DALLAS — McCarthy Building Cos. is underway on a 141,000-square-foot expansion project in Dallas for Southwest Airlines’ Leadership & Aircrew Development Center at the company’s Dallas headquarters campus. The project will add space for eight additional flight simulators — up from its current 18 simulators — additional room for briefing rooms and space for smaller flight training devices. The opening is slated for fall 2020.
GEORGETOWN, TEXAS — A joint venture between Chicago-based Origin Investments and Austin-based F&B Capital has purchased Anatole at Westinghouse, a 250-unit apartment community located in the northern Austin suburb of Georgetown. Built on 13 acres in 2015, the property comprises 148 one-bedroom units, 96 two-bedroom units and six three-bedroom units equipped with modern appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool with outdoor grilling areas, a fitness center, business center and a dog park. The seller and sales price were not disclosed.
DALLAS — Locally based financial intermediary Metropolitan Capital Advisors (MCA) has arranged a $5.1 million construction loan for a 20,700-square-foot retail property that will be located adjacent to the RedBird Mall in South Dallas. Foot Locker will occupy the space, which will be fronted by a one-acre outdoor area that will be used for outdoor athletic events. Scott Lynn and Andrew Hanzl handled the debt placement with Texas Capital Bank on behalf of the borrower, RedBird Development Group. Future phases at RedBird Mall will include the construction of several restaurant concepts neighboring the Footlocker along the perimeter of the green space.
HOUSTON — Hines and an affiliate of Cerberus Capital Management LP have purchased a 2.1 million-square-foot office complex located at 600-601 Travis St. in downtown Houston. The property at 600 Travis St., which was formerly branded JPMorgan Chase Tower, stands 75 stories, measures approximately 1.7 million square feet including 22,237 square feet of ground-floor retail space and is the tallest building in Texas. The building at 601 Travis St. was formerly branded JPMorgan Chase Center, rises 20 stories and spans about 408,000 square feet. The property at 600 Travis St. will undergo significant capital improvements, including upgrades to the lobby and common areas and the addition of a new conference center. Hines manages both buildings. The seller was not disclosed.
PLANO, TEXAS — A partnership between Dallas-based Trez Capital and Houston-based Hines has acquired a 1,603-unit self-storage facility located at 525 N Ave. in Plano. The four-building facility, which is located near the intersection of President George Bush Tollway and U.S. Highway 75, features a gross square footage of 235,400 square feet and 124 for-lease parking spaces. The new ownership plans to increase the leasable parking space by 30 to 40 percent. The transaction marks the first self-storage acquisition for the partnership, which has primarily focused on single-family development over its six-year existence.
EDINBURG AND BROWNSVILLE, TEXAS — Dallas-based developer RightQuest, n conjunction with local partnerships JTMR LLC and JJR Group Ltd, has sold a 416-unit luxury apartment portfolio located in south Texas to an undisclosed buyer. The portfolio includes the 144-unit Royal Vista in Edinburg, the 128-unit Bella Vista Phase I and the 144-unit Bella Vista Phase II in Brownsville. All properties were completed within the last six years. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction, and JLL represented the buyer.
FRIENDSWOOD, TEXAS — Virgata Property Co. has announced several new tenant openings at Virgata Commons, the company’s 14-acre mixed-use development in Friendswood, located south of Houston. Orangetheory Fitness and MOD Pizza recently opened their doors, while Chipotle Mexican Grill and Jersey Mike’s are slated to open in mid-November. A space for Chick-fil-A is under construction and is expected to be complete by early 2020.
SAN ANTONIO — Greysteel has arranged a loan of an undisclosed amount for the refinancing of the 64-room La Quinta Inn & Suites by Wyndham San Antonio, located just off Interstate 10 in the Alamo City. The hotel features a pool, fitness center and a business center. Mitt Patel and Daniel Hartnett of Greysteel arranged the long-term, fixed-rate financing on behalf of the undisclosed borrower.
SOUTHLAKE, TEXAS — Dallas-based design-build firm ARCO/Murray has completed a 650-unit self-storage facility in Southlake, a northern suburb of Fort Worth. The three-story facility spans 104,000 square feet and includes a 1,300-square-foot office space and an interior loading area. The developer was The Jenkins Organization, a self-storage firm based in Houston.
AUSTIN, TEXAS — High Street Residential, the multifamily development arm of Trammell Crow Co., and Principal Real Estate Investors have sold Crestview Commons, a 353-unit apartment community in Austin. The property features one-, two- and three-bedroom units ranging in size from 642 to 1,405 square feet. Amenities include a pool, outdoor grilling areas, multiple courtyard spaces, a fitness center, entertainment kitchen and a resident lounge. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the deal on behalf of the sellers. The buyer was Verbena Road Holdings.
