SAN ANTONIO — FourPoint Student Housing Investments has brokered the sale of Avalon Place and Hill Country Place, two student housing properties totaling 1,136 beds in San Antonio. Both Class B properties are located approximately one mile from the University of Texas at San Antonio. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, Blue Vista, in the transaction. The name of the buyer and other terms of sale were not disclosed.
EL PASO AND PLANO, TEXAS — Dallas-based healthcare real estate firm Caddis has acquired two medical office properties in El Paso and Plano. The company has purchased George Dieter Medical Plaza, a 15,005-square-foot property located at 1393 George Dieter Drive in El Paso, a transaction for which Capital One provided the acquisition financing. Caddis has also acquired a 21,246-square-foot building located at 5228 W. Plano Parkway in Plano, which is currently leased to Plano Orthopedic Sports Medicine & Spine Center.
CYPRESS, TEXAS — Newcor Commercial Real Estate has negotiated the sale of two 5.5-acre tracts in the Houston metro of Cypress for the development of Piney Woods Storage @ Oakcrest. The facility will feature 200,000 square feet of climate-controlled storage space, 150,000 square feet of boat and RV storage space and 18,000 square feet of office and warehouse space. David Alexander of Newcor represented the buyer, Piney Woods Storage @ Oakcrest LLC in the purchase of both tracts of land.
SAN MARCOS, TEXAS — Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae loan for the acquisition of Millennium on Post, a 51-unit student housing property in the San Antonio suburb of San Marcos. The property is located at 1651 Post Road, roughly 2.5 miles from Texas State University. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, 1651 Millennium Post Road LLC.
DALLAS — Biel Partners has arranged the sale of a 14,000-square-foot office property located at 13748 Neutron Road in Dallas’ Northwest Business District. NoPiers.com, a company that provides home foundation maintenance services, purchased the property and will establish its headquarters within a 5,000-square-foot space beginning this summer.
CHANNELVIEW, TEXAS — Marcus & Millichap has brokered the $1.6 million sale of an 86-room La Quinta hotel located at 16211 E. Freeway in the eastern Houston suburb of Channelview. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company and procured the buyer, a partnership. Both parties requested confidentiality.
In DFW, retail real estate will experience its eighth consecutive year of performance gains as upward economic momentum strengthens consumption and bolsters the local retail sector. The national economy is operating at near full employment and the rate of job creation will start to slow, bringing two million new job opportunities to fruition in 2017. At least 100,000 of these jobs will be filled in DFW and these dynamics will affect retail property by driving up wage growth, increase rental rates and promote higher retail spending.” As a result, national retail sales are expected to increase 4 percent this year. In Fort Worth specifically, retail trade is one of largest employment sectors and accounts for more than 11 percent of all jobs. Dallas-Fort Worth is expected to see a fourth consecutive year of employers adding over 100,000 jobs as a number of large companies like Toyota, Liberty Mutual and many others expand their footprints in the metro. Advance PCS, Dean Foods, ExxonMobil, Kimberly-Clark, Neiman Marcus, Southwest Airlines and Texas Instruments are among the 21 Fortune 500 companies headquartered in the area. The relocation and expansion of these businesses will draw new residents to the area. Approximately 88,000 individuals are slated …
DALLAS — Goddard Investment Group has begun a $70 million renovation of Fountain Place, a 60-story office tower in downtown Dallas. The project will deliver a 10-story parking garage with four plaza-level restaurants at its base. In addition, AMLI Residential is developing a 45-story luxury apartment tower as part of the new Fountain Place mixed-use complex. Several companies, including Bracewell LLP, Wells Fargo and Tenet Healthcare, have recently renewed their leases at the property, which is now 85 percent occupied. The garage will be delivered in October, while interior renovations are scheduled for a May 2018 completion.
AUSTIN, TEXAS — White Construction Co. has completed a 420,000-square-foot distribution center in Austin for Capitol Wright Distributing, a Texas-based beverage distributor. The cross-dock facility features concrete tilt-up walls and high-performance glass with aluminum solar awnings. HDA Architects designed the project.
HOUSTON — Q10 KDH has arranged $16 million in permanent financing for Cypress Creek Plaza, a Class A shopping center in northwest Houston. The center is shadow-anchored by H-E-B and contains 51,034 square feet of net rentable space across three buildings and three ground-leased pad sites leased to Wendy’s, Zaxby’s and Chase Bank. Thrivent Financial provided the 10-year loan, which features a 30-year amortization schedule and a fixed sub-4 percent interest rate.
