Category: Deals & Announcements

SPI Advisory invests in property in the suburbs south of Austin

Posted on by Mia Goulart

SPI Advisory (SPI) and its 1031 partners finalized the acquisition of The Bradford, a 264-unit, Class A- institutional-quality, value-add apartment community built in 2010 in the high-growth suburb of Buda, Texas, just a 20-minute drive south of Downtown Austin. This acquisition highlights SPI’s continued expansion in the submarket as one of Hays County’s largest landlords with nearly 1,100 units owned and operated between Buda & Kyle.

The area within a three-mile radius of The Bradford experienced a 159% increase in population over the past decade but Hays County has been identified as one of the fastest-growing counties in both Texas and the nation (U.S. Census Bureau; The Greater Austin-San Antonio Corridor Council, 2022).

Previous ownership upgraded a handful of the property’s existing units with premium finishes, appliances, and more contemporary design elements. SPI will continue programmatic upgrades to a handful of units per month for the next two years but intend to leave 50% of the property with affordably priced “classic” units to serve a broader range of prospective tenants long term. 

Partners Real Estate brokers sale of multi-tenant industrial property in Pasadena

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, arranged the sale of a ±60,680-square-foot multi-tenant industrial property on ±10.64 acres located at 3321-3411 Westside Drive in Pasadena, Texas.

Partners’ Clay Pritchett and Zane Carman represented the buyer, Grace Heritage Properties, LLC. The Seller was represented by General Property Services 1, Ltd.

Partners arranges 52,622-square-foot sublease for Patterson-UTI Energy, Inc. in Houston

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a sublease of 52,622 square feet signed by Patterson-UTI Energy, Inc. located at 10713 W. Sam Houston Parkway North in Houston, Texas.

Partners’ Dan Boyles represented Patterson-UTI Energy, Inc., the sublessee, in the transaction. Jon Williams and Kevin Saxe of CBRE represented the sublessor, Acclara Solutions.

CBRE National Partners arrange the sale of Alcott Station in East Dallas/Mesquite

Posted on by Mia Goulart

CBRE announced the sale of Alcott Station, Buildings B & D. The two buildings, totaling 918,000 square feet, are a part of a 160-acre master planned Class A+ business park in Mesquite, Texas. BentallGreenOak purchased the property from Urban Logistics Realty for an undisclosed price. Building D was 100% leased at the time of sale to RJW, a third-party logistics provider. 

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller. 

Alcott Station is a master planned business park that will include over 1.6 million square feet once fully developed. The property encompasses human-centric designs implanted across the entire park to enhance the quality of life of the surrounding residents and future employees. Urban Logistics initially began plans for Alcott Station in 2020 after a successful project in Mesquite called Urban District 30, a nearly one million-square-foot business park near I-30 and Loop 635. 

What sets Alcott Station apart is the emphasis on creating an exceptional working environment. Located at the intersection of E. Scyene Road and Faithon P. Lucas Sr. Boulevard, Alcott Station was designed to include a five-acre public park connected to each building by a walking trail with the intent to enhance the quality of life for employees and surrounding residents. The park area will have playground equipment, workout equipment, as well as a fenced dog park. The Alcott Station design standards create a welcoming and modern corporate campus environment across the entire 160-acre master plan development.

Totaling 592,995 square feet, Building D was fully leased to RJW at the time of the sale. Building B, totaling 325,218 square feet, is available for lease. CBRE’s Kacy Jones, John Hendricks and Trevor Atkins with CBRE in Dallas are marketing the building for lease for the new ownership. 

Silver Star Properties shares new leasing activity in San Antonio and Dallas

Posted on by Mia Goulart

Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc. has announced new leasing transactions in San Antonio and Dallas:

  1. City Oritente, Inc. Renewed 4,007 square feet at 8610 North New Braunfels in San Antonio, Texas.  In the transaction, Kaila Brodeur represented the landlord, Silver Star Properties REIT. 
  2. Foot Locker Retail, Inc. Renewed 3,484 square feet at 5486 Walzem Road in San Antonio, Texas. In the transaction, Brent St. Amant and Kaila Brodeur represented the landlord, Silver Star Properties REIT. 
  3. Pecos Construction LLC renewed 3,609 square feet at 8111 LBJ Fwy in Dallas, Texas. In the transactions, Lynna Smith and Katie Covarrubias represented the landlord, Silver Star Properties REIT. 
  • 8610 North New Braunfels, San Antonio, TX
  • 5486 Walzem Road, San Antonio, TX
  • 8111 LBJ Fwy, Dallas, TX

$32.125 million financing secured for multi-housing development outside of San Antonio

Posted on by Mia Goulart

JLL Capital Markets has closed the $32.125 million construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.

JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.

With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet. Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more. A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.

Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio. Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson, and the site provides convenient access to downtown Seguin, which houses the bulk of the retail options. Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.

The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.