St. Edwards University in Austin launched construction on a new athletic facility on its campus. The 12,400-square-foot building is expected to be completed in December 2019. The new facility, designed by Specht Architects, focuses health and wellness, offering a fitness center, yoga studio and wellness/medication center. Furthermore, the space will be offered to the entire …
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The Federal Reserve Bank of Dallas’ El Paso Business-Cycle Index continued its expansion in June, due to job growth and low unemployment. The index increased by an annualized 1% during the month, which was below May’s 2.7% growth. Through June, employment increased by an annual 1.8%, which was above the metro’s long-term average of 1.5%. …
Bright Realty has begun construction on Crown Centre in Castle Hills. The 109,000-square-foot, four-story office building is on SH 121 and Carrollton Parkway in the master-planned Castle Hills development in Lewisville, TX. The project’s first phase will deliver in summer 2020. “Every building corner is unique, which offers tremendous opportunities for whole-floor and smaller office …
Walker & Dunlop Inc. entered Houston and expanded its Texas presence with the hire of an experienced team, formerly with JLL. The new team consists of Managing Directors Mike Melody, Tom Melody, Tom Fish and Paul House, and Senior Vice President Jonathan Paine. The group will be responsible for securing financing for all commercial real …
North Wells Capital already controls nearly 700,000 square feet of office in River North, but plans on building more. The investor and developer has added a possible development at 320 W. Huron St. to a pair of neighboring office projects it recently proposed at 301 W. Huron (pictured) and 306 W. Erie, for a total …
Walker & Dunlop Inc. recently arranged a $21 million construction loan for Kodak Crossing in Kodak, TN. The developer, VITA Development Group Inc., is building a multifamily property in the bounds of Sevier County, a designated Opportunity Zone in the state of Tennessee. In addition, the transaction was one of the first O-Zone properties financed …
White Lodging and Partner REI Real Estate Services acquired the Marriott Plaza Hotel in downtown San Antonio for $34 million. The new owner struck the deal with Ashford Hospitality, and is planning an extensive renovation of the property at 555 S. Alamo St. The six-acre hotel features courtyards, fountains and lush gardens, as well as …
Legacy Partners broke ground on Legacy at Fitz, a 363-unit multifamily property in Aurora, CO. The project at 1363 N. Victor St. is Colorado’s first large-scale residential development within the newly-created Opportunity Zone program. The two-phase project is set to deliver in February and June 2021, respectively. Equity financing for Legacy at Fitz was provided …
Maryland-based developer Minkoff Development acquired a five-building office portfolio inside the Avion Business Park in Chantilly, VA for $43 million. The seller was undisclosed. Chantilly is approximately 25 miles east of Washington, DC. The portfolio consists of two office buildings at 14500 and 14520 Avion Pkwy., as well as three flex-industrial buildings at 14700 Avion …
CoreLogic’s latest home price index and forecast shows home prices rose both year over year and month over month. The Irvine, CA-based researcher’s CoreLogic Home Price Index (HPI) and HPI Forecast for June 2019 noted home prices increased nationally by 3.4% from June 2018. On a month-over-month basis, prices increased by 0.4% in June 2019. …
Seattle-based Urban Renaissance Group LLC (URG) and Iron Point Partners, LLC sold the 548,704-square-foot SeaTac Office Center in SeaTac, WA to a partnership between San Francisco-based PCCP, LLC and URG. As part of the sale, URG will recapitalize and invest with PCCP with plans to expand tenant amenities and improve common areas. The 94%-occupied asset …
Urban Catalyst acquired its fourth property, 147 E. Santa Clara St. in downtown San Jose’s opportunity zone, with plans to develop The Icon. The transit-oriented site is across from city hall, 100 yards from a future BART station, and is expected to include more than 250 units of multifamily apartments and 7,500 square feet of …
Irvine, CA-based Steadfast Apartment REIT, Inc. is acquiring Steadfast Income REIT, Inc. (SIR) and Steadfast Apartment REIT III, Inc. (STAR III) in separate stock-for-stock, tax-free transactions, creating a combined company with roughly $3.3 billion in gross real estate assets. Steadfast’s Rodney F. Emery says, “We believe the strategic merger of these three highly complementary portfolios …
American Airlines appears to be the first official naming partner for Stan Kroenke’s new $5-billion Los Angeles Stadium in Inglewood. The airline is reportedly paying $90 million to sponsor the 2.5-acre main entrance plaza at the home of the NFL’s Rams, which Kroenke owns. The stadium will be shared by the Chargers football team. The …
Opportunity Zone development is starting to pop up all over the place. Atlanta has 26 designated Opportunity Zones (there are 260 total in the state), and the organization Invest Atlanta is working with real estate owners, developers and businesses to bring new investment to these locations. Coldwell Banker Commercial talked with Edward Smith, Ph.D., Invest …
Newport Beach, CA-based BKM Capital Partners acquired a two-property industrial portfolio consisting of eight buildings totaling 133,595 square feet in Federal Way. The assets were picked up in an off-market transaction from an unnamed private investor for $14.7 million. BKM Capital Partners’ Brett Turner says, “This was a rare opportunity to acquire two highly functional …
Commercial real estate lending activity gained traction in the second quarter of 2019, following a brief pause at the start of the year amid financial market volatility, according to the latest research from CBRE. The CBRE Lending Momentum Index, which tracks the pace of commercial loan closings in the U.S, reached a value of 244 …
Alexander & Baldwin (A&B) is undertaking a renovation and refresh of the Aikahi Park Shopping Center in Kailua, HI. The owner envisions creating a more comfortable and inviting experience for its customers, in an environmentally-friendly manner, at the 98,000-square-foot neighborhood retail center. The $18-million project includes improvements to landscaping, walkways and the parking lot, along …
Wayne, PA-based Liberty Property Trust signed a long-term lease with Lean Supply Solutions at its recently-acquired 520 Orange Show Rd. in San Bernardino. The e-commerce logistics provider claimed the entire 318,989-square-foot industrial building and took possession of the space. Liberty bought the building at the close of 2018. The newly-developed facility features 32-foot clear heights …
Locally-based small business lender SomerCor has hired Elisabeth Williams as VP of SBA 504 Lending. Williams most recently served as VP of Wessex 504 Corporation, which she co-founded. Somerco CEO Manny Flores described Williams as “a proven leader in the SBA 504 market and is a key addition to our talented lending and sales operations. …