Author: Sarah

Influx Of Tenant Leases in Dallas’ Pinnacle Tower

Posted on by Sarah

DALLAS – November 15, 2022 – Twelve companies occupying more than 90,000 square feet now call the recently renovated Pinnacle Tower home as Stream Realty Partners see tenants flocking to luxury office spaces with state-of-the-art amenities.

Stream, a national real estate services, development, and investment firm headquartered in Dallas, represented building owners New York Life and Encore Enterprises in the recent signings of tenants across various industries, including a regional full-service accounting firm, an international law firm, an integrated global real estate investment firm, and a Fortune 200 financial and insurance company.

New tenants include Huselton, Morgan & Maultsby, USAA Real Estate, and Haynes and Boone, which will each occupy over 10,000 square feet in the Class A office tower at 5005 Lyndon B. Johnson Freeway. Pinnacle Tower’s robust speculative suite program has also attracted numerous smaller and medium-sized tenants. The new leases signed at Pinnacle Tower will generate over $22.5 million in rental revenue for the landlord. In totality, Stream has executed over 350,000 square feet of leases with new or expanding tenants since being awarded the leasing and property management assignment in 2016.

Pinnacle Tower, totaling 549,170 square feet, underwent a more than $10 million renovation in 2018 that included a fitness center, sundry shop, coffee bar, tenant lounge, on-site restaurant, and conference room with seating for up to 300 people. The tower’s exterior lighting, walking areas, lobby, entryway, and outdoor patio were also refreshed to provide tenants with an ideal work-relax environment. New York Life Investments and Encore purchased the building in 2016 with the plan to rebrand and reposition the 24-story asset.

Adjacent to Dallas North Tollway and Interstate 635, Pinnacle Tower boasts premier visibility and walking accessibility to restaurants and hotels. It is centrally located, with over two-thirds of the Dallas-Fort Worth population within a 30-minute commute. In addition, the building is within 12 minutes of Downtown Dallas, 18 minutes of Dallas-Fort Worth International Airport, and 14 minutes to the Legacy/Frisco area.

“Companies across the nation are looking for the best possible office experience for their employees in the most centralized location, reducing commute times and resulting in happier employees,” said Chase Lopez, Vice President at Stream.

“Pinnacle Tower has continued to realize demand from both locally and nationally based tenants due to its convenient accessibility for such a large percentage of the Dallas/Fort Worth population,” said Marissa Parkin, Senior Associate at Stream. “The location, coupled with the tower’s first-class on-site amenities, has been a recipe for success.”

Pinnacle Tower currently offers spaces ranging from 2,110 square feet to 98,412 square feet. Stream Executive Vice President and Partner J.J. Leonard, Lopez, and Parkin provide leasing services at the tower. For leasing information, contact Stream Dallas at 214.267.0400.

About Stream Realty Partners

Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.

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CONTACT:
Brian J. Medricka
Stream Realty Partners
Director, National Communications, Public & Media Relations
214.560.3033

Newmark Announces Sale of San Antonio Multifamily Property

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San Antonio, TX (November 14, 2022) — Newmark announces the sale of Gardens at West, a 252-unit value-add multifamily property located in San Antonio, Texas, which will be rebranded as The Hayden on West Ave. Newmark Senior Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller, Regional Investment and Management (RIM), in the sale to the buyer, Embrey, marking their second acquisition in the greater San Antonio area. This is Newmark’s second time selling this asset.

“The Hayden on West Ave presented investors with an outstanding value-add opportunity in the highly desirable north central San Antonio submarket,” said Michelson. “Buyer interest was very strong as investors were drawn to the quality product as well as the high barriers to entry for new development.”

The property’s unit interiors offer gourmet kitchens, walk-in closets, outdoor storage, private patios/balconies and washer/dryer connections. Resort-class community amenities include a pool, two outdoor kitchens with grills, a state-of-the-art fitness center, a clubhouse, a dog park, controlled access gates, covered parking and nearby walking trails.

