MESQUITE, TEXAS — Bellomy & Co. has arranged the sale of I-30 Self Storage, a 195-unit facility located at 4018 Interstate 30 in Mesquite, approximately nine miles east of downtown Dallas. Built in 1984, the facility was 94 percent occupied at the time of sale. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Provo, Utah-based seller and procured the Dallas-based buyer. Both parties requested anonymity.
During his latter years in office as Texas governor, Rick Perry made it a priority to lure businesses to the state, particularly from California. Two-and-a-half years into the term of Gov. Greg Abbott, the successor to Perry, the pace of corporate relocations to the Lone Star State shows no signs of slowing down. Much has been written about the state’s business-friendly environment. Most businesses in Texas that aren’t sole proprietorships or partnerships pay a 1 percent or lower “franchise tax,” in lieu of a traditional corporate income tax. In addition, the state’s governing bodies tend to favor minimal regulations and sponsor research and development initiatives. The state’s economy is healthy, evident by strong employment growth. The Texas Workforce Commission reports a net gain of 210,000 jobs across the state in 2016, and employers are projected to add another 225,000 jobs in 2017. Equally important to strong job growth is the quality of life that employees are promised upon relocating. According to Robert Allen, president of the Texas Economic Development Corp., the lifestyle element is perhaps the most common incentive for moving to Texas among executives and employees alike. “When we ask executives why they’re moving to Texas, what we hear …
AUSTIN, TEXAS — DivcoWest, an investment firm with offices in Boston and San Francisco, has sold The Campus at Arboretum, a five-building, 318,534-square-foot office campus in Austin. The 16.5-acre campus, which offers walking trails, volleyball and basketball courts and picnic areas, is located near several major roads, including U.S. Highway 183 and Loop 360. Collectively, the three-story buildings are 97 percent leased to tenants such as BMC Software Inc. and Trion Worlds Inc. HFF represented DivcoWest in the transaction and procured the buyer, a partnership between Vanderbilt Partners and True North Management Group LLC. The buyer secured an undisclosed amount of acquisition financing from JPMorgan Chase.
HOUSTON — Lingerfelt CommonWealth Partners LLC, a Richmond, Va.-based investment firm, has purchased 1700 West Loop, a 14-story, 272,941-square-foot office tower in Houston’s Galleria neighborhood for $52 million. The Class A property was 81 percent occupied at the time of sale and is anchored by engineering and consulting firm Burns & McDonnell. The sale includes a 786-space parking garage adjacent to the building. The name of the seller was not disclosed.
DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.
AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.
SAN ANTONIO — San Antonio-based developer StrEat Park LLC has broken ground on Brooklyn StrEat Food Park, a $2.5 million project located at 201 Burnet St. in San Antonio. Scheduled to open in January 2018, according to Rivard Report, the food park will feature nine food trucks and a full-service bar, provide indoor and outdoor seating for about 450 people and stage live music.
PASADENA, TEXAS — Clay Development & Construction has broken ground on Phase II of Energy Commerce Business Park, a 45-acre industrial park located along Sam Houston Parkway near Highway 225 in the Port Houston submarket. Phase II will deliver two buildings: a 101,400-square-foot, rear load facility and a 232,960-square-foot cross-dock warehouse/distribution center. Both buildings are slated for an early 2018 completion. Phase I of construction, which was completed in 2016, delivered two buildings totaling 287,560 square feet that are 70 percent leased to tenants such as DNA Motoring, Cintas First Aid & Safety and JGB Enterprises.
BRYAN, TEXAS — Mason Joseph Co. Inc. has closed a $29.5 million loan for the construction and permanent financing of The Residence at Oakmont, a 256-unit apartment community in Bryan. Parkcrest Builders Ltd. and Parkgreen Living LLC will develop the Class A, garden-style community, which will be located at the intersection of Boonville Road and Pendleton Drive. HUD provided the non-recourse loan, which offers a fixed interest rate for the 18-month construction period and subsequent 40-year term.
DALLAS — Wellington Realty has arranged the sale of La Bella Palms, a 117-unit apartment complex located at 9450 Royal Lane in Dallas. Situated near Northpark Center Mall, Southern Methodist University and Richland College, the property features a swimming pool and on-site laundry services. Caleb Jones, Tammy Shaffer and David Shaffer of Wellington procured the buyer, a partnership between Michaelson Real Estate Group LLC and a private equity investor, in the transaction.