Texas

Weinstein Properties Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams June 4, 2018

MCKINNEY, TEXAS — Virginia-based development and management firm Weinstein Properties has acquired Bexley Lake Forest, a 334-unit multifamily community located in the northern Dallas metro of McKinney. The Class A property was formerly branded Century Lake Forest. Amenities include a pool, coffee bar, fitness center, outdoor grilling areas, business center and both trash valet and dry cleaning services. Charles DuBose of Phillips Realty Capital arranged a $40 million fixed-rate loan through New York Life Insurance Co. on behalf of Weinstein Properties for the acquisition.

June 4, 2018

Loans Multifamily Texas

Mason Joseph Closes $40.4M HUD Construction Loan for Austin Apartments

by Taylor Williams June 4, 2018

AUSTIN, TEXAS — San Antonio-based multifamily lender Mason Joseph Co. Inc. has closed a $40.4 million HUD loan for the construction and permanent financing of McKinney Falls, a 312-unit affordable apartment community in south Austin. The non-recourse loan was secured through HUD’s 221(d)(4) program and features a fixed interest rate for the 22-month construction period and subsequent 40-year term. McKinney Falls will offer amenities such as a fitness center, business center, conference room and children’s activity center. The project is a collaboration between the borrowers, the Travis County Housing Finance Corp. and California-based affordable housing developer AMTEX Multi-Housing LLC.

June 4, 2018

Industrial Leasing Activity Texas

Toyota Motor Sales Signs 121,188 SF Industrial Lease in Metro Dallas

by Taylor Williams June 4, 2018

LEWISVILLE, TEXAS — Toyota Motor Sales USA LLC, the North American sales and marketing arm of the Japanese automaker, has signed a 121,188-square-foot industrial lease at 121 Riverview Crossing in Lewisville, a northern suburb of Dallas. The developer, ML Realty Partners, recently completed the Class A, freestanding distribution center, which features a rear-load configuration. Dan Spika and Jim Breitenfeld of Henry S. Miller Brokerage Co. (HSM) represented ML Realty Partners in the lease negotiations.

June 4, 2018

Quarry-Lake-Business-Center-Austin-Texas

Acquisitions Office Texas

AQUILA Negotiates Sale of 117,000 SF Office Building in Austin

by Taylor Williams June 4, 2018

AUSTIN, TEXAS — AQUILA Commercial has negotiated the sale of Quarry Lake Business Center, a 117,000-square-foot office building in northwest Austin. The Class A space will serve as the new corporate headquarters for the buyer, Velocity Credit Union. The Florida-based not-for-profit financial institution plans to move into the building by May 2019. Michael Murphy, Jay Lamy and Andrew Reue of AQUILA represented Velocity Credit Union in the transaction. Jeremy Smitheal and Win Smith internally represented the seller, Riverside Resources.

June 4, 2018

Development Restaurant Retail Texas

Oaxaca to Open 2.8-Acre Entertainment Venue in West Dallas

by Taylor Williams June 1, 2018

DALLAS — Real estate developer and operator Oaxaca Interests will open Nowhere, TX, a 2.8-acre entertainment venue that will be located on a former industrial site in west Dallas. The concept will feature pop-up events and biergarten-style dining with rotating menus. Hocker Design Group designed the three-building venue, which is scheduled to open this summer.

June 1, 2018

Acquisitions Industrial Texas

HSM Arranges Sale of Two Industrial Assets Totaling 231,530 SF in Graham, Texas

by Taylor Williams June 1, 2018

GRAHAM, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged the sale of two industrial assets totaling 231,530 square feet in Graham, about 90 miles west of Fort Worth. Scott Axelrod of HSM represented Tampa-based packaging producer Jordan Industries in the purchase of a 125,810-square-foot building from Dallas-based Mercer Graham Properties LLC. Axelrod also represented a private investor in the sale of a 105,720-square-foot building to Traylor Investments Cliff LLC. The sales prices were not disclosed.

June 1, 2018

Acquisitions Retail Texas

EDGE Closes Sale of Seven Shopping Centers Totaling 137,742 SF in Houston Area

by Taylor Williams June 1, 2018

HOUSTON — EDGE Capital Markets has closed the sale of seven shopping centers totaling 137,742 square feet in the Houston area. The properties are: the 19,826-square-foot Coles Crossing III in Cypress; the 16,205-square-foot River Pointe Center in Richmond; the 21,830-square-foot River Gate Center in Richmond; the 20,085-square-foot Highway 290 & Mueschke in Cypress; the 21,975-square-foot Miramesa Retail Center in Cypress; the 18,151-square-foot Canyon Lakes Shopping Center in Humble; and the 19,670-square-foot Clay Road Crossings in Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed sellers in the transactions.

June 1, 2018

Acquisitions Office Texas

Velocis Sells 189,162 SF Office Complex in West Houston

by Taylor Williams June 1, 2018

HOUSTON — Dallas-based private equity firm Velocis has sold Echo Lane, a two-building, 189,162-square-foot office complex located in the Hedwig Village area of west Houston. Velocis acquired the property in 2012 and raised the occupancy rate from 83 percent to 97 percent during its ownership period. Investment firm 800 Builders acquired the property for an undisclosed price.

June 1, 2018

Acquisitions Industrial Self-Storage Texas

LeClaire Group Brokers Sale of 353-Unit Self-Storage Facility in Houston

by Taylor Williams June 1, 2018

HOUSTON — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of Ammex Mini Storage, a 353-unit self-storage facility in Houston. The property totals 48,810 square feet and includes climate- and non-climate-controlled units. Dave Knobler and Charles LeClaire of The LeClaire Group represented the undisclosed seller in the transaction and procured the buyer, an out-of-state investment firm.

June 1, 2018

Industrial Market Reports Texas Texas Market Reports

Heightened Border Activity Drives Down Industrial Vacancy in Rio Grande Valley

by Taylor Williams June 1, 2018

The industrial market of the Rio Grande Valley (RGV) is off to a blistering start in 2018, thanks to a combination of increased commercial activity around the U.S.-Mexico border and renewed political and military interest in the region. We use the tri-city area of McAllen-Edinburg-Mission, now the fifth-largest MSA in Texas, as a yardstick for our regional analysis. According to CBRE, industrial vacancy in this market registered an all-time low of 3 percent during the first quarter. In addition, the market posted positive net absorption of approximately 79,000 square feet during the first quarter, a year-over-year increase of 24,000 square feet. Average asking rents for industrial space are also up 40 cents from the first quarter of 2017. Demand for industrial space in the RGV has always been a factor of the region’s proximity to Mexico. The Mexican border city of Reynosa absorbed more than 2 million square feet of industrial space in 2017. More than 1 million square feet of industrial product is under construction in Reynosa, and the pipeline includes everything from heavy manufacturing plants to rail-served distribution centers. This aspect of the RGV’s location has always played a pivotal role in generating demand for warehousing — for …

June 1, 2018

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