CLEAR LAKE, TEXAS — Colliers has brokered the sale of Clear Lake Apartments, a 244-unit multifamily complex located on the southeastern outskirts of Houston. Built in 1979, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
RICHMOND, TEXAS — Costco will open a 154,648-square-foot store at The Grand at Aliana, a 400,000-square-foot, 80-acre mixed-used development in the southwestern Houston suburb of Richmond. The Washington-based discount retailer purchased the 20-acre site on which the store will be located. The opening is slated for next summer. The store will be Costco’s 39th in Texas and third in the Houston area. Locally based developer NewQuest Properties owns The Grand at Aliana.
DALLAS — An undisclosed electric vehicle (EV) company has signed a 15,110-square-foot industrial lease at The Archetype, an industrial redevelopment in West Dallas that was formerly known as Commonwealth Center. The deal brings The Archetype’s occupancy level to 86 percent. Chase Miller and Everett James of NAI Robert Lynn represented the landlord, North Texas-based developer M2G Ventures, in the lease negotiations. The tenant representative was not disclosed.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 10,800-square-foot industrial lease at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s east side. William Wilson and George Jennings with Holt Lunsford represented the landlord, Riverbend Properties, in the lease negotiations. The representative of the tenant, Worldwide Import Goods, was not disclosed.
SAN ANTONIO — Artemis Real Estate Partners has purchased Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Artemis is taking over as equity partner for Chicago-based Harrison Street while retaining Franklin Park as part owner in the joint venture. Franklin Park Alamo Heights features 117 independent living units, 64 assisted living units and 40 memory care units. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of JLL arranged the recapitalization of the property. Allison Holland, also with JLL, arranged a Freddie Mac loan for the new ownership entity. Neither the price nor the amount of the financing were disclosed.
GARLAND, TEXAS — Palladium USA is nearing completion of Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in the first quarter of next year.
RICHARDSON, TEXAS — Lee & Associates has negotiated a 12,159-square-foot industrial lease in the northeastern Dallas suburb of Richardson. According to LoopNet Inc., the building at 1601-1651 N. Glenville Drive was constructed in 1984 and totals 40,122 square feet. Jessica Reinhardt and George Tanghongs of Lee & Associates represented the tenant, archaeological services firm AR Consultants Inc., in the lease negotiations. Mark Aston and Mike Fay of Maverick Commercial Real Estate represented the landlord, Technology Properties LLC.
SAN MARCOS, TEXAS — Partners Real Estate has brokered the sale of an 11,978-square-foot ambulatory surgery center in the Central Texas city of San Marcos. According to LoopNet Inc., the single-tenant property at 1891 Medical Parkway was built on three acres in 2010. Ryan McCullough, Connor Watson and Jackson Heazel of Partners represented the seller, an entity doing business as San Marcos Surgical Land LLC, in the transaction. The buyer and sales price were not disclosed.
IRVING, TEXAS — Olympus Controls Corp. has signed a 10,747-square-foot industrial lease at Gateway South, a two-building, 80,176-square-foot industrial flex development in Irving. The provider of engineering and robotics services is expanding and relocating from its flagship location in the metroplex. Brian Mulvaney of Voit Real Estate Services represented the tenant in the lease negotiations. Erik Blais and Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Dallas-based International Capital.
The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …