CARROLLTON, TEXAS — ARA Newmark has arranged the sale of Keller Springs Crossing, a 304-unit apartment community located at 3221 Keller Springs Road in the Dallas metro of Carrollton. Built in 2015, the property consists of a mix of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center and a dog park. The buyer, seller and brokers of record for the transaction were not disclosed.
HOUSTON — The J. Beard Real Estate Co. has brokered the sale of two office/warehouse properties totaling 119,675 square feet in Houston. The flex properties are situated on 16.7 acres at 12450 and 12452 Cutten Road. Jeff Beard of The J. Beard Co. represented the buyer, Downhole Technology, a provider of hydraulic fracturing plugs. Cape Bell and Allison Hall of Cushman & Wakefield represented the seller, Northwest Real Estate Holdings LLC.
DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged $10.5 million in refinancing for La Hacienda Apartments, a multifamily community located at 1198 N. St. Augustine Drive in Dallas. Justin Laub of MCA arranged the 12-year Fannie Mae loan, which features a 30-year amortization schedule, on behalf of the undisclosed borrower. The loan proceeds will provide a cash-out of the borrower’s equity in the asset.
As the flooding in Houston from Hurricane Harvey begins to recede and more properties become accessible, commercial real estate firms are beginning the long, tedious process of figuring out the full magnitude of the destruction. It will likely be months before the full extent of the property damage throughout Houston is known. But the fortunes of certain classes of commercial real estate are already coming into focus. Metro Houston’s industrial market, which according to CoStar Group has experienced positive net absorption for 10 consecutive quarters, appears to be an immediate beneficiary of the storm. With recovery and restoration projects now fully underway across the metro area, demand for construction materials — wood, sheet rock, concrete — is set to rise. These products will need to be stored in warehouses and distributed throughout the metro area. This influx will likely put a dent in industrial vacancy, which rose from 5.3 percent to 5.6 percent between the first and second quarters. Rents for warehouse assets, which declined by 1 percent during the second quarter, should also rebound from the recovery effort. “On the industrial side, our people have seen a spiked level of demand that will result in more absorption,” says Tim …
Speaking to a panel of real estate professionals in the 1980s on the dangers of overbuilding during a period of economic expansion, Dallas real estate magnate Trammell Crow offered lenders in the crowd a simple proposition: “If you stop lending, I’ll stop developing.” Thirty-one years later, the nature of that relationship has manifested in the Texas self-storage market. After minimal delivery of self-storage properties in 2012 and 2013, development began to surge in 2014. The Texas Self Storage Association (TSSA) estimates that there are now roughly 6,500 facilities statewide, and local sources concur that unit growth from 2014 to the present has been somewhere in the neighborhood of 350 new facilities per year. This development boom has occurred in the face of rising land prices, high property taxes and a constricting pool of skilled labor that has driven up construction costs. Overall economic growth is contributing to the concern as well. Lenders are still lending, thus developers are still developing, betting that the pent-up demand for self-storage properties in Texas still has some gas left in the tank. The bullish perspective on self-storage appears to go beyond the Lone Star State. Tennessee-based hotel data and research firm STR, which has …
BEE CAVE, TEXAS — Perardi Development will build Medical Towers at Bee Cave II, a 42,000-square-foot medical office property located at the corner of RM 620 and State Highway 71 in the Austin metro of Bee Cave. Scheduled to break ground later this month, the project follows the completion and pre-leasing of the 23,000-square-foot Medical Towers at Bee Cave. This second phase of the project could be completed as early as mid-December 2018.
ARLINGTON, TEXAS — 180 Multifamily Capital has acquired Key Largo Apartments, a 77-unit multifamily asset located at 407 Cora St. in Arlington. The property, which offers a pool and clubhouse, was built in the 1980s and will undergo complete renovations to both its interior and exterior. 180 Multifamily will rebrand the property, its fifth in Arlington’s entertainment district, as Las Palmitas.
WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 93-room TownePlace Suites in Waco. The hotel is located within Legends Crossing, a 150-acre, mixed-use development near the downtown area and Baylor University. Amenities include a pool, fitness center and business center. The transaction marks the partnership’s second acquisition of a Waco hotel in the last two months.
COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Comfort Suites Texas Avenue College Station, a three-story, 54-room hotel located at 2313 Texas Ave. South in College Station. Steve Swenholt, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which are private investors.
RICHARDSON, TEXAS — NAI Robert Lynn has negotiated a 19,100-square-foot office lease at 1101 E. Arapaho Road in Richardson. Kent Smith of NAI Robert Lynn represented the tenant. L&S Mechanical, a Texas-based utilities service firm. The landlord, Sooner Management, was represented internally by Mark Jordan and Scot Florsheim.
