Texas

EVO Entertainment to Open 73,000 SF Entertainment Center in Schertz, Texas

by Taylor Williams May 4, 2018

SCHERTZ, TEXAS — San Marcos-based EVO Entertainment Group will open a 73,000-square-foot entertainment center within The Wiederstein Ranch shopping center in Schertz, a northeastern suburb of San Antonio. The venue will feature a 10-screen movie theater, 16 bowling lanes, more than 100 arcade games, laser tag, a full restaurant and bar and private event space. Construction is scheduled to begin soon and the opening is slated for February 2019. The Schertz venue will be the company’s fifth location overall in the greater San Antonio area.

May 4, 2018

Custer-Storage-&-Business-Center-McKinney-Texas

Acquisitions Industrial Self-Storage Texas

Strategic Storage Growth Trust Acquires 730-Unit Facility in Metro Dallas

by Taylor Williams May 4, 2018

MCKINNEY, TEXAS — Strategic Growth Storage Trust Inc., a REIT sponsored by California-based SmartStop Asset Management LLC, has acquired Custer Storage & Business Center, a 730-unit self-storage facility in the northern Dallas metro of McKinney. Built in 2015, the 95,000-square-foot property includes 10 single-story buildings with approximately 230 drive-up units and 500 first-floor units that are climate-controlled. The seller and sales price were not disclosed. With this acquisition, Strategic Growth Storage Trust’s portfolio consists of 26 self-storage properties totaling roughly 17,300 units and 1.9 million net rentable square feet across 10 states.

May 4, 2018

Garden-Valley-Apartments-Waxahachie-Texas

Loans Multifamily Texas

Love Funding Provides $26.3M HUD Construction Loan for Apartment Project in Metro Dallas

by Taylor Williams May 4, 2018

WAXAHACHIE, TEXAS — Love Funding has provided $26.3 million in construction and permanent financing for Garden Valley Apartments, a 213-unit market-rate apartment project being developed in the southern Dallas suburb of Waxahachie. The property will feature one- and two-bedroom units and amenities such as a pool and attached garages. Love Funding secured the loan through HUD’s 221(d)(4) program. Cross Architects will design the property and Brownstone Construction Ltd. will serve as general contractor.

May 4, 2018

Market Reports Multifamily Office Texas Texas Market Reports

Downtown Renaissance Drives El Paso Office Market, Multifamily Growth

by Taylor Williams May 4, 2018

For decades, El Paso was a big, sleepy town nestled on the banks of the Rio Grande that relied on a slow-paced, but consistent economy. In those days, housing was always affordable. Pricing levels for single- and multifamily properties were below national averages, but so too were wages. The city’s office market, which has traditionally served as a leading indicator for multifamily growth, hummed along without ever experiencing strong asset appreciation or interest from outside investors. Taken at face value, this activity would suggest that there was a firm ceiling for new development and rent growth for both of these markets. In recent years, however, El Paso natives have seen their city experience enormous growth fueled by exceptionally low crime rates and expanding population at Fort Bliss Army base. Development of both single- and multifamily product really took off between 2011 and 2014, causing rent growth to subside and vacancies to rise from 5 percent a few years ago to roughly 9 percent today. The market returned to a more sustainable pace of new development in subsequent years. Looking ahead, the metro’s job growth should remain a factor of its population of military personnel and federal employees. As El Paso …

May 4, 2018

Acquisitions Multifamily Texas

SWBC Sells 300-Unit Apartment Community in Northwest San Antonio

by Taylor Williams May 3, 2018

SAN ANTONIO — Dallas-based SWBC Real Estate LLC has sold Twin Creeks at Alamo Ranch, a 300-unit multifamily community in San Antonio. The Class A property is located at the entrance of the Alamo Ranch master-planned community on the city’s northwest side. Developed by SWBC and completed in 2016, the community consists of one-, two- and three-bedroom units and offers amenities such as a pool, outdoor grilling areas, fitness center and a car wash. Will Balthrope and Jordan Featherston of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer and sales price were not released.

