Category: News

Investor sells Dallas area medical office building

Posted on by Mia Goulart

Privately-owned real estate investment, development and finance company Bolour Associates, Inc. (BOLOUR) has sold a Class A medical office building in Dallas, Texas, after a 16-month hold period. It was the company’s first medical office acquisition in the DFW market.

The asset totals 7,190 square feet at 12222 Coit Road in the North Dallas submarket. It sits immediately off of U.S. Route 75, just south of I-635 and approximately one mile northeast of Medical City Dallas Hospital, an acute care hospital with more than 1,500 providers.

BOLOUR purchased the Coit Road asset in early 2022. David Zoller and Corbin Tanenbaum of Weitzman Retail Brokers represented BOLOUR in the 2022 acquisition and in the recent property disposition. The property buyer was represented by Justin Utay of NAI Robert Lynn.

HF Sinclair Corporation signs 90,609-square-foot lease for new headquarters at One Victory Park in Dallas

Posted on by Mia Goulart

Cushman & Wakefield, the commercial real estate services firm, announced that HF Sinclair Corporation (HF Sinclair), a Fortune 200 energy company based in Dallas, has signed a new 90,609-square-foot headquarters office lease at One Victory Park.

Owned by Clarion Partners, the Class A office building is located at 2323 Victory Avenue in Dallas. HF Sinclair will occupy three floors in the 20-story building.

Matt Schendle, Cynthia Cowen and Carrie Halbrooks of Cushman & Wakefield represented the landlord in the lease negotiations. Phil Puckett and Harlan Davis of CBRE represented HF Sinclair.

Clarion Partners has made significant upgrades to the Class A office tower over the past few years. A 10,000-square-foot food hall on the first floor named Victory Social is underway at the property and set to deliver in Q1 2024. Operated by Hospitality Alliance, the food hall will include five stations, two bars, two patios, a private dining area and a grab-and-go/order ahead area.

Additional amenities include a newly renovated fitness center; a newly renovated 6,200-square-foot conference center including an executive board room and a commercial catering kitchen; full-service bank; 24-hour security; on-site concierge; and Fiction Coffee.

Centrally located between the Design District, Arts District, Uptown, West End and American Airlines Center, One Victory Park includes a six-story parking deck and convenient highway/tollway access, as well as an abundance of green space surrounding the property. Victory Park is also home to a W Hotel and more than 5,600 residential and condominium units.

New Stream Realty Partners’ industrial warehouse in Houston now 100% leased

Posted on by Mia Goulart

A 156,483-square-foot speculative distribution development in Northwest Houston that recently received LEED certification is now fully leased with the signing of a single tenant.

KHD Group, a furniture vendor and supplier that started its business with the VECELO brand, will occupy Stream Realty Partners’ Raceway Northwest Distribution Center at 9707 Fairbanks North Houston Road. Stream, a national commercial real estate firm offering an integrated platform of services, announced the completion of the warehouse in March.

Stream Houston Senior Vice Presidents Jeremy Lumbreras and Boone Smith were instrumental in identifying and securing the tenant for the development. Kyle Fletcher, a Houston-based director on Stream’s Industrial Development Services team, led the development and construction management of the facility.

Raceway Northwest Distribution Center was constructed to the most modern distribution development standards, including a front-load configuration with 36-foot clear height, 25 dock-high doors, and 109 vehicle and 22 trailer parking spaces. The development delivered in move-in condition with speculative office space, a white-boxed interior warehouse, LED warehouse lights, and a fully fenced and secured truck court.

The facility, which offers frontage along Fairbanks North Houston Road, provides immediate access to the Sam Houston Tollway, State Highway 249, and U.S. Highway 290. It is located near Houston’s population center, providing a unique offering in the market. Corporate neighbors include Amazon, The Home Depot, Panasonic, Advance Auto Parts, UPS, and Target.

Raceway NW Distribution Center is owned and overseen by Stream Realty Partners. Bringing over 170 years of combined experience, the Industrial Development Services division at Stream sources and executes development opportunities across a growing platform and offers a full suite of development-related services. Stream’s Investment Management Platform leverages expertise from Stream’s 15 local offices to make investment decisions based on real-time supply and demand fundamentals. Stream actively owns 32 investments of 21 million square feet and approximately $3.1 billion in assets under management.

Griffin Partners wins 16 Kingsley awards

Posted on by Mia Goulart

Griffin Partners, an entrepreneurial commercial real estate investment, development and property management firm, announced that 16 of its properties were named winners of the 2023 Kingsley Excellence Awards, which recognize CRE organizations who continually exceed industry standards and consistently deliver an outstanding tenant experience. 

The award-winners included both owned and third-party managed properties. The overall response rate for Griffin Partners’ portfolio was 81%, compared to the Kingsley average this year of only 48%. To qualify for a Kingsley Excellence Award, a property’s tenant satisfaction must exceed the Kingsley Index™, the most comprehensive performance benchmarking database in the commercial real estate industry. 

