Texas

Insite Realty, Urban Cos. Begin Construction on Office Building in Metro Houston

by Haisten Willis September 24, 2015

KATY, TEXAS — InSite Realty Partners and Urban Cos. have formed a partnership to develop Phase II of Grandway West following a pre-lease commitment for 21,066 square feet from Severn Trent Services Inc. Grandway West is a five-building office development that will total 780,000 square feet when complete. The co-developers have commenced construction on Phase II, which will span 124,017 square feet and be ready for occupancy in March 2016. Transwestern’s Paul Wittorf, Eric Anderson and Parker Burkett are providing leasing services on behalf of the co-developers. In 2011 and 2012, the Class A office market in Katy had vacancy in the 4.5 percent to 6.5 percent range. From 2013 through mid-year 2015, Class A vacancy rose to the high-11 percent range as an increase in construction activity brought new supply to the area. Grandway West is a 56-acre office development located one mile north of I-10 with frontage on the Grand Parkway. Phase I, totaling 83,912 square feet, is 90 percent leased. Phase II has 109,179 square feet available for pre-lease following the Severn Trent Services transaction.

September 24, 2015

Lee & Associates Negotiates 71,250 SF Industrial Lease in San Antonio

by Haisten Willis September 24, 2015

SAN ANTONIO — Lee & Associates has completed a lease for a 71,250-square-foot industrial space located at 8154 Bracken Creek in San Antonio. Tom Walrich and Reed Parker of Lee & Associates’ Dallas/Fort Worth office represented the tenant, KGP Telecommunications Inc. Charles Bujan with ERA Colonial Real Estate represented the landlord, Bracken Creek Properties Ltd.

September 24, 2015

Retail Texas

CBRE|UCR Completes Lease for Eatzi’s Market & Bakery in Fort Worth

by Haisten Willis September 24, 2015

FORT WORTH, TEXAS — CBRE|UCR has completed a new retail lease in Fort Worth on behalf of Eatzi’s Market & Bakery. The eatery signed a lease for an end cap space at the University Park Village Shopping Center located one block south of I-30. CBRE|UCR’s Greg Pierce and Ryan May handled site selection for Eatzi’s and represented the restaurant in the lease transaction with Simon Property Group, the landlord, which was represented in-house by Greg Vlahos. The Dallas-based chain, which already has retail locations in Plano, Grapevine, Highland Park and Uptown/Oak Lawn, expects to open the new Fort Worth store in late 2016 or early 2017. The company opened its first retail location in 1996. Eatzi’s Market & Bakery is a European-style eatery with dishes including grilled meats and seafoods, sushi, sandwiches and salads, deli meats and cheeses, pastries, desserts, beer and wine.

September 24, 2015

Loans Multifamily Texas

Berkadia Originates $15.7M Acquisition Loan for Multifamily Property in San Antonio

by Haisten Willis September 24, 2015

SAN ANTONIO — Berkadia has secured $15.7 million in financing for The Parq on the Boulevard, a multifamily property located at 5655 UTSA Blvd. in San Antonio. Andy Hill of Berkadia’s Austin office secured the loan through Berkadia’s Freddie Mac program. The borrower, Mosaic Marq LP, will use the seven-year, floating-rate financing for the acquisition of the property. Loan terms include two years of interest-only payments followed by a 30-year amortization schedule. The Parq on the Boulevard is a 208-unit property that features one-, two- and three-bedroom floor plans. Community amenities include a pool with a tanning deck, barbeque grills, fitness center, pet park and a business center. Situated on more than 11 acres, the property was 94 percent occupied at the time of closing.

