FORNEY, TEXAS — Dallas-based JMJ Development will build Parc at Windmill Farms Apartments, a 272-unit community that will be located in Forney, an eastern suburb of Dallas. The 17-building community will consist of 116 one-bedroom units, 120 two-bedroom apartments and 36 three-bedroom residences. Amenities will include a pool, clubhouse, business center, internet café, fitness center and a gathering room with a kitchen. A timetable for construction has not yet been established.
HOUSTON — New York-based Meridian Capital Group has arranged a $7.5 million loan for the acquisition of 5800 North Course, a 75,000-square-foot office building located in the Westchase area of Houston. The property includes 2,500 square feet of food service space and roughly 600 parking spaces. The building has been fully leased to financial services firm Alltran since it was constructed in 2001. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the loan on behalf of Windmill Investments, a firm specializing in value-add projects.
FORT WORTH, TEXAS — Dougherty Mortgage LLC has provided a $3.9 million Fannie Mae loan for the acquisition of Willow Manor Apartments, a 71-unit multifamily community in Fort Worth. Built in 1965, the property includes studio, one-, two- and three-bedroom units and amenities such as a pool and on-site laundry facilities. The 12-year loan, which utilized the Fannie Mae Green Rewards program and has a 30-year amortization schedule, was arranged on behalf of Colosseus Property Group III LLC.
KINGWOOD, TEXAS — Marcus & Millichap has brokered the sale of Rustic Woods Center, a 17,266-square-foot retail center in Kingwood, a master-planned community on the northern outskirts of Houston. Nate Newman of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Gus Lagos, also with Marcus & Millichap, represented the buyer, a private investor.
The economy of the Rio Grande Valley (RGV) has always been closely linked to foreign trade. The region’s numerous port markets and its proximity to Mexico — in particular, the robust industrial market of the Mexican border city of Reynosa — have always ensured that international commerce plays a key role in the economic success of the RGV. Manufacturing and distribution have always been major drivers of growth in the RGV. We often analyze the performances of these sectors when gauging the health of the region’s office market, as the performance of the office market tends to trail the performance of the industrial sector, usually by a period of 12 to 18 months. The office market of the RGV consists mostly of small, Class B properties developed in the 1980s and 1990s. There are no true skyscrapers or trophy assets in this region, as office users in the RGV simply don’t demand the level of amenities and quality of space as their counterparts in major markets. Small and steady as the office market may be, it is not immune to the influence of larger political movements. Everyone with a vested interest in RGV commercial real estate is keeping a close …
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …
HOUSTON — A partnership between Houston-based PM Realty Group (PMRG) and Los Angeles-based AECOM has broken ground on 3300 Main, a 336-unit apartment tower located in the Midtown area of Houston. The transit-served property will include 14,390 square feet of retail space and 521 parking spaces. According to CoStar Group, Goldman Sachs provided financing for the project. Construction is scheduled to take 24 months. PMRG has also entered into an agreement to merge with Washington, D.C.-based investment firm Madison Marquette, a deal that is expected to close within the next 30 days.
EDMOND, OKLA. — SkyView Advisors, a Florida-based self-storage brokerage firm, has arranged the sale of MidAmerica Self Storage, a 613-unit facility in Edmond, a northern suburb of Oklahoma City. The facility is situated on 4.5 acres and totals 68,427 net rentable square feet. Ryan Clark of SkyView represented the undisclosed seller in the transaction. New York-based investment firm Merit Hill Capital acquired the asset for an undisclosed price.
FORT WORTH, TEXAS — Fort Capital has begun work on The Palmer, a 46-unit apartment complex that will be located in Fort Worth’s River District. All units will be integrated with IOTAS smart home technology, which allows residents to control lighting and thermostats and set home entry alerts from their smartphones or tablets. Communal amenities will include a rooftop lounge, coffee bar with co-working areas, package concierge services and bike storage. Completion is slated for early 2019.
FRISCO, TEXAS — Food, drink and movie concept Alamo Drafthouse will open an eight-screen theater at Frisco Station, a 242-acre mixed-use development in the northern Dallas metro of Frisco. The theater, which is expected to open in 2020, will be able to accommodate up to 1,200 guests. This location will also include a Video Vortex concept, which provides craft cocktails and beer for customers looking to rent older movies. The Frisco venue will be the company’s seventh location in North Texas.