Texas

Gables-Park-Plaza-Austin

AUSTIN, TEXAS — PGIM Real Estate Finance has provided two Fannie Mae loans totaling $111 million for the refinancing of Gables Park Plaza and Gables Park Tower, two adjacent apartment complexes totaling 513 units in Austin. The borrower was Clarion Gables Multifamily Trust. Tom Goodsite of PGIM led the debt placement effort, which included the origination of a 10-year loan for Gables Park Plaza and a 12-year loan for Gables Park Tower. Both properties offer amenities such as pools, outdoor courtyards with grilling stations, sky lounges, theaters, game rooms, conference centers and bocce ball courts. Additional loan terms were not disclosed.

FacebookTwitterLinkedinEmail
Riata-Corporate-Park-Austin

AUSTIN, TEXAS — Office investment firm Accesso has signed two leases totaling 200,000 square feet at Riata Corporate Park, a 61.5-acre office campus in northwest Austin. Global pharmaceutical company Allergan has leased 107,000 square feet at the eight-building campus, which offers multiple fitness centers, an employee lounge and a deli café. In addition, an unnamed Silicon Valley-based computer company will occupy 93,000 square feet at Riata Corporate Park. Mike Brown and Will Stewart of Transwestern negotiated both leases on behalf of Accesso.

FacebookTwitterLinkedinEmail

TEMPLE, TEXAS — Marcus & Millichap has brokered the sale of The Storeroom, a self-storage facility located in the Central Texas city of Temple that consists of 173 non-climate-controlled units and 22 uncovered parking spaces. Spanning 20,675 square feet, the property includes a leasing office and showroom, 24-hour video surveillance and perimeter fencing and lighting. Brandon Karr and Danny Cunningham of Karr Self-Storage, a division of Marcus & Millichap, represented the seller, a private investor, in the transaction. The buyer was a Texas-based partnership.

FacebookTwitterLinkedinEmail

DALLAS — Common Desk, a coworking concept with five locations in the metroplex, has begun leasing its 52,000-square-foot space at Trammell Crow Center in the Arts District neighborhood of Dallas. The space offers amenities such as a coffee bar, golf simulator, speakeasy-style bar, a game lounge and conference rooms. Sara Terry and Scott Sowanick of Stream Realty Partners are representing Common Desk in the leasing and management of the space.

FacebookTwitterLinkedinEmail

MCKINNEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of The Shops at Lake Forest, a 6,571-square-foot retail strip center located in the northern Dallas suburb of McKinney. The four-tenant property was built in 2018 and is situated along Collin McKinney Parkway just north of the Sam Rayburn Tollway. The average household income within a one-mile radius of the property exceeds $131,000. STRIVE worked with an outside broker to procure the buyer and represented the seller, both of which were locally based private investors.

FacebookTwitterLinkedinEmail
Parkside-Austin-Bergstrom-International-Airport

E-commerce has cut through brick-and-mortar retail in a Darwinian fashion, establishing clear winners and losers and drastically re-shaping landlords’ approaches to leasing. Purveyors of certain soft goods — apparel, jewelry, electronics — have seen their footprints at malls and retail centers dwindle as online shopping has infiltrated American consumer behavior. But given a little financial credit and strong branding that integrates local culture, these same concepts can find success in airport settings. “Local concepts create a sense of place and introduce travelers and visitors to what’s special about that place,” says Nicole Linton, marketing manager at Paradies Lagardere, a travel retail company that operates more than 1,000 stores and restaurants across 100 North American airports. “By adapting local concepts to airport settings, we help our partners create brand recognition, which leads to increased sales.” Of course, no airport is clamoring for any retailer — local or not — whose sales are declining and whose stores are closing. But once a retail or restaurant concept makes it onto an airport’s tenant roster, it enjoys higher price points and a captive audience, two key facets of sales growth that have increasingly eluded brick-and-mortar operators in the e-commerce era. “Retailers like the insulation …

FacebookTwitterLinkedinEmail
Tribute-at-the-Rim-San-Antonio

SAN ANTONIO — Passco Cos., a California-based multifamily development and investment firm, has acquired Tribute at The Rim, a 380-unit multifamily community in San Antonio. Built in 2017, the property is located within The Rim, a mixed-use development that is located on the city’s northwest side, and offers proximity to the hubs of major employers like USAA and Valero Energy. Floor plans feature one-, two- and three-bedroom units with quartz countertops, modern cabinetry and glass backsplashes. Amenities include a pool with a nearby fire pit, fitness center with on-demand classes, a dog park and grooming station, sky lounge, conference room and a bike storage and repair room. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Kairoi Development, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing for the deal on behalf of Passco.

FacebookTwitterLinkedinEmail
Pearl-Marketplace-Houston

HOUSTON — Locally based multifamily developer MORGAN has begun leasing Pearl Marketplace, a 264-unit multifamily property in Houston’s Midtown district that includes a 40,000-square-foot Whole Foods Market on the ground floor. The grocery space is currently under construction and expected to open during the first quarter of 2020. Pearl Marketplace offers studio, one- and two-bedroom units with hardwood flooring, custom cabinetry, quartz countertops and smart thermostats. Communal amenities include a dog park and wash station, as well as a resort-style pool with a sun deck, poolside cabanas, grilling stations and TVs. A fitness center that overlooks the pool area will offer a variety of circuit and cardio equipment.

FacebookTwitterLinkedinEmail
Independent-Bank-McKinney-Texas

MCKINNEY, TEXAS — Developer KDC has completed a 165,000-square-foot office project within the Craig Ranch development in McKinney for Independent Bank Group’s new corporate headquarters. Situated on 10.4 acres at State Highway 121 and Grand Ranch Parkway, the six-story building will house more than 400 employees that were previously dispersed throughout the region. Construction began in January 2018.

FacebookTwitterLinkedinEmail

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room Fairfield Inn & Suites hotel in Lewisville, a northern suburb of Dallas. Chris Gomes, Joseph Jacques and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. The trio also procured the buyer, a private investor. Marriott, which owns the Fairfield brand, has approved the buyer to self-manage the property.

FacebookTwitterLinkedinEmail