Texas

SAN ANTONIO — Locally based developer Worth & Associates has begun leasing Austin Highway Business Center, an 83,713-square-foot office conversion project situated on 10.5 acres in northeast San Antonio. Worth acquired the property, which formerly served as a data center for Frost Bank, in spring 2018 and upgraded its entrance, lobby, break room and outdoor recreational areas. Austin Highway Business Center, which is being marketed to call center and back-office users, also includes 162 covered parking spaces.

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CARROLLTON, TEXAS — NAPCO Bag & Film, a provider of bags to a variety of industries, has signed an 81,535-square-foot industrial lease at 2908 Commodore Drive in the northern Dallas suburb of Carrollton. Greg Nelson of Paladin Partners represented the tenant in the lease negotiations. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the landlord, ML Realty Partners.

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ADDISON, TEXAS — Colliers International has brokered the sale of Bent Tree Tower II, a 166,000-square-foot office building located in the northern Dallas suburb of Addison. Los Angeles-based Regent Properties sold the eight-story building to a partnership that was formed by Dallas-based Hudson Peters Commercial for an undisclosed amount. Creighton Stark and Chris Boyd of Colliers brokered the deal. Prior to disposing of the asset, Regent invested $4.7 million in capital improvements to the building, which included a remodel of the property’s entrance, an update of the building’s lobby and common areas, the addition of a large monument sign and a modernization of the building’s mechanical systems. Energy firm Forney Corp. is Bent Tree’s anchor tenant.

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COLLEGE STATION, TEXAS — A joint venture between Texla Housing Partners and a private equity real estate fund advised by Crow Holdings Capital has acquired University Trails, a 828-bed student housing community serving students at Texas A&M University in College Station. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, hot tub, sand volleyball court, basketball court, two fitness centers and a 24-hour study lounge and cafe. The joint venture plans to renovate the community’s interior, exterior and office/clubhouse building. A timeline for renovations was not announced. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank brokered the transaction.

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SOUTHLAKE, TEXAS — SRH Hospitality will develop a 261-room Westin-branded hotel on 6.8 acres in Southlake, a northern suburb of Fort Worth. SRH originally owned the land on which the property will be constructed and sold the tract to a Florida-based hedge fund in the form of a ground lease, proceeds from which will be used to finance construction of the hotel. The property will feature a 25,000-square-foot conference center with a ballroom, full-service restaurant and bar and a rooftop lounge area. SRH will operate the hotel and make monthly ground lease payments to the Florida-based hedge fund for a term of 99 years.

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HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of American Self Storage, a 417-unit facility located in the Rio Grande Valley city of Harlingen. The property was built on 6.5 acres in 2004 and spans 49,588 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Jon Danklefs, also with Marcus & Millichap, represented the buyer.

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DALLAS — Envy Gaming Inc., a Dallas-based company that owns multiple esports teams, will open a 20,872-square-foot training facility and expanded office headquarters at Victory Park in downtown Dallas. The new space will be located within a Class A office building at 3030 Olive St., adjacent to the American Airlines Center. Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented Envy Gaming in its property search and lease negotiations.

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HOUSTON — JLL has arranged the sale and financing of Alexan Enclave, a 354-unit apartment community located in the Energy Corridor area of Houston. Built in 2014, the mid-rise property consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops and hardwood cabinetry. Amenities include a pool, covered outdoor kitchen, dog park, pet wash station, a resident clubhouse and a business center. Todd Marix, Chris Curry and Bailey Crowell of JLL represented the sellers, Trammell Crow Residential and Cigna Investment Management. Cameron Cureton and Matt Kafka of JLL arranged acquisition financing for the transaction on behalf of the buyer, F&B Capital.

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HOUSTON — McCord Development is nearing completion of 255 Assay, a 251-unit apartment community located within the Generation Park master-planned development in northeast Houston. Designed by Houston-based Steinberg Dickey Collaborative and Memphis-based LRK, the property features one-, two-, three- and four-bedroom units ranging in size from 600 to 2,651 square feet. Residences feature stainless steel appliances, individual washers and dryers, oversized sinks, quartz countertops and remote-controlled ceiling fans. Amenities include a 75-foot pool, outdoor yoga yard, business center with a conference room, outdoor grilling and entertainment areas, a fitness center and a dog park. The official opening is slated for December.

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AUSTIN, TEXAS — CIM Group, an investment firm with eight offices across the country, has acquired a portfolio of three commercial properties totaling approximately 270,000 square feet in Austin. The company purchased two office buildings, 618 Tillery St. and 507 Calles St., as well as a warehouse building located at 1300 E. 5th St. The seller and sales price were not disclosed.

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