HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 50,130-square-foot industrial building in West Houston. According to LoopNet Inc., the property at 5919 Bonhomme Road was built on 2.7 acres in 2002 and features 30-foot clear heights and five dock-high doors. Jacob Summers & Dylan Stiteler of Oxford Partners represented the buyer, Unishow Inc., in the transaction. Martin Tijmes of eXp Realty represented the undisclosed seller.
AUSTIN, TEXAS — IBM has signed a 50,000-square-foot office and life sciences lease at Parmer Impact Labs in Austin. CBRE represented the landlord, Karlin Real Estate, in the lease negotiations. Cushman & Wakefield represented IBM. The New York-based tech giant follows University of Texas at Austin, which announced in September that it would locate its first off-campus wet lab site at Parmer Impact Labs. A timeline for occupancy was not disclosed.
PLANO, TEXAS — Holt Lunsford Commercial has negotiated a 13,936-square-foot office lease renewal and expansion at Lincoln Legacy Two in the northern Dallas suburb of Plano. Chase Stone and Caroline Hix of Holt Lunsford represented the landlord, Larson Capital Management, in the lease negotiations. Scott Jessen of Citadel Partners and Tyler Thomas of Trumont Commercial represented the tenant, The Mathworks, a provider of mathematical computing software.
SAN ANTONIO — A partnership between boutique investment firm Trestle Studio, Colorado-based Sopris Capital and The Town Lake Co. has acquired the 308-room El Tropicano Hotel in San Antonio’s RiverWalk District. According to CultureMap San Antonio, the El Tropicano originally opened in 1962 as the district’s first purpose-built hotel but has been closed since 2020. Steve Leslie and Chris Dewey of JLL represented the undisclosed seller in the transaction. The new ownership did not disclose its plans for the historic property.
MIIDLOTHIAN, TEXAS — Locally based investment firm Younger Partners has acquired Midlothian Towne Crossing, a 147,161-square-foot shopping center located on the southern outskirts of Dallas. The center sits on 34 acres and was 99 percent leased at the time of sale to tenants such as Ross Dress for Less, Burkes Outlet, JoAnn Fabrics, Petco, Ulta Beauty and Famous Footwear. Chris Cozby, Harrison Tye and Jim Batjer of CBRE represented the undisclosed seller in the transaction. Kathy Permenter and Micah Ashford represented Younger Partners on an internal basis.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 3.2-acre self-storage development site located at 5361 Pearsall Road in southwest San Antonio. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Danklefs also procured the buyer, DD&B Construction, which did not disclose specific development plans for the site.
KERRVILLE, TEXAS — Transwestern Real Estate Services (TRS) has negotiated the sale of a four-building, 15,547-square-foot medical office complex in Kerrville, about 65 miles northwest of San Antonio. The property was built in 2003 and was fully occupied at the time of sale. Russell Noll and Kelly Ralston of TRS represented the seller, HCD Property Group, in the transaction. Donald Kuyrkendall of Kuyrkendall & Co. Inc. represented the buyer, an undisclosed family trust.
HOUSTON — ChipTech, a manufacturer of low-voltage cables for the communications industry, has signed a 14,350-square-foot industrial lease in northwest Houston. The space is located within Pine Timbers Distribution Center and includes 1,655 square feet of office space. Andrew Bischoff and Tyler Holt of Finial Group represented ChipTech in the lease negotiations. Bridge Commercial Real Estate represented the undisclosed landlord.
The multifamily industry has its hands full: finance in adverse economic conditions, rapidly rising operation costs, as well as the challenge of attracting and keeping quality tenants as the biggest jump in new inventory creates more competition than the industry has seen in decades. Technology is an enabling and defining tool in the midst of these challenges. Tenants often expect services like internet access, telephone, television and Wi-Fi hotspots throughout a complex. Multifamily property staff need data access, speciality software, as well as the ability to schedule prospective resident visits, remote viewing, maintenance and more. Relatively few multifamily operations have the scope, scale and economics for an IT staff that can handle the support and repair requirements necessary to install systems, keep them working, protect data and networks while assisting tenant and staff users, particulary 24 hours a day, 7 days a week. Managed IT services are third-party companies that remotely provide the IT expertise and the help a company requires. “If a resident can’t get on Wi-Fi, if a phone stops working, if there’s an issue with the network or if there’s a problem with the ability to share or store or retrieve data — that’s where we step …
ARLINGTON, TEXAS — Dallas-based Zale Properties will develop The Grove at La Frontera, a 396-unit multifamily project in Arlington. The property will consist of 336 apartments, 60 single-family rental bungalows and 10,000 square feet of ground-floor retail space. Units will come in one-, two- and three-bedroom floor plans. Amenities will include two pools, a fitness center, pickleball courts, a dog park, pet spa, clubhouse with a coffee bar, coworking spaces, walking trails, a putting green and a community garden. John Brownlee, Bo Beidleman and Chad Lisbeth of JLL arranged a four-year, fixed-rate construction loan through Principal Asset Management on behalf of the developer. Completion is slated for 2025.