DALLAS — Hill & Wilkinson has completed the renovation of 1217 Main Street, a 28,000-square-foot mixed-use building in downtown Dallas. Built in 1958, the property features four floors of office space and 2,500 square feet of ground-floor restaurant space. The renovation included upgrades to the building’s structural support system and façade. 5G Studio Collaborative served as architect on the project and Armstrong-Douglass served as structural engineer.
AUSTIN, TEXAS — Texas Realty Capital (TRC) has arranged a $14 million loan for the acquisition of Park Plaza, an office property with condominium and retail components in downtown Austin. Sun Life Assurance Co. of Canada provided the loan, which features a 10-year term and a fixed interest rate. The borrower was not disclosed.
PLANO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged an $11.7 million loan for the acquisition of a 101-room Staybridge Suites hotel in Plano. Sunny Sajnani of MCA arranged the loan, which features a 75 percent loan-to-cost (LTC) ratio, on behalf of hospitality investment and development firm Ascend Growth Partners. Alliance Bank originated the loan, other terms of which were not disclosed.
HOUSTON — Moody Rambin has negotiated an 18,500-square-foot industrial lease at 10810 Train Court in northwest Houston. Josh Marcell and Ryan Fassett of Moody Rambin represented the tenant, Mayekawa USA Inc., a Tennessee-based manufacturer of refrigerator compressors, in the lease negotiations. The landlord, Clay-CMBS #2 LP, was represented internally by Charlie Crist.
Among professionals in the major sectors of commercial real estate, retailers are often the first to spot, understand and respond to emerging trends in human behavior. Those trends have shifted dramatically the past few years, and retail real estate in Austin has certainly felt the ripple effects, from downtown to the suburbs and across the emerging “nodes” in between. For some time now, American consumers in general have been clearly indicating their preference for more “experiential” ways to shop or receive services. That said, smart developers know that the experience begins well before shoppers enter a retailer’s doors. And understanding how to best cater to emerging demands helps breed success, not only for tenants, but also for the project as a whole. The following three trends represent key ways in which consumer demand is driving change in Austin’s retail landscape and illustrate how the market is responding. Seamless Integration Consumers want retail options located within close proximity to where they work and live — all the better if the property housing these needs can be one and the same. Just as Austin has grown regionally, so has demand for retail space, giving rise to mixed-use projects throughout the city. In …
AUSTIN, TEXAS — HFF has arranged the sale of Lantana Ridge, a 168,293-square-foot office property in southwest Austin that houses the current headquarters of YETI, a designer and distribution of outdoor and recreational products. Amenities at the two-building property include an outdoor kitchen, rooftop terrace, fitness center, jogging trails and an outdoor games center. Dallas-based Ramrock Real Estate LLC purchased Lantana Ridge from Lincoln Property Co. for an undisclosed price.
BEDFORD AND FORT WORTH, TEXAS — Transwestern has brokered the sale of two multifamily communities totaling 796 units in the Fort Worth area. An undisclosed local investment partnership purchased the 464-unit Oak Creek in Bedford and the 332-unit Oakland Hills in Fort Worth. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, Madera Residential, in the portfolio transaction. The new ownership has since rebranded the assets as Morgan Apartments and Asher Apartments, respectively.
BLUM, TEXAS — MYCON General Contractors has broken ground on a 57,000-square-foot manufacturing facility for DynaEnergetics, a supplier of oilfield products and an affiliate of Colorado-based metalworking firm DMC Global Inc. The facility will be located in Blum, about 50 miles south of Fort Worth. Completion is slated for mid-summer.
DALLAS — Holt Lunsford Commercial has secured a 135,405-square-foot industrial lease at 8801 Autobahn Drive in south Dallas. Canon Shoults and John Gorman of Holt Lunsford represented the landlord, TA Associates. Michael Chiocca of CBRE represented the tenant, custom cabinet manufacturer Sunrise Wood Designs LLC.
FARMERS BRANCH, TEXAS — CBRE has negotiated the sale of Huntington Cove, a 100-unit townhome rental community in Farmers Branch. The property was built in 1982 and was 96 percent occupied at the close of sale. Chris Deuillet, Danny Baker and Chandler Sims of CBRE represented the seller, SPI Advisory, in the transaction. Huntington Cove Townhomes LLC purchased the property for an undisclosed price.
