DALLAS — A partnership between Hillwood Urban and USAA Real Estate has broken ground on Victory Commons, a 365,000-square-foot office project that will be located within the 75-acre Victory Park development in downtown Dallas. Designed by BOKA Powell, the 15-story, Class A building will feature a tenant lounge, coffee bar and a rooftop terrace, Victory Commons is expected to be available for occupancy in fall 2021. HFF arranged construction financing for the project through QuadReal.
PLANO, TEXAS — Ribbon Communications Inc., which provides software solutions for cloud-using tech firms, has signed a 107,000-square-foot office lease at Legacy Central in the northern Dallas suburb of Plano. Baron Aldrine, Steve Rigby and Layne Mayfield of CBRE represented Ribbon Communications in the lease negotiations. Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties. Ribbon expects to take occupancy of the space in early 2020.
HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Oaks at Jane Lane, a 109-unit multifamily property in Haltom City, a northern suburb of Fort Worth. Dougherty secured the loan, which was structured with a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, Red & White Jane Lane LLC.
PLANO, TEXAS — Lee & Associates has negotiated a 66,467-square-foot industrial lease at 1001 Klein Road in Plano. According to LoopNet Inc., the property was built in 2004 and spans 114,195 square feet. George Tanghongs and Brett Lewis of Lee & Associates represented the landlord, Watanabe Plano LLC, in the lease negotiations. Tim Vogds of CBRE represented the tenant, electronics manufacturer Creation Technologies Texas LLC.
HOUSTON — JLL has arranged a $200.6 million, seven-year credit facility for a portfolio of industrial properties located throughout the four major markets of Texas. The Class A portfolio, which was fully leased at closing time, spans 18 single-tenant properties totaling approximately 1.7 million square feet. Thirteen of the assets are in Houston industrial markets, with two each in Austin and Dallas markets and one property in San Antonio. Tyler Ford and Tolu Akindele of JLL handled the transaction on behalf of the owner and borrower, Welcome Group LLC through Global Atlantic Financial Group. The parties involved in the deal could not disclose what the funds would be used for.
FORT WORTH, TEXAS — Hillwood will develop two speculative industrial buildings totaling approximately 1.3 million square feet at its 26,000-acre AlllianceTexas development in Fort Worth. Alliance Center North 7 will offer 810,908 square feet in Fort Worth, and Alliance Northport 2 will total 459,762 square feet in Northlake. Both buildings are located in Denton County with direct access to Interstate 35 West. Hillwood will start construction on these new facilities in September, with completion scheduled for mid-2020. Both facilities will include 36-foot clear heights, cross-dock configuration, onsite trailer storage and adjacent land for expansion. In addition, the properties will offer proximity to Interstate 35, State Highway 114 and the ground hubs of FedEx and UPS.
HOUSTON — Newmark Knight Frank (NKF) has arranged a loan of an undisclosed amount for the refinancing of Enterprise Park and Town & Country Center, two industrial properties totaling 221,763 square feet in Houston. Enterprise Park is located on the city’s southwest side and spans 153,835 square feet across 14 buildings. Town & Country Center is located on the city’s west side and comprises 67,928 square feet across three buildings. Spencer Hough and Tip Strickland of NKF arranged the financing through Reinsurance Group of America Inc. on behalf of private investor CPM Holdings LLC. The transaction was executed via a 1031 exchange.
HOUSTON — Commercial investment firm MLB Capital Partners has broken ground on its Houston Farmers Market redevelopment project. MLB Capital will upgrade the 77-year-old market to include modern infrastructure, climate-controlled spaces, shaded areas, restrooms, common seating areas, organized parking and traffic circulation, defined sidewalks, site landscaping and dedicated green spaces. Additionally, James Beard Award-winning chef and project consultant Chris Shepherd plans to develop a concept unique to the Houston Farmers Market. The market will maintain business operation throughout the redevelopment process. Clark Condon Associates, Studio RED Architects, Gunda Corp. and Arch-Con Construction have been named to the design and construction team. Project completion is slated for late 2020.
RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.
AUSTIN, TEXAS — JLL has negotiated the sale of Research Park, a 1.1 million-square-foot office and industrial campus located within Austin’s Silicon Hills neighborhood. The sale included approximately 95 acres of undeveloped land on the city’s northwest side. Originally part of a 466-acre tract owned by Texas Instruments, Research Park includes 1 million square feet of manufacturing space that is leased to a subsidiary of Flex Ltd., a global electronics manufacturing firm. JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.
