Texas

Albanese Cormier Acquires 105,605 SF Shopping Center in Fort Worth

by Taylor Williams July 3, 2018

FORT WORTH, TEXAS — Beaumont-based investment firm Albanese Cormier Holdings has acquired Renaissance Square, a 105,605-square-foot shopping center in Fort Worth. The Class A property, which was built in 2014 and is shadow-anchored by Walmart, was 98.5 percent leased at the time of sale. The shopping center’s tenant roster includes anchor Ross Dress for Less, Marshalls, Dollar Tree and Hibbett Sports. Eric Wohl and Andrew Cunningham of Hanley Investment Group represented Albanese Cormier in the transaction. Jeffrey Jackson of CBRE represented the seller, Midland-based Moriah Real Estate Co.

July 3, 2018

Development Industrial Texas

Food Producer to Open 47,000 SF Industrial Facility in Conroe on July 6

by Taylor Williams July 3, 2018

CONROE, TEXAS — Galdisa USA, a subsidiary of Mexican food producer Galdisa, will open a 47,000-square-foot industrial facility in Conroe, about 40 miles north of Houston, on Friday, July 6. About 25 new jobs will be created at the facility, which is the company’s first in the United States. Galdisa is involved in the production and sale of products such as peanuts, pumpkin seeds, chickpeas and fava beans for retail and industrial uses.

July 3, 2018

Industrial Leasing Activity Texas

Colliers Secures 113,152 SF Industrial Lease in Houston

by Taylor Williams July 3, 2018

HOUSTON — Colliers International has secured a 113,152-square-foot industrial lease at 5301 Polk St. in southeast Houston. The tenant is CustomSpace, a provider of full-service industrial space for tenants looking for footprints in the 250- to-10,000-square-foot range. Barkley Peschel and Mike Davis of Colliers International, along with Trey Erwin of Lee & Associates, represented CustomSpace, which now has eight locations nationwide.

July 3, 2018

Development Multifamily Texas

ZOM Living Breaks Ground on 41-Story Multifamily Tower in Dallas

by Taylor Williams July 2, 2018

DALLAS — Orlando-based multifamily developer ZOM Living has broken ground on ATELIER, a 41-story multifamily tower that will be located adjacent to Klyde Warren Park in Dallas. The property will feature 364 one-, two- and three-bedroom units ranging in size from 702 to 2,266 square feet, as well as 15,000 square feet of retail space. Amenities will include a resort-style pool, fitness center with a yoga/spin room, conference room, coworking spaces, fire pits, a lounge and private wine lockers. The project will also deliver a 10-story parking garage. Stantec provided design services and Balfour Beatty is serving as general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.A timeline for completion was not released.

July 2, 2018

Development Mixed-Use Office Texas

Brandywine to Convert Broadmoor Campus in Austin into Mixed-Use Development

by Taylor Williams July 2, 2018

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) will convert IBM’s Broadmoor campus in Austin, which spans more than 65 acres and houses more than 1 million square feet of office space, into a mixed-use, transit-oriented development. The first phase of the redevelopment, which is expected to be complete by early 2019, will revamp two office buildings. The overall project will create more public green space, walking trails and recreation areas to leverage the property’s proximity to The Domain, a shopping and entertainment destination that connects to the campus. Brandywine acquired Broadmoor, which has been discussed as a potential site for Amazon’s HQ2, about three years ago. The campus was developed as a build-to-suit for IBM, which still occupies most of the space, in the early 1990s.

July 2, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 334-Unit Apartment Community in Metro Fort Worth

by Taylor Williams July 2, 2018

MANSFIELD, TEXAS — Multifamily owner-operator American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community located in the southern Fort Worth metro of Mansfield. Built in 2010, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, business center and a dog park. Mitch Sinberg, Matt Robbins, Bob Falese and Matt Cullison of Berkadia arranged a $32.9 million Freddie Mac green loan, which features 4.16 percent interest and 70 percent loan-to-value, for the acquisition. The new ownership will implement a capital improvement program valued at approximately $1.5 million.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

Acquisitions Retail Texas

STRIVE Negotiates Sale of 43,000 SF Shopping Center in Dallas

by Taylor Williams July 2, 2018

DALLAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Glen Oaks Crossing, a 43,000-square-foot shopping center in Dallas. Shadow-anchored by Walmart, the Class A property was developed in 2015. Jason Vitorino of STRIVE represented the seller, a local developer, in the transaction. Glen Oaks Crossing was 100 percent leased at the time of sale.

July 2, 2018

Loans Lument Multifamily RED Capital Group Texas

RED Capital Provides $52.5M in Financing for 805-Unit Multifamily Community in Houston

by Taylor Williams June 29, 2018

HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.

June 29, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2018

SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.

June 29, 2018

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