Texas

IPA Negotiates Sale of 448-Unit Apartment Community in North Dallas

by Taylor Williams March 12, 2018

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Churchill on the Park, a 448-unit multifamily community located near the Interstate 635/U.S. Highway 75 interchange in north Dallas. The property offers one- and two-bedroom units and amenities such as a resort-style pool, fitness center with classes, access to jogging and biking trails, outdoor cabanas with fireplace and grills and a billiards room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, a New York-based pension fund advisor, in the transaction. The IPA team also procured the buyer, TH Real Estate, a global investment firm.

March 12, 2018

Berkadia Arranges Sale of 311-Unit Apartment Community in San Antonio

by Taylor Williams March 12, 2018

SAN ANTONIO — Berkadia has arranged the sale of Legacy Flats, a 311-unit apartment community located in western San Antonio. Developed and built by White-Conlee Builders in 2016, the Class A property consists of one-, two- and three-bedroom units. Amenities include a 4,800-square-foot clubhouse, internet café, fitness center and an outdoor pool and kitchen area. Ryan Epstein, Will Caruth, Mike Miller, Cody Courtney, Wes Breeding and Scott Bray of Berkadia represented the seller, Legacy Flats Ltd., in the sale. Berkadia also represented the buyer, PEM Real Estate Group, an Arizona-based investment and management firm.

March 12, 2018

Retail Texas

SHOP Cos. Brokers Sale of Three Retail Properties Totaling 68,771 SF in DFW

by Taylor Williams March 12, 2018

MCKINNEY, ALLEN AND LITTLE ELM, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 68,771 square feet in the Dallas-Fort Worth (DFW) area. The properties are Craig Ranch North Plaza, a 38,265-square-foot retail center in McKinney; McDermott Commons North & BB&T Bank, a 24,389-square-foot center and freestanding pad site in Allen; and Cook Children’s & Frisco Elm Dental, a 6,035-square-foot center in Little Elm. The sellers were not disclosed, but all were based in Texas. An Arkansas-based limited liability company purchased Craig Ranch North Plaza, and a Texas-based limited liability company and a Texas-based limited partnership purchased the Allen and Little Elm properties, respectively. The sales prices were not released.

March 12, 2018

Industrial Texas

AQUILA Negotiates 107,780 SF Industrial Lease for Goodwill in Austin

by Taylor Williams March 12, 2018

AUSTIN, TEXAS — AQUILA Commercial has negotiated a 107,780-square-foot industrial lease for Goodwill Industries of Central Texas at Heritage Crossing in north Austin. Goodwill will be the sole tenant of Building 5, which is under construction and slated to be delivered in late summer. The location will house a distribution center and retail outlet for Goodwill, which currently occupies 95,270 square feet at Heritage Crossing. Leigh Ellis and Jay Lamy of AQUILA represented Goodwill in the lease negotiations. Sam Owen of Stream Realty Partners represented the undisclosed landlord.

March 12, 2018

Industrial Texas

German Manufacturer to Relocate North American Headquarters to Houston

by Taylor Williams March 9, 2018

HOUSTON — MAN Diesel & Turbo, a German manufacturer of marine propulsion systems and machinery, will relocate its North American headquarters to Twinwood Business Park, a 650-acre development in Houston. The company, which will be combining its operations in Houston and nearby Deer Park, will occupy a 137,434-square-foot building consisting of 105,309 square feet of service shop space and 32,125 square feet of office space. The property is currently being developed by Houston-based Welcome Group and is slated to open during the second quarter of 2019. Approximately 140 workers will be employed at the new plant. Bob Berry and Jacob Bravo of Avison Young represented MAN Diesel & Turbo in the lease negotiations.

March 9, 2018

Mixed-Use Texas

Cambrian, Bercy Chen to Develop $13M Mixed-Use Project in East Austin

by Taylor Williams March 9, 2018

AUSTIN, TEXAS — Cambrian Development and Austin-based Bercy Chen Studios will develop Shady Lane Creative Studios, a mixed-use property in east Austin that will include 47,723 square feet of office space, 7,714 square feet of ground-floor retail space and a 9,000-square-foot central courtyard. The project carries a price tag of roughly $13 million, according to the Austin Business Journal. The property will connect to Govalle Park, as well as bike trails and a proposed commuter rail line. A timeline for construction has not yet been established.

March 9, 2018

Office Texas

NAI Partners Arranges Sale of 151,835 SF Office Building in Houston

by Taylor Williams March 9, 2018

HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.

March 9, 2018

Healthcare Texas

Cushman & Wakefield Brokers Sale of 61,082 SF Medical Office Building in Metro Houston

by Taylor Williams March 9, 2018

KATY, TEXAS — Cushman & Wakefield has brokered the sale of Katy Medical Arts Center, a 61,082-square-foot medical office building in Katy. The property was 100 percent leased at the time of sale to local and national medical practices spanning a variety of disciplines. Katy Med-Arts Partners Ltd., a partnership of 20-plus physicians associated with practices in the building, sold the property to a private equity-backed investor for an undisclosed price. Gino Lollio and Scott Niedergang of Cushman & Wakefield brokered the transaction.

March 9, 2018

Office Texas

Tech Startup Expands to 5,400 SF Office Space in Downtown Houston

by Taylor Williams March 9, 2018

HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.

March 9, 2018

Market Reports Office Texas Texas Market Reports

New Breed of Millennials, Adaptive Reuse Drive San Antonio’s Office Market

by Taylor Williams March 9, 2018

Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …

March 9, 2018

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