Located at 13515 West Avenue, The Hayden on West Ave is proximate to some of the city’s major employers, including Amazon, Sonterra Medical Center, Valero Energy, the South Texas Medical Center and USAA, among others. Adjacent to Highway 281 between Loop 410 and Loop 1604, the community provides residents with convenient access to downtown San Antonio.

According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In San Antonio, rents in the second quarter of 2022 were up 23 percent from the fourth quarter of 2019. Additionally, absorption outpaced new supply in many markets; the San Antonio multifamily market experienced nearly double the amount of demand (6.6 million square feet) than supply (3.5 million square feet).

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark

Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com

generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Colliers Mortgage Closes Fannie Mae Loan for The Edmond in Waco

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Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the refinancing of The Edmond in Waco, Texas. The 124-unit market rate property was constructed in 1967 and includes 10 two-story garden-style buildings and two one-story maintenance/storage buildings. Community amenities include a courtyard, BBQ/picnic area, covered parking, on-site management, pool, package receiving, clothes care center, on-site maintenance, and surveillance camera system.

The loan was arranged through a partnership with Old Capital Lending and carries a 10-year term.

Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the refinancing of The Edmond in Waco, Texas. The 124-unit market rate property was constructed in 1967 and includes 10 two-story garden-style buildings and two one-story maintenance/storage buildings. Community amenities include a courtyard, BBQ/picnic area, covered parking, on-site management, pool, package receiving, clothes care center, on-site maintenance, and surveillance camera system.

The loan was arranged through a partnership with Old Capital Lending and carries a 10-year term.

Hines Announces Newest Industrial Venture with The Galesi Group

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Hines, the global real estate investment, development, and property manager, announced that it has formed a joint venture with The Galesi Group (Galesi) to develop a Class-A industrial and logistics park at the NE corner of Harris Branch Parkway and Parmer Lane in Austin. The site encompasses 150 acres and lies between Harris Branch Parkway and SH 130 and is accessed by both Howard Lane, from the north, and Parmer Lane, from the south.

Phase I of the project is being designed by Powers Brown Architecture and will offer 315,000 square feet of Class-A industrial warehouse space across three buildings. The buildings will feature a sleek, distinctive design while also providing tenants with functional and efficient floor space, all within a controlled business park setting. The park will contain approximately 1.7 million square feet of industrial and logistics space upon full build-out. The venture is located two miles from the Samsung Austin Semiconductor plant, less than one mile from SH 130, and less than 10 miles from downtown Austin as well as the Tesla Gigafactory.

The site is in a PUD with LI Base Zoning and allows for warehouse distribution, light manufacturing, high-tech industrial, and e-commerce fulfillment center uses, among other permitted uses.

Lennar and Icon Announce Visionary 3D-Printed Homes Underway in Georgetown

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GEORGETOWN, Texas, Nov. 10, 2022 /PRNewswire/ — Lennar, one of the nation’s leading homebuilders, and ICON, a construction technologies company pioneering large-scale 3D printing, announced today that construction on the largest community of 3D-printed homes is underway and reservations will begin in 2023.

Situated north of Austin in the city of Georgetown’s master-planned community of Wolf Ranch by Hillwood Communities, a Perot company, the 100-home community combines innovative robotics, software and advanced materials to create homes that are technologically advanced, environmentally sustainable and architecturally striking. Each Lennar home in Wolf Ranch is co-designed by the renowned architectural firm BIG-Bjarke Ingels Group. Prices are anticipated to start from the mid-$400,000s.

“We are very pleased to partner with ICON and BIG in building a first-of-its-kind, printed home community that combines innovative designs with sustainable features at an affordable price,” said Stuart Miller, Executive Chairman of Lennar. “Given the housing shortage that persists across the country, it has never been more important to innovate in order to find new methods of construction that will enable greater design flexibility and greater production at affordable prices.”

Click to read more at www.prnewswire.com.