Author: Mia Goulart

CP Group names Tommy Spinosa as new market lead in Dallas

Posted on by Mia Goulart

CP Group, a premier owner, operator, and developer of office and mixed-use projects throughout the Sunbelt, announced that Senior Vice President Tommy Spinosa would be leading CP Group’s acquisition and asset management efforts in Dallas, Texas. 

Spinosa is relocating to Dallas from Washington, D.C., where he opened a regional office for CP Group after his hire in 2021. He will continue to oversee the D.C. metro while extending his purview to grow CP Group’s investments in the west. 

Spinosa will focus on bolstering the acquisitions and development pipeline for CP Group in Texas, Phoenix and Colorado in his expanded role. Since joining CP Group two years ago, he has been integral in building the firm’s Mid-Atlantic presence, leading the acquisition and planned repositioning of over one million square feet in the region and overseeing the asset management for Granite Tower in Denver, Colorado. 

In this expanded role, Spinosa will oversee acquisitions and disposition efforts across Colorado, Texas, and the Mid-Atlantic and leads the firm’s regional asset management platform along with a team of professionals responsible for the execution of each asset business plan. 

Before joining CP Group in 2021, Spinosa spent six years at Bridge Investment Group, where he focused on acquiring institutional-quality office buildings in the Southeast and Mid-Atlantic regions. In this role, he was directly responsible for the acquisition and operations of 17 assets, totaling 5.5 million square feet and an acquisition value of $968 million. Prior to his time at Bridge, Spinosa served as a director for Crescent Investment Group, an Atlanta-based boutique private equity firm focusing on the acquisition of institutional quality real estate in the southeast, where he completed $352 million in transactions with numerous institutional fund partners across all asset classes. 

MDH Partners acquires 600,000-square-foot industrial building in Houston

Posted on by Mia Goulart

MDH Partners announced the acquisition of South Belt Central Building 4, a 603,389-square-foot, Class-A industrial building located in Houston. Georga Rowe served as the acquisition lead for MDH Partners. Trent Agnew, Charles Strauss, and Tom Weber with JLL represented the seller.

South Belt Central Building 4 is located within South Belt Central Business Park, a 3.3 million-square-foot industrial park situated on 36.9 acres of land. Delivered in 2023, the property features 442 parking spaces, 196 trailer parking spaces, ESFR sprinkler systems and 36-foot clear heights. South Belt Central Building 4 is ideally positioned in the South Houston industrial submarket with frontage on Beltway 8, and located just 2.7 miles east from US Highway 288, providing excellent connectivity. The property has convenient access to the Port of Houston, Downtown Houston, Texas Medical Center and the population base of South Houston.

According to JLL, the Houston industrial market saw 5.5 million square feet of space absorbed in the first quarter of 2023 and at the end of the quarter, only 6% of the region’s industrial space remained vacant. In addition, the strong competition for space in Houston has caused asking rates to grow, with the average rental rate increasing by 15% from the same period in 2022. 

South Belt Central Building 4 increases MDH Partners’ Texas footprint to more than 3.9 million square feet. In April, the firm acquired Fort Worth Logistics Hub, a 670,914-square-foot, Class-A industrial building occupied by Samsung SDS America and located in Fort Worth, Texas. MDH Partners has remained active this year, acquiring nearly five million square feet of industrial assets throughout the U.S. since last January. The firm recently expanded its portfolio into new markets including California, Minnesota, Maryland, Indiana, Illinois and Pennsylvania, and currently owns more than 101 assets across 20 states.

Trez Capital funds $17 million for new master-planned community in Dorchester

Posted on by Mia Goulart

The Dallas-based office of Trez Capital announced the closing of a $17 million loan for the financing of phase one to develop 360 lots of Centurion American’s new master-planned community, Cottonwood. Close to the Texas-Oklahoma border, the 100-plus acre community located in Dorchester, just north of Gunter and Celina, will be near Texas Instruments’ new manufacturing plant, a business park being created by Texas Instruments, Finisar and other large corporations.

Cottonwood will offer over 2,000 lots that will serve a diverse range of community options and amenities including multifamily residences, commercial use, build-to-rent options, multiple school sites and nature trails throughout. The community sits 55 miles from Downtown Dallas and is in proximity to large corporation headquarters, providing amenity-rich, nearby housing for workers with families.

The phase one lots are expected to be completed in 2025.

Friedman Real Estate sells Subway restaurant in Houston, Texas

Posted on by Mia Goulart

Friedman Real Estate‘s Mark Zeidman and Nick Jasien recently sold a retail store located at 750 Highway 6 South in Houston, Texas.

Subway Memorial currently occupies the building and has strong management in place. Friedman’s brokers represented the seller in the transaction.

Hines secures IBM to anchor new office tower in Austin

Posted on by Mia Goulart

CBRE has arranged a significant pre-lease with IBM to anchor a new 507,200-square-foot next-generation office development planned by Hines on the north end of The Domain, known as Austin’s “second downtown.” IBM plans to relocate and consolidate its two current office locations near The Domain at the highly amenitized building, slated for occupancy by 2027.

CBRE’s Bo Beacham and John Barksdale represented the developer, Hines, in the transaction.

Hines’ new Class AA development within The Domain will comprise of two 14-story interconnected towers with exclusive lobbies for each tower and exterior aesthetics that will set a new bar in the Dominion submarket. Catering to the needs of the modern workforce, tenants will experience multiple amenity decks on the ninth floor, private balconies on each floor, outdoor sports amenities, and a high-end fitness and conference center. Additionally, the property will place a heavy emphasis on ESG, and is being designed for LEED Gold certification and will seek WELL Platinum, WiredScore Platinum, and Austin Energy Green Build distinctions. Construction is anticipated to begin in late 2023.

Stream Realty Partners helps private landowners sell 10 acres in Melissa to Green Acres Nursery

Posted on by Mia Goulart

Stream Realty Partners has assisted in selling 9.47 acres along U.S. Highway 75 in Melissa and adjacent to one of Texas’ most popular convenience store chains.

Green Acres Nursery & Supply purchased Lot 4 at Willow Grove Crossing at 1922 Central Expressway for an undisclosed amount. The garden center, based in California with seven locations, plans to open its second Texas location at the site near Buc-ee’s. Its first Texas store is in Irving.

Stream Senior Vice President Demian Salmon and Associate Chap Bernet represented the sellers, Flamingo Daze LP, in the transaction. David Sacher of SHOP Companies represented the buyer. Stream is a national commercial real estate firm offering an integrated platform of services. The firm’s land experts leverage industry-leading technology to provide market analysis, feasibility studies, strategic site selection, residual valuations, highest and best uses, mapping, and demographic research.

The nearly 10-acre Melissa property is currently zoned for commercial development and offers city water and sewer utilities. It fronts U.S. 75, which sees more than 80,000 vehicles daily. The Willow Grove mixed-use development, comprising 650 multi-family units and 270 single-family lots, is directly behind the property. The Quarry at Stoneridge, Trinity Falls, Auburndale, and Hunters Ridge are among single-family developments in the immediate area.