September 24, 2015

Retail Texas

M&M Arranges Sale of 92,956 SF Retail Property in Midland

by Haisten Willis September 24, 2015

MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of Town and Country Shopping Center, a 92,956-square-foot retail property located in Midland. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Levy also secured the buyer, a private investor. Town and Country Shopping Center is located on a 9.3-acre site at 1000 N. Midkiff Road. The property is 88 percent occupied and all leases are triple net. Furr’s Cafeteria, Dollar Tree and Planet Fitness anchor the center. Major retailers in the immediate area include Subway, Sonic, McDonald’s, Hastings, Payless ShoeSource, Dollar General, Gold’s Gym, Lack’s Furniture, Comet Cleaners, Allstate Insurance, Quiznos and Advance Auto Parts.

September 24, 2015

Industrial Texas

Public Storage Opens New 1,000-Unit Facility in Frisco

by Haisten Willis September 23, 2015

FRISCO, TEXAS — Public Storage has opened its newest facility in Frisco, a suburb north of Dallas. Public Storage is opening more than 1,000 self-storage spaces on five acres in what is its first location in Frisco. Public Storage is located at 8433 Legacy Drive and will serve the community with climate-controlled self-storage units. Additional drive-up and more budget-friendly units without climate control are also available. The facility is located just off the Dallas North Tollway. The new self-storage facility has a brick exterior and the property manager will live at the location.

September 23, 2015

Multifamily Texas

Cortland Partners Enters Austin Market with Acquisition of City View Apartments

by Haisten Willis September 23, 2015

AUSTIN, TEXAS — Cortland Partners has entered the Austin market with the acquisition of City View Apartments, a 308-unit apartment complex near downtown Austin. Atlanta-based Cortland Partners has been seeking the opportunity to expand its Texas portfolio into Austin, and the company has regional offices in both Dallas and Houston. City View Apartments is located in Austin’s Southeast submarket at 4900 E. Oltorf Drive. Cortland Partners plans to renovate City View.

September 23, 2015

Loans Multifamily Texas

ARA Newmark Completes Acquisition Financing for Apartment Complex in Houston

by Haisten Willis September 23, 2015

HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark have closed a seven-year CMBS loan with a fixed interest rate and full-term interest-only payments on behalf of Momentum Real Estate Partners for the acquisition of Provenza at Barker Cypress Apartments in Houston. The Class A, 318-unit multifamily community was built in 2014 and offers one-, two- and three-bedroom apartment units.

September 23, 2015

Multifamily Oklahoma Student Housing Texas

Greystar Student Living to Manage Progress405 in Stillwater

by Haisten Willis September 23, 2015

STILLWATER, OKLA. — Progress Builders has selected Greystar Student Living to manage Progress405, a new apartment development in Stillwater. The 544-bed student housing community will be located at 1520 N. Boomer Road at the cross streets of Boomer Road and Bennett Drive. The new development is within walking distance of the Oklahoma State University campus and Boone Pickens Stadium. Progress405 will include one-, two- and four-bedroom apartment homes ranging in size from 548 to 1,640 square feet. Units will be fully furnished and will feature private bedrooms and bathrooms. Interior finishes will include quartz countertops, stainless steel appliances and wood-style plank flooring. The project’s community amenities will include a clubhouse with a lobby fireplace, study areas with Wi-Fi, a fitness center with locker rooms and showers, tanning beds, an entertainment lounge with billiards tables, sand volleyball court, a zero-entry swimming pool and a sun deck with cabanas and grilling stations. The pet-friendly community is close to Stillwagon Dog Park and Boomer Lake. Construction is expected to be completed by fall 2016.

September 23, 2015

Office Texas

IronEdge Group Signs Office Lease for 13,008 SF in Houston

by Haisten Willis September 23, 2015

HOUSTON — IronEdge Group, a Houston-based technology consulting firm and IT services provider, has signed a lease for 13,008 square feet of office space. The new office, which is located at 3000 Wilcrest Drive in Houston, will be the firm’s new corporate headquarters. Rob Johnson of Lee & Associates-Houston represented IronEdge Group in the lease transaction. Randi Carrabba of Client 1st represented the landlord, Jeffrey Westchase LLC.

September 23, 2015

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