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Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a 24,500-square-foot lease with Monarch Power Supply located at 12010 FM 529 in Jersey Village.
Partners’ Shaffer Braun represented the tenant in the transaction. The landlord, William T. White, III was represented by Ed Franz of CBRE.
TradeLane Properties, a privately held Industrial real estate investment company, has successfully closed on a five-building light industrial portfolio totaling 631,000 square feet across the San Antonio, Texas. Acquired 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 portfolio was constructed in 2005-2006 and was 100% leased at closing to eleven diverse customers.
The transaction, with an average building size of 126,200 square feet and a weighted average remaining lease term of under four years, is consistent with TradeLane Properties’ strategy of investing in select major Central U.S. logistics markets with opportunity to add value through in-house capabilities inclusive of dedicated accounting, construction, and property management teams.
TradeLane Properties would like to thank Trent Agnew and the JLL Capital Markets team for their assistance in this transaction.
Chicago-based Glenstar Properties has completed its multimillion-dollar redevelopment of Premier Place, a 20-story, 457,900-square-foot Class A office building at 5910 N. Central Expressway in Dallas.
The project included the addition of 3,000 square feet of new space for an indoor/outdoor tenant lounge that features a coffee and cocktail bar, the expansion of the lobby and the renovation of a large conference room available to tenants.
A major part of the redevelopment was building an addition for the new lounge. Glenstar extended the building’s curtainwall on the east side of the building to enclose the new addition that opens to the redesigned courtyard.
The lounge’s high ceilings and floor-to-ceiling windows create an open, airy environment. Sofas and armchairs are arranged to provide multiple conversation areas, and large-screen TVs and a shuffleboard table offer entertainment options. The lounge flows into an outdoor area with tables and chairs and a patio sectional facing a built-in fireplace, all under a modern pergola.
The redevelopment is propelling occupancy at Premier Place, which is home to anchor tenants Merrill Lynch, AmWins and LifeTime, a fitness center occupying 62,000 square feet on the sixth and seventh levels of the garage. Five new tenants have signed leases since the completion of the redevelopment.
The redevelopment also included renovation of the second-floor conference room, which can accommodate 20-plus people. Audiovisual equipment and high-speed internet connections are provided for videos or presentations.
The redevelopment project began in late 2021 with Wright Heerema Architects serving as project architect, Glenstar as construction manager, and Scott & Reid as general contractor. Glenstar is the building’s property manager.
Built in 1985, Premier Place is located along U.S. Highway 75, just over one mile from Downtown Dallas, adjacent to SMU, Mockingbird Station, DART and The Katy Trail. Glenstar’s office portfolio in Dallas totals 2.7 million square feet, which includes Premier Place; Energy Square and the Meadows Building, a five-building, 1.1-million-square-foot office campus; and The Terraces, a 1.2-million-square-foot office campus of eight Class A buildings on 72 acres in Westlake, Texas.
JLL Capital Markets announced today that it has arranged the equity and debt placement for Hero Way West, a to-be-built, three building business park totaling 227,200 square feet of Class A, shallow-bay product located in Leander, Texas.
JLL represented the developer, Freehill Development Company, in securing both the joint venture equity as well as the floating-rate construction loan for the project.
Hero Way West will be designed to cater to small and regional businesses throughout Central Texas and provide best-in-class shallow-bay warehouse space for tenants as small as 8,000 square feet. Situated on 16.8 acres, the development will offer high visibility showroom space along Hero Way with dock-high rear loading, 28-foot clear heights and ample parking. A uniquely attractive combination, further evidenced by the project’s 24,500-square-foot prelease.
The project is located less than a half mile from U.S. Highway 183 in the heart of Leander, Texas, the fastest growing municipality within the Austin MSA over the last decade and the second fastest growing large city in America between 2020-2021 (U.S. Census). Additionally, the property is just 11.5 miles from Interstate 35 and the rapidly growing IH-35 Corridor, which stretches from Mexico to San Antonio-Austin, Dallas-Fort Worth and on to the Northern U.S.
The JLL Capital Markets team was led by Senior Director Charlie Strauss, Director Tom Weber, Senior Managing Director Trent Agnew and Director Josh Villarreal for the joint venture equity placement. Managing Directors Michael Johnson and Chris McColpin led the JLL Capital Markets team for the placement of construction financing.
Hartman has recently announced two leasing transactions in Texas:
Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc., announced that its executive committee has approved the repositioning plan to pivot the company’s assets into the self-storage asset class. As an additional part of this plan, the board of directors also approved the acquisition of Southern Star Self-Storage Investment Company (Southern Star Self-Storage), and it has reached a long-term employment agreement with Mark Torok, CEO, as it solidifies its pivot away from office, retail and light industrial assets into self-storage.
Southern Star Self-Storage is a privately held real estate company that specializes in the sponsorship and management of DST investments in self-storage properties. Established in 2019, the company currently operates a portfolio of nine properties, which together comprise 321,291 net rentable square feet (NRSF) spread across 2,526 units. Additionally, the company has two facilities, totaling 208,220 NRSF and 703 units, under contract that are expected to close by June 1, 2023. Most of the facilities also have parking for boats, RV’s and autos. The facilities generally contain both climate and non-climate-controlled units and are located predominantly in secondary and tertiary markets in Texas, Florida, North Carolina, and Colorado.
In conjunction with the acquisition, Mark Torok signed a three-year employment agreement with the company, with the goal of creating liquidity for existing shareholders through listing the company on a public exchange.
To align the interests of our leadership with our investors in carrying out the repositioning plan, Mark Torok and the members of the executive committee have been awarded participation units in a long-term incentive plan.