Category: News

SPI adds Uptown Dallas property to portfolio

Posted on by Mia Goulart

SPI Advisory (SPI) and its 1031 partners finalized the acquisition of Ivy Urban Living (The Ivy), a 228-unit, Class B+ institutional-quality apartment community built in 1988 in the Dallas neighborhood of Uptown, just two miles north of downtown and one mile southeast of Knox-Henderson. 

Ivy Urban Living represents SPI’s 15th current property under management in the metropolitan area, totaling nearly 3,400 units. This transaction serves as the firm’s 44th acquisition in the DFW metroplex since its inception in 2014.

Bordered by three of the most highly-trafficked city thoroughfares, Haskell Avenue, Lemmon Avenue, and Peak Street, Ivy Urban Living offers its residents the unique advantage of spacious floorplans situated in close proximity to Dallas’ leading economic centers and flourishing entertainment districts at an attractive price point compared to other properties in the area. 

Partners Real Estate arranges sale of 27,478-square-foot building in San Antonio

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, arranged the sale of a 27,478-square-foot building located at 3371 Roosevelt Avenue in San Antonio, Texas.

Partners’ Phil Crane and Dan Gostylo represented the buyer, Garcia Properties, Inc., in the transaction. The seller was represented by Andrew Price with CBRE.

JPMorgan Chase Tower signs 150,000 square feet in lease expansions

Posted on by Mia Goulart

Hines and Cerberus Capital Management, global real estate firms, recently announced a total of 152,946 square feet of lease expansions at JPMorgan Chase Tower, an iconic 75-floor, 1.65 million-square-foot office tower located at 600 Travis Street in Houston, Texas. The building is currently 84% occupied.

The tenant expansions include:

  • JPMorgan Chase Bank: expanded to 315,430 square feet from 255,886
  • KKR: expanded to 52,534 square feet from 23,291 and was represented by Jon Lee, CBRE
  • Bradley Arant Boult Cummings, LLP: expanded to 45,125 square feet from 22,082, extended the lease term, and was represented by Lesa Nickelson French, Savills
  • M6 Midstream: expanded to 34,673 square feet from 22,575, extended the lease term, and was represented by Mark Russell, Newmark
  • J.B. Poindexter & Co: expanded to 26,484 square feet from 15,892, extended the lease term. and was represented by David Bale, JLL
  • Proman USA: expanded to 22,008 square feet from 13,673, extended the lease term and was represented by Bill Boyer, CBRE

JPMorgan Chase Tower, Texas’ tallest office tower, was designed by renowned architect I.M. Pei. In 2021, an urban park and architectural entry with abundant natural light were completed, as well as an expanded hospitality-inspired first floor lobby with gathering areas for both large and small groups. The iconic Sky Lobby on the 60th floor was reconfigured to offer more collaboration space for tenants with views of the city. The renovation also included the addition of a modern and multi-functional 10,000-square-foot conference center on the second floor with a dedicated concierge.

Amenities include green space and outdoor gathering areas; on-site restaurants and retail including Starbucks, Otto’s BBQ, Maggie Rita’s, Brown Bag Deli and Leaf & Grain (coming soon); spectacular city views from the 60th floor Sky Lobby; access to a 280-seat auditorium at 601 Travis; a 7,000-square-foot fitness center with locker rooms and showers; secured bike storage; VIP parking below JPMorgan Chase Tower; a 12-level tunnel-connected parking garage with destination elevators; EV charging stations in both the 600 Travis and 601 Travis parking garages; and on-site Hines management team and 24/7 security.

The LEED Gold designated and Energy Star rated building is located in the heart of Downtown Houston, offering easy access to theaters, retail, restaurants, nightlife, and hotels. The building’s prominent location also delivers accessibility to the Central Station METRORail stop just one block away, several tunnel access points, convenient access to major roadways including I-45, I-10 and I-69, and three entry points to the parking garage at 601 Travis.

Bridger, Beasley and Michael Anderson of Cushman & W

The American Institute of Architects (AIA) Houston selects AMB Architects as 2023 Firm of the Year

Posted on by Mia Goulart

The American Institute of Architects (AIA) Houston selected AMB Architects as the 2023 Firm of the Year. The award is given annually to a Houston architecture firm that has consistently produced distinguished architecture for at least ten years and made significant accomplishments in both the profession and community.

It’s the accomplishments in the profession and community that made AMB stand out to judges. The firm’s tagline, Creating Positive Change Through Design, speaks to both the clients who benefit from AMB’s work, and the AMB employees behind it. Since opening in 2006, AMB has tackled long-standing issues in the profession, encouraging more women to get into and stay in architecture, eschewing excessively long work hours, providing schedule flexibility, embracing technology and checking egos at the door.

On the question of great architecture, the firm has won dozens of design awards. More importantly, the firm has over 100 happy clients, several of whom have been around since AMB opened their doors. Repeat clients, that seems like a better testament to great architecture.

A very short list of AMB’s standout projects includes the Lonestar Legal Aid headquarters in Houston, The Hub at The Galleria, Pediatrix urgent care centers around Houston, and the Intuitive Machines lunar operations center at the Houston Spaceport.

Alyse Makarewicz, AIA, founder of AMB Architects, accepted the award alongside other AMBers at the recent Architecture Center Houston/AIA Houston Celebrate Architecture Gala.

Trade-critical warehouse on Texas-Mexico border sells for $9.1 million

Posted on by Mia Goulart

CBRE has arranged the sale of a 79,883-square-foot warehouse in Laredo, Texas, to a 1031-exchange buyer for $9.15 million.

Anthony DeLorenzo, Bryan Johnson, Nick Williams, and Elizabeth Bachhuber with CBRE’s Investment Properties—California/Arizona/Nevada represented the seller, California-based Stos Partners, in the transaction.

Located at 13806 North Unitec Drive, the property was built in 2001 and is fully occupied by Grupo Cargoquin, a supply chain company that provides custom agency, third-party logistics (3PL), transportation logistics and foreign trade consulting services. The facility comprises two buildings with 22-foot clear heights, eight drive-ins, 21 loading bays and 53 parking spaces.

The facility sits on 4.94 acres just off Interstate 35, which connects Laredo with the rest of the United States and Canada. The property is 20 minutes from the Port of Laredo and 30 minutes from the Laredo International Airport, providing access to both passenger and cargo transportation. Laredo metro area is home to more than 260,000 people and 112,000 jobs, according to the Texas Development Corporation.

Laredo’s industrial real estate supply has grown by 10% over the past five years to 36 million square feet with a vacancy rate of just 1.5% in the fourth quarter of 2022, according to CBRE Research. The average asking rent increased by 6.1% year-over-year in 2022 to $9.53 per square foot for a triple-net lease. As more manufacturing operations are nearshored, trade with Mexico is expected to increase, along with industrial investor and occupier interest.

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.