Category: Deals & Announcements

Joint venture equity and construction financing arranged for shallow-bay industrial development in North Austin

Posted on by Mia Goulart

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 announces two new leasing transactions in Texas

Posted on by Mia Goulart

Hartman has recently announced two leasing transactions in Texas:

  1. Global Instrumentation Services leased 2,298 square feet at 400 North Belt Sam Houston Parkway East in Houston. In the transaction, Alexander Houston represented the landlord, Silver Star Properties REIT. 
  2. Jordan Monk Reber, P.C. renewed 4,020 square feet at 17300 North Dallas Parkway in Dallas. In the transaction, Bob Gibbons with REATA represented the tenant and Lynna Smith and Katie Covarrubias represented the landlord, Silver Star Properties REIT. 

Silver Star Properties announces pivot to self-storage and the acquisition of Southern Star Self-Storage Investment Company

Posted on by Mia Goulart

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.

Uptown Dallas’ Chateau Plaza gets new name as multi-million-dollar makeover revealed

Posted on by Mia Goulart

An 18-story Uptown Dallas tower has dropped its moniker of more than 30 years as owners begin a multi-million-dollar capital improvement project.

Chateau Plaza will now be called 2515 McKinney to highlight the property’s opportune address in the increasingly popular submarket known for its diverse mix of residential, retail and office spaces. The property is owned by institutional investors advised by J.P. Morgan Global Alternatives.

J.P. Morgan Global Alternatives worked with Stream Realty Partners to reimagine the building’s identity as a complete renovation starts on the lobby, tenant lounge, public corridors and boardroom. A fitness center and outdoor patio also will be added to enhance the tenant experience and attract companies seeking employee-centric office spaces in buildings with modern amenities. Dallas-based Entos Design has been retained to oversee the design and construction, which is expected to wrap up in the fall.

Stream, a national commercial real estate firm offering an integrated platform of services, is headquartered in Dallas and provides leasing and property management services at 2515 McKinney. Managing Director Rhett Miller and Associate Patrick Cruz serve as leasing agents. Blair Miller is the Property Manager.

Chateau Plaza was built in 1985 and last renovated in 2011. The building, with 178,970 square feet, sits on the corner of McKinney Avenue and Fairmont Street, near a host of fast-casual restaurants and popular retail shops that tenants will appreciate. Interstate 35 East, U.S. 75 (Central Expressway), and Woodall Rogers Freeway (Texas Spur 366) are all easily accessible for commuters.

2515 McKinney is home to the privately held, state-chartered financial institution Nexbank; national healthcare strategy and transaction advisory firm VMG Health; and national business advisory company Riveron. The building offers suites from around 1,500 square feet to full floors–including the 13th floor available in November 2023 and the 10th floor available in June 2024–at more than 18,000 square feet. 

Partners Real Estate arranges 19,755-square-foot lease in Houston

Posted on by Mia Goulart

Partners Real Estate recently arranged a 19,755-square-foot lease located at 8430 N. Sam Houston Parkway W in Houston.

Partners’ Travis Land represented the landlord, 8430 North Belt, LLC, in the transaction. Will Austin with Bridge Commercial Real Estate represented Tenant Ocean Edge Services.

Travis Land will be marketing the building next door at 8440 N Sam Houston Pkwy W, which will be available soon.