Author: Sarah

Marcus & Millichap Arranges Sale of 127-Unit Apartment Building in Dallas

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Marcus & Millichap announced the sale of Chesapeake, a 127-unit apartment property located in Dallas, Texas.

Nick Fluellen, Senior Managing Director, Bard Hoover, Senior Managing Director, and Wesley Racht, Senior Associate, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mr. Fluellen, Mr. Hoover and Mr. Racht.

Chesapeake is located at 11620 Audelia Road in Dallas, Texas.

TradeLane Properties Acquires Industrial warehouse in Fort Worth

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TradeLane Properties announced the acquisition of 5050 Rondo Drive, a 92,144 square foot industrial warehouse situated on 4.13 acres in Fort Worth, Texas.

Purchased within the TradeLane Properties U.S. Industrial Fund II, L.P., a value-add investment fund focused on key Central U.S. logistics markets, the investment was 100% occupied at closing under a sale-leaseback.

This freestanding single tenant industrial warehouse offers 6 dock high doors (expandable), 16- to 23-foot clear height, one drive-in-door, 3,000 amps of power, 54 auto stalls, 175-foot deep truck court and a fully air-conditioned warehouse.

The acquisition of 5050 Rondo drive is consistent with TradeLane Properties’ strategy of investing in select major Central U.S. logistics markets with opportunity to add value through dedicated in-house capabilities including accounting, construction, and property management teams.

TradeLane Properties would like to thank Jamie Galati with JLL, Michael Hall with Barack Ferrazzano Kirschbaum & Nagelberg LLP and Illinois Bank & Trust for their assistance in this transaction.

Alliant Credit Union Provides $10.6 Million Acquisition Loan for Industrial Flex Property in Austin

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In Austin, Texas, Alliant provided a $10.6 million loan for the acquisition of a 77,985-square-foot industrial flex property comprising four single-story buildings offering a mix of office and warehouse space. The property is over 90% occupied by 17 tenants.

Terms of the 5-year Alliant loan included a rate lock, full-term interest-only payment structure, and flexible prepayment penalty. The borrower was a private investor group. Ron Granite and Jason Hochman of Cushman and Wakefield referred the transaction to Alliant.

Constructed in 1986, the well-maintained Springwoods Business Center is located about 13 miles north of downtown Austin, in a growing suburb with access to main thoroughfares and freeways. The northwest submarket is the center of Austin’s high-tech sector and one of the most attractive for corporate relocations in the region. Dozens of well-known technology companies have recently announced efforts to relocate or expand their operations in the Austin area.

Kalterra Capital Partners Announces New Multifamily Project in Austin

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Kalterra Capital Partners announces a new multifamily project strategically located along the rapidly growing I-35 corridor south of Austin. The Verge, currently under construction in Kyle, is a luxury apartment community with adjacent planned retail to be announced in the coming months. Kalterra’s new project will benefit from the region’s exploding population with direct access to jobs, shopping, and entertainment venues in Austin and San Antonio.

The Verge luxury apartment community is under construction on 15.5 acres rezoned for multifamily residential and commercial construction at the southwest corner of I-35 and Kohler’s Crossing. Kalterra purchased the property in 2020 and successfully worked with the City of Kyle to rezone the land for high density, Class-A multifamily and commercial uses. The 263-unit apartment complex is scheduled to start leasing in February 2023. In addition, Kalterra has secured a lineup of restaurant brands for planned retail, to begin construction within the next six months.

Adjacent to the new Dry Creek Development (formerly Kyle Town Center), The Verge will include a massive interior courtyard with a pool, outdoor grilling stations, a pickleball court, lounge areas, and large green spaces. The Verge’s interior will feature a fitness center, business center, dog spa, and game rooms. Each unit will be accented by quartz countertops, stainless steel appliances, nine-foot ceilings, balconies, and dog yards.

