Texas

Trammell Crow Unveils Plans for 2.1 MSF Phase III of Fort Worth Industrial Project

by Taylor Williams October 28, 2021

FORT WORTH, TEXAS — Locally based developer Trammell Crow Co. (TCC) has unveiled plans for Phase III of Eagle 35, a 2.1 million-square-foot speculative industrial project located at Interstate 35 West and Eagle Parkway in Fort Worth. Phase III of Eagle 35 will consist of five buildings ranging in size from 103,668 to 1.2 million square feet, with the site of the largest building expandable to 1.5 million square feet. The buildings will be constructed on a combined 40 acres adjacent to Alliance Airport and will feature 32- to 40-foot clear heights, 140- to 195-foot truck court depths and ample space for car and trailer parking. Phase I of Eagle 35 consisted of two buildings totaling 1.5 million square feet, and Phase II comprised three buildings totaling 1.6 million square feet. Alliance Architects, Inc. is the project architect for Phase III, and Halff Associates Inc. is the civil engineer. Steve Trese and Bob Scully with CBRE’s Dallas office are leasing and marketing the project. Construction is scheduled to begin in January.

October 28, 2021

Development Mixed-Use Texas

Kalterra Capital to Develop 56-Acre Mixed-Use Project in Grand Prairie, Texas

by Taylor Williams October 28, 2021

GRAND PRAIRIE, TEXAS — Dallas-based Kalterra Capital Partners will develop Midtown GP, a 56-acre mixed-use project located in the central metroplex city of Grand Prairie. The development’s residential component will consist of 142 townhomes and 366 apartments with clubhouses, resort-style pools, gyms and outdoor courtyards. In addition, Midtown GP will feature office, retail, restaurant and hospitality uses. Kalterra will develop the project in phases, with the construction of the first phase expected to be complete in 2023.

October 28, 2021

Acquisitions Multifamily Texas

Brixton Capital Buys 312-Unit Mason Park Apartments in Metro Houston

by Taylor Williams October 28, 2021

KATY, TEXAS — California-based investment firm Brixton Capital has purchased Mason Park, a 312-unit apartment community in the western Houston suburb of Katy. The property was built on 13 acres in 2008 and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, cybercafé, bark park, media lounge and an outdoor picnic area with grilling stations. Zach Springer of Newmark represented the locally based seller, Hilltop Residential, in the transaction. Brixton Capital was self-represented. David Schwarz, also with Newmark, arranged acquisition financing through a local bank.

October 28, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Negotiates Sale of 553-Unit Self-Storage Facility in Mesquite, Texas

by Taylor Williams October 28, 2021

MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of The Storage Place, a 553-unit self-storage facility located in the eastern Dallas suburb of Mesquite. The property spans approximately 74,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Karr also procured the buyer. Both parties requested anonymity.

October 28, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 184-Unit Enclave at Water’s Edge Apartments in North Austin

by Taylor Williams October 28, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Enclave at Water’s Edge, a 184-unit apartment complex located near The Domain in North Austin. Units feature studio, one- and two-bedroom floor plans, and amenities include three pools, a fitness center, Amazon package lockers, game room and a dog park. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the deal. Matt Greer and Andrew Wilson, also with Newmark, arranged acquisition financing through Bridge Investment Group on behalf of the buyer, Austin-based Wildhorn Capital. Enclave at Water’s Edge was 94 percent occupied at the time of sale.

October 28, 2021

Acquisitions Hospitality Texas

Stratus Properties Agrees to Sell Block 21 in Austin to Ryman Hospitality for $260M

by Taylor Williams October 27, 2021

AUSTIN, TEXAS — Locally based firm Stratus Properties Inc. (NASDAQ: STRS) has entered into an agreement to sell Block 21, a mixed-use property that occupies a full city block in downtown Austin, to Nashville-based Ryman Hospitality Properties Inc. for $260 million. The two firms originally entered into a purchase agreement for Block 21 in December 2019 for a price of $275 million, including the assumption of $142 million in debt. The agreement was subsequently terminated in May 2020 due to concerns over COVID-19, resulting in Ryman forfeiting $15 million in earnest money. Stratus and Ryman are aiming to close this deal before the end of the year. Originally developed by Stratus in 2010, Block 21 houses the 251-room W Austin Hotel and the 2,750-seat Austin City Limits Live at the Moody Theater, as well as office and retail space.

October 27, 2021

Acquisitions Multifamily Texas

American Landmark Buys 328-Unit Palmetto Point Apartments in San Antonio

by Taylor Williams October 27, 2021

SAN ANTONIO — Tampa-based multifamily investment firm American Landmark has acquired Palmetto Point Apartments, a 328-unit community in San Antonio’s Medical Center submarket. The site is located across from USAA’s corporate headquarters on the city’s northwest side. Built in 2020, the gated community features one- and two-bedroom units ranging in size from 653 to 1,451 square feet. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Communal amenities include a resort-style pool with cabanas and an outdoor fireplace, clubhouse with a fitness center, business center, internet café and an entertainment room with billiards and flatscreen TVs. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller and developer, locally based firm Koontz Corp.

October 27, 2021

Development Industrial Texas

EastGroup Properties Breaks Ground on 120,600 SF Industrial Project in Metro Houston

by Taylor Williams October 27, 2021

KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.

October 27, 2021

Development Multifamily Texas

Cadence McShane Completes 242-Unit Broadway Chapter Multifamily Project in Fort Worth

by Taylor Williams October 27, 2021

FORT WORTH, TEXAS — General contractor Cadence McShane has completed construction of Broadway Chapter, a 242-unit multifamily project in Fort Worth’s Near Southside District. Developed by CRG Real Estate Solutions and designed by Lamar Johnson Collaborative, the property spans two acres and 320,000 square feet. Units come in studio, one- and two-bedroom formats and include private balconies. The amenity package consists of a pool, dog run, outdoor grilling areas, a fitness center, coffee bar, library, lounge and Zoom rooms. The development team also delivered a 98,000-square-foot parking garage as part of the project.

October 27, 2021

Acquisitions Retail Texas

NewQuest Properties Arranges Sale of 80,748 SF Kroger Junction Shopping Center in Metro Houston

by Taylor Williams October 27, 2021

PASADENA, TEXAS — Locally based development and brokerage firm NewQuest Properties has arranged the sale of Kroger Junction, an 80,748-square-foot shopping center in the eastern Houston suburb of Pasadena that was built in 1987. The center’s namesake tenant operates a store that spans 45,528 square feet and also offers a fueling station. David Luther, Austen Baldridge and Dakota Workman of NewQuest represented the seller, an entity doing business as 2619 Realty Holding LLC, in the transaction. NewQuest also represented the buyer, Houston-based Farah Investments LLC.

October 27, 2021

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