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.
For decades, all classes of commercial real estate in Dallas enjoyed somewhat lopsided advantages over Fort Worth. Until about 15 years ago, Dallas, the main beneficiary of the job, housing and population growth coming to the metroplex, commanded the lion’s share of demand from commercial real estate users while also having more capital for new development. Retail was no exception. Today, the Dallas area has seen its retail scene push northward toward Plano and Frisco, the new hubs of corporate relocations and regional workforce consolidations. But the combination of a shortage of developable land and a tight vacancy rate within the Interstate 635 loop is pushing rents. On a triple-net basis, rates are now as high as $60 per square foot in top submarkets like Uptown, Lakewood and Deep Ellum and $90-plus per square foot in the tony Preston Hollow and Park Cities submarkets, according to HSM’s research. Our data also shows that the average retail vacancy rate within the Interstate 635 loop in Dallas is approximately 2.6 percent, while there is 205,000 square feet of new space under construction within this area. By contrast, the urban core of Fort Worth inside the Interstate 820 loop spans about half as …
SPRING, TEXAS — Locally based developer Fein has acquired 17.4 acres in the northern Houston suburb of Spring for the development of The Canopy at Springwoods Village, a 332-unit apartment community. The property will be located within the 2,000-acre Springwoods Village mixed-use development, which is situated at the confluence of Interstate 45, Hardy Toll Road and the Grand Parkway. Designed by Steinberg Dickey Collaborative, the community will offer one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Unit interiors will feature stone countertops, tile backsplashes, custom cabinetry, stainless steel appliances and full-sized washers and dryers. Amenities will include a clubroom with a golf simulator and billiard and ping pong tables, a fitness center with yoga and spin studios, pool with tanning ledges and cabanas and a 1.5-acre lake with surrounding walking trails. The groundbreaking is scheduled for January 2020, and completion is slated for the fourth quarter of 2021.
DALLAS — Truist Financial Corp., the entity formed by the merger of BB&T and SunTrust, has provided a $39.1 million Fannie Mae acquisition loan for Reserve at White Rock, a 312-unit apartment community in Dallas. The Class A property was built in 2000 in multiple phases and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, social area with a lounge and kitchen, theater room, business center, outdoor grilling stations, conference room and a jogging trail. Evan Hom of Truist originated the loan, which carries a 10-year term, four years of interest-only payments and a 30-year amortization schedule, on behalf of a New York-based private equity firm. Reserve at White Rock was 95 percent occupied at the time of the loan closing.
AUSTIN, TEXAS — Amtex Multi-Housing LLC has broken ground on Limestone Ridge Senior Apartments, a 225-unit affordable housing project in Austin for seniors earning 60 percent or less of the area median income. Slated to be complete in fall 2021, the community will offer 223 one- and two-bedroom units plus a pair of two-bedroom units allocated for onsite managers. Amenities will include a resident clubhouse, pool, walking trails and a community garden.
IRVING, TEXAS — The Meritex Co. has acquired Jetstar 114 Business Center, a three-building industrial complex totaling 84,080 square feet in Irving. Developed in 1999 by Jackson-Shaw, the buildings are situated adjacent to Dallas-Fort Worth (DFW) International Airport and feature 18-foot clear heights and both dock-high and drive-in loading platforms. The property was fully occupied at the time of sale. The seller was not disclosed.
HOUSTON — JUSDA Supply Chain Management Corp. has signed a 62,261-square-foot industrial lease in northwest Houston. The company will occupy Building 1 at 8801 Fallbrook Drive, which is owned by Liberty Property LP. Joshua Brown and Reggie Beavan III of Newmark Knight Frank represented the tenant in the lease negotiations.
HOUSTON — A partnership between two locally based developers, Nitya Capital and Tema Development, will build Two Hermann Place, a 32-story multifamily high-rise building that will be located in Houston’s Museum District. The property will offer 295 units in 13 different floor plans that will feature quartz countertops and backsplashes, walk-in closets and smart thermostats. The average unit size will be 1,076 square feet. Amenities will include a pool with cabanas, sky lounge, café bar, dog park and a fitness center. The groundbreaking is scheduled for the first quarter of 2020, and completion is slated for winter 2022.