Texas

El Paso Office Market Seeing Strong Absorption Through 2017

by Taylor Williams October 13, 2017

The border economy of the United States and Mexico is complex and deeply intertwined, to say the least. As such, the sister cities of El Paso and Juarez should be viewed as one economy. The region ended 2016 on a high note. According to the Federal Reserve Bank of Dallas, El Paso’s total nonfarm employment rose 1.7 percent during the year, besting the state average of 1.6 percent. The city added more than 5,000 jobs, with strong gains in service-providing sectors offsetting losses in the manufacturing sector. Leisure and hospitality led the way, according to the Fed, adding more than 1,700 jobs. At the same time, employment in Juarez’s manufacturing sector was up 5.4 percent from the previous year for a projected total of 263,000 new jobs. The downtown El Paso office market currently totals about 3.2 million square feet across 65 buildings. It breaks down into about 1.1 million square feet of Class A space, 1.2 million square feet of Class B space and 900,000 square feet of Class C space. For years, vacancy in the city’s Central Business District hovered around 20 percent, with virtually no new construction. But lately, conditions have dramatically improved. According to CoStar Group, …

October 13, 2017

Multifamily Texas

Pensam Funding Provides $87M for Two Multifamily Assets in Houston Area

by Taylor Williams October 12, 2017

HOUSTON — Pensam Funding, a Miami-based direct lender, has provided $87 million in financing for a pair of multifamily properties in Houston. The company originated $27 million for Regalia Bella Terra, a 227-unit development located at 24151 Bella Dolce Lane in Katy, and $60 million for the refinancing of Nob Hill Apartments, a 1,326-unit community located at 5500 N. Braeswood Blvd. in southwest Houston. Both financings were structured as combined first mortgage and mezzanine loans with floating interest rates and non-recourse terms. The loans were provided for an undisclosed borrower that owns and operates $3.5 billion in real estate assets across North America.

October 12, 2017

Mixed-Use Texas

PGI to Develop 300,000 SF Mixed-Use Property in Metro Austin

by Taylor Williams October 12, 2017

KYLE, TEXAS — California-based PGI Investments will develop a 300,000-square-foot mixed-use property in Kyle, about 22 miles south of Austin. The development will be situated on a 47-acre site at the intersection of Yarrington Road and Interstate 35 and will include undetermined amounts of office, retail and restaurant space, as well as a hotel and multiple gas stations. The project is expected to create about 200 new jobs. A timetable for construction has not yet been established.

October 12, 2017

Multifamily Texas

Transwestern Begins Leasing 246-Unit Luxury Apartment Building in Houston

by Taylor Williams October 12, 2017

HOUSTON — Transwestern Development Co. has begun leasing The Hayworth, a 246-unit multifamily property located at 1414 Wood Hollow Drive in Houston’s Tanglewood neighborhood. Units range from 934-square-foot one-bedroom apartments to 2,324-square-foot three-bedroom residences. In addition, 10 townhomes starting at 1,986 square feet will become available in 2018. Amenities include a two-acre private park, yoga lawn, pool and dog park.

October 12, 2017

Multifamily Texas

CBRE Brokers Sale of 216-Unit Apartment Community in Seabrook, Texas

by Taylor Williams October 12, 2017

SEABROOK, TEXAS — CBRE’s Capital Markets group has brokered the sale of Edgelake Apartments, a 216-unit multifamily asset located at 3010 E. NASA Parkway in Seabrook, about 35 miles southeast of Houston. Built in 1982, the property offers one- and two-bedroom units averaging 742 square feet per unit, as well as a pool and fitness center. Clint Duncan and Matt Phillips of CBRE represented the seller, Omaha-based SEC Edgelake LLC, in the transaction. 3000 NASA Parkway purchased the property, which was 95 percent occupied at the time of sale, for an undisclosed price.

October 12, 2017

Loans Multifamily Texas

BMC Capital Arranges $13.7M Acquisition Loan for Multifamily Asset in Galveston

by Taylor Williams October 12, 2017

GALVESTON, TEXAS — BMC Capital has arranged a $13.7 million loan for the acquisition of a 238-unit multifamily property in the Texas Gulf Coast city of Galveston. The five-year loan features a 5 percent fixed interest rate and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed bank. The name of the property and borrower were also withheld.

October 12, 2017

Data Centers Industrial Texas

T5, Hillwood, IPI to Develop 324-Acre Data Center Campus at AllianceTexas in Fort Worth

by Taylor Williams October 11, 2017

FORT WORTH, TEXAS — T5 Data Centers, a data center owner and operator with facilities across the country, will co-develop a 324-acre data center campus in Fort Worth. Hillwood and IPI Data Centers Partners Management LLC, a San Francisco-based data center investment platform, will co-develop the campus, which will be situated within the 18,000-acre AllianceTexas community. At full build-out, the development will be capable of delivering 400-plus megawatts of power. A timetable for construction has not yet been established.

October 11, 2017

Office Texas

CBRE Brokers Sale of 168,189 SF Office Property in North Dallas

by Taylor Williams October 11, 2017

DALLAS — CBRE has brokered the sale of Hillcrest Tower, a 168,189-square-foot office property located at the intersection of the LBJ Freeway and Hillcrest Road in North Dallas. The property, which was more than 90 percent leased at the time of sale, offers amenities such as a full-service deli, conference room and tenant suites with private balconies. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the undisclosed seller in the transaction. Boston-based Albany Road Real Estate Partners purchased the asset for an undisclosed price.

October 11, 2017

Office Texas

Accesso Partners Acquires 150,506 SF Office Building in Metro Dallas

by Taylor Williams October 11, 2017

ALLEN, TEXAS — Accesso Partners LLC, a South Florida-based real estate investment manager, has acquired One Allen Center, a 150,506-square-foot, Class A office building located in the Dallas metro of Allen. Situated on 7.2 acres at 700 Central Expressway S., adjacent to the 700,000-square-foot Watters Creek mixed-use development, the property was 90 percent leased at the time of sale. The new ownership will upgrade all common areas and create move-in-ready suites on a speculative basis. The seller and sales price were not disclosed.

October 11, 2017

Restaurant Retail Texas

Carlyle Group to Open 16,000 SF Food Hall in Fort Worth

by Taylor Williams October 11, 2017

FORT WORTH, TEXAS — The Carlyle Group, a Washington, D.C.-based asset management firm, will open Crockett Street Food Hall, a 16,000-square-foot venue that will be situated within Crockett Row at West 7th, a mixed-use property in Fort Worth. Located at the corner of Crockett and Norwood streets, the venue will offer 100- to 1,000-square-foot spaces to fast-casual food vendors. Fourteen eateries are currently slated to operate within the food hall, which will feature a full bar, patio seating and music in the evenings.

October 11, 2017

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