CARROLLTON, TEXAS — ML Realty Partners has acquired two industrial assets totaling 100,586 square feet in the northern Dallas suburb of Carrollton. The properties are located at 1402 and 1406 Dunn Drive near the Dallas-Fort Worth International Airport and the Dallas CBD. J.T. Samford of ML Realty represented the company internally in the acquisition. Adam Herrin and Stephen Bailey of HFF represented the seller.
SAN ANGELO, TEXAS — BMC Capital has arranged a $9.4 million loan for the acquisition of a 250-unit multifamily property located in the West Texas city of San Angelo. The loan features an interest rate of approximately 4.5 percent, a 12-year term and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.
IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller
In recent months, a renaissance in the Houston’s urban core, paired with a flight to quality and focus on sustainable design, has created a perfect storm for the metro’s office sector. This revival has been combined with a renewed focus on living and working in Houston’s Central Business District (CBD), which has simultaneously driven a resurgence in both retail and mixed-use developments. Downtown Houston’s burgeoning multifamily market is one of the key drivers in Class A office development. Since 2013, downtown Houston has seen 3,355 new multifamily units hit the market. And according to industry estimates from the midway point of 2017, the multifamily market will continue to grow significantly — as much as 40 percent — by the end of this year. These trends, paired with a 6 percent increase in construction of new hotels, have created greater demand in the marketplace for mixed-use developments that offer diverse tenant mixes, including high-end retail and dining options. A Flight to Quality These shifting preferences among residents and employees within the city’s urban core has prompted a flight to high-quality, modern and energy-efficient buildings, as more tenants look for office space in Class A developments that boast top-of-the-line amenities. Over the …
DALLAS — A joint venture between California-based KBS Realty Advisors and Tennessee-based Southern Land Co. has broken ground on a 309-unit multifamily tower in the Highland Park area of Dallas. The 19-story, Class A tower will feature amenities such as a fitness center, pool, resident lounge, private park and a 465-space parking garage. A timeline for completion has not yet been established.
HOUSTON — Davis Commercial Real Estate has arranged the sale of a 56,000-square-foot shopping center located at 1315 S. Dairy Ashford Road in west Houston. Lee Harwood and Ashley Casterlin of Davis Commercial represented the buyer, Dasford LLC, in the transaction. The seller, Grace Point Church, purchased the property in the 1980s and will remain its primary occupant, along with Marco’s Pizza and Kingdom Kids Daycare.
ENNIS, TEXAS — Price Distributing Co., a distributor of alcoholic beverages, will relocate from its current headquarters at 1212 Clay St. in the southern Dallas metro of Ennis to a new, 70,000-square-foot property, also in Ennis. St. Louis-based HDA Architects is designing the new property, which will serve as both Price’s primary office space and distribution center. A timetable for construction has not yet been established.
BEE CAVE, TEXAS — HFF has brokered the sale of Park Manor at Bee Cave, a 140-bed acute-care skilled nursing facility in the western Austin suburb of Bee Cave. Built in 2014, the property’s location near the 106-bed Baylor Scott & White Medical Center makes it the only skilled nursing facility within a four-mile radius. David Fasano, Ryan Maconachy and Chad Lavender of HFF represented the seller, Dallas-based Meridian Realty Advisors, in the transaction.
LEWISVILLE, TEXAS — A partnership between Baltimore-based Alex. Brown Realty Inc. and Dallas-based TCOR Hotel Partners has acquired the 188-room TownePlace Suites by Marriott hotel in Lewisville, a northern suburb of Dallas. The hotel recently underwent a $1 million renovation, which included upgrades to the lobby and guestrooms. Dallas-based Inwood National Bank provided financing for the acquisition. The seller and sales price were not disclosed.
MCALLEN, TEXAS — JLL has brokered the sale of the Sharyland Business Park portfolio, a 10-property portfolio of industrial assets totaling 1.6 million square feet in the Rio Grande Valley metro of McAllen. The sale includes 111 acres of developable land. The properties are located near the Anzalduas National Crossing and the McAllen International Airport and were approximately 95 percent leased at the time of sale. Laredo, Texas-based Killiam Development Ltd. acquired the portfolio from IDI Logistics Inc., an industrial developer with regional offices around the country. Dustin Volz and John Huguenard of JLL brokered the deal.
