Texas

JLL Arranges 43,000 SF Industrial Sublease in Houston

by Taylor Williams April 14, 2017

HOUSTON — JLL has negotiated a 43,000-square-foot industrial sublease at Beltway Crossing Park in Houston on behalf of the subtenant, American Door Products Inc. Located at 7505 Bluff Point Drive, Beltway Crossing Park is an 86,823-square-foot industrial property that features dock-high and grade-level loading doors and 24-foot clear heights. David Buescher of JLL represented American Door Products Inc. in the lease transaction. Walker Barnett and Patrick Sentner of Colliers represented the sublandlord, The Newdell Co., a Houston-based valve manufacturer.

April 14, 2017

NewcrestImage Breaks Ground on Two Hotels in North Dallas

by Taylor Williams April 13, 2017

FRISCO, TEXAS — NewcrestImage, a Dallas-based developer, has broken ground on two hotels as part of a larger hotel campus project at Frisco Station, a 242-acre, mixed-use development in north Texas. The first two Marriott-branded hotels, an eight-story AC Hotel and a seven-story Residence Inn, will share a building, total 300 rooms and offer amenities such as an indoor pool, two lounge areas and free grocery delivery service. Both properties are expected to open mid-2018. The second phase of the project, which will break ground later this year, will deliver a 150-room Canopy Hotel by Hilton and a 150-room Hyatt Place.

April 13, 2017

Industrial Texas

CBRE Negotiates 147,840 SF Industrial Lease in San Antonio

by Taylor Williams April 13, 2017

SAN ANTONIO — CBRE has negotiated a 147,840-square-foot lease at Interchange East Distribution Center, an industrial property located at 5050 Stout Drive in San Antonio. Southern Warehousing and Distribution will occupy the leased space at the facility, which offers parking and a fenced truck court, 22-foot clear height and a sprinkler system. Josh Aguilar and Rob Burlingame of CBRE represented the landlord, Prologis, in the transaction.

April 13, 2017

Office Texas

Colliers Arranges Sale of 59,792 SF Office Complex in Richardson, Texas

by Taylor Williams April 13, 2017

RICHARDSON, TEXAS — Colliers International Inc. has arranged the sale of University Centre, a two-building, 59,792-square-foot office complex located at 1701 and 1801 Gateway Blvd. in the Dallas-Fort Worth metro of Richardson. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the buyers, Symphony Gateway LLC and CIG Retail Properties Inc., in the transaction. Dallas UNC LLC sold the property, which was 90 percent leased at the time of sale.

April 13, 2017

Office Texas

KP Engineering to Build 25,000 SF Office Building in Tyler, Texas

by Taylor Williams April 13, 2017

TYLER, TEXAS — KP Engineering, a Texas-based firm specializing in chemical and energy solutions, has released details of its newest project, a 25,000-square-foot office building. The property will be located at 5555 Old Jacksonville Highway in Tyler, a city approximately 100 miles east of Dallas. Construction is expected to begin this month.

April 13, 2017

Mixed-Use Texas

Marcus & Millichap Brokers Sale of 235,042 SF Mixed-Use Development in Farmers Branch

by Taylor Williams April 13, 2017

FARMERS BRANCH, TEXAS — Marcus & Millichap has brokered the sale of Midway Business Park, a 235,042-square-foot, mixed-use development in the Dallas-Fort Worth metro of Farmers Branch. Located at 13604-13740 Midway Road near the LBJ Freeway, the property, which was 80 percent occupied at the time of sale, offers retail, office and flex space. Ron Hebert and Michael Lawrence of Marcus & Millichap represented the seller, a California-based investment firm, and procured the buyer, a Texas-based investment firm.

April 13, 2017

Conference Coverage Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

Apartment Locators, Property Managers in Houston Cash In On Rent Slump, Say InterFace Panelists

by Taylor Williams April 13, 2017

HOUSTON — While it’s not an ideal time to be a multifamily property owner in Houston, it is a good time to be working on behalf of one. With their clients sitting on excess supply, apartment locators — middlemen who match tenant preferences to properties — are being increasingly called upon to deliver tenants. Locators work on commission, typically earning about 20 percent of the first month’s rent for their services. But in Houston’s soft market, that figure is rapidly rising. Ricardo Rivas, chief investment officer at Allied Orion Group and one of several panelists who spoke at the InterFace Houston Multifamily conference on March 28, noted that while locators are costly, the services they provide in a down market are crucial. “They [locators] are our best friends right now,” Rivas said to 175 industry professionals who gathered at the Royal Sonesta Hotel. “We reach out to them, we throw them parties and we give them big incentives to bring tenants over.” Todd Marix, a senior managing partner in HFF’s Houston office who spoke on an earlier panel, addressed the rising operating costs that landlords are facing. In his view, fees paid to apartment locators are quietly doing major damage …

April 13, 2017

Multifamily Texas

Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton

by Taylor Williams April 12, 2017

CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.

April 12, 2017

Loans Multifamily Texas

Dougherty Mortgage Places $9.4M Acquisition Loan for 224-Unit Apartment Complex in Dallas

by Taylor Williams April 12, 2017

DALLAS — Dougherty Mortgage LLC has placed a $9.4 million Fannie Mae for the acquisition of Sierra Vista Apartments on behalf of SevenSeas Holdings IV LLC. The 224-unit multifamily property is located at 2775 Northaven Road in Dallas. The 12-year loan, which was arranged through a partnership with Old Capital Lending, features a 30-year amortization schedule and one year of interest-only payments.

April 12, 2017

Loans Multifamily Texas

Mason Joseph Arranges $6.6M HUD Refinancing of 152-Unit Apartment Community in Fort Worth

by Taylor Williams April 12, 2017

FORT WORTH, TEXAS — Mason Joseph Co. Inc., a San Antonio-based lender, has arranged a $6.6 million loan for the refinancing of Pennsylvania Place Apartments, a 152-unit multifamily complex located at 250 E. Pennsylvania Ave. in Fort Worth’s Medical District. The U.S. Department of Housing and Urban Development provided the 35-year, non-recourse loan to the borrower, Fort Worth Housing Solutions.

April 12, 2017

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