DALLAS — JLL has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Trinity Village Apartments, a 256-unit multifamily community in North Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and onsite laundry facilities. Mark Brandenburg of JLL originated the loan on behalf of the borrower, Frontline Holdings.
IRVING, TEXAS — JPI, an Irving-based multifamily developer with more than 5,000 units under construction, has named former chief development officer Brad Taylor as its new CEO, effective as of July 1. In addition, the company has appointed Chris Clayton, formerly of Forest City Realty Trust, as its new CFO. JPI will also establish a board of directors consisting of Bobby Page, Ron Ingram, Mark Bryant and Kirk Motsenbocker, who previously served as the company’s executive committee. JPI’s adjustments to its leadership structure reflect the company’s effort to focus on optimizing current and future market opportunities.
FLOWER MOUND, TEXAS — A partnership between Irving-based Realty Capital and Dallas-based Staubach Capital has broken ground on Lakeside International Office Center, a 138,000-square-foot office project in the northern metroplex city of Flower Mound. The project will consist of a 120,000-square-foot building and an 18,000-square-foot building with amenities such as a tenant lounge, coffee bar and a trail system connecting to the nearby Shops at Lakeside. IntelliCentrics, a healthcare credentialing firm, has signed a 30,000-square-foot lease to become the property’s inaugural tenant. JLL’s Doug Carignan represented the tenant in the lease negotiations. BOKA Powell is the project architect, and Muckleroy & Falls is the general contractor. Completion is slated for the third quarter of 2020. JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing, and First United Bank is providing the debt financing for the project.
IRVING, TEXAS — Dallas-based Disney Investment Group has arranged the $17 million sale of Towne North, a 124,289-square-foot shopping center in Irving. Anchored by El Rancho Supermarket, the property was 84 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an entity controlled by HSM Equities, and procured the undisclosed buyer.
BARTLESVILLE, OKLA. — CBRE has brokered the sale of a 91,653-square-foot retail property located at 501 SE Washington Blvd. in Bartlesville, located north of Tulsa. Stuart Graham, Mark Inman and Kendra Roberts of CBRE represented the seller, BB2S Bartlesville LLC, in the transaction. The buyer, ECTS LLC, acquired the asset for approximately $2.5 million.
DALLAS — The Dallas Cowboys, in partnership with global fitness center developer Mark Mastrov, will open a 20,000-square-foot Cowboys Fit gymnasium at the AT&T Discovery District in downtown Dallas. Club members can enjoy a range of boutique fitness classes, including yoga and barre, as well as access to customized fitness plans and Cowboys merchandise. The opening is slated for this winter.
KATY, TEXAS — Oilfield Testing & Consulting (OTC) has signed a 14,800-square-foot office and lab lease at Grandway West, an 85-acre development in Katy, a western suburb of Houston. Jordan Raney and David Buescher of JLL represented OTC in the lease negotiations. Rives Nolen, John Stavinoha and Steve Hazel of Insite Realty represented the landlord, Urban Cos.
Houston’s multifamily market has endured battles from all fronts in recent years: the oil slump, hurricanes, flooding, overbuilding in select submarkets, sluggish rent growth of late and lavish concessions to new renters that have been mainstays during this period. But the market now appears to be moving in the right direction with a sense of normalcy. From late 2014, when the oil downturn began, through the price bottoming in early 2016, Houston’s energy economy consistently made headlines across the nation’s publications. Each article claimed that at lower oil prices, the city’s over-reliance on energy would shut off job creation and growth. Yet this period also provided an opportunity to illuminate the incredible diversity within the greater Houston economy. Up until the oil downturn, the city’s diversity had been theoretical and unproven; now, along with the city’s resilience, it is indelible. Expanded activity at Port Houston, particularly in terms of manufacturing, in addition to plastics and petrochemicals, has propelled Houston’s job growth. The same applies to the market’s emerging role as a logistics hub and the expansion of the Texas Medical Center and regional healthcare providers, as well as strong growth in financial services and construction sectors. All told, the metro …
CYPRESS, TEXAS — i3 Interests, an investment and development firm active in Louisiana, Texas and Florida, has broken ground on Telge Crossing, a mixed-use project that will be situated on 24 acres in the Houston suburb of Cypress. Project plans currently call for 15,000 square feet of retail space, 12,000 square feet of medical office space, several pad sites and a 303-unit apartment community. EDGE Realty is marketing the retail component of the project for lease, and Transwestern has been tapped to lease the medical office building. Arch-Con Corp. is the general contractor for the retail and medical office components, and Identity Architects is handling design. Domain Builders is handling the multifamily component, with W Partnership providing design services.
BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Sienna Apartment Homes, a 176-unit multifamily community located in the East Texas city of Beaumont. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, resident clubhouse and a conference room. Kent Myers of Marcus & Millichap represented the seller, a regional developer, in the transaction. Myers also procured the buyer, a limited liability company. Both parties requested anonymity.
