BEAUMONT, TEXAS — The Woodmont Co. has completed a 23,798-square-foot lease with Tuesday Morning at Parkdale Place, a 225,000-square-foot retail center located at 4150 Dowlen Road in Beaumont. Karen Mitchell of The Woodmont Co. represented the landlord, and Jonathan Hicks of SRS Real Estate Houston represented Tuesday Morning. Lowes Home Improvement anchors Parkdale Place, which includes four separately owned mid-size retail boxes and outparcels. The property is located on Dowlen Road across from Parkdale Mall.
DALLAS — KeyBank Real Estate Capital has secured an $85 million permanent loan for Tradition Senior Living, a Dallas-based owner and operator of seniors housing facilities in Texas. Tradition Senior Living plans to refinance Tradition Lovers Lane, a 311-unit seniors housing community located in Dallas. The property, which includes 202 independent living units, 85 assisted living units and 24 memory care units, opened in November 2014. Monique Bimler of KeyBank’s healthcare mortgage banking group arranged the 10-year, fixed-rate loan through a life insurance company. Grant Saunders and Peter Trazzera of KeyBank’s healthcare group originated the initial construction loan and agented the syndication of the loan with three other banks.
MERCEDES, TEXAS — Kamel Salomon Investments Ltd., a McAllen-based development company, has announced plans to develop The Harbor in Mercedes. The $12 million project will be located one mile from Rio Grande Valley premium outlets, which receive over 6 million visitors per year, and will feature a beautiful man-made lake. BigShots Golf, a golf entertainment center with an attached restaurant and bar, will anchor the entertainment complex. Other entertainment concepts planned for The Harbor include a go-kart racing track, zip line over the lake, trampoline park and casual dining concepts. The Harbor will be developed in two phases. Phase I will consist of BigShots Golf and the central lake, and is expected to break ground in September. Final completion of Phase I is scheduled for fall 2017. Phase II of The Harbor will consist of the go-kart race track, zip line system and the other dining and entertainment concepts. Final completion of the project is expected for summer 2018.
PASADENA, TEXAS — CBRE has brokered a land sale of 188 acres near the intersection of State Highway 225 and Beltway 8 in Pasadena. The buyer, an energy infrastructure company, plans to use the acreage, located at 3503 Pasadena Freeway, to build a marine terminal that will improve its vessel and barge access at the Houston Ship Channel. CBRE’s Patrick Rollins represented the buyer in the land purchase. Cushman & Wakefield represented the seller.
HOUSTON — Marcus & Millichap has arranged the sale of West Junction Shopping Center, a 66,617-square-foot retail property located in Houston. Gus Lagos, Alex Bouchard and Nik Kapetanakis of Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Evan Altemus of Marcus & Millichap’s Houston office. West Junction Shopping Center is located at 4978-4998 Highway 6 North.
TEMPLE, TEXAS — SVN | Asset Advisory Group has negotiated the $2.4 million sale of a single-tenant net-leased property located at 7036 W. Adams Ave. in Temple. The property is 100 percent occupied by a Freddy’s Frozen Custard & Steakburgers fast casual restaurant. The 3,550-square-foot restaurant features a drive-thru. Chris Rink of SVN | Asset Advisory Group represented the California-based buyer, Boulevard Plaza San Diego LLC. John Andreini of Capital Pacific represented the seller, AL Marco Properties LLC of Kansas.
The downturn in the upstream oil and gas industry, caused by the low prices of these commodities, has been the subject of continuous examination and prognostication since its onset in late 2014, particularly in the Houston region. Though it has diversified its economy somewhat since the 1980s, when its overdependence on that industry brought ruin to its economy, Houston remains the large Texas metro most economically tied to oil and gas. Houston benefited from those ties from 2011 to 2014, during the period of surging fortunes in that sector, by adding 380,000 jobs. However, because this tremendous boom in employment was less economically diversified than the region’s overall economy, when upstream oil and gas abruptly switched from growth to contraction, so did the region’s growth prospects. Houston’s other economic sectors at this point are not growing substantially enough to keep net growth strongly positive in terms of jobs. So far they are merely keeping the region in an essentially stagnant condition. The Push for Amenities All sectors of Houston-area real estate have felt an impact from this reversal, but to varying extents. The apartment market, which is traditionally among the sectors most directly tied to current employment levels, is receiving …
ARLINGTON, TEXAS — Caddis, a healthcare real estate firm headquartered in Dallas, recently held a grand opening for the 81-unit, 67,000-square-foot Heartis Arlington seniors housing community located at 3424 W. I-20 in Arlington. The assisted living and memory care community was developed and is owned by Caddis and managed by Portland, Ore.-based Frontier Management. Amenities at the development include a bistro, internet café, outdoor walking paths, game and activity rooms, barber shop and a fitness center. Services range from assistance with personal activities, including housekeeping and laundry, to daily nursing care and 24-hour emergency response. Austin-based Pi Architects Inc. was the architect for Heartis Arlington, and the Dallas office of Weis Buildings was the general contractor. UMB Bank NA provided construction debt financing.
ARLINGTON, TEXAS — SVN has arranged the sale of Fielder Crossing in Arlington, a 132-unit apartment project built in 1981. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor. Fielder Crossing is located less than a mile from the University of Texas at Arlington. Units feature nine-foot ceilings, walk-in closets, washer and dryer connections and wood-style flooring. Fannie Mae provided financing for the transaction.
COLLEGE STATION, TEXAS — Marcus & Millichap has negotiated the sale of Landmark on Longmire, a 144-unit apartment property located in College Station. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Landmark on Longmire is located at 2302 Longmire Drive. Constructed in 1977, the property includes a unit mix of 57 percent two-bedroom units. One-third of the units include either washer/dryer connections or furnished laundry appliances. Since 2011, more than $640,000 has been spent on capital improvements, including a 30-year dimensional shingle roof, new signage and exterior paint.