeside Commerce Center in the Fort Worth suburb of Flower Mound. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge, in the lease negotiations. Chris Stout of JLL represented the tenant.
DALLAS — JLL has provided an undisclosed amount of Fannie Mae acquisition financing for Los Altos Trinity Green, a 324-unit apartment community in West Dallas. Built in 2019 as Alta Trinity Green, the property is part of the 24.8-acre Trinity Green residential district that features proximity to multiple office hubs and retail options. Units come in studio, one-, two- and three-bedroom formats. Amenities include a pool, outdoor lounge, rooftop deck, clubhouse and game room, fitness center and a dog washing station. Susan Hill and Cortney Cole of JLL originated the financing, which was structured with a 10-year term, a fixed interest rate of 2.62 percent and five years of interest-only payments, on behalf of the borrower, Houston-based investment firm Barvin. The seller was Wood Partners.
HOUSTON — Marcus & Millichap has brokered the sale of West Bellfort Self Storage, a 350-unit facility in southwest Houston. The property was built on 4.3 acres in 2008 and features 42,925 net rentable square feet of non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based limited liability company, in the transaction. A Dallas-based limited liability company purchased the asset for an undisclosed price.
BELLAIRE, TEXAS — Local Office, a Houston-based coworking concept, has opened an 11,000-square-foot space at 4909 Bissonnet St. in the Houston suburb of Bellaire. The pet-friendly space is the third for Local Office and features kitchen facilities, conference rooms and private furnished offices. A private partnership owns the building.
SAN ANTONIO — Worth & Associates has landed the first tenant at Walker Ranch Business Park, the locally based developer’s 135,000-square-foot office and flex project on the city’s north-central side. Computer Solutions, a San Antonio-based technology and IT consulting firm, will occupy 20,540 square feet at Building II, where about 90 employees will work. The 78,000-square-foot Building II is under construction, and the tenant expects to take occupancy of its new space in April 2021. Russell Noll of Transwestern represented Computer Solutions in the lease negotiations.