Texas

PORT ARANSAS, TEXAS — Sea Oats Group has begun construction on Cinnamon Shore South, a $1.3 billion mixed-use project that represents an expansion of the 300-acre Cinnamon Shore development in Port Aransas, located outside Corpus Christi on the Texas coast. In addition to luxury homes, Cinnamon Shore South will feature several commercial components, including roughly 120,000 square feet of retail and restaurant space, a 12,000-square-foot health and wellness center, 175-room hotel and 40,000 square feet for office or live/work space. In addition, a 225-room hotel and convention center that can accommodate as many as 2,000 attendees will also be developed on Cinnamon Shore property, with the groundbreaking slated for February 2020 and the opening scheduled for 2021.

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HOUSTON — International developer Skanska has purchased a full city block in downtown Houston for approximately $55 million with plans to develop a mixed-use project with office, multifamily and retail uses. According to The Houston Chronicle, the development timeline and additional details on the project will be determined after a master-planning process that is expected to begin by the end of the year.

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HOUSTON — Berkadia has negotiated the sale of The Everly, a 387-unit multifamily community in Houston. Built in 2018, the property features one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and quartz countertops. Community amenities include a fitness center, Wi-Fi lounge, pool, outdoor fire pit, dog park and dog wash, beer garden and an indoor golf simulator. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, San Antonio-based Embrey Partners Ltd., in the transaction. The buyer was The Praedium Group, a privately held investment firm based in New York.

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BURLESON, TEXAS — Premier Refrigerated Warehouse, a locally based provider of cold storage solutions, has inked a deal to occupy 200,000 square feet at a new facility underway in Burleson, located south of Fort Worth. Austin-based Yukon Ventures and New Jersey-based Saxum Real Estate are co-developing the 400,000-square-foot property. According to the Dallas Business Journal, the facility is valued at approximately $50 million and is expected to be complete by the fourth quarter of 2021.

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GONZALES, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of a 62-room La Quinta Inn & Suites by Wyndham hotel in Gonzales, about 75 miles east of San Antonio. Situated on Highway 183, the property is in close proximity to historic sites including the Gonzales Memorial Museum and Texas Heroes Square. Mitt Patel and Daniel Hartnett of Greysteel arranged the fixed-rate loan on behalf of the undisclosed borrower.

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FRISCO, TEXAS — General contractor Brasfield & Gorrie has been selected to build a new 500-room Omni Hotel & Resort at the future site of the PGA of America’s headquarters in Frisco. The property will include a retail village, golf villas, a clubhouse and a variety of outdoor amenities. The PGA is relocating from South Florida to a 600-acre development that is slated for completion in 2022.

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AUSTIN, TEXAS — Stonelake Capital Partners is underway on construction of Domain Tower II, a 24-story office project within The Domain mixed-use development on Austin’s north side. Designed by Beck Group, the property will ultimately span 330,000 square feet. A timeline for completion was not released. Stonelake recently completed construction of Domain Tower, which is fully leased to employment search engine Indeed.

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HOUSTON — Finial Investments has acquired a 23,750-square-foot industrial building located at 203 Blue Bell Road in Houston. The property was fully leased at the time of sale to ACE Steel Supply. Doc Perrier of Finial Group represented the buyer in the transaction on an internal basis. The seller was not disclosed.

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MANSFIELD, TEXAS — Belk Department Store and T.J. Maxx have opened their stores at Shops at Broad, a 430,000-square-foot mixed-used development located in Mansfield, located southeast of Fort Worth.  The new retail and restaurant locations will join Academy Sports + Outdoors and At Home, both of which opened in October 2018. CBRE handles leasing of the property on behalf of the owner and developer, Geyer Morris Co.

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FORT WORTH, TEXAS — JLL has negotiated a 22,414-square-foot office lease for Property Damage Appraisers at the Pier 1 Imports building in Fort Worth. The space will serve as the company’s new corporate headquarters. Michael Morgan of Hertz Investment Group, which owns the building, and Pat McDowell of JLL handled the transaction.

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