DALLAS — Sam Moon Group will develop a 283-room JW Marriott hotel at 2000 Ross Ave. in downtown Dallas. The 15-story building, which will be the first hotel of that brand in the city, will be built on top of an existing 10-story parking garage and will feature a restaurant, lobby bar, fitness center, rooftop pool and bar and ballroom/meeting space. HKS Inc. is the project architect, and a general contractor will be selected in the first quarter of 2020. Completion is slated for February 2022.
AUSTIN, TEXAS — Dallas-based design-build firm Arco/Murray has completed Oak Hill Self Storage, a 124,000-square-foot facility in Austin. The four-story property features 728 units and includes a 1,500-square-foot office space. Arco/Murray handled the architectural, engineering, permitting and construction of the project on behalf of the Houston-based developer, The Jenkins Organization.
FARMERS BRANCH, TEXAS — A partnership between locally based investment firms Reserve Capital Partners and 2GR Equity has acquired Two Colinas Crossing, a 180,504-square-foot office building located in the northern Dallas metro of Farmers Branch. The Class A property was built in 2000 and houses tenants such as IBM, S&P Global, BBVA and Home Point Financial. Clint Coe, Jason Piering and Jack Crews of JLL brokered the deal. The seller was not disclosed.
HOUSTON — Weingarten Realty Investors has purchased The Shops at Hilshire Village, a 117,893-square-foot, Kroger-anchored shopping center in Houston. Located adjacent to Memorial Villages, the property is situated in a trade area that has 135,000 people within a three-mile radius of the center and an average household income of $117,000. Other tenants include Walgreens, Petco, Starbucks and Domino’s Pizza. The seller was not disclosed.
HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Woods of Haltom Apartment Homes, an 89-unit multifamily community located north of Fort Worth. The loan, which carried a 12-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for borrower Haltom Woods LLC.
Office buildings that have been newly constructed or recently rehabilitated are fielding the greatest demand from large companies, which are banking on the idea that lifestyle-enriching amenities and a vibrant surrounding neighborhood create advantages in attracting and retaining talent. According to the Bureau of Labor Statistics, during the 12-month period ending in July, the four major office markets of Texas added more than 200,000 new jobs combined. The state’s unemployment rate was 3.4 percent at the time of this writing, 30 basis points below the national average. The job market clearly favors applicants, and the competition between major office-using companies to secure the best applicants is fierce. Of course, some job seekers still base their employment decisions based on traditional factors like salary and commute time. But all other factors being held equal, employees with multiple job offers are placing greater emphasis on what kind of working environment they can get with one employer versus another. “It’s all about what amenities a building can offer to its tenants,” says Jackie Marshall, first vice president in CBRE’s Dallas office. “Many tenants are willing to pay more to be in buildings that help them recruit and retain talent, and amenities that make …
SAN ANTONIO — CBRE Group Inc. has acquired Reata Real Estate, a San Antonio-based full-service firm that focuses on retail, office, medical office and land transactions. Founded in 2001, Reata employs approximately 45 real estate professionals serving clients across Central and South Texas. In describing the acquisition, CBRE executives cited the opportunity to shore up its leasing, sales and managers services in the growing San Antonio market.
HOUSTON — The Houston industrial market has added approximately 13 million square feet of new industrial product year-to-date, including a supply increase of 4.1 million square feet in the third quarter alone, according to a new report from Colliers International. In addition, there are 150 buildings totaling 18.5 million square feet of space under construction that are expected to be delivered between now and the midpoint of 2020. Only 25 percent of the space under construction is preleased, though that figure is expected to rise in the coming months. Colliers also projects that the market will absorb about 2.2 million square feet of industrial space during the fourth quarter of 2019.
IRVING, TEXAS — Clark Contractors has completed the renovation of all 506 guestrooms at the Westin Dallas Fort Worth Airport Hotel in Irving, a project that also upgraded the property’s restaurant area, fitness center and other public spaces. Designed by C+TC Design Studio, the project also delivered a new, 2,955-square-foot club area for Marriott Bonvoy reward members. The hotel also offers a rooftop pool, in-room spa services, a breakfast buffet and an airport shuttle service.
HOUSTON — Iberiabank has sold a 32,090-square-foot retail building located at 9950 Kleckley Drive in southeast Houston. The property sits on a 147,668-square-foot lot with a 63,422-square-foot pad site. Robert Hantgan, Jenny Seckinger and Ace Schlameus of Colliers represented Iberiabank in the sale. Jake Scarborough of CB United represented the buyer, Living Christian Church, which is planning an expansion project on the site.
