HOUSTON — Allied Orion Group is nearing completion of Eighteen25, a 242-unit apartment community located in downtown Houston. The property will offer studio, one- and two-bedroom units ranging in size from 525 to 1,751 square feet. Amenities will include a rooftop pool, fitness center, clubroom, valet trash services and a dog park. Meeks + Partners designed the property.
NORTH RICHLAND HILLS, TEXAS — JLL has negotiated the sale of Diamond Loch, a 138-unit multifamily community located in the Fort Worth suburb of North Richland Hills. Scott LaMontagne, Zar Haro, Moses Siller and David Fersing of JLL represented the seller, 6100 Glenview Drive LLC, in the transaction. California Capital Real Estate Advisors Inc. purchased the asset for an undisclosed price.
MONTGOMERY, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Montgomery Trace, a 94,893-square-foot shopping center situated on 14 acres at 20821 Eva St. in Montgomery, about an hour northeast of Houston. Anchored by a 31,760-square-foot Brookshire grocery store, the property was 92 percent leased at the time of sale. Jeff Tinsley of The J. Beard Co. represented the seller, Montgomery Trace Shopping Center DST, in the transaction.
SUGAR LAND, TEXAS — Poynter Commercial Properties Corp. has negotiated 30,266 square feet of office leases at Commerce Green Office Park in Sugar Land. Notable individual leases include Comcast of Houston LLC’s 6,936-square-foot space and Community Impact Newspaper’s 6,397-square-foot space. Developed in 1998, the Class A, 1.2 million-square-foot property is now 100 percent leased. Kevin Poynter and Peyton Poynter of Poynter Commercial represented the landlord, Commerce Green Associates LP. in the lease negotiations.
HOUSTON — NAI Partners has brokered the sale of 33,000-square-foot warehouse located at 6922 and 6930 La Paseo St. in southeast Houston. Situated on 2.6 acres and built in 1974, the property features 16- to 22-foot clear heights and four drive-in/grade-level doors. Chris Caudill of NAI Partners represented the seller, Mitas Tower. Nabil Murad of NM Management LLC represented the buyer, Radwan A-Z LLC.
DALLAS — CBRE has arranged the sale of Trinity Towers, a Class A, 634,381-square-foot office tower located in the Medical and Love Field District of Dallas. The 20-story building was recently renovated and features structured parking, a full-service deli, conference center and fitness center with locker rooms. The tower is 97 percent leased to tenants including Aetna, Children’s Medical Center and Southwest Airlines. Gary Carr, Eric Mackey, Evan Stone, John Alvarado, Jared Chua and Robert Hill of CBRE worked on behalf of the seller, JP Realty Partners. Stanton Road Capital acquired the property. The price was not disclosed, but a website affiliated with The Dallas Morning News, dallasnews.com, reports that the asset was sold for $50 million. “As one of the market’s most recognizable buildings, Trinity Towers presented investors with an exceptional asset located within Dallas’s premier emerging marketplace,” says Carr. “The building’s outstanding tenants and low-risk upside potential attracted a wide range of investor interest.” The property is positioned along Stemmons Freeway, and is located near both Dallas Love Field Airport and DFW International Airport. Stanton Road Capital is a Los Angeles-based investment management firm focused on commercial real estate and private equity strategies. — Katie Sloan
The recent announcement that XTO Energy Inc., a division of energy giant ExxonMobil, will be moving 1,600 jobs to Houston was not the best news for Fort Worth. The move, which will occur in waves between 2018 and 2020, will reduce downtown’s private workforce by 3 percent over the next few years and lead to several of the company’s CBD properties hitting the market for sale. Broader economic implications notwithstanding, many tenants, landlords and city officials are wondering what impact XTO’s move will have, not only on the office market, but also on the downtown area’s commercial real estate market. However, any worries that the move would drastically upset the downtown market’s equilibrium appear to be misplaced. Most office sectors, especially the CBD’s Class A market and the suburban market that includes the West 7th and West/Southwest Fort Worth areas — should see minimal impact. It is even possible that most of the Class B market in the CBD will remain unaffected, as demand for re-development or from existing office users may consume much of XTO’s spaces. To understand how this move could affect downtown Fort Worth, it helps to look at the bigger picture. The current CBD office inventory …
SUGAR LAND, TEXAS — Dallas-based Velocis has acquired Two Sugar Creek Center, a 143,410-square-foot, Class A office building located at 77 Sugar Creek Blvd. in the Houston metro of Sugar Land. Built in 1999, the six-story property was 85 percent leased at the time of sale and features on-site conferencing facilities, a 240-space parking structure and an additional 1.5 acres of developable land. H. Dan Miller and Trent Agnew of HFF represented the seller, TA Realty, in the transaction.
PLANO, TEXAS — Stream Realty Partners has brokered the sale of Jupiter Service Center, an office/industrial asset totaling 126,485-square-foot in Plano. The four-building property is situated on nine acres at the corner of Jupiter Road and 10th Street, less than a mile from the President George Bush Turnpike. Jamie Jennings, James Mantzuranis, Matt Dornak and Ryan Wolcott of Stream Realty represented the seller, Situs, a Houston-based advisory and management firm. Kennington Property Co. purchased the asset for an undisclosed price.
DALLAS — ARA Newmark has arranged the sale of Las Terrazas Apartments, a 230-unit multifamily community located at 14018 Brookgreen Drive in Dallas. Built in 1968, the garden-style property offers amenities such as a pool, playground, laundry facility and resident clubhouse. Kevin O’Boyle, Matt Wideman and Jakob Andersen of ARA Newmark brokered the sale. The buyer, seller and sales price were not disclosed.
