Texas

OHT Partners Breaks Ground on 359-Unit Lenox Heights Apartments in Houston

by Taylor Williams May 26, 2023

HOUSTON — Austin-based developer OHT Partners has broken ground on Lenox Heights, a five-story, 359-unit multifamily project in Houston’s Heights neighborhood. Units will come in one- and two-bedroom floor plans and will range in size from 629 to 1,247 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart technology. Amenities will include two pools, a fitness center, coworking lounge, clubhouse and a pet spa. Steinberg Dickey Collaborative is the project architect. Completion is slated for early 2025.

May 26, 2023

Acquisitions Multifamily Texas

Colliers Arranges Sale of 320-Unit Apartment Community in Galveston

by Taylor Williams May 26, 2023

GALVESTON, TEXAS — Colliers has arranged the sale of Lakeside at Campeche, a 320-unit apartment community located in the southeastern Texas city of Galveston. The property offers one- and two-bedroom units and amenities such as a pool, outdoor gym and grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, a California-based joint venture that owned the property for 20 years, in the transaction. Metro Dallas-based investment firm Clearworth Capital purchased the asset for an undisclosed price.

May 26, 2023

Development Office Texas

Cawley Partners Underway on 120,000 SF Office Project in Plano

by Taylor Williams May 26, 2023

PLANO, TEXAS — Dallas-based developer Cawley Partners is underway on construction of Phase II of The Parkwood, a project in Plano that will add 120,000 square feet of office space to the local supply. Phase I of The Parkwood, which also comprises 120,000 square feet, was completed in late 2022 and is fully leased to First United Bank. Phase II is 43 percent preleased, with SFMG Wealth Advisors committed as the anchor tenant with a 22,000-square-foot lease. Amenities at The Parkwood include a fitness center, pickleball court, conference centers and rooftop terraces.

May 26, 2023

Industrial Leasing Activity Texas

Texas Envelope Manufacturing Signs 33,000 SF Industrial Lease Renewal in Northwest Dallas

by Taylor Williams May 26, 2023

DALLAS — The Texas Envelope Manufacturing Co. has signed a 33,000-square-foot industrial lease renewal in northwest Dallas. According to LoopNet Inc., the property at 10647-10657 Shady Trail was built in 1981, totals 72,000 square feet and features 21-foot clear heights and 15 exterior dock doors. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. David Easterling of CBRE represented the tenant.

May 26, 2023

Acquisitions Industrial Texas

Finial Group Negotiates Sale of 7,692 SF Industrial Building in Garland, Texas

by Taylor Williams May 26, 2023

GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated the sale of a 7,692-square-foot industrial building located at 4309 Action St. in the northeastern Dallas suburb of Garland. The facility includes 1,500 square feet of office space. An undisclosed seller sold the property to Cenote Investment Group for an undisclosed price. Jason Gibbons of Finial Group brokered the deal.

May 26, 2023

Development Office Texas

Fortis Property Group to Renovate, Rebrand 55-Story Office Building in Downtown Dallas

by Taylor Williams May 25, 2023

DALLAS — New York-based Fortis Property Group will renovate and rebrand Chase Tower, a 55-story, 1.2 million-square-foot office building located at 2200 Ross Ave. in downtown Dallas. The centerpiece of the project will be the reimagining of the lobby, including the installation of a new art gallery with pieces by local artists. New lighting and flooring will accentuate the artwork, and ownership will also upgrade the elevator cabs. Lastly, Fortis will rebrand the property as Dallas Arts Tower and add two new food-and-beverage concepts, a café and a Greek restaurant. Stream Realty Partners leases the building. CBRE represented the restaurant operator, Milkshake Concepts, in its negotiations to lease the lobby space.

May 25, 2023

Development Industrial Texas

Brasfield & Gorrie Tops Out 438,000 SF Industrial Project for Raytheon in McKinney, Texas

by Taylor Williams May 25, 2023

MCKINNEY, TEXAS — General contractor Brasfield & Gorrie has topped out a 438,000-square-foot industrial building in the northern Dallas suburb of McKinney that is a build-to-suit for defense contractor Raytheon. The seven-story facility will include 259,200 square feet of manufacturing space and 43,200 square feet of office space, as well as lab space. Corgan is the project architect, and KDC is the developer. Construction is scheduled for a first-quarter 2024 completion.

May 25, 2023

Affordable Housing Development Multifamily Texas

NHP Foundation Opens 74-Unit Affordable Housing Complex in Houston

by Taylor Williams May 25, 2023

HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.

May 25, 2023

Loans Office Texas

MMCC Arranges $4.7M Acquisition Loan for Office Building in Richardson, Texas

by Taylor Williams May 25, 2023

RICHARDSON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million acquisition loan for a roughly 10,000-square-foot office building located at 1140 W. Campbell Road in Richardson, a northeastern suburb of Dallas. The borrower, a partnership between Brytar Cos. and EvCap Investment, plans to convert the building into an early learning and daycare facility that will be operated by The Montessori School. Kevan McCormack of MMCC originated the financing through an undisclosed direct lender.

May 25, 2023

Industrial Leasing Activity Texas

Network Cabling Services Signs 9,573 SF Industrial Lease in Carrollton, Texas

by Taylor Williams May 25, 2023

CARROLLTON, TEXAS — Houston-based Network Cabling Services has signed a 9,573-square-foot industrial lease in the northern Dallas metro of Carrollton. The company will occupy space at Building 2 at Counter Point at Valwood, a two-building, 97,943-square-foot development. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an affiliate of Hay & Jones Inc., in the lease negotiations. Lee Owen of Compass Real Estate represented the tenant. Counter Point at Valwood is now 90 percent leased.

May 25, 2023

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