DALLAS — Locally based investment firm Sealy & Co. has acquired a portfolio of 19 light industrial buildings totaling 1.6 million square feet in Dallas. The portfolio was 97 percent leased at the time of sale. Randy Baird of CBRE worked with Scott Sealy Jr., Jason Gandy and Tom Herter of Sealy & Co. to broker the deal, the seller in which was not disclosed. The acquisition is the largest in company history and follows Sealy’s $908 million disposition of a 16.3 million-square-foot industrial portfolio earlier this month.
OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.
HOUSTON — Houston-based Investment & Development Ventures LLC (IDV) is has acquired land for the development of a new industrial park in Houston. The development spans 214 acres with nearly a mile of frontage along Beltway 8 on the city’s south side. Dave Ramsey and Brad Elmore of Houston-based NewQuest Properties represented the seller in the land disposition.
AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 91-room Hyatt Place in Amarillo. The hotel is located in the city’s medical district and is part of the company’s hotel campus that also features a 90-room Tru by Hilton and a 90-room Aloft by Marriott. The Tru by Hilton hotel opened in August 2018, and construction of the Aloft hotel is scheduled to begin in mid-2020.
HOUSTON — NAI Partners has negotiated a 15,300-square-foot industrial lease at 4318 Bluebonnet Drive in south Houston for Lake Management Services, which specializes in construction and maintenance of lakes and ponds. Jake Wilkinson and Chris Caudill of NAI Partners represented the tenant in the lease negotiations. Clay Pritchett, also with NAI Partners, represented the landlord, Martinez A&M Investments.
AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 60-story mixed-use tower at 311 and 321 W. 6th St. in downtown Austin. Designed by Page, the building will rise 770 feet and span 530,371 square feet. Levels 12 through 17 will comprise 120,000 square feet of Class A office space. Levels 20 through 60 will consist of 363 multifamily units, 75 percent of which will be studio and one-bedroom residences. The remainder will be two- and three-bedroom units. The other floors will be reserved for parking and retail. Residential amenities will include a pool, fitness center, media room, pet park and a 3,000-square-foot clubhouse on the top floor. A construction timeline was not released, but Ryan Cos. plans to propose the project to the Austin City Council before the end of the year. BBVA currently occupies a bank branch at the Sixth Street site and plans to lease 4,000 square feet in the new development. CBRE advised BBVA on this project.
DALLAS — Hines has acquired Inwood Trade Center, a 738,198-square-foot infill business park located in the North Trinity submarket of Dallas. The 14-building development is situated on 38 acres and located less than three miles from downtown and Uptown Dallas as well as Dallas Love Field Airport. The buildings were constructed between 1961 and 1978 and were 98 percent leased at the time of sale. Houston-based Hines will implement a value-add program to refresh the buildings’ façades, signage and landscaping. Omniplan is designing the repositioning, and Holt Lunsford Commercial will handle leasing of the upgraded spaces.
AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has purchased a 404,800-square-foot office and industrial portfolio in Austin for $100 million. The portfolio includes a 160,000-square-foot industrial building leased to Amazon and Uber and a four-building, 244,800-square-foot office facility leased to a mix of technology, government and healthcare tenants. JLL represented the seller, Zydeco Development, in the transaction. Boyd Messmann and Kyle Campbell represented Mohr Capital on an internal basis.
AUSTIN, TEXAS — CBRE has brokered the sale of Iron Rock Ranch, a 300-unit apartment community in south Austin. Built on 22 acres in 2002, the property consists of 216 apartments and 84 townhomes. Amenities include two pools, a fitness center, playground, pet park, basketball court and a volleyball court. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller in the transaction. John Fenoglio of CBRE arranged acquisition financing on behalf of the buyer, Houston-based Domain Communities.
PECOS, TEXAS — Marcus & Millichap has arranged the sale of Highway 285 RV Park, a 103-site property located in the West Texas city of Pecos. The property was developed on a 20-acre site in 2018. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, in the transaction. Denninger also secured the buyer, another private investor.