Texas

Group RMC Acquires 491,092 SF Office Building in Houston’s Galleria District

by Taylor Williams October 21, 2021

HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.

October 21, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 714-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams October 21, 2021

MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.

October 21, 2021

Leasing Activity Office Texas

Energy Consulting Firm Signs 62,535 SF Office Lease Renewal, Expansion in Downtown Houston

by Taylor Williams October 21, 2021

HOUSTON — Global energy consulting firm Opportune has signed a 62,535-square-foot office lease renewal and expansion at Pennzoil Place, a 1.4 million-square-foot office complex located at 711 Louisiana St. in downtown Houston. The firm will now occupy floors 31 through 34 at Pennzoil Place, which also houses a Starbucks Coffee and a Chick-fil-A. Tyler Garrett and Eric Anderson of Transwestern represented the landlord, Metropolis Investment Holdings Inc., in the lease negotiations. Lucian Bukowski of CBRE represented Opportune, which has been a tenant at Pennzoil Place since 2005.

October 21, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 85-Unit Crestview Apartments in Dallas

by Taylor Williams October 21, 2021

DALLAS — Locally based brokerage firm Wellington Realty has arranged the sale of Crestview Apartments, an 85-unit multifamily complex located near Highland Park in Dallas. According to Apartments.com, the property was built in 1962 and offers a picnic area and onsite laundry facilities. The buyer and seller were both undisclosed. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the deal.

October 21, 2021

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $47.1M in Financing for Mixed-Income Seniors Housing Project in Dallas

by Taylor Williams October 20, 2021

DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.

October 20, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 469-Unit Self-Storage Facility in Houston

by Taylor Williams October 20, 2021

HOUSTON — Marcus & Millichap has brokered the sale of Barker Cypress Self Storage, a 469-unit facility in Houston. Built on 2.9 acres in 1996 and expanded in 2003, the property consists of 130 climate-controlled units totaling 15,800 net rentable square feet and 339 non-climate-controlled units totaling 40,250 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family partnership, in the transaction. The buyer was not disclosed.

October 20, 2021

Civic Development Texas

Cadence McShane Completes 179,000 SF Addition, Renovations for Austin High School

by Taylor Williams October 20, 2021

AUSTIN, TEXAS — General contractor Cadence McShane has completed a project for the Austin Independent School District that delivered a 179,000-square-foot addition and renovations to Eastside Early College High School. The new structure features learning studios that incorporate flexible workspaces and integrated technology throughout the building. A gym with a second-story running track was also constructed. Perkins + Will served as the project architect.

October 20, 2021

Loans Multifamily Texas

JLL Arranges Refinancing for 216-Unit Apartment Community in Grapevine, Texas

by Taylor Williams October 20, 2021

GRAPEVINE, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of Vine on North Park, a 216-unit apartment community located near Dallas-Fort Worth International Airport in Grapevine. The property was built on 12 acres in 1985 and renovated in 2018 to feature granite countertops, stainless steel appliances and brushed nickel hardware. Units also offer private balconies/patios, and amenities include a pool, fitness center, business center, dog park, package locker system, basketball court and a playground. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through NexBank on behalf of the undisclosed borrower.

October 20, 2021

Acquisitions Industrial Office Texas

Partners Capital Sells 145,915 SF Flex Property in Houston

by Taylor Williams October 20, 2021

HOUSTON — Partners Capital, the investment platform of Partners Real Estate Co., has sold Point West Business Park, a 145,915-square-foot flex property in Houston. Partners Capital originally acquired the three-building complex in 2019 and completed more than 25,000 square feet of new leases during its holding period. Cary Latham, Wyatt Huff and Josh Lass-Sughrue of NAI Partners represented the seller in the transaction. Fort Worth-based PHP Capital Partners purchased the asset for an undisclosed price.

October 20, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of 202,140 SF Industrial Property Near DFW International Airport

by Taylor Williams October 19, 2021

GRAPEVINE, TEXAS — CBRE has negotiated the sale of a 202,140-square-foot industrial property located near Dallas-Fort Worth (DFW) International Airport in Grapevine. DFW North Logistics Center consists of two buildings that were constructed in 2008 and feature 21- to 30-foot clear heights and parking space for up to 100 trailers. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented the seller, an affiliate of Olympus Ventures, in the transaction. Boston-based STAG Industrial purchased the asset, which was fully leased at the time of sale, for an undisclosed price.

October 19, 2021

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