Consolidated-Tomoka Pays $16M for Carpenter Hotel Land

Consolidated-Tomoka Land Co. paid $16.3 million to acquire 1.4 acres under Austin’s Carpenter Hotel. The Florida investor then entered into a new 99-year deal to lease the land back to the local seller. The transaction was structured as part of a 1031 Exchange; Consolidated-Tomoka used proceeds from the completed sale of a Santa Clarita, CA

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2106 W. Gentry Retail Center Changes Hands

A private investor, operating under the entity name of 2106 West Gentry LLC, traded a 7,428-square-foot retail property in Tyler, TX to a private buyer based in the North Texas city of Allen, TX. The East Texas seller ended its three-year hold on the asset at 2106 W. Gentry with the transaction. Evan Altemus and

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Gulf Corp. Begins 132K-SF IH-35 Logistics Center

Dallas-based Gulf Corp. broke ground on a 131,718-square-foot, speculative industrial development in Laredo, TX. The property, dubbed IH-35 Logistics Center, is scheduled for completion in Q1 2020, and will offer 4,000 square feet of ground-floor office space, and a 1,000-square-foot, second-story warehouse office, along with 73 trailer parking spaces and 60 employee parking spaces. The

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Zyklus Heat Transfer Planning 300K-SF Industrial Build

Zyklus Heat Transfer Inc. will be building a 300,000-square-foot manufacturing facility in Normal Industrial Park, located in the East Texas City of Jacksonville. The local company, which had been acquired by Italy-based LU-VE Group, will be building on 20 acres at the 131-acre industrial park on Talley Nichols Drive. The facility will be used for

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OEI Continues to Climb, But Slower

The Odessa Economic Index stood at a record 279.9 in April 2019, up from the 266.9 from March 2019, and representing an 11.1% increase from April 2018’s 241.1. The metrics mark the 30th straight month of increase from the index’s trough in October 2016, according to economist Karr Ingham. He noted, however, that the year-over-year

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Saxony Capital Snares 310-Unit Pine Knoll Apartments

Saxony Capital Management acquired Pine Knoll Apartments, a 310-unit, 26-building multifamily property in Longview, TX. The St. Louis, MO buyer shook hands with Dallas seller PNK Associates Ltd. to claim ownership of the property at 2019 Toler Rd. JLL’s Mark Brandenburg secured acquisition financing through Freddie Mac on behalf of the new owner. “Markets across

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Demo Work Begins on Historic Heritage Tower

General contractor Hamilton Builders LLC, along with developer Four Corners Development LLC, have begun the process of converting the almost 85-year-old Heritage Tower in Longview, TX into a 36-unit senior citizen apartment complex. Demolition work on the structure at 208 N. Green St. has started on the fourth to sixth floors, and consists of asbestos

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Value-Add Whispering Oaks in Lockhart Sells to Seay Group

The 54-unit Whispering Oaks in Lockhart, TX sold to Seay Group LLC, a local multifamily investment company. JLL’s Richard Mireles, Moses Siller and Zar Hero led the marketing and sales efforts for the apartment complex, on behalf of the seller, Barker Investments. Whispering Oaks, at 1320 Wilson St., is approximately 30 miles southeast of Austin.

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