Texas

Q Investments Refinances 391,091 SF Office Complex in Metro Dallas

by Taylor Williams August 15, 2018

RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through CapitalSource, a division of Pacific Western Bank. The loan amount was not disclosed.

August 15, 2018

AA-Climate-Controlled-Storage-Montgomery-Texas

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 483-Unit Self-Storage Facility in Montgomery, Texas

by Taylor Williams August 15, 2018

MONTGOMERY, TEXAS — Bellomy & Co. has arranged the sale of AA Climate Controlled Storage, a self-storage facility located in Montgomery, about 50 miles northwest of Houston. Built in 2003, the property consists of 483 units across 58,685 net rentable square feet of climate-controlled space. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based seller in the transaction. The duo also procured the buyer, Katy-based Pinnacle Storage Properties. The sales price was not disclosed.

August 15, 2018

Affordable Housing Loans Multifamily Texas

Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio

by Taylor Williams August 15, 2018

SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether secured the loan, which carries a fixed interest rate and a 35-year amortization schedule. The borrower was not disclosed.

August 15, 2018

Acquisitions Office Texas

Global Net Lease Acquires 145,000 SF Office Building in Metro Dallas for $54M

by Taylor Williams August 15, 2018

ALLEN, TEXAS — New York-based REIT Global Net Lease (NYSE: GNL) has acquired a 145,000-square-foot office building located in the northern Dallas metro of Allen for $54 million. The Class A property is currently net leased for 12 years to a subsidiary of NetScout Systems Inc., a Massachusetts-based tech firm. GNL acquired the building in conjunction with a 669,000-square-foot industrial facility in Akron, Ohio, which carried a price tag of $21.4 million.

August 15, 2018

Development Hospitality Texas

DDG to Build 157-Room Marriott-Branded Hotel Within Irving’s Las Colinas District

by Taylor Williams August 14, 2018

IRVING, TEXAS — Local general contractor DDG Construction will soon begin construction of a 157-room Element Hotel. The 12-story property will be part of the Marriott International’s family of hotels and will be located within the 12,000-acre Las Colinas business district. Amenities will include a 2,300-square-foot ballroom and an enlarged fitness area. Houston-based Lodgic Hospitality will own and operate the new hotel. Dallas-based Mayse & Associates Inc. provided design services.

August 14, 2018

Affordable Housing Loans Multifamily Texas

KeyBank Secures $38.4M for Construction of Affordable Housing Asset in Austin

by Taylor Williams August 14, 2018

AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.

August 14, 2018

Acquisitions Multifamily Texas

PPA Group Acquires 204-Unit Apartment Community in San Antonio

by Taylor Williams August 14, 2018

SAN ANTONIO — The PPA Group LLC, an Austin-based investment firm, has acquired 5Fifty Apartment Homes, a 204-unit multifamily community in San Antonio. Floor plans feature one- and two-bedroom units. Amenities include a pool, clubhouse with java bar, fitness center, basketball court and a business center. Mark Brandenburg and Clint Coe of JLL secured an undisclosed amount of acquisition financing for the transaction through Bridge Investment Group. The seller was Frontline Holdings.

August 14, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 76,026 SF Industrial Facility in Houston

by Taylor Williams August 14, 2018

HOUSTON — Lee & Associates has brokered the sale of a 76,026-square-foot industrial facility located at 8130 McHard Road in Houston. The Class B, single-tenant property was built in 2013. Mike Spears and Thomas Leger of Lee & Associates represented the buyer, LHI LCC, in the transaction. Amy Silvey, also with Lee & Associates, represented the seller, Clay-McHard Road Partners LP.

August 14, 2018

Acquisitions Multifamily Texas

Dekel, Arrowroot Purchase 86-Unit Multifamily Property in Austin

by Taylor Williams August 14, 2018

AUSTIN, TEXAS — A joint venture between two California-based firms, Dekel Strategic Investors and Arrowroot Real Estate, has purchased Mueller Place, an 86-unit multifamily property in Austin. The new ownership will treat the investment as a value-add opportunity and renovate the unit interiors and property exteriors. The seller was not disclosed.

August 14, 2018

Development Industrial Texas

Core5 to Develop 259,882 SF Industrial Project in Plano

by Taylor Williams August 13, 2018

PLANO, TEXAS — Atlanta-based Core5 Industrial Partners will develop Core5 Business Center at Plano, a 259,882-square-foot industrial facility situated on 22.9 acres in Plano. The project will deliver two buildings totaling 164,842 square feet that will feature 24- to 26-foot ceiling heights and parking for 383 cars. Core5 is reserving a third building totaling 95,040 square feet for a build-to-suit opportunity. Citadel Partners will handle the project’s leasing assignment.

August 13, 2018

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