FORT WORTH, TEXAS — CT Realty has begun construction of Westport Logistics Center, an 882,565-square-foot industrial project located within the Alliance submarket of Fort Worth. The facility, which is being developed in a joint venture with Mitsubishi’s Diamond Realty Investments, will be situated within a mile of Interstate 35 and adjacent to Fort Worth Alliance Airport, as well as the BNSF intermodal railway. The project will consist of two buildings in either single-sided or cross-dock configurations, with 32- and 36-foot clear heights, 185-foot truck courts and build-to-suit office spaces. Completion is slated for the fourth quarter. Westport Logistics Center is CT Realty’s fourth major industrial development in the DFW metroplex.
Texas
IRVING, TEXAS — Locally based multifamily developer JPI has sold Jefferson LasCo, a 422-unit apartment community in Irving’s Las Colinas district. JPI completed the community, which offers proximity to Toyota Music Factory and a local DART station, in 2018. Floor plans consist of one-, two- and three-bedroom units and amenities include a pool with cabanas, fitness center, outdoor grilling stations, coffee bar, game lounge, conference room, package lockers and a rooftop terrace. Womack + Hampton designed the community. The buyer was California-based insurance giant Pacific Life.
AUSTIN, TEXAS — PINSTACK, an entertainment concept that combines bowling with other activities, as well as food and beverages, will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the DFW metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. The opening is scheduled for late 2019.
AUSTIN, TEXAS — Cadence McShane Construction Co. has completed an 86-room, dual-branded Best Western Plus and Executive Residency by Best Western hotel in Austin. The four-story property is located near the downtown area and features kitchenettes for extended-stay experiences in select rooms. Shared amenities among the two brands include a pool, fitness center and a gaming lawn. Local firm TAG International served as the project architect, and 28 Hospitality LLC will operate the hotel.
HOUSTON — Indianapolis-based REIT Duke Realty (NYSE: DRE) will develop Clay 99 Building 5, a 433,200-square-foot speculative industrial project in Houston. The property, which will be marketed to logistics users, will be situated on 23.7 acres just off Grand Parkway at the intersection of Clay and Peek roads on the city’s northwest side. Building features will include 36-foot clear heights, 190-foot truck courts on both sides, 347 automobile parking spaces and 100 trailer parking spaces. Delivery is slated for February 2020.
SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage properties, will build a 728-unit facility in the Oak Hill neighborhood of Austin. The company recently closed on the land for the 123,000-square-foot facility and expects to complete the project by September of this year. The facility will offer both climate- and non-climate-controlled units, as well as covered loading zones, gated security entry and electronic security monitoring throughout.
LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Aspen Woods, a 228-unit apartment community in Arlington. Built in 1976, the property, which has since been rebranded as The District on Collins, primarily offers two- and three-bedroom floor plans with units averaging about 850 square feet. Amenities include a pool, outdoor grilling area, a clubhouse and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based investment firm that will implement a multimillion-dollar renovation program.
AUSTIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has closed $34.1 million in construction and permanent financing for Nexus at Goodnight Ranch, a 294-unit apartment project in Austin. Mason Joseph secured the nonrecourse loan through HUD’s 221(d)(4) program, the multifamily industry’s highest-leverage, lowest-cost FHA financing option. The loan, which was arranged on behalf of the developer, privately held multifamily firm Artisan American Corp., also carries an interest rate that is fixed for the initial 21-month construction period and the subsequent 40-year term. Hudson Construction Co. is serving as general contractor for the garden-style project, which will feature Class A furnishings and amenities.