Category: Focus October – 20

BHW Capital and Gray Street Partners Sell San Antonio Rental Development

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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 Acquires Trails at 620 in Austin

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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 Breaks Ground on 75 AC Ft Worth Logistics Hub

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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.

Plano Office Project is One of the Few Groundbreakings During the Pandemic

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Primera Cos.’ new building will open next September.

The Town Square II building is being constructed near the southwest corner of Preston Road and S.H. 121 (O’Brien Architects.) Developers have broken ground on a Plano office building — one of the few such projects moving ahead during the pandemic. Primera Cos. is building its Towne Square II offices near the southwest corner of State Highway 121 and Preston Road. The 80,000-square-foot building will join a similar project the developer completed three years ago. “This deal has been in the works for the last year,” said Primera Cos.’ Randy Sutton. “The land behind our existing building was going to be used for a hotel. “That project fell through, and we purchased the property.” The new project is designed for small tenants. “Our niche is the office suites are all pre-finished — move-in ready,” Sutton said. The planned two dozen office suites will range in size from about 2,000 to 5,000 square feet. The building will also have two shared conference rooms. “The suites in the new building on average are a little bigger,” Sutton said. “We are trying to retrofit for today’s environment — touchless elevators, automatic doors and clean air that we think is going to be important.” O’Brien Architects designed the new building, which is planned to open next September. Sutton said the company was encouraged to forge ahead with the project, even with the impacts of COVID-19. “Our portfolio is a mixed bag of industrial and office space,” he said. “We’ve had to work with some tenants, but overall it really hasn’t hit us extremely hard. “We still see a lot of people coming in and looking at space, and we are signing new leases,” Sutton said. “If we have something ready, tenants can move in.” Town Square II is the second Plano office project to start construction in the last couple of weeks. Developer Cawley Partners just broke ground for a 120,000-square-foot building on the Dallas North Tollway near Windhaven Drive. The Parkwood building will house First United Bank’s mortgage company. While some office project starts have been paused because of the pandemic, about 6 million square feet of office space is currently under construction in Dallas-Fort Worth.

Golfinity Coming to Austin, Texas in 2021

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Austin, Texas (October 19, 2020) – Golfinity, a revolutionary new indoor golf performance club, is coming to Austin, Texas in early 2021. Golfinity is focused on growing the game through quality instruction and game improvement techniques for all levels of golfers, including families and kids. Golfinity will provide the information, tools, and coaching necessary for golfers to reach their maximum potential in a safe, family-friendly environment. The facility, programming, and culture are all designed around creating positive golf experiences, skill development and fun. The Golfinity concept is the vision of co-founders Aaron Bergman and Marc Rankin. Rankin is a proven business leader with experience in golf resorts, real estate and private equity. Bergman is an award-winning Class A PGA Professional whose world travels allowed him to bring golf to new communities and inspired his first business, Golf in Schools, an after-school enrichment program and junior golf academy. Bergman, who has taught golf lessons in nine countries from beginners to elite players will serve as CEO, while Rankin will focus on facility design, strategic partnerships and national development plans. “Teaching and growing golf is my passion,” said Bergman. “I have witnessed its power to enrich lives and connect people across class and cultures. Golfinity has a unique opportunity to remove entry barriers to the game and reach a much wider audience. Click to read more at www.troon.com.

Park Coming to Fair Park: Dallas City Council Approves Master Plan

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One of the plan’s first priorities is to create a new community park, which will have free programming for children, adults and seniors.

Community members are one step closer to seeing a park at Fair Park after Dallas City Council approved the park’s master plan at a meeting Wednesday. The historic 277-acre park is best known as being the home of the State Fair of Texas from late September to October, but the city wants to attract events and community members from across North Texas year-round. Plus, the revitalization hopes to bring amenities within walking distance that the South Dallas community around Fair Park can enjoy. In 2018, the city approved the management of the park by private firm Spectra and nonprofit Fair Park First for $34.5 million. Those entities would manage the park for the first 10 years of a 20-year management agreement. The Parks and Recreation Board approved the master plan this year in June and it was approved Wednesday by City Council. The Fair Park Master Plan and Community plan aims to create a year-round destination and preserve the park’s legacy while bringing entertainment, culture and a welcoming place of opportunity for neighboring communities, according to the master plan presentation. Fair Park First says the revitalization will meet “the needs and interests of the current institutions at Fair Park, surrounding neighborhoods and park users from the DFW Metroplex.” Click to read more at www.wfaa.com.