HUMBLE, TEXAS — Locally based development and investment firm Kajani Capital Group has acquired 10.8 acres in the northern Houston suburb of Humble for the development of a 300-unit multifamily project. The community will feature one-, two- and three-bedroom units with an average size of 875 square feet, as well as a clubhouse, fitness center, package lockers and a dog park. Chris Bergmann Jr. of JLL represented Kajani Capital in the off-market land deal. Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. Construction is set to begin in May and to be complete in fall 2024.
SAN ANTONIO — Newmark has arranged the sale of Trailside, a 240-unit apartment community in northwest San Antonio. The property offers one- and two-bedroom units that range in size from 662 to 982 square feet and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Jim Young, Matt Michelson and Chase Easley of Newmark represented the undisclosed seller in the transaction. The buyer was a joint venture between private equity real estate firm Cottonwood Group and Dallas-based Texsun Holdings. Trailside was 94 percent occupied at the time of sale.
TYLER, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed The Northeast Texas Cancer & Research Institute, an 85,000-square-foot healthcare project in Tyler, about 100 miles east of Dallas. The center is located on the CHRISTUS Mother Frances Hospital campus and features specialized areas for cancer treatment provider Texas Oncology, including 30,000 square feet of clinic space for medical, radiation and gynecologic oncology services, as well as nearly 3,000 square feet of space dedicated to research. Construction began in May 2021 and topped out in March.
GREENVILLE, TEXAS — Dallas-based investment and development firm Wildcatter Realty Partners has unveiled plans for The Greenbelt, a 325-acre mixed-use project that will be located northeast of Dallas in Greenville. The site is bordered by I-30, Monty Stratton Parkway, State Highway 34 and FM 1570. At full buildout, The Greenbelt will consist of approximately 1,200 single-family and multifamily units, 200,000 square feet of commercial space, seven restaurant pad sites and at least one hotel with 100 rooms and 10,000-square-foot conference center. Wildcatter recently received approval from Greenville’s Planning & Zoning Committee to rezone a 20-acre parcel from agriculture to multifamily use and plans to develop a 300-unit apartment community on that site. The Greenbelt could also include a second hotel.
AUSTIN, TEXAS — Minneapolis-based developer United Properties has broken ground on Shelby Ranch, a 302-unit apartment community that will be located in South Austin. The project will comprise two four-story buildings on an eight-acre site at 2212 Lynbrook Drive. Units will come in studio, one-, two- and three-bedroom floor plans and will feature stainless steel appliances, quartz countertops and private patios/balconies. Amenities will include a pool, resident garden, arts and crafts studio, fitness center, coworking lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, which is slated for a late 2024 completion.
AUSTIN, TEXAS — JLL has arranged a $39.7 million loan for the refinancing of Bridgepoint Plaza, a 178,061-square-foot office complex in North Austin. The property comprises two buildings on an 8.8-acre site. The amenity package consists of a fitness center, basketball court, pickleball court, outdoor seating and dining areas, a conference facility and structured parking for 580 vehicles. Wally Reid and Jayme Nelson of JLL arranged the loan through Argentic on behalf of the borrower, Spire Real Estate Partners. Bridgepoint Plaza was 78 percent leased at the time of the loan closing.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 108,951-square-foot industrial building located at 1000 NE 28th St. in Fort Worth. The property was originally built on 9.4 acres in 1963. Adam Abushagur, Davis Cagle and Tyler Ranft of Marcus & Millichap represented the seller, the former owner and occupant of the property, in the transaction. Additional terms of sale were not disclosed.
DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.
By Chip Colvill, executive vice president, Cushman & Wakefield Like many U.S. cities in the post-pandemic world, Houston’s office sector faces a long road to recovery. Historically, office demand follows office job creation — and job growth has been a bright spot of the Houston economy in 2022. Unfortunately, the U.S. economy seems to be slowing, and the outlook remains highly uncertain. Odds of a recession have risen; inflation and wage pressures remain elevated, and higher interest rates are impacting various parts of the economy, including commercial real estate. Throughout the United States as well as in Houston, the correlation between job growth and office demand is tenuous, given that many businesses are still recalibrating workplace strategies to allow remote and hybrid work schedules. However, new jobs — even more flexible, hybrid jobs — will necessitate various types of workspaces, including demand for office and flexible office space. Newer office buildings across Houston have thrived despite the market’s elevated Class A vacancy rate of approximately 26 percent. Each new quarter of data continues to confirm the flight-to-quality trend and the existence of a bifurcated office sector between older and newer office product. Higher-quality and newer office space is dominating as …
AUSTIN, TEXAS — A joint venture between Houston-based Hines and New York-based investment firm Galesi Group will develop a 1.7 million-square-foot industrial park in northeast Austin. The site at the corner of Harris Branch Parkway and Parmer Lane spans 150 acres. Powers Brown Architecture is designing the project, the first phase of which will consist of three buildings totaling 315,000 square feet. A construction timeline was not disclosed.