MESQUITE, TEXAS — Vista Property Co. has completed Frontera Plaza, a 44,000-square-foot retail center located at the southeast quadrant of Buckner Boulevard and Interstate 30 in Mesquite, an eastern suburb of Dallas. The property was fully leased upon completion to tenants such as Planet Fitness, Foot Locker and western apparel store Rancho Semental. The property is shadow-anchored by a Walmart and a Sam’s Club. An H-E-B grocery store is also being developed at the intersection.
The National Center for Education Statistics (NCES) reports that about 20.4 million students attended American colleges and universities in 2017. That figure represents an increase of 5.1 million students from 2000 and is expected to exceed 22 million by 2023. As this enrollment growth carries forward, developers of student housing properties have been holding steady volumes of new product on their books. According to CoStar Group, developers have added about 22,000 new units each year since 2010. During that stretch, vacancy for all unit types has not risen above 10 percent and rents have maintained positive growth rates, save for the 12-month period from mid-2013 to mid-2014. Asking rents for studio and one-bedroom units have appreciated the most during this cycle. This suggests that more graduate students, who are more likely to live alone, are clamoring for student housing residences. Larger schools often have limited enrollment, forcing graduate students to consider smaller institutions. As such, secondary markets are gradually beginning to see heavier waves of student housing development. In Texas, this trend appears to still be in its infancy. As for the state’s biggest markets, the University of Texas at Austin is located within a very tight development grid. Lubbock …
PEARLAND, TEXAS — Zeller Realty Group, a Chicago-based development and investment firm, has acquired a 276,770-square-foot biotechnology facility in Pearland, a southern suburb of Houston. Completed in 2017, the facility is located approximately eight miles south of The Texas Medical Center. The property was fully leased at the time of sale to Lonza America Inc., a Houston-based subsidiary of Swiss pharmaceutical company Lonza Group AG. Jeff Hollinden and Cameron Cureton of HFF represented the buyer and the seller, Pinchal & Co., in the sale and arranged acquisition financing through Bank of Texas.
PLANO, TEXAS — Cawley Partners, a Dallas-based office development and management firm, will develop HQ53, a 200,000-square-foot office building located at the corner of Headquarters Drive and Dominion Parkway in Plano. The five-story building will feature a fitness center, café, conference center and ground-floor patio lounge. Preleasing is currently underway for HQ53, which has a target delivery date of first-quarter 2020.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hidden Lakes Apartments, a 312-unit multifamily community in Fort Worth. Built in 1996, the property features one-, two- and three-bedroom units and amenities such as a pool, game room, an outdoor spa and a fitness center. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, New York-based Beachwold Residential, and procured the buyer, Texas-based CAF Capital Partners.
DALLAS — Weitzman has arranged the sale of a five-story mixed-use building located at 711 Elm St. in the West End area of downtown Dallas. Built in 1925 and renovated in 1990, the property comprises a four-level, 137-space parking deck and 7,200 square feet of street-level retail space. Matthew Rosenfeld, Mike Allen and Kevin Butkus of Weitzman represented the seller, a Dallas-based limited partnership, in the transaction. The buyer was a local investment group. Both parties requested anonymity.
SAN MARCOS, TEXAS — Chicago-based Alliant Credit Union has closed an $8 million loan for the cash-out refinancing of Treehouse Apartments, a 138-unit student housing community serving Texas State University in San Marcos. The property is located within a mile of campus and features amenities such as a pool, picnic area, coffee bar and on-site laundry facilities. The loan features a 25-year amortization schedule and three years of interest-only payments. The borrower was not disclosed.
KEMAH, TEXAS — Tennessee-based retail developer GBT Realty Corp. has completed The Shoppes of Kemah, a $16 million retail center in Kemah, about 35 miles southeast of Houston. Shadow-anchored by Walmart, the 79,000-square-foot center is 96 percent leased to tenants such as Marshalls, Ross Dress for Less, Ulta Beauty and Rack Room Shoes. Approximately 12,000 vehicles pass the site, which is situated along Deke Slayton Highway, on a daily basis.
MURPHY, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage facilities, will open Murphy Self Storage, a 635-unit facility in Murphy, a northeastern suburb of Dallas. The property will feature both climate- and non climate-controlled units. The grand opening is slated for Saturday, April 21. The Jenkins Organization plans to open three other facilities in the Dallas-Fort Worth (DFW) area this year.
AUSTIN, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Pacific Real Estate Partners (PREP), has acquired Spring Valley Apartments, a 230-unit multifamily community in Austin. The property was built in 2001 and features a fitness center, business center, basketball court, playground, swimming pool and spa. Sterling plans to upgrade the property’s landscaping, signage, clubhouse and kitchens. The seller was not disclosed.
