FORT WORTH, TEXAS — Amtex Development LLC has broken ground on Campus Apartments, a 224-unit multifamily community located at 4651 Campus Drive in Fort Worth. The property will feature a mix of affordable and market-rate units and amenities such as a pool, outdoor grill facilities and children’s play area. Completion of the project is currently scheduled for December 2018.
HOUSTON — Marcus & Millichap has arranged the sale of Barrington Apartments, a 308-unit multifamily complex situated on 7.5 acres at 5959 Bonhomme Road in Houston. Built in 1981, the property offers a mix of one- and two-bedroom units averaging approximately 723 square feet per unit. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a local partnership, in the transaction. The buyer and other terms of sale were not disclosed.
MANSFIELD, TEXAS — Phillips Edison Grocery Center REIT II, an affiliate of Phillips Edison & Co., has acquired Mansfield Market Centre, a 55,400-square-foot, grocery-anchored shopping center in the southern Fort Worth suburb of Mansfield. The center is currently leased to tenants such as Dunkin’ Donuts, Firehouse Subs, Brain Balance and Smoothie King. The seller was not disclosed.
SAN ANTONIO — Stream Realty Partners has brokered the sale of 12626 Silicon, a 109,165-square-foot warehouse/distribution center located in the University Park area of San Antonio. Jason Schnittger and Kevin Cosgrove of Stream represented the seller, First Industrial Realty Trust Inc., in the transaction. Dan Gostylo and Seth Prescott of Providence Commercial Real Estate Services represented the buyer.
AUSTIN, TEXAS — JLL has brokered the sale of Nine One Six, a two-story, 55,216-square-foot office property located at 916 S. Capital of Texas Highway in Austin. Jeff Coddington, Kevin Kimbrough and Brent Powdrill of JLL represented the seller, San Francisco-based JMA Ventures LLC, in the transaction. Austin Stone Community Church purchased the asset for an undisclosed price. The sale includes the 5.2 acres on which the property is situated.
The terms “experiential retail” and “mixed-use development” are both thrown around heavily in the context of 21st century commercial real estate. As buzzwords for the changing landscape of retail real estate and encapsulations of the preferences of millennials, the terms are as popular in their usage as they are arbitrary in their application. Is an apartment building with a ground-floor restaurant or coffee shop really considered mixed-use? Is it actually legitimate to think of buying shoes or jewelry as an experience? The answer varies depending on who’s asked. But the fact remains that dividing lines between certain property classes are beginning to blur. Increasingly, office and multifamily projects are designed to include food, drink and entertainment options, which have become the only real common denominators among mixed-use projects. Given that those three facets of retail involve spending on one-time, consumable products and services, they have become the face of experiential shopping and spending. Integrating retail development into mixed-use projects, as opposed to standalone shopping centers or pad sites, comes with its own unique challenges: parking, noise restrictions and sourcing contractors that specialize in build-outs for multiple property types, to name a few. But developers realize that no matter how much …
DALLAS — With roughly 10,000 new residents moving into the metro area every month and more than 100,000 jobs already created in 2017, the Dallas-Fort Worth (DFW) metroplex appears poised to handle any challenges thrown at its multifamily sector. These obstacles include absorbing the 35,000 or so multifamily units expected to come on line in 2018, maintaining positive rent growth of 3 to 4 percent and navigating a constricting labor market to ensure new projects stay on schedule. For the real estate professionals who spoke on these issues at the InterFace Multifamily Texas conference on Sept. 13 at the Westin Galleria hotel in Dallas, there wasn’t much dissension as to whether the market can handle these tasks. The bigger question among the panelists was what, if anything, could crash the party. Moderator Rob Key, senior vice president at HFF, invited the four panelists — all of whom work for DFW-based firms that offer investment platforms — to share their insights on what they believe is the single-biggest threat to the continued growth and prosperity of DFW’s multifamily market. Kim Radaker, managing principal of The Exponential Property Group of Cos., identified rising property taxes stemming from higher sales prices as her biggest …
DALLAS — Dallas-based MedProperties Holdings has acquired a portfolio of 17 healthcare properties totaling 620,750 square feet from Chicago-based private equity firm Harrison Street for approximately $230 million. Seven properties are located in Texas: Abilene Surgery Center and Hospital in Abilene; Texas Rehabilitation Hospital of Arlington in Arlington; Grand Parkway MOB in Richmond; Williams Way MOB in Richmond; Conroe Medical Plaza in Conroe; Kingwood Medical Plaza in Kingwood; and Lake Granbury Medical Center in Granbury. None of the five assets in the Houston area were significantly affected by Hurricane Harvey. The other properties in the sold portfolio are located in Florida, South Carolina, North Carolina, New York, Ohio, Pennsylvania, Wisconsin, Missouri and Kentucky. Chris Bodnar and Lee Asher of CBRE represented Harrison Street in the sale. Erik Tellefson and Jon Buehner of Capital One originated senior debt financing for the transaction. David Selznick and Andrew Smith of Kayne Anderson originated mezzanine debt for the acquisition. MedProperties Holdings’ portfolio of healthcare assets now totals roughly 3.4 million square feet across 20 states.
CARROLLTON, TEXAS — High Street Residential (HSR) and partner Olympus Property have broken ground on Phase III of Union at Carrollton Square, a 352-unit apartment community in the Dallas metro of Carrollton. One- and two-bedroom units at the property, which will also feature 4,025 square feet of ground-floor retail space, will range in size from 381 to 1,149 square feet. Amenities will include a business center with multiple conference rooms, a pool, fitness center and multiple courtyards. The first units of Phase III are slated for fourth-quarter 2018 occupancy.
HOUSTON — HFF has arranged the sale of Apex Distribution Center, a 410,600-square-foot, Class A industrial property in Houston’s Northwest Industrial submarket. Situated on 24.7 acres at 5750 Brittmoore Road and 10618-10634 Tanner Road, the three-building property offers access to Interstate 10, State Highway 290 and Loop 610. Trent Agnew and Rusty Tamlyn of HFF represented the seller, Dallas-based Crow Holdings Industrial, in the transaction. Toronto-based WPT Industrial REIT purchased the asset for an undisclosed price.
