Texas

Weitzman Breaks Ground on Phase I of 273-Acre Mixed-Use Project in Manvel, Texas

by John Nelson June 28, 2021

MANVEL, TEXAS — Weitzman has broken ground on Phase I of Manvel Town Center, a 273-acre mixed-use project that will be located at the intersection of State Highways 288 and 6 in Manvel, a southern suburb of Houston. The centerpiece of the initial phase of construction is a 100,000-square-foot H-E-B grocery store that will include a fuel station and a car wash. The store is expected to open late next summer. All told, the development will consist of more than 1 million square feet of retail, entertainment, hospitality, medical and office space. In planning the project, Weitzman directed the development of key pieces of infrastructure, including a wastewater treatment plant, water plant, detention facilities, feeder road modifications and Kirby Drive, a new thoroughfare that borders the site.

June 28, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 241,378 SF Granite Tower in North Dallas

by Taylor Williams June 28, 2021

DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.

June 28, 2021

Loans Multifamily Texas

CBRE Arranges $100.2M Loan for Refinancing of Houston Multifamily Portfolio

by Taylor Williams June 28, 2021

HOUSTON — CBRE has arranged a $100.2 million loan for the refinancing of a portfolio of four multifamily properties located in Houston’s Westchase neighborhood totaling 1,330 units. Derek Fasulo and Frances Rogers of CBRE arranged the nonrecourse, floating-rate loan through an undisclosed bridge lender on behalf of the borrower, a joint venture doing business as Westchase Houston LLC. The loan was structured with a five-year term and 60 months of interest-only payments. The names of the properties were not disclosed.

June 28, 2021

Loans Office Texas

Bank of America Provides $95M Loan for Refinancing of Irving Office Complex

by Taylor Williams June 28, 2021

IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.

June 28, 2021

Development Office Texas

Adolfson & Peterson Begins Work on 180,000 SF VariSpace Coppell Near Fort Worth

by Taylor Williams June 28, 2021

COPPELL, TEXAS — General contractor Adolfson & Peterson has begun construction on VariSpace Coppell, a 180,000-square-foot office building near Fort Worth that will serve as the global headquarters for flexible workspace provider Vari. Designed by BOKA Powell with interior design by Corgan, the building includes 120,000 square feet of flexible office space with balconies. Amenities include a fitness center and grab-and-go food services. Completion is slated for summer 2022. Vari, formerly known as VariDesk, is known for incorporating standing desks into its workspaces.

June 28, 2021

Development Office Texas

Jay Paul Co. to Develop 872,500 SF Springdale Green Office Complex in East Austin

by Taylor Williams June 25, 2021

AUSTIN, TEXAS — San Francisco-based development and investment firm Jay Paul Co. has announced plans to develop Springdale Green, an 872,500-square-foot office complex in East Austin. Designed by Gensler, the 30-acre property will comprise two six-story buildings and multiple outdoor areas, as well as an onsite parking garage. About two-thirds of the site (19 acres) has been preserved and restored with native meadows, woodlands and plantings, as well as an urban creek tributary. Amenities will include an 18,000-square-foot flexible conference space; 23,000-square-foot fitness and wellness center; jogging and nature trails; and basketball and volleyball courts. A firm construction timeline has not yet been established.

June 25, 2021

Acquisitions Industrial Texas

Partnership Acquires 311,000 SF Forney Industrial Park in Metro Dallas

by Taylor Williams June 25, 2021

FORNEY, TEXAS — A partnership controlled by Dallas-based developers Gault Co. and RTG Capital LLC has purchased Forney Industrial Park, a 311,000-square-foot property located on the eastern outskirts of Dallas. The property consists of 32 buildings across 50 acres that are leased to a roster of 35 tenants. The seller and sales price were not disclosed. The new ownership is planning various upgrades and improvements to the property, including possibly adding additional buildings in the future. TAG Industrial Group, a division of Marcus & Millichap, brokered the deal.

June 25, 2021

Acquisitions Multifamily Texas

American Landmark Buys 225-Unit Alta Spring Creek Apartments in Garland, Texas

by Taylor Williams June 25, 2021

GARLAND, TEXAS — Tampa-based multifamily investment firm American Landmark has purchased Alta Spring Creek, a 225-unit apartment community in the northeastern Dallas suburb of Garland. The property features studio, one-, two- and three-bedroom units with walk-in closets and in-unit washers and dryers. Amenities include package delivery services, an outdoor entertainment space with a grilling station, a 24/7 athletic studio and private meeting and conference spaces. The seller was not disclosed, but national multifamily firm Wood Partners developed and completed the property last September. American Landmark will rebrand the community as The ReVe and invest in capital improvements.

June 25, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Atlantic Pacific, HCDD to Build 135-Unit Mixed-Income Seniors Housing Community in Houston

by Taylor Williams June 25, 2021

HOUSTON — A partnership between an affiliate of Atlantic Pacific Communities and the Houston Housing and Community Development Department (HCDD) have unveiled plans for Heritage Senior Residences, a mixed-income senior living community in Houston that will replace housing lost during Hurricane Harvey. About 70 percent of the units, which will feature one- and two-bedroom floor plans, will be earmarked as affordable, while the remaining units will be rented at market rates. Amenities will include a fitness center, laundry facilities, clubroom, community dining area, business center, conference room, card room and a recreational deck terrace with pavilions and grills. Construction is slated for completion in late 2022. Bank of America provided a $20.5 million construction loan for the project, and Citi Community Bank provided $9.8 million in permanent financing. The capital stack also includes $14.3 million in city-appropriated disaster relief funds and $13.8 million in low-income housing tax credit equity.

June 25, 2021

Development Industrial Texas

i3 Interests Breaks Ground on 148,900 SF Cold Storage Facility in Metro Houston

by Taylor Williams June 25, 2021

PASADENA, TEXAS — Developer i3 Interests has broken ground on 3° Red Bluff, a 148,900-square-foot cold storage facility that will be located in the eastern Houston suburb of Pasadena. The Class A property will consist of two buildings on a 12-acre site that can be customized to fit a variety of cold storage needs, from bulk distribution to food processing. About 62 percent of the first building is preleased to Houston Meat Distributors. Colliers International is leasing the development, completion of which is slated for late in the third quarter.

June 25, 2021

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