HOUSTON – October 28, 2020 – Levey Group, a commercial real estate investment and development company, has sold 1.42 acres fronting on North Houston Rosslyn for future retail development to Rosslyn Retail Development, LLC out of Northwest Place Industrial Park II (NWP2). NWP2 is Levey’s Class-A, master-planned, 8-acre business park in Houston’s prime, near northwest submarket. The park’s private drive interconnects West Little York Road, and North Houston Rosslyn providing convenient truck ingress and egress. The park currently features one 64,850-square-foot building that has 36,350 square feet available for lease. The building features attractive storefront entrances, 32’ clear height, dock-high loading and grade-level access ramps. In addition, there is a 2-acre parcel fronting on West Little York Road with all utilities directly to the site available for sale or build to suit.
Levey Group is a commercial real estate investment and development company. Clients include companies needing office, manufacturing, laboratory, warehouse and distribution space in Houston and the surrounding areas. For more information, please visit the company’s website at www.leveygroup.com.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Destino, a 192-unit apartment property in Grand Prairie, Texas. MBP Capital traded the asset for an undisclosed sum to a buyer represented by Capital Vision Management LLC. “Dallas-Fort Worth, the nation’s fourth-largest metropolitan area, offers competitive advantages for businesses, and consequently multifamily assets in Grand Prairie have historically experienced exceptional occupancy and rent growth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello, Grant Raymond, Asher Hall and Al Silva, senior managing director in Marcus & Millichap’s Fort Worth, office represented the seller and procured the buyer. “The Destino has achieved strong revenue growth in the trailing 12 months through improved operations and the implementation of a value-add program,” said Tumminello. The Destino is 17 miles from the Dallas-Fort Worth International Airport, and 20 miles from the Dallas and Fort Worth central business districts. The property is surrounded by major employers such as Lockheed Martin, General Motors, Poly-America, American Airlines and the Great Southwest Industrial Park. The Arlington Entertainment District, Texas Live!, Globe Life Park, AT&T Stadium, Six Flags, and Lone Star Park are all nearby. “Optimally located in the epicenter of the Metroplex, The Destino gives the new owner an opportunity to continue the proven success of the interior upgrade program begun by previous ownership,” said Silva. Built in 2000 on 11 acres, the three-story, garden-style community has many amenities including covered parking, detached garages and a resort-style pool.
The RMR Group Inc. announced that Everi Games Holding Inc. recently signed a full-building, five-year lease extension at 206 Wild Basin Road in Austin. The two-story, 51,000-square-foot office building is part of an office park totaling more than 118,000 square feet. The property is managed by The RMR Group, who were represented in the transaction by Kevin Granger and Matt Frizzell of Cushman & Wakefield. Everi Games Holding Inc. was represented by Diana Holford and Austin Trees of JLL. “We are proud that Everi Games Holding Inc. has renewed its lease at 206 Wild Basin Road, which underscores RMR’s commitment to providing excellent customer service and our flexibility to accommodate our tenants’ needs,” said Marc Krohn, senior area director, The RMR Group. Situated on 2.6 acres with ample green space, 206 Wild Basin Road is in close proximity to Texas State Highway Loop 360, offering access to Austin’s central business district and the Greater Austin Metropolitan area. The Wild Basin Wilderness Preserve, which contains over 227 acres of trails and green space, is adjacent to the property.
BHW Capital and Gray Street Partners recently completed the sale of the Park on Wurzbach apartments in San Antonio. Venterra acquired the asset for an undisclosed sum. The 264-unit, class A multifamily project was developed as a joint venture partnership between BHW and Gray Street in late 2018. The sale was negotiated on behalf of the seller by the BHW team of Martin Bronstein, Ralph Howard and Bryan Tran. Venterra was represented in house by Hugh Brantley and Dror Goldberg. Acquisition financing was arranged by a collaboration between Matthew Bronstein of NorthMarq’s Houston office and Faron Thompson and Ali Meek of NorthMarq’s Atlanta office. Scott LeMontagne, Moses Siller, and Zar Haro of NorthMarq Multifamily’s Central Texas investment sales team consulted the seller on the sale. Park on Wurzbach was awarded the 2018 New Construction Garden Apartment of the Year by the San Antonio Apartment Association. The property features a mix of one-, two- and three-bedroom units each finished with stainless steel appliances, granite countertops, built-in desks and in-unit washer and dryers. Community amenities include a resort-style pool, full-circuit fitness center, yoga and spin studios, business center, bark park and clubhouse.
Partners Capital—the investment arm of NAI Partners—has closed on Trails at 620, a retail property located at 8300 N FM 620 in Austin. “Our team is excited to bring some new energy to Trails at 620,” said Andrew Pappas, head of Partners Capital. “The retail center is an integral part of the local community and we are confident that tenants and neighboring residents will be pleased with our plans for the development.” The Partners Capital team worked with Drew Fuller at JLL to close the deal, with financing provided by Peyton Jones at Veritex Bank in Houston. Partners acquired seven of the 17 buildings at Trails at 620, which consist of 69,037 square feet located on 15 acres, and added some high-profile tenants to its portfolio, including Freebirds, MattressFirm, AT&T, and Summer Moon Coffee. Other owners at the development include Moviehouse & Eatery, Holiday Inn, Whataburger and Flores Mexican Restaurant. “We look forward to sharing our vision and collaborating with all property owners at Trails at 620 to bring new life to the entire development,” said Adam Hawkins, vice president at Partners Capital. This acquisition is Partners Capital’s fourth acquisition in Fund III and the platform’s 13th deal overall, pushing its portfolio to 1.2 million square feet and over 400 tenants. Partners Capital is kicking off Fund IV in the next few weeks, where it plans to raise $50 million.
VanTrust Real Estate LLC, a full-service commercial real estate development company, recently broke ground on a 75-acre Fort Worth Logistics Hub in south Fort Worth consisting of Two Phases. Phase One is a 670,941-square-foot speculative logistics project which will be delivered in July 2021. Phase Two will follow closely behind with is a 606,480 square foot building. Located just off Interstate 35 on Risinger Road and south of Interstate 20, the Logistics Hub provides excellent highway access and visibility.
“South Fort Worth offers an abundance of resources, making the market highly competitive in North Texas,” said Bill Baumgardner, executive vice president at VanTrust and head of the company’s Texas office. “With its great connectivity to major interstates and access to an unmatched labor force, south Fort Worth is one of the area’s most prominent logistic locations.” Dallas-Fort Worth, the largest metro area in the South, continues to be the nation’s premier industrial destination. So far in 2020, nearly 15 million square feet of industrial space was absorbed throughout the region. The South Fort Worth submarket is a key market and continues to grow with over 74 million square feet comprising 9% of the total market. The submarket vacancy rate of 5.2% continues to be one of the lowest in the Metroplex, according to CBRE. Click to read more at www.fortworthbusiness.com.