In addition to 16 of its properties being recognized by Kingsley, Griffin Partners held its own, Griffin Partners’ Kingsley Awards to celebrate the company’s performance across the portfolio as compared to the Kingsley Index and  team members who won awards given out for outstanding survey results from community members.

Kelly Agent presented awards to members of the engineering and property management teams at Griffin’s mid-year property management meeting in mid-June based on scores calculated from survey results measuring overall satisfaction, response time, problem resolution and response rate (engineering team) and these same categories plus accessibility and communication for the property management team. 

Internal awards were distributed to the the following properties and individuals on the property management team: first place to Haley Bowan and Candy Kerr of Roxborough I & II (Charlotte, NC); second place to Sue Anderson of Marketplace at Lake Boone (Raleigh-Durham, NC); third place to Courtney Davis and Tara Meaux of Loop Central (Houston, TX). Carrie Hansell and Hosman Sorto of Concourse at Westway (Houston, TX) were awarded property with the highest overall satisfaction score. 

Engineering team awards were given to: first place to Hosman Sorto and Steve Delgado of Concourse at Westway (Houston, TX); second place to Chris Howell, Mike Varnadore and Randy Helms of Roxborough I & II (Charlotte, NC); third place: Douglas Rodriguez, Oscar Gomez, Michael Maxwell, Alex Carpio and Joe Guillen of Loop Central (Houston, TX) and Chris Howell, Mike Varnadore and Randy Helms of Airport Plaza (Charlotte, NC). 

Flix Brewhouse joins Mansfield’s Shops at Broad as newest tenant

Posted on by Mia Goulart

Flix Brewhouse, the world’s first-run cinema brewery, just announced the opening of its newest location at The Shops at Broad, one of Tarrant County’s newest major shopping destinations. Originally slated to open in 2020, Flix Brewhouse overcame significant COVID-19-related delays to fulfill its commitment to locating in Mansfield, Texas. The Shops at Broad marks the nine-screen luxury theater’s 10th location across six states and its fifth location in Texas. The theatre is scheduled to open in Fall 2023.

The Mansfield location features a new prototype theater, where all nine auditoriums are equipped with parabolic screens, custom recliner seating, and proprietary “Easy Glider 2” sliding and pivoting tabletops. Moviegoers will be able to enjoy in-theater service featuring a complete cooked-to-order menu, as well as a broad selection of soft drinks and adult beverages. Flix Brewhouse’s 12 signature craft beers are brewed on the premises. Guests can enjoy the brewpub experience with or without a movie.

Flix Brewhouse signed a 15-year lease with The Shops at Broad for a nearly 40,000-square-foot facility. The retail center is located at the corner of U.S. Highway 287 and Broad Street, sitting across from where grocer H-E-B is planning its first store in Tarrant County.

As co-asset managers of the property, Sam Kartalis with Younger Partners, and John R. Weber with Weber & Company successfully negotiated the leases for The Shops at Broad, and have been instrumental in securing new tenants for the center.

Newmark facilitates sale of 336-unit value-add multifamily community in Austin’s Silicon Hills

Posted on by Mia Goulart

Newmark has completed the sale of Autumn Ranch on Swenson Farms, a 336-unit value-add multifamily asset located in Pflugerville, Texas, in Austin’s Silicon Hills. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, MIG Real Estate, in the transaction to the buyer, Knightvest Capital. Autumn Ranch was 94% occupied at the time of sale and represents Newmark’s third time selling the asset in 12 years.

Built in 2008 and situated on 16.88 acres, Autumn Ranch units average 1,041 square feet with one- and two-bedroom floorplans. Community amenities include a pool, clubhouse, 24-hour fitness center and fenced dog park, as well as parcel package lockers, covered parking and controlled access gates. The asset offers upside potential for both interior and community amenities, with 133 units having recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops.

Located at 413 Swenson Farms Boulevard, Autumn Ranch provides residents with convenient access to major throughfares SH-130, IH-35 and SH-45. Surrounded by major employment within Silicon Hills, the property is proximate to Dell’s world headquarters, Amazon, Applied Materials and Apple’s existing campus, as well as developments for the 130-acre Apple campus and the six million-square-foot Samsung chipmaking plant. Additionally, the asset is less than five miles to the 425-acre EastVillage mixed-use development.

The Northeast Austin submarket boasts strong area demographics and outstanding market fundamentals, with an average household income of approximately $129K within a one-mile radius of Autumn Ranch, according to the U.S. Census Bureau in 2023, and increasing overall rental rates. In general, the Austin MSA remains one of the most sought-after multifamily markets in the U.S. due to the area’s exceptional population growth and expanding employment opportunities.