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IndustrialTexas

Cabot, Stream Break Ground on 646,796 SF Logistics Center in Dallas

by Taylor Williams

DALLAS — A partnership between Boston-based Cabot Properties Inc and Stream Realty Partners has broken ground on International Logistics Center, a 646,796-square-foot industrial asset located near the Dallas-Fort Worth International Airport. The property consists of three buildings: a 118,634-square-foot rear-load building, a 203,476-square-foot front-load building and a 324, 686-square-foot cross-dock building. International Logistics Center also offers access to State Highways 360 and 183. A timetable for completion has not yet been established

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MultifamilyTexas

HFF Arranges Sale, Financing for 384-Unit Apartment Community in Metro Houston

by Taylor Williams

CYPRESS, TEXAS — HFF has arranged the sale of Villages at Cypress Creek, a 384-unit, Class A apartment community located in the northwest Houston suburb of Cypress. The property, which was 95 percent occupied at the time of sale, offers amenities such as two pools, a spa and massage room, media room, coffee bar and dog park. Todd Marix and Chris Curry of HFF represented the undisclosed seller in the transaction. Cortney Cole and Jordan Finch of HFF arranged an undisclosed amount of acquisition financing through a life insurance company on behalf of the purchaser, Hilltop Residential.  

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MultifamilyTexas

CBRE Brokers Sale of 384-Unit Apartment Community in North Houston

by Taylor Williams

HOUSTON — CBRE has arranged the sale of Casa Verde Apartments, a two-story, 384-unit multifamily community located at 2 Goodson Drive on Houston’s north side. Clint Duncan and Matt Phillips of CBRE represented the seller, Goodson Avenue Investors LLC. Trinity Casa Verde LLC purchased the garden-style community for an undisclosed price.

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RetailTexas

HeyDay Entertainment to Open 50,000 SF Location in Denison, Texas

by Taylor Williams

DENISON, TEXAS — Oklahoma-based HeyDay Entertainment will open a roughly 50,000- square-foot location in the North Texas city of Denison. Situated within the 200,000-square-foot Shops at Gateway Village, the location will offer bowling, laser tag, mini-golf, a ropes course and a full-service bar and grill. The Denison location will be HeyDay’s third overall location and its first in Texas. The property is expected to open in fall 2018.

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IndustrialOfficeTexas

Colliers Closes Sale of 83,140 SF Flex Property in Richardson

by Taylor Williams

RICHARDSON, TEXAS — Colliers International has closed the sale of an 83,140-square-foot office/warehouse property located at 1501 Plano Road in Richardson. Lizzy Blake of Colliers represented the seller, Addison-based investment firm Silver Tree Partners, and procured the buyer, Prattco Creekway Industrial. The property was 60 percent leased at the time of sale.

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Market ReportsRetailTexasTexas Market Reports

Houston Retailers Respond to E-Commerce with Experiential Projects

by Taylor Williams

For the past several quarters, the headlines of most CRE publications in Texas and beyond have proclaimed the end of retail as we know it. By now, we’ve all heard the stories and seen the writing on the wall: e-commerce will kill the shopping mall; large anchors that landlords have counted on for decades are shuttering and Amazon will be the end of the retail storefront. It’s a familiar tale as of late. But amid the doom and gloom of store closings, Houston seems to be staying on top of the trends, as its retail market remains healthy and appears to be moving ahead. In fact, despite losing over 70,000 oil-related jobs since 2015, Houston’s retail market remains one of the strongest in the country, posting an average occupancy rate of 95 percent. In addition, employment growth in the retail sector grew 5.1 percent in 2016 amidst the oil bust. Despite these strong retail indicators in Houston, the aforementioned market changes do have an effect on the retail environment. And while retailers themselves need to make the biggest adjustments, developers and landlords are not without their own challenges. Like the rest of the country, Houston retailers must figure out ways …

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Conference CoverageFeaturesMultifamilyTexasTexas & Oklahoma Feature ArchiveTop Stories

Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists

by Taylor Williams

DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space. But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects. As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event. The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles. “Having amenities like a knockout pool and an awesome fitness center doesn’t really …

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LoansSeniors HousingTexas

ORIX USA Acquires Lancaster Pollard for Reported $300M

by John Nelson

DALLAS — ORIX USA, a Dallas-based division of international financial services group ORIX Corp., has acquired Lancaster Pollard Holdings LLC. The acquisition price was more than $300 million, according to a report by Commercial Mortgage Alert. Based in Columbus, Ohio, Lancaster Pollard was the top HUD lender in the seniors housing sector for fiscal year 2016, which ended Sept. 30, 2016. The company closed 60 transactions totaling $554.4 million, accounting for 21 percent of total HUD volume in the sector. Lancaster Pollard is a new separate subsidiary of ORIX alongside RED Capital Group, which is also based in Columbus, and Boston Financial Investment Management. All three ORIX subsidiaries will continue to operate as separate companies with their current management. Moving forward under the ORIX Commercial Mortgage Servicing umbrella, Lancaster Pollard will focus on the financial, capital and advisory needs of senior living and healthcare clients, and RED will do the same in the affordable and market-rate multifamily sectors. Advisors for ORIX USA on the transaction included Beekman Advisors Inc. and Houlihan Lokey Inc. for financial services and Weil, Gotshal & Manges LLP for legal services. For Lancaster Pollard, Credit Suisse Securities (USA) LLC served as financial advisor and Kramer Levin …

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HealthcareTexas

McCarthy to Build Expansion Project for Hospital in Tyler

by John Nelson

TYLER, TEXAS — McCarthy Building Cos. Inc. will build an expansion project for CHRISTUS Mother Frances Hospital, located at 800 E. Dawson St. in Tyler. The project will deliver two new trauma rooms, 48 ICU beds, an emergency room with 54 treatment beds and two helipads. It will also replace the existing parking garage with a 297,000-square-foot structure, construction of which began earlier this year and is expected to be complete by March 2018.

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OfficeTexas

Tarrant County to Develop Office Space, Parking Garage in Fort Worth

by John Nelson

FORT WORTH, TEXAS — Tarrant County has purchased a 40,075-square-foot tract of land located at 401 E. Weatherford St. in downtown Fort Worth, on which it will build a multi-level parking garage with ground-floor office space. The site encompasses nearly one acre and is situated adjacent to Sundance Square. Eddie Liebman and Matthew Rosenfeld of Weitzman represented the seller in the transaction. Todd Burnette of JLL represented the county.

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