ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $20.5 million Fannie Mae loan for the acquisition of Brookside Apartment Homes, a 288-unit multifamily property located at 2505 Thomason Circle in Arlington. The property features a newly renovated clubhouse, storage space, a pool, dog park and an outdoor kitchen with picnic areas. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, DCP 2505 Thomason Circle LLC.
IRVING, TEXAS — JPI will develop Jefferson Promenade, a 387-unit multifamily complex that will be located within the 12,000-acre Las Colinas development in Irving. Individual residences at the property, which is situated near the Toyota Music Factory entertainment center, average 896 square feet per unit. Amenities will include a fitness center with yoga facilities and private patios with ground-floor yards. A timetable for delivery has not yet been established.
SAN ANTONIO — Preferred Office Properties LLC, an affiliate of publicly traded investment firm Preferred Apartment Communities LLC (PAC), has purchased Westridge at La Cantera, a 258,000-square-foot office development in San Antonio. The Class A property, which is located on the city’s northwest side directly across from the Shops at La Cantera retail center, was 100 percent leased at the time of sale. Allianz Real Estate of America LLC provided a $54.4 million first mortgage loan, which carries a fixed 4.1 percent interest rate, an 11-year term and a 25-year amortization schedule, for the transaction.
WAXAHACHIE, TEXAS — STRIVE has arranged the sale of Northgate Plaza, a 196,006-square-foot retail center situated on 18.6 acres at 507 U.S. Highway 77 in the southern Dallas metro of Waxahachie. Anchored by Big Lots, the property was 88 percent leased at the time of sale to tenants such as Aaron’s, Verizon Wireless and Schlotzsky’s. Jennifer Pierson of STRIVE represented the seller and procured the buyer, both of whom were private investors based in California.
DALLAS — Colliers International has brokered the sale of Empire Central, a two-building, 161,000-square-foot office complex located at 1430 and 1440 Empire Central Drive in Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller in the transaction. Peewit Partners LP purchased the asset for an undisclosed price. The Class B property was built in 1981.
SAN ANTONIO — DIJ Properties, a Miami-based asset management firm, has acquired two multifamily properties totaling 678 units in San Antonio. The company acquired the 546-unit Wood Hollow Apartments and the 132-unit Sunny Glen Apartments, both of which are located on the 10000 block of Sahara Street on the city’s north side. The company plans to make capital improvements to both properties and create new picnic areas, laundry rooms, pools, playgrounds and fitness centers.
HOUSTON — The number of American manufacturing jobs has been decreasing for more than a decade, radically enough that the pledge to return them became a cornerstone of President Donald Trump’s campaign. Between 2004 and 2014, the country lost about 2.1 million manufacturing jobs, according to the U.S. Bureau of Labor Statistics (BLS), which also projects that another 814,000 manufacturing jobs will be cut by 2024. The decline in manufacturing jobs has coincided with job growth in other industrial subfields, particularly transportation and warehousing. The total number of jobs in this sector increased by about 391,000 between 2004 and 2014, with an additional 137,000 new positions expected to be created by 2024, per the BLS. Analyzed in the context of e-commerce, these trends suggest that industrial activity is still robust throughout the country, but that distribution is outstripping manufacturing as the primary form of industrial-using employment. Yet the growth of e-commerce alone does not account for the radical dip in the number of manufacturing jobs available. The substitution of human labor for automated robot workers has also been a driving force behind sluggish job growth in the manufacturing sector, according to a panel of industrial real estate professionals who gathered …
MESQUITE, TEXAS — Illinois-based design/build firm FCL Builders Inc. has broken ground on an 877,230-square-foot distribution center for Ashley Furniture in Mesquite. The facility will be located at 4000 E. Scyene Road near several major thoroughfares, including Interstates 635 and 20, as well as U.S. Highway 80. Completion of the facility, which is expected to create about 170 new jobs, is slated for September 2018.
HOUSTON — Buffalo Bayou Brewing Co. will open a three-story, 28,000-square-foot brewery and restaurant at 2101 Summer St. in Houston’s First Ward. Houston-based Method Architecture will be designing the property, which will offer a rooftop beer garden with views of downtown Houston and a full-service kitchen. Construction is currently slated to begin this winter, with a target completion date of late 2018. A general contractor for the project has not yet been selected.
HOUSTON — HFF has arranged the sale of Eldridge Lakes Town Center, a 35,530-square-foot retail strip center in northwest Houston. Built in 2003 and shadow-anchored by Kroger, the property was 93 percent leased at the time of sale to tenants such as State Farm, Subway, Metro PCS, Spectrum Eye Care and Little Caesar’s Pizza. Ryan West and John Indelli of HFF represented the seller, Edifis Group, in the transaction. Houston-based Wu Investments purchased the asset for an undisclosed price.
