DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in..
El Paso in 2017 is a story of growth. Sales tax rebates increased over 10 percent in 2016 — second among the 20 largest cities in Texas. Since 2000, the El Paso-area population has increased by more than 27 percent, and as the longtime adage goes, “retail follows rooftops.” Long under the radar of national concepts, El Paso’s retail sector is changing. Major retail developments in El Paso are gaining national attention. One of the catalysts contributing to this interest is the..
NEW YORK — DRA Advisors has purchased a 19.8-million-square-foot industrial portfolio that spans 21 U.S. markets for $1.1 billion. The portfolio contains a total of 184 properties that are 94 percent leased to more than 500 tenants. The properties reside in industrial hubs such as Dallas, Houston, Chicago, Atlanta and Columbus, Ohio. The assets range from less than 15,000 square feet to 925,000 square feet, according to CoStar Group. Cabot Properties Fund II sold the portfolio,..
PLANO, TEXAS — J.C. Penney (NYSE: JCP) has sold its home office campus and 45 surrounding acres of land in Plano to Dreien Opportunity Partners for $353 million. The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent, or 1.1 million square feet, of the campus, with the remaining space available for new tenants. The building lease expense would be offset by a reduction in maintenance costs, property taxes and interest..
San Antonio evokes many positive images: the River Walk, the Alamo, Fiesta, the Mission Trail, Texas Hill Country and more. All of these images have one thing in common: hospitality. San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. It is also a good place to do business and a great place to live. [caption id="attachment_166174" align="alignright" width="100"] Randy..
American Campus Communities Sells 19 Student Housing Properties to Saban, Campus Advantage for $508M
AUSTIN, TEXAS — American Campus Communities Inc. (ACC) has sold 19 student housing assets totaling more than 12,000 beds to a partnership between Saban Real Estate and Campus Advantage for $508 million. The transaction included a $197.3 million prepayment of secured mortgage debt. “With the sale of these non-core assets, which were all previously acquired as part of larger portfolio acquisitions, we have transformed our portfolio into one consisting almost entirely of core assets,”..
As we near the end of 2016, we also mark another strong year for the San Antonio retail market. In fact, the market is strong enough that we can retire the word recovery and replace it with expansion. [caption id="attachment_166166" align="alignright" width="100"] David Nicolson, The Weitzman Group[/caption] Expansion, in a nutshell, means that the retail market has not only matched the pre-recession occupancy level of 92 percent, it has exceeded it. San Antonio currently boasts a healthy..
In spite of the “noise” created by headlines about low oil prices and energy industry layoffs, west Houston, home to several of the world’s largest energy companies, continues to have strong fundamentals based on decades of phenomenal growth and high-quality development. [caption id="attachment_166158" align="alignright" width="100"] David W. Hightower, Wolff Cos.[/caption] At Wolff Companies, we have been investing in West Houston for over 45 years. From this long-term perspective,..
[caption id="attachment_165693" align="alignright" width="100"] Chris Burrow, Henry S. Miller[/caption] The booming land market in north Texas reflects a convergence of economic and demographic trends resulting in a dramatic expansion of residential communities, new mixed-use developments and the transformation of retail centers across the region. The result is higher land values, shifting land uses and developers, planners and designers adapting to the evolving lifestyles of a new..
[caption id="attachment_165244" align="alignright" width="100"] John Reichenbach, Capital One[/caption] Success breeds success. That adage, more than any other, defines the Dallas-Fort Worth economy and its strong multifamily market. In the last five years, a number of companies, such as Toyota North America and Nationstar Mortgage, impressed by the advantages of doing business in Dallas-Fort Worth, have relocated their headquarters here. These companies were attracted by the area’s..