COPPELL, TEXAS — CBRE has negotiated a 20,000-square-foot industrial lease renewal in Coppell, located just north of Dallas-Fort Worth (DFW) International Airport. Brian Gilchrist and Steve Koldyke of CBRE represented the tenant, telecommunications firm GW Communications, in the lease negotiations.
ELGIN, OKLA. — Marcus & Millichap has brokered the sale of Kensington Rental Estates, a 26-unit multifamily community in Elgin, located southwest of Oklahoma City. Derek Wilson of Marcus & Millichap represented the seller and buyer, both of which were private investors, in the transaction. The property was built in 2013 and offers two- and three-bedroom units.
SPRING, TEXAS — Passco Cos., a California-based investment and development firm, has acquired The Grayson, a 330-unit multifamily community located in the northern Houston suburb of Spring. Situated near Interstate 45 and State Highway 99, the community offers one-, two- and three-bedroom floor plans with stainless steel appliances, island kitchens with granite countertops, modern cabinets and fixtures and individual washers and dryers. Amenities include a pool, fitness center, dog park, jogging trail, resident kitchen and a cyber café. Josh Goldfarb and John Carr of Cushman & Wakefield represented Passco and seller Bridgeview Louetta LLC in the deal. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco.
FORT WORTH, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has broken ground on Alta Champions Circle, a 285-unit multifamily project in north Fort Worth. The community will offer one-, two- and three-bedroom units averaging 957 square feet. Units will feature custom granite countertops, stainless steel appliances and individual washers and dryers. Amenities will include a pool, fitness center and outdoor grilling stations. Completion is slated for summer 2020.
AUSTIN, TEXAS — Boutique investment firm Valor Capital Partners LLC has acquired Rialto I and II, a 160,000-square-foot office complex in southwest Austin. The two-building property, which is situated on 29 acres within the Lantana development, houses tenants such as LJA Engineering, Amica and Regus. Equitable Commercial Realty will handle leasing of the property, the seller of which was an undisclosed institutional owner. With this acquisition, Valor’s portfolio of office space in Austin now exceeds 500,000 square feet.
CARROLLTON, TEXAS — HFF has negotiated the sale of Villas of Josey Ranch, a 198-unit apartment property situated on 12.3 acres in the northern Dallas suburb of Carrollton. The property, which was 96.5 percent occupied at the time of sale, comprises 19 two-story buildings with one- and two-bedroom units averaging 849 square feet. Amenities include multiple pools, outdoor picnic areas, a 24-hour fitness center and a business center. Bill Miller, Roberto Casas, Rob Key and Greg Toro of HFF represented the seller, a partnership between Harbert Management Corp. and Balfour Beatty Communities, in the transaction. HFF also procured the buyer, Houston-based Domain Communities.
KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres. Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller. Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction. All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in …
It’s not often that a single project captures an office market’s growth and evolution over a 40-year period. But that is precisely what’s happening in El Paso. WestStar Tower, a 19-story, Class A building, is the first project of its kind to be built in El Paso in 40 years since the 415,000-square-foot Stanton Tower was constructed for El Paso Natural Gas. With co-developers Hunt Cos. and WestStar Bank beginning vertical construction of the 262,000-square-foot building last summer, El Paso’s skyline is set to change considerably upon its completion in late 2020. The symbolism of WestStar Tower to El Paso is not unlike the relationship between Frost Tower and San Antonio, another city that was starved of major Class A office development throughout the 1990s and 2000s. With both cities experiencing steady job growth from local expansions and new relocations, developers of quality office product are viewing these markets in new lights. El Paso is also getting younger. According to recent research from El Paso’s economic development department, roughly 40 percent of the city’s 838,000 residents are under the age of 40. The median age is 31 and the city ranks in the Top 10 in terms of its appeal …
AUSTIN, TEXAS — HFF has arranged a loan of an undisclosed amount for the refinancing of the 278-room Aloft Austin Downtown and the 144-room Element Austin Downtown, the first dual-branded hotel in Austin that opened in July 2017. The property is located near the Sixth Street Entertainment District, the University of Texas at Austin and the State Capitol Building. Danny Kaufman, Christopher Carroll, Jeff Bucaro, Nicole Aguiar and Doug Opalka of HFF placed the debt through PGIM Real Estate Finance on behalf of the borrower, Indiana-based White Lodging. Proceeds from the loan, which carried a 10-year term and a fixed interest rate, will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs.
RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.