LAKEWAY, TEXAS — Full-service real estate firm Equity has completed a 40,000-square-foot medical office building at 101 Medical Parkway in Lakeway, located northwest of Austin. The project represents Phase I of the Lakeway Medical Village development. The building is open for business and houses physician groups and outpatient service providers including Premier Family Physicians, Texas Orthopedics, Urology Austin and Texas PT Specialists.
SAN ANTONIO — Equitable Commercial Realty (ECR), and Austin-based brokerage and management firm, will expand its suite of services to the San Antonio market, where it already has multiple listings, including the Aztec Building downtown. Albert Vazquez will lead the new San Antonio office of ECR, which has been ranked as one of the nation’s 5,000 fastest-growing companies for four consecutive years.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Plaza Viejo Shopping Center, a 17,900-square-foot retail center located in the South Texas city of Brownsville. The property was built on 2.3 acres in 2005. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors.
HOUSTON — NAI Partners has arranged the sale of a 12,000-square-foot, freestanding industrial building located at 7311 Galveston Road in Houston. Nick Terry of NAI Partners represented the seller in the transaction. Hunter Brown and Nelson Ellis of Brown & Co. Realty represented the undisclosed buyer.
HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.
AUSTIN, TEXAS — A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum, a 319,000-square-foot office property in northwest Austin. The campus offers proximity to The Domain, one of Austin’s premier shopping and dining destinations, as well as picnic areas, a volleyball court and a basketball court.
RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.
BELLAIRE, TEXAS — Jacob White Construction has broken ground on Bissonnet Medical Plaza, a 52,000-square-foot healthcare project in Bellaire, a southwestern suburb of Houston. Building features will include a patient drop-off area, gurney-sized elevators and both surface level and garage parking. Completion is slated for the fourth quarter of 2020. JLL will handle leasing of the property.
HOUSTON — Lee & Associates has negotiated a 46,950-square-foot industrial lease at 8700 Clay Road in Houston for Imperial Wholesale Inc., a provider of ceramic and tile products. According to LoopNet Inc., the property was built in 1980 and totals 160,275 square feet. Jim Autenreith and Sam Rayburn of Moody Rambin represented the building owner in the lease negotiations. Preston Yaggi of Lee & Associates represented Imperial Wholesale.
While Austin is the Texas city that has become most synonymous with a tech-heavy office market over the last decade, the remarkable amount of overall job growth in the metroplex is allowing Dallas to slowly grab a larger piece of the tech pie. While some of the fastest-growing tech firms in the market right now — Google, Facebook, Indeed — have committed to larger office footprints in Austin, many of these firms still retain offices in Dallas due to its strong supply of qualified labor and relatively cheaper cost of doing business. However, in addition to having offices in Dallas, these firms have contributed to commercial real estate growth in the metroplex through build-to-suit data center developments and large colocation leases with established data center operators in the market. Facebook’s $1 billion data center development in Fort Worth is among the largest in the country, and construction recently began on Google’s $600 million data center campus in the southern suburb of Midlothian. IBM SoftLayer, Rackspace, and LinkedIn are other examples of technology firms taking large data center leases in the Dallas metroplex, North America’s third-largest data center market, according to 2019 figures from DataCenter Hawk. Outside of the context of …
