AUSTIN, TEXAS — Starwood Capital Group, a Connecticut-based private investment firm, has acquired land in one of East Austin’s opportunity zones for the development of a 342-unit multifamily project. The garden-style property will be located at 500 U.S. Highway 183 S. within close proximity to Austin’s central business district (CBD), entertainment district and Austin-Bergstrom International Airport. Completion is slated for spring 2020.
FORT WORTH, TEXAS — Greenwater, a Miami-based asset management firm, has acquired Manzana Grove, a 236-unit multifamily property situated on roughly 10 acres in Fort Worth. The property offers one- and two-bedroom units. The new ownership will implement a capital improvements program that will add new amenities, including a soccer court, fitness center and a pet park. The seller was an undisclosed, Utah-based investor.
HOUSTON — HFF has negotiated the sale of 20 Greenway Plaza, a 433,132-square-foot office building in Houston. The 10-story property was renovated in 2014 and was 95 percent leased at the time of sale to tenants such as Merrill Lynch, Sunnova Energy Corp., REALEC Technologies, Mitsubishi and Koch Industries. Dan Miller and Trent Agnew of HFF represented the seller, Principal Real Estate Investors, in the transaction and procured the buyer, Stockdale Capital Partners. Wally Reid of HFF arranged acquisition financing through Cigna Realty Investors on behalf of the buyer. The loan was structured with a seven-year term and a fixed interest rate.
HOUSTON — Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 637-unit facility in Houston. The property, the name of which was not disclosed, features climate-controlled and drive-up units. The new ownership also notes that the facility is located within an area with a high concentration of multifamily and retail development. The transaction marks the REIT’s third acquisition.
SPICEWOOD, TEXAS — Marcus & Millichap has arranged the sale of A-Max Self Storage, a 320-unit facility in Spicewood, about 35 miles west of Austin. The property is located along State Highway 71 and features 47,530 square feet of rentable space. Jon Danklefs and Mark Diebold of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. has broken ground on a 163-unit multifamily project within The Woodlands, a master-planned community located about 30 miles north of Houston. The seven-story building will be situated within The Woodlands Town Center and offer one-, two- and three-bedroom units averaging 1,100 square feet. Amenities will include a fitness center, outdoor cooking area and coworking office space. Completion is slated for the fourth quarter.
FORT WORTH, TEXAS — Local investment firm Fort Capital is underway on Phase II of Nursery Lane Office Park, a project that will add 21,283 square feet of new space to Fort Worth’s office supply. Phase I spanned 16,800 square feet and was completed in March 2017, and Phase II is expected to be complete by August. Construction on a third and final phase is also slated to occur this year. JLL is handling leasing of the new space.
For many years, San Antonio’s industrial sector was considered, at best, a lower-tiered secondary market for investment of institutional capital. But over the last 18 to 24 months, this market has seen a major increase in the amount of institutional funds competing for placement. According to the latest research from JLL, during the last 24 months, institutional buyers have acquired approximately 11 million square feet of industrial real estate in San Antonio. This investment activity translates to more than $700 million in value, inclusive of entity-level transactions. These figures represent nearly a 200 percent increase in the annual volume of sales in San Antonio compared to the previous 24-month period. The investor pool runs the gamut in terms of where buyers are headquartered. Property owners are fielding demand from institutional capital sources located all over the country, including international capital sources, as investors continue to chase better yield within the red-hot sector that is industrial. Supply of high-quality product has struggled to keep pace with the growth of institutional demand, mainly because the influx of capital has been so strong in such a short period of time. But the market is still seeing steady growth in the development and absorption …
HERNDON, VA. — Commercial real estate development in Texas contributed $62.2 million in value to the state’s economy in 2018, the highest total among the 50 states, based on data tracked by Virginia-based NAIOP’s annual Economic Impacts in Commercial Real Estate report. Commercial development in Texas also created and supported approximately 401,000 jobs, also good for the top spot in the country. In addition, Texas ranked No. 1 in terms of economic value created through retail development, as well as in development of warehouse/flex projects, which includes logistics and distribution facilities. NAIOP is an organization that provides statistical data, trend-based research and legislative representation for the commercial real estate industry.
SAN ANTONIO — Hines will develop Corner Ridge Crossing, a 577,000-square-foot industrial park that will be situated on 45 acres in northeast San Antonio. Located about a mile from Interstate 10, the development will consist of two rear-load buildings totaling 198,000 square feet, one 127,000-square-foot front-load building and one 252,000-square-foot cross dock building. Building characteristics will include 28- to 32-foot clear heights, ample car and trailer parking and two points of ingress/egress. The groundbreaking is scheduled for July, and the first spaces are expected to be available for occupancy in the first quarter of 2020. JLL will handle leasing of the new spaces, which will be able to accommodate users ranging in size from 19,000 to 252,000 square feet.