TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of a 597-unit facility located in the northern Houston suburb of Tomball. The property was built on 5.5 acres in 1998, consists of 70,100 net rentable square feet and features a relatively even mix of climate- and non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust, in the transaction. A California-based corporation purchased the asset for an undisclosed price.
AUSTIN, TEXAS — Greystone has provided a $41.2 million bridge loan for the acquisition of Legends at Lake Creek, a 250-unit apartment community in the Anderson Mill area of Austin. Built in 2001, the value-add property offers one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse, coffee bar, dog park, fitness center and a playground. Steven Vainer of Greystone originated the loan, which carried a 36-month term with two one-year extension options, on behalf of the borrower, San Antonio-based LYND Co.
AUSTIN, TEXAS — A partnership between real estate development and management firm Korman Communities and private equity group Verde Capital has purchased AVE Austin, a 226-unit multifamily property in North Austin. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, rooftop lounge, flexible workspace and private meeting rooms. The seller and sales price were not disclosed.
As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …
By Travis Albrecht, design director, AIA, Gensler Austin is bursting at the seams — just ask anyone who is currently trying to buy a home here. According to the latest U.S. Census Bureau figures, the city’s population has increased by 22 percent since 2010. The city will continue to grow and evolve, but people are attracted to its longstanding welcoming and laid-back culture. How does that translate into design and urban planning for this expanding, vibrant metropolis? Here are the major trends impacting design across commercial real estate in Austin that we have seen in our work as architects and designers, as well as insights gleaned from clients. Experiential Office Buildings As we adapt to a hybrid lifestyle where the workforce is split between the office and home, the role of the workplace and the office building will be to strengthen relationships, teach others and build community, culture and purpose. People want to work in dynamic, activated environments, which is why today’s successful office buildings and workplaces are now included within mixed-use developments, rather than as standalone campuses or office parks. Ground floors must be activated with retail space, service amenities, artwork, community or public gathering areas, even when workers …
DALLAS — JLL has negotiated the sale of a portfolio of six shallow-bay industrial properties totaling 289,225 square feet that are located throughout various markets in the Dallas-Fort Worth (DFW) metroplex. Dallas is home to three of the buildings, and the markets of Fort Worth, Arlington and Grand Prairie house one building apiece. The portfolio spans a combined 21.5 acres, was 82 percent leased at the time of sale and features an average office finish of 18 percent. Dustin Volz, Stephen Bailey and Matthew Barge of JLL represented the seller, Dallas-based CanTex Capital, in the transaction. John Chun, Peter Thompson, Jarrod McCabe, Samuel Godfrey and Jordan Leake of JLL arranged a three-year, floating-rate acquisition loan through Bridge Investment Group on behalf of the borrower, The Bendetti Co., an investment firm based in Southern California.
HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Orleans at Fannin Station, a 338-unit apartment community located south of downtown Houston. The Class A property features one- and two-bedroom units and amenities such as a pool with cabanas, social lounge with a catering kitchen, clubroom with a flat-screen TV, package lockers with refrigeration capabilities and an internet café. John Burke of NorthMarq arranged the fixed-rate loan, which carried a 20-year term with five years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed life insurance company. The borrower was also not disclosed.
KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based investment brokerage firm, has negotiated the sale of Century Oaks, a 178-unit apartment complex located in the Central Texas city of Killeen. The property was originally built in the late 1970s and features an average unit size of 695 square feet. According to Apartments.com, Century Oaks also offers one-, two- and three-bedroom units and amenities such as a picnic area, pet play area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, and Zach Weik of TMG and procured the buyer in the transaction.
FORT WORTH, TEXAS — Lument has provided a $13.9 million bridge loan for the acquisition of Saddlehorn Vista, a 192-unit multifamily community located about 10 miles west of downtown in Fort Worth. Built in 1985, the garden-style property consists of 96 one-bedroom units, 80 two-bedroom residences and 16 three-bedroom apartments. John Sloot and Colin Cross of Lument originated the loan, and John Brickson of Old Capital Lending arranged the debt. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Saddlehorn Vista was 98 percent occupied at the time of the loan closing.
IRVING, TEXAS — Multiview, a national business-to-business (b2b) marketing firm, has signed an 82,093-square-foot office lease renewal at One Panorama Center in Irving’s Las Colinas district. The building spans 208,448 square feet, rises eight stories and offers amenities such as a newly renovated lobby, new fitness center and an outdoor lounge. Robert Blount and Scott Hage of JLL represented the tenant in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Los Angeles-based Regent Properties.