Sale of newly built multi-housing community in Houston MSA closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of and arranged the financing for The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.

JLL represented the seller, Allen Harrison Company, and Price Realty Corporation acquired the asset. JLL also worked on behalf of the new owner to secure the seven-year loan through New York Life Real Estate Investors.

Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, open-concept floorplans, stainless steel appliances, natural stone countertops, private yard and patios and spacious closets. Community amenities include a conservatory, dog parks with observation pavilion, private attached and detached garages and carports, gated entry, secure package lockers and package room, a club house with library and kitchen, a resort-style swimming pool and a 24-hour fitness center. The Wildwood is located within the highly amenitized Veranda master-planned community, which provides residents access to a yoga lawn, playgrounds and hike and bike trails.

Situated 24500 Wildwood Park Road, The Wildwood provides easy access to both Highway 59 and the Grand Parkway, allowing residents efficient connectivity to the rest of the Houston MSA. This includes many employment hubs, medical resources and entertainment/dining establishments throughout Katy, Sugar Land and Richmond. Richmond’s prime location is just 30 miles from Downtown Houston. OakBend Medical Center and UT Health, as well as Brazos Town Center North and South are located within one mile of the property.

The JLL Capital Markets Investment Sales Advisory team is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets debt advisory team.

CBRE adds four-person retail team in Austin

Posted on by Mia Goulart

CBRE announced that a four-person retail leasing team has joined CBRE in Austin, Texas, to expand the firm’s presence in the region.

The team is led by Will Majors, who is joining CBRE as an SVP. His team includes Vice President Carson Hawley, Senior Associate Adelaide Ehrlich, and Associate Davis Franklin. They have all joined CBRE from SRS Real Estate Partners and will focus on representing both landlords and tenants in the leasing of retail property throughout Central Texas.

Majors, who previously led the Austin and San Antonio offices for SRS, brings with him 20 years of experience in the retail real estate industry and has been involved in many notable projects in the Austin market. He has been recognized as a “Heavy Hitter” by the Austin Business Journal for the last 10 years and his clients include some of the largest retailers in the U.S.

Hawley brings with him 10 years of brokerage experience, having represented dozens of tenants, landlords and land buyers across Central Texas. He is known for his strong analytical, negotiating and project management skills, having delivered exceptional results for both local and national clients.

Ehrlich and Franklin have both recently begun their real estate careers in 2019 and 2023, respectively. They will support the team on tenant and landlord representation efforts.

Newmark secures joint venture equity placement for 173,680-square-foot industrial project in Irving

Posted on by Mia Goulart

Newmark has secured the joint venture equity placement for the development of TriStar Business Park, a two-building, 173,680-square-foot industrial project located in Irving, Texas. The project is expected to deliver in Q4 2024.

Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe arranged the joint venture between the investor, MBK Industrial Properties, and the sponsor, Hopewell Development.

Building 1, located at 7815 Jetstar Drive, will comprise 69,160 square feet; Building 2, located at 7810 Jetstar Drive, will total 104,520 square feet, divisible down to 52,000 square feet. The buildings will feature 32-foot clear heights, ESFR sprinkler systems, 100+ parking stalls, eight dock-high doors, grade-level doors with ramps and 130- to 140.5-foot truck courts.

Situated at the corner of HWY 114 and Jetstar Drive, the project is within close proximity of the Dallas/Fort Worth International Airport and the Dallas Central Business District. Neighboring warehouse tenants include Honda, Subaru, Coca-Cola, Samsung, Canon and Boeing, among many others.

CBRE arranges sale of office showroom across from Globe Life Field in Arlington

Posted on by Mia Goulart

CBRE announced the sale of Stadium Drive, a 68,485-square-foot two-building office showroom project located at 801-803 Stadium Drive in Arlington, Texas.

Thurston Witt and Johnny Dunn with CBRE arranged the transaction on behalf of the seller, DSW Stadium Properties, LP, to an undisclosed buyer.

Ideally located across from Globe Life Field in the middle of Arlington, the property is well positioned for a vertical redevelopment with flexible Entertainment District Overlay zoning. The property is in the middle of Arlington’s entertainment corridor with two professional sports teams stadium (AT&T Stadium for the Dallas Cowboys and Globe Life Field for the Texas Rangers), two Six Flags theme parks, Texas Live!, and several restaurants, shopping centers, museums and entertainment venues.

Fabio Serrato, PE hired at Fishbeck

Posted on by Jordan Jensen

Fabio Serrato, PE, joins Fishbeck as a Senior Project Manager of Parking and Restoration. In his new role, Fabio will be responsible for leading the development of innovative parking structures for Fishbeck clients throughout the United States. With 22 years of specialized experience in parking structure design, Fabio has performed all aspects of parking structure planning, structural design, functional design, condition assessments, and restoration of existing parking facilities.