Texas

Tech Manufacturer Finisar to Open 700,000 SF Plant in Sherman Using $390M Grant from Apple

by Taylor Williams December 13, 2017

SHERMAN, TEXAS — Finisar, a California-based manufacturer of optical communications components used in Apple products, will open a 700,000-square-foot, previously shuttered manufacturing plant in Sherman. Funding for the project stems from a $390 million grant provided by Apple Inc. The awarding of the grant will enable Finisar, which already operates a plant in Allen, to increase its research and development spending and up its production of vertical-cavity surface-emitting lasers (VCSELs), which power Apple products like Face ID and Animoji. Approximately 500 new jobs will be created as a result of Apple’s grant. Holmes Davis of Binswanger represented the seller of Finisar’s new facility, SunEdison. Finisar expects the Sherman facility to begin shipping new VCSELs by the second half of 2018.

December 13, 2017

Square Mile Originates $118M Loan for 1.7 MSF Office Tower in Downtown Dallas

by Taylor Williams December 13, 2017

DALLAS — Square Mile Capital Management LLC has originated a $118 million loan for Renaissance Tower, a 56-story office tower comprising more than 1.7 million square feet of space in downtown Dallas. The loan, a portion of which was sold to Bank of the Ozarks, will be used to repay existing CMBS debt and bridge the property through stabilization. The borrower was a joint venture between two New York-based firms: SMA Equities and The Moinian Group. Whitaker Johnson and Steve Heldenfels of HFF arranged the financing.

December 13, 2017

Retail Texas

IKEA Opens 290,000 SF Store in Grand Prairie

by Taylor Williams December 13, 2017

GRAND PRAIRIE, TEXAS — Swedish furniture retailer IKEA has opened a 290,000-square-foot store in Grand Prairie. The store is the company’s fourth location in Texas, with plans to open stores in the San Antonio and Fort Worth areas in 2019 underway. Construction of the store created about 500 new jobs, with an additional 250 workers joining the IKEA team as it became operational.

December 13, 2017

Data Centers Industrial Texas

Coldwell Banker Brokers Sale of 136,000 SF Data Center Facility in Irving

by Taylor Williams December 13, 2017

IRVING, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of a 136,000-square-foot, Tier IV-designed data center facility located at 6001 Campus Circle W. in Irving. The two-story property underwent an expansion in the 1980s that delivered an additional 94,000 square feet of space and five back-up generators totaling more than 8,100 kilowatts of power. The facility is currently configured to have a 74,500-square-foot data-raised floor, 34,000 square feet of office space and 27,500 square feet of infrastructure space. Ryan Crabtree of CBCA represented the buyer, Skywalker Property Partners, in the sale.

December 13, 2017

Retail Texas

Hunington Properties Negotiates Sale of 42,232 SF Retail Center in Metro Houston

by Taylor Williams December 13, 2017

SPRING, TEXAS — Hunington Properties Inc. (HPI) has brokered the sale of Postwood Shopping Center, a 42,232-square-foot retail center located at 5639 Treaschwig Road in the northern Houston metro of Spring. The property, which is shadow-anchored by Kroger, was built in 1985 and renovated in 2009. Current tenants include Chase Bank, State Farm Insurance, Boost Mobile and Anytime Fitness. Rafael Melara of HPI represented the seller in the transaction. Gary Smith of RCR Realty represented the buyer, a local investor.

December 13, 2017

Multifamily Texas

Northland Acquires 430-Unit Apartment Community in Southwest Austin

by Taylor Williams December 12, 2017

AUSTIN, TEXAS — Massachusetts-based Northland Investment Corp. has acquired The Park at Monterey Oaks, a 430-unit, Class A multifamily community located at 4701 Monterey Oaks Blvd. in southwest Austin. Built in 2000, the garden-style property consists of 15 two- and three-story buildings. Amenities include a property-owned park, community garden, nature trail, pool and boat parking. With this acquisition, Northland’s Austin portfolio totals 7,040 units across 19 properties.

December 12, 2017

Multifamily Texas

CBRE Brokers Sale of 352-Unit Apartment Community in Metro Houston

by Taylor Williams December 12, 2017

KATY, TEXAS — CBRE has brokered the sale of Luxe at Katy Apartments, a 352-unit multifamily community located at 22631 Colonial Parkway in the western Houston metro of Katy. The property, which was built in 2013 and was 97 percent occupied at the time of sale, was previously branded Remington Katy. Units average 940 square feet per residence. Matt Phillips and Clint Duncan of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged acquisition financing on behalf of the buyer. Both parties requested anonymity.

December 12, 2017

Restaurant Retail Texas

CRP, Wile Interests to Develop 30,000 SF Retail, Restaurant Destination in Houston

by Taylor Williams December 12, 2017

HOUSTON — Capital Retail Properties (CRP), in a partnership with Wile Interests Inc., will develop Market at Houston Heights, a 30,000-square-foot retail and restaurant destination in northwest Houston. The property will be located at 1533 N. Shepherd Drive fronting Laird and West 16th streets. Individual components will include a 4,000-square-foot structure allocated to dining, 26,000-square-foot mixed-use building, 3,000-square-foot plaza with seating for community events and 160 parking spaces. The developers expect to deliver space for tenant build-out in the fall of 2018.

December 12, 2017

Multifamily Texas

Silver Ventures Opens 122-Unit Apartment Complex at The Pearl in San Antonio

by Taylor Williams December 12, 2017

SAN ANTONIO — Silver Ventures has opened Cellars, a 122-unit multifamily complex situated within The Pearl, a mixed-use property in San Antonio. The 10-story building will offer one-bedroom units, as well as loft spaces and penthouses, with units ranging in size from 650 to 3,986 square feet. Amenities include 24-hour concierge and valet services, a rooftop pool with cabanas, a library, fitness center and a dog park. Rents start at $1,830 per month.

December 12, 2017

Retail Texas

Oldham Goodwin Arranges Sale of 72,718 SF Academy Sports in College Station

by Taylor Williams December 12, 2017

COLLEGE STATION, TEXAS — Oldham Goodwin Group LLC has arranged the sale of a 72,718-square-foot store leased to Academy Sports + Outdoors located at 2511 Earl Rudder Freeway in College Station. Oldham Goodwin Capital, the investment arm of Oldham Goodwin, sold the asset to a Texas-based private investor for an undisclosed price. Clinton Oldham represented the company internally in the sale, other terms of which were not disclosed.

December 12, 2017

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