PLANO, TEXAS — Locally based developer KDC has partnered with JBP Properties to develop Phase III of Parkside on Legacy in Plano. The third phase will deliver office options ranging in size from 200,000 to 500,000 square feet on a 16-acre site that is located within Legacy Business Park. Myers Commercial will market the buildings for lease. A construction timeline was not disclosed.
SAN ANTONIO — Atlanta-based investment firm The RADCO Cos. has sold two apartment communities totaling 469 units in San Antonio. The first property, City Crest, was built in 1984 and features one- and two-bedroom units and amenities such as a pool and a business center. The second, City Summit, was built in 1981, totals 269 units in one-, two- and three-bedroom formats and offers a pool, fitness center, playground and a game room. Austin-based Shippy Properties acquired the assets for an undisclosed price. Berkadia brokered the deal.
DALLAS — Coca-Cola Southwest Beverages, a Dallas-based bottler of the soft drink giant, has signed an office lease at Lincoln Centre, a 1.6 million-square-foot office campus located at 5420 LBJ Freeway in North Dallas. Matthew Schendle and Clint Madison of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Conor McCarthy and Greg Biggs of JLL represented the tenant, which expects to move in to its new space next year. The square footage of the lease was not disclosed.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged an $8 million bridge loan for the acquisition of a 150-unit apartment community in southwest Houston. Kurt Dennis of LMI Capital placed the loan, which was structured with three years of interest-only payments and a floating interest rate, on behalf of the undisclosed borrower. A portion of the funds will be used to complete renovations
SAN ANTONIO —Dick’s Sporting Goods has opened a new store at San Pedro Crossing, a retail center located at the junction of NW Loop 410 and San Pedro Avenue in San Antonio. Lincoln Property Co. owns the shopping center, which is located across the street from North Star Mall and also houses tenants such as The Container Store, Barnes & Noble and Office Depot. The store will be the Pittsburgh-based retailer’s fifth in the San Antonio area. The square footage of the new store was not disclosed.
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC), the nation’s largest owner and manager of student housing properties, reported that its portfolio had an occupancy rate of 90.3 percent as of Sept. 11, 2020. The Austin-based REIT posted a same-store portfolio-wide occupancy rate of 97.4 percent a year ago, netting a year-over-year decline of 710 basis points. CEO Bill Bayless said that the company was encouraged by overall leasing activity in June and July but remains concerned about whether in-person classes will prevail throughout the fall semester. ACC has already felt some of this impact, Bayless said, noting that the delay or cancellation of on-campus classes stemming from the COVID-19 pandemic had already caused a 16 percent year-over-year drop in occupancy across properties that primarily serve first-year students. As of mid-2020, ACC owned 166 student housing properties totaling 111,900 beds across the country.
GRAPEVINE, TEXAS — Locally based developer Billingsley Co. has opened Wallis & Baker, a 432-unit multifamily community in the northern Fort Worth suburb of Grapevine. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubroom with a bar, a wine room with a billiards table, sand volleyball court, dog park, private dining room and a library with individual workspaces. Billingsley is also developing 27,400 square feet of office and retail space on an adjacent parcel that will create a walkable neighborhood for residents of Wallis & Baker.
AUSTIN, TEXAS — A partnership between Inland National Development Co. LLC and Cambridge Development Group Inc. has completed Citadel at Tech Ridge, a 308-unit apartment community in North Austin. The property spans 14.8 acres and is located near Tech Ridge Business Park and Parmer Business Park, both of which are employment hubs for major tech users. Citadel at Tech Ridge features one-, two- and three-bedroom units. Amenities include a pool, fitness center, dog park, resident clubhouse and a cybercafé. Approximately 62 percent of the units were leased as of the end of August. Rents start a $1,195 per month for a one-bedroom unit, according to apartments.com.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has begun preleasing residences at The Lane at Waterway, a 163-unit multifamily community in The Woodlands, about 30 miles north of Houston. The seven-story property spans 1.7 acres and offers one-, two and three-bedroom units, as well as townhomes. Units are furnished with quartz countertops, stainless steel appliances, smart thermostats and keyless entry systems. Amenities include a clubroom, fitness center and an outdoor cooking area. The Lane at Waterway also features coworking office space, and residents may also rent private offices for an additional charge. The first units are expected to be available for occupancy in December. Rents start at $1,217 for a one-bedroom unit, according to apartments.com.
HUMBLE, TEXAS — Metro Dallas-based Kratos Building Products has signed a 28,080-square-foot industrial lease at Building 2 at Parc Air 59, a 320,000-square-foot development in the northern Houston suburb of Humble. North Texas-based Jackson-Shaw is the owner and developer of the property, which is 91 percent leased following this transaction.
