LUFKIN, TEXAS — The ITEX Group, a Houston-based development and investment firm, has acquired land in Lufkin, located about 120 miles northeast of Houston, for the development of a 76-unit seniors housing project. The project, which will be branded Providence at Ted Trout, is valued at $11.8 million and is expected to be complete by year’s end. The property will be comprised of 48 one-bedroom units and 28 two-bedroom residences for seniors aged 55 and older.
KILGORE, TEXAS — Marcus & Millichap has arranged the sale of Sun Acres Mobile Home Park, a 65-acre residential community located in the east Texas city of Kilgore. Robert Denninger of Marcus & Millichap marketed the property on behalf of the Utah-based seller, and procured the locally based buyer in the transaction. Other terms of sale were not disclosed.
HOUSTON — NAI Partners has negotiated a 3,564-square-foot office lease for engineering and design firm Maser Consulting at Republic Square, a 324,000-square-foot property located at 13501 Katy Freeway in Houston. Randy Nerren, Jacob Aldridge and Zach Leger of NAI Partners represented the landlord in the lease negotiations. Jack Warmington of Newmark Knight Frank represented Maser Consulting.
RICHARDSON, TEXAS — Dallas-based Texas Instruments (NASDAQ: TXN) will open a $3.1 billion manufacturing facility in Richardson, a northeastern suburb of Dallas, in a move that is expected to create approximately 500 new jobs. Texas Gov. Greg Abbott made the announcement on Thursday, April 18. The facility, which local news sources report will span approximately 870,000 square feet, will be dedicated to the manufacturing of semiconductors and chips used in a variety of devices, including smartphones and other industrial machinery. A timeline for construction was not released. Texas Instruments (TI) had been engaged in site selection for a new plant for several months and even considered locations outside Texas, according to The Dallas Morning News. The paper reports that TI owns the land on which the new factory will be built, and that the Plano Independent School District, which serves the area in which the new plant will be located, has agreed to reduce TI’s property taxes for 10 years, which will save the company approximately $100 million. Company officials also cited Richardson’s strong workforce and proximity to key pieces of infrastructure as reasons to expand in the area. “We’ve selected Richardson because of its access to talent, an existing …
Even before the city’s population growth began exploding and its reputation as a tech hub became entrenched, Austin was always a true last-mile market for industrial users. Now that e-commerce has morphed into a worldwide phenomenon with real staying power, Austin looks like one of the next ideal locations for institutional industrial developers to make their marks with larger projects. However, the market does present a handful of challenges, including an intricate entitlement process, expensive land and a slightly higher cost of construction as compared to Texas’ other major markets. These barriers to entry have helped characterize the Austin industrial market we see today, with local developers leading the way. The Austin Market Today From both a developer’s and a broker’s perspective, the biggest advantage of being in a high-barrier-to-entry market, aside from less competition, is that the likelihood of becoming overbuilt is minimized. We saw this in 2008 and 2009, when the recession forced industrial users to cut operating costs and landlords to lower rents. Like the rest of the country, Austin took some hits during the Great Recession and saw a handful of properties foreclosed upon. But due to minimal new development, the market was able to maintain …
CORPUS CHRISTI, TEXAS — JLL has negotiated the sale of Parkview Apartments, a 224-unit multifamily community in Corpus Christi. Built in 1969, the property offers one-, two-, three- and four-bedroom units and amenities such as a business center, resident clubhouse and a lounge. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Raybec Management Co. Ltd., in the transaction. The buyer, GVA Real Estate Group, will implement a value-add program at the community.
HOUSTON — GreenSpace Self-Storage LLC has acquired land at 1690 North Loop West in Houston for the development of a 1,050-unit self-storage facility. The Class A, three-story property will feature 24-hour surveillance, electronic access control, climate-controlled units and a customer service office. The facility, which will offer 75,000 square feet of net rentable space, will be situated on two of the parcel’s six acres; plans for the additional acreage have not yet been finalized. Chris Bergmann Jr. of JLL represented GreenSpace in its acquisition of the land. Avison Young represented the seller.
HOUSTON — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $10.8 million Fannie Mae loan for the refinancing of Capewood Apartments, a 176-unit multifamily community in Houston. The property was built in 1976 and offers amenities such as a pool, playground and onsite laundry facilities. Brian Scharf of Arbor Realty Trust originated the loan, which carries a seven-year term and a fixed interest rate, on behalf of the undisclosed borrower.
HOUSTON — Global law firm White & Case LLP has signed a 57,315-square-foot office lease at 609 Main, a 48-story office tower owned by Hines in downtown Houston. The law firm will occupy the 29th and 30th floors. The lease brings the building’s occupancy to 84 percent. Michael Anderson and Damon Thames of Colvill Office Properties represented Hines in the lease negotiations. David Bale of JLL represented White & Case.
TOMBALL, TEXAS — E.E. Reed Construction has completed the Suez WTS USA Water & Process Technologies Laboratory project, which delivered a 44,000-square-foot industrial facility in Tomball, a northern suburb of Houston. Designed by SmithGroup, an integrated design firm with 13 offices in the United States, the tilt-wall facility includes office space. The facility houses 80 employees.