Texas

WestStar-Tower-El-Paso

It’s not often that a single project captures an office market’s growth and evolution over a 40-year period. But that is precisely what’s happening in El Paso. WestStar Tower, a 19-story, Class A building, is the first project of its kind to be built in El Paso in 40 years since the 415,000-square-foot Stanton Tower was constructed for El Paso Natural Gas. With co-developers Hunt Cos. and WestStar Bank beginning vertical construction of the 262,000-square-foot building last summer, El Paso’s skyline is set to change considerably upon its completion in late 2020. The symbolism of WestStar Tower to El Paso is not unlike the relationship between Frost Tower and San Antonio, another city that was starved of major Class A office development throughout the 1990s and 2000s. With both cities experiencing steady job growth from local expansions and new relocations, developers of quality office product are viewing these markets in new lights. El Paso is also getting younger. According to recent research from El Paso’s economic development department, roughly 40 percent of the city’s 838,000 residents are under the age of 40. The median age is 31 and the city ranks in the Top 10 in terms of its appeal …

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Aloft-Element-Hotels-Austin

AUSTIN, TEXAS — HFF has arranged a loan of an undisclosed amount for the refinancing of the 278-room Aloft Austin Downtown and the 144-room Element Austin Downtown, the first dual-branded hotel in Austin that opened in July 2017. The property is located near the Sixth Street Entertainment District, the University of Texas at Austin and the State Capitol Building. Danny Kaufman, Christopher Carroll, Jeff Bucaro, Nicole Aguiar and Doug Opalka of HFF placed the debt through PGIM Real Estate Finance on behalf of the borrower, Indiana-based White Lodging. Proceeds from the loan, which carried a 10-year term and a fixed interest rate, will be used to retire the existing construction loan, repatriate a portion of sponsor equity and cover closing costs.

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Campbell-Glen-Richardson-Texas

RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.

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The-Edge-at-Langham-Creek-Houston

HOUSTON — Local firm HS Development will build The Edge at Langham Creek, a 115-unit apartment project that will be located in northwest Houston. The property will offer convenient access to Interstate 10, the Energy Corridor and Texas Medical Center West Campus. Mark Crosswell and Eric Kline of Berkadia arranged approximately $1.8 million in preferred equity through MidHudson Capital to complete the $18 million capital stack for the project. Construction is underway and the developer expects to complete the project by May 2020.

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SAN ANTONIO — California-based direct lender Money360 has closed a $4.4 million bridge loan for the refinancing of an undisclosed office property in San Antonio. The loan featured a 24-month term, a fixed interest rate of approximately 7.8 percent and a loan-to-value structure of 69.8 percent. The borrower was not disclosed.

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SAN ANTONIO — Harrington Industrial Plastics, one of the nation’s largest distributors of plastic products, has signed a 6,000-square-foot industrial lease at 4030 Naco-Perin Blvd. in northeast San Antonio. Roger Hill and Kyle Mueller of JLL represented the landlord, Aguja Holdings LLC, in the lease negotiations. The representative of the tenant was not disclosed.

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4545-W.-Davis-Street-Dallas

DALLAS — Megger, a global electronic test equipment manufacturer, has acquired a 127,720-square-foot industrial facility with office space that is located at 4545 W. Davis St. in Dallas. The acquisition of the stand-alone property, which was built in 2001, enables Megger to more than double its footprint in the market. Craig Jones and Caleb McCoy of JLL represented Megger in the acquisition, as well as in a second transaction in which the manufacturer sold its 60,000-square-foot facility located at 4271 Bronze Way in Dallas.

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FORT WORTH, TEXAS — Greystar has begun leasing Elan Crockett Row, a new apartment property located in the West Seventh neighborhood of Fort Worth. Greystar developed and manages the community, which offers amenities such as a pool, gaming lounge, dog park and a fitness center with a yoga studio. Units, rents for which start at $1,095 per month, feature granite countertops, built-in closet organizers and smart thermostats.

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TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA), which also has an office in Denver, has arranged $10.7 million in construction financing for the renovation of Reunion Center, a 95,000-square-foot historic office building in downtown Tulsa. The borrower, Oklahoma-based Rose Rock Development Partners, plans to convert the 10-story building into a 79-unit residential property with 10,000 square feet of ground-floor retail space. The new community will offer a pool, outdoor grilling area and a rooftop terrace. Brandon Wilhite of MCA arranged the loan though CrossFirst Bank on behalf of Rose Rock, which will also receive $4.3 million in federal and state historic tax credits for the project.

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Miller-Road-Business-Center-Garland-Texas

GARLAND, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 70,400-square-foot industrial lease at Miller Road Business Center in Garland, a northeastern suburb of Dallas. According to commercialcafé.com, the Class A property was built in 2002 and totals 382,000 square feet. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Boston-based TA Realty. John Hendricks of CBRE represented the tenant, J&C Warehousing LLC.

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