Downtown High-Rise, Ross Tower, is the New Home to Four Law Firms in Dallas

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HPI Real Estate Services & Investments announced today that four law firms will be relocating, opening, or expanding office spaces in Ross Tower to occupy nearly 60,000 square feet across four floors in the downtown high-rise, located at 500 N. Akard St.

Steptoe & Johnson PLLC will house its first Dallas office in Ross Tower. Kessler Collins and Godwin Bowman relocated to Ross Tower from 2100 Ross and Renaissance Tower, respectively. Meanwhile, McGinnis Lochridge is doubling the space of its current Ross Tower office.

Steptoe & Johnson, PLLC, a national law firm that practices energy, labor, employment, litigation, and transactional law chose its over 14,300-square-foot office space on the 32nd floor of Ross Tower as its first Dallas location because of the building’s renovated space and ample parking. Corporate Managing Director Lesa French and Managing Director Ric Kanatzer of Savills represented Steptoe & Johnson, PLLC in lease negotiations.

Kessler Collins, a commercial transaction and litigation law firm, relocated to Ross Tower from 2100 Ross in April of this year. The modern space and views of Dallas’ Arts District enticed the firm to move their office to a 13,745-square-foot space on the 37th floor of Ross Tower. Principal Sanders Thompson and Senior Vice President Billy Gannon of Transwestern, represented Kessler Collins in lease negotiations.

Godwin Bowman PC, a trial and appellate law firm, will move its Dallas office from Renaissance Tower to Ross Tower in January 2023. The 24,000-square-foot office space was chosen for Ross Tower’s parking accommodations, ease of access, location, amenities, and the building’s beautiful lobby and public spaces. Director Ryan Hoopes and Executive Managing Director Tom Sutherland of Cushman & Wakefield represented Godwin Bowman, PC in the deal.

McGinnis Lochridge, LLP, a Texas law firm, doubled its space in Ross Tower to more than 7,000 square feet on the 22nd floor.

Ross Tower offers a gourmet food hall in the building, a five-star restaurant, and an on-site Starbucks ― as well as in-building conference facilities, ample parking, and a Wi-Fi tenant lounge. The tower boasts 360-degree views of Uptown, Downtown, the Arts District, Klyde Warren Park, Victory Plaza, and the Margaret Hunt Hill Bridge.

The landlord was represented by HPI’s Dallas Partner Hunter Lee, Vice President Ben Cuzen, and Leasing Agent Luke Aviles in the lease negotiations for each deal.

Westmount Realty Capital Announces Sale of Garden-Style Multifamily Property in Houston

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Westmount Realty Capital announced the sale of Westmount at Summer Cove, a Class-B garden-style community located at 725 FM 1959 in Houston. Westmount has owned the property for seven years and has invested significantly in capital improvements over the past couple of years.

Westmount at Summer Cove was built in 1983 in two phases and features 376 units, ranging from one- and two-bedrooms and averaging 729 square feet. The community spans 274,112 square feet and features ample open parking, two swimming pools, a children’s playground, and a park-like area with abundant natural landscaping.

Formerly known as Summer Cove 1 and 2, Westmount repositioned and re-branded the project as ‘Westmount at Summer Cove’ and completed extensive property renovations including new exterior paint, new roofs, a remodeled clubhouse, a remodeled fitness center with new equipment and flooring and a remodeled leasing office with a coffee bar. Seventy-five units on the property have been upgraded with brushed nickel hardware, new lighting fixtures, resurfaced countertops and vinyl wood plank flooring.

The property is centrally located between Interstate 45 and Highway 3/Old Galveston Road and is 15 minutes away from downtown Houston. The property is also within a half-mile of Ellington Field, a joint-use airport and multiple regional employment centers like NASA, Webster, Port of Houston and Hobby Airport. These centers combined bring more than 125,000 jobs to the area.

Houston added over 118,000 jobs over the past 12 months and the city ranks on top in annual job growth. Companies like Chevron, Direct Energy, and Exxon have relocated employees to Houston in the last couple of years. The Houston housing market has benefited from the relocations and increased demand.