Texas

Quality of Labor, Land Availability Buoy Fort Worth Industrial Market

by Taylor Williams March 8, 2019

The DFW industrial market has enjoyed unprecedented growth over this seven-year development cycle. The market has added approximately 118 million square feet of industrial inventory over that period and absorbed 143 million square feet. Population growth in the Dallas-Fort Worth (DFW) metroplex, the state of Texas and the south-central U.S. region, as well as growth in e-commerce, are the primary tailwinds propelling this extraordinary growth. Ever since Hillwood broke ground on AllianceTexas in the late 1980s, putting north Fort Worth on the radar of industrial users, the expansion in the Fort Worth industrial market has been an ever-increasing part of the overall DFW industrial market’s growth. However, the Fort Worth industrial market’s growth is really accelerating now based on the lack of available developable industrial sites in Dallas and the Mid-Cities. Further, when users and developers compare Fort Worth and southeast Dallas, the two areas with available industrial spaces and developable industrial land, Fort Worth’s advantages with regard to infrastructure, amenities, and most importantly, labor, stand out. As the area reaches peak employment, and with labor cost being the highest percentage of a user’s overall operational cost, the workforce factor has become the most important site selection criterion for users …

March 8, 2019

Loans Office Texas

New York Life Provides $122.9M Construction Loan for Austin Office Project

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — New York Life Insurance Co. has provided $122.9 million in construction financing for RiverSouth, a 350,611-square-foot office project in Austin. The 15-story property, which is expected to be complete in early 2021, will feature 17,277 square feet of retail space and amenities including a fitness center, a sky lounge and surrounding hiking trails. The loan carries a floating interest rate, five-year term and a 12-month extension option. The borrower was not disclosed, but the property brochure identifies Stream Realty Partners as the developer. Colby Mueck, Robert Wooten, Chris McColpin and Jayme Nelson of HFF placed the debt on behalf of Stream Realty Partners.

March 7, 2019

Acquisitions Multifamily Student Housing Texas

Nelson Partners Acquires Student Housing Property Near UT Austin for $100M

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. Marcus & Millichap Capital Corp. arranged a $66.1 million acquisition loan that carried a 10-year term and a fixed interest rate of 4.5 percent, for the transaction.

March 7, 2019

Development Multifamily Texas

Columbus Realty Partners to Develop 433-Unit Multifamily Community in Metro Austin

by Taylor Williams March 7, 2019

ROUND ROCK, TEXAS — Columbus Realty Partners will break ground this month on Parkside at Round Rock, a 433-unit multifamily community that will be located in the northern Austin suburb of Round Rock. The property will be situated adjacent to Round Rock Premium Outlets, a shopping and dining destination owned and operated by Simon Property Group (NYSE: SPG). Parkside at Round Rock will feature a variety of floor plans and amenities such as a pool, fitness center, dog park and an athletic field. The first units are expected to be available for occupancy by the first quarter of 2020.

March 7, 2019

Acquisitions Retail Texas

World Class Property Acquires 191,760 SF Retail Power Center in Austin

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — World Class Property Co., an Austin-based investment firm headed by Nate Paul, has acquired Arboretum Crossing, a 191,760-square-foot regional power center in Austin. The property is situated on 20 acres at the intersection of three of Austin’s busiest thoroughfares. Tenants include Bed Bath & Beyond, World Market, Mattress Firm and Ferguson Enterprises. The seller was New York-based Kimco Realty Corp.

March 7, 2019

Leasing Activity Office Texas

Dallas Cowboys to Open 18,000 SF Coworking Space at The Star in Frisco

by Taylor Williams March 7, 2019

FRISCO, TEXAS — The Dallas Cowboys will open Formation, an 18,000-square-foot coworking office space at The Star, the team’s 91-acre headquarters facility in Frisco. Formation will feature open collaborative workspace, dedicated desks and private offices, as well as access to The Star’s retail and restaurant amenities. The opening is currently set for early summer.

March 7, 2019

Acquisitions Multifamily Texas

Auerbach, Blue Magma Acquire Hurricane-Damaged Apartment Complex in Houston

by Taylor Williams March 6, 2019

HOUSTON — A partnership between New York-based Auerbach Funds and Tampa-based Blue Magma Residential has acquired Park Texas Apartments, a 587-unit multifamily complex located within a tax increment reinvestment zone in southeast Houston. Approximately 250 units have been damaged by hurricane activity and are currently uninhabitable. The new ownership will restore the damaged units, renovate the clubhouse, perform roofing and mechanical repairs and upgrade the landscaping and common areas. The seller was not disclosed.

March 6, 2019

Development Multifamily Texas

Stillwater Capital to Develop Two Apartment Properties Totaling 481 Units in Austin MSA

by Taylor Williams March 6, 2019

LEANDER AND AUSTIN, TEXAS — Dallas-based Stillwater Capital has broken ground on a multifamily project in the northern Austin suburb of Leander and acquired land for the development of a second apartment community in Austin’s Riverside area. The Leander project will deliver 259 units with stainless steel appliances, custom cabinetry and other custom finishes. The Riverside project, located within a designed opportunity zone, will deliver a four-level complex with surface parking and units that feature quartz countertops and wood-like floors. Both properties will offer pools, outdoor grilling stations and fitness centers. The Leander project is slated to open in late 2019, and the Riverside project is set to open in fall 2020.

March 6, 2019

Acquisitions Multifamily Texas

DIJ Properties Purchases 246-Unit Multifamily Asset in Metro Fort Worth

by Taylor Williams March 6, 2019

HALTOM CITY, TEXAS — Miami-based DIJ Properties has purchased Rio Vista, a 246-unit multifamily asset in Haltom City, located northeast of downtown Fort Worth. The property was built in 1968. DIJ will implement a capital improvement program that will renovate the unit interiors and upgrade the amenity spaces, including the addition of a soccer court, playground and tutoring center for children. The seller was not disclosed.

March 6, 2019

Acquisitions Retail Texas

Weitzman Negotiates Sale of 16,900 SF Retail Center in McKinney, Texas

by Taylor Williams March 6, 2019

MCKINNEY, TEXAS — Weitzman has negotiated the sale of McKinney Marketplace, a 16,900-square-foot retail center located approximately 30 miles north of downtown Dallas. Sprouts Farmers Market and LA Fitness shadow-anchor the Class A property, which is leased to tenants such as Hollywood Feed and Little Caesars. Derek Schuster and Kevin Butkus of Weitzman represented the Plano-based buyer in the transaction. Jason Vitorino of STRIVE represented the seller, Malouf Interests, Inc.

March 6, 2019

Newer Posts

Older Posts