May 3, 2018

Development Industrial Texas

Carson Cos. Breaks Ground on Four Industrial Buildings in Metro Houston

by Taylor Williams May 3, 2018

PASADENA, TEXAS — The Carson Cos., a California-based industrial developer, has broken ground on four buildings within Bayport Industrial Park in Pasadena, a southeastern suburb of Houston. The groundbreakings mark Phase II of an industrial development known as Carson Bayport. The project will deliver one 207,000-square-foot cross-dock warehouse and three 25,000-square-foot crane-ready buildings, all four of which will be developed on a speculative basis. The largest building, completion of which is slated for the fourth quarter, will feature 62 dock-high doors, 30-foot clear heights, an ESFR sprinkler system, 154 car parking spaces and a fenced-in truck court.

May 3, 2018

Acquisitions Office Texas

Gault Co., RTG Capital Buy 170,000 SF Office Building in North Dallas

by Taylor Williams May 3, 2018

DALLAS — A partnership between two Dallas-based development firms, Gault Co. and RTG Capital LLC, has purchased a 170,000-square-foot office building in North Dallas. Situated on four acres at 5757 Alpha Road across from the Valley View Mall, which is being redeveloped into a mixed-use destination, the office property was formerly known as Alpha Tower. Following a renovation project for its landscaping, lobby and common areas that is scheduled to be complete by year’s end, the building will be rebranded Northwood Tower. The property was built in 1983 and was 32 percent leased at the time of sale. The seller and sales price were not disclosed.

May 3, 2018

Development Multifamily Texas

Transwestern to Develop 263-Unit Apartment Community in Downtown Austin

by Taylor Williams May 3, 2018

AUSTIN, TEXAS — Transwestern Development Co. has acquired 1.6 acres in downtown Austin for the development of Block 36, a 263-unit multifamily community. Block 36 will consist primarily of studio units with approximately 14 percent of the units being two-bedroom residences. In addition to having a 3,000-square-foot ground-floor restaurant space, the community will offer amenities such as a pool, fitness center, clubroom, business lounge and an elevated courtyard with fire pits. Wilder Belshaw, an architecture firm with offices in the Dallas and Austin area, is handling design of the project, and Comerica Bank is providing construction financing. Transwestern expects to break ground on the property in January 2019 and deliver it during the first half of 2020.

May 3, 2018

CubeSmart-Self-Storage-Missouri-City-Texas

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 434-Unit CubeSmart Self-Storage Facility in Metro Houston

by Taylor Williams May 3, 2018

MISSOURI CITY, TEXAS — Bellomy & Co. has arranged the sale of a 434-unit self-storage facility in the southeastern Houston metro of Missouri City that is managed by Pennsylvania-based REIT CubeSmart. The property features both climate- and non-climate-controlled units totaling 54,400 square feet of net rentable space with room for expansion. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Austin-based Yellowstone Investments, in the transaction. The trio also procured the undisclosed, Houston-based buyer.

May 3, 2018

Development Industrial Texas

Jackson-Shaw, Thackeray Begin Work on 320,000 SF Industrial Facility in Metro Houston

by Taylor Williams May 2, 2018

HUMBLE, TEXAS — A partnership between two Dallas-based companies, developer Jackson-Shaw and investment firm Thackeray Partners, has begun work on Parc Air 59, a 320,000-square-foot industrial facility in the northern Houston metro of Humble. The Class A development will consist of a 160,000-square-foot, cross-dock building and two 80,000-square-foot single-load buildings. Features will include 28- and 32-foot clear heights, ESFR sprinklers and abundant trailer parking. Arch-Con Corp. is serving as general contractor for the project, which is scheduled for a fourth-quarter completion. Powers Brown is handling design of the project and Kimley-Horn is serving as civil engineer. Comerica is providing construction financing and Cushman & Wakefield will lease and manage the property.

May 2, 2018

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