Texas

HCA Holdings to Acquire Forest Park Medical Center in Dallas for $135M

by Katie Sloan May 31, 2016

DALLAS — An affiliate of HCA Holdings Inc. has agreed to purchase the Forest Park Medical Center facility in Dallas, a 190,000-square-foot medical campus featuring 20,000 square feet of green space, for $135 million. The physician-owned hospital will require approval from bankruptcy court to sell the property. If the transaction is approved, $124.6 million of the purchase price will be used to pay back the facility’s main debt holder, Sabra Health Care REIT Inc. (NASDAQ: SBRA). The publicly traded real estate investment trust refinanced the facility’s mortgage loan for $110 million in October 2013. The owners of the Forest Park Medical Center health system created the Neal Richards Group LLC, headed by real estate developer Derrick Evers, to build the hospitals under the Forest Park umbrella and serve as landlord, according to reports by D Magazine. Ascension Group Architects designed the Dallas campus, which features 84 luxury private inpatient rooms, 12 intensive care units, 22 operating suites, three special procedure and endoscopy suites, ancillary services and an imaging center. Drs. Richard Toussaint and Wade Barker founded the Forest Park Medical Center system in the late 2000s. In March, Toussaint was found guilty of committing $10 million in healthcare fraud and …

May 31, 2016

Loans Multifamily Texas

CBRE Provides $25M Loan for Westpoint at Scenic Vista in Fort Worth

by Haisten Willis May 27, 2016

FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.

May 27, 2016

Loans Retail Texas

JLL Capital Markets Refinances Houston Shopping Center

by Haisten Willis May 27, 2016

HOUSTON — On behalf of Fidelis Realty Partners, JLL Capital Markets has completed recapitalization financing for Hedwig Village Shopping Center in Houston. John Hancock provided the 10-year, interest-only loan. Fidelis will continue to lease and manage the property. Tom Fish and Jimmy Board led the JLL team on the deal. Located on the south side of the Katy Freeway, Houston’s main east-west thoroughfare, Hedwig Village Shopping Center occupies one of the city’s most trafficked areas. The 226,933-square-foot shopping center also caters to the Hedwig Village and Piney Point neighborhoods. The fully leased asset includes anchor tenants such as Marshall’s Home Goods, Ross Dress For Less, DSW and Pier 1 Imports. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

May 27, 2016

Industrial Texas

SurePoint Self Storage to Open in Metro Houston

by Haisten Willis May 27, 2016

PEARLAND, TEXAS — Robert Loeb, Jeff Bailey and Brian Cisarik of SurePoint Self Storage have received approval from the Pearland city council to construct their fourth location in the greater Houston market. The new self-storage property will be located in Pearland just south of the intersection of Broadway Street and Kirby Drive. The project will be a three-story, climate-controlled facility. The San Antonio-based developers recently began construction on their third facility in the Houston market, a three-story, 119,000-square-foot facility on Barker Cypress Road in Houston. The SurePoint team is concluding construction on a similar project on Spring Cypress Road just east of Grant Road in Cypress, as well as a four-story self-storage building in Richmond near Highway 59 and the Grand Parkway.

May 27, 2016

Retail Texas

Lionstone Investments Acquires Grocery-Anchored Retail Center in Austin

by Haisten Willis May 27, 2016

AUSTIN, TEXAS — Lionstone Investments has purchased Brodie Oaks Shopping Center, a grocery-anchored retail center located in Austin, on behalf of an institutional investor. Constructed in 1983, the property occupies 31 acres at the intersection of South Lamar Boulevard and Loop 360. In addition to the 285,044-square-foot strip center, the 91.5 percent leased development includes 37,546 square feet of office space. Retail tenants include Neiman Marcus Last Call, Hobby Lobby, Tuesday Morning and Sprouts Farmers Market, among others. HFF Brokered the sale and Barshop & Oles will continue to manage the property and handle leasing transactions.

May 27, 2016

Loans Multifamily Texas

Old Capital Provides $10.9M Loan for Apartment Complex in Dallas

by Haisten Willis May 27, 2016

DALLAS — Old Capital has provided a $10.9 million loan for Sedona Ridge Apartments in Dallas. An out-of-state ownership group purchased the 317-unit, stabilized asset. Old Capital provided a Fannie Mae non-recourse loan with a 30-year amortization schedule.

May 27, 2016

Market Reports Retail Texas Texas Market Reports

Have All the Stars Aligned for Dallas Retail Success?

by Haisten Willis May 27, 2016

As market momentum from 2015 spilled over into the first quarter of 2016 for the Dallas-Fort Worth metropolitan area, commercial retail metrics are still firing on all cylinders. The three key market indicators of occupancy, absorption and development are robust and expect to remain that way for the foreseeable future. With fundamentals in check and a thriving economy led by strong employment and population growth, metro Dallas will continue to be a thriving marketplace and a safe haven for investor capital. Record High Occupancy The Dallas-Fort Worth retail market ended 2015 with an impressive 93 percent occupancy — a little over a 1 percent increase from year-end 2014 — achieving its highest occupancy rate in the last three decades. The continued occupancy increase is directly related to net absorption and largely attributable to positive population and employment growth in the Metroplex. Continued Absorption Since 2012, absorption has continuously outpaced the delivery of new construction, and nothing in the foreseeable future looks to disturb this new norm. First quarter 2016 absorption totaled over 1.6 million square feet, with half of that figure attributed to new deliveries. This is the seventh consecutive quarter where absorption eclipsed 1 million square feet. This is …

May 27, 2016

Multifamily Texas

Love Funding Secures $37.5M Construction Loan for Apartment Community in Oklahoma City

by Haisten Willis May 26, 2016

OKLAHOMA CITY — Love Funding has secured a $37.5 million loan for the construction and permanent financing of Chisholm Creek Apartments, a new market-rate apartment community in Oklahoma City. Leonard Lucas of Love Funding’s Boston office secured the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program insures financing for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped. The 287-unit, four-story building is part of the Chisholm Creek master development in northwest Oklahoma City, and will feature an urban-style wrap layout encompassing a courtyard and pool area with a parking garage at each end. Other amenities will include a clubroom, business center, fitness center, coffee bar and two dog parks. Charlie Nicholas of N.E. Construction, the project’s general contractor, is leading the development.

May 26, 2016

Office Texas

M&M Arranges Sale of Office Building in Plano

by Haisten Willis May 26, 2016

PLANO, TEXAS — Marcus & Millichap has arranged the sale of Harrington Place, a five-story, 86,754-square-foot office building in Plano. Ron Hebert represented the seller in the transaction. Harrington Place is located 20 miles north of downtown Dallas at 1700 Alma Drive, near the Central Expressway and George Bush Turnpike. Built in 1983 and updated periodically, Harrington Place features 24-hour security. At the time of the sale, the property was 84 percent leased by a variety of local firms.

May 26, 2016

Multifamily Texas

Muskin Commercial Brokers Sale of Apartment Complex in Austin

by Haisten Willis May 26, 2016

AUSTIN, TEXAS — Bridge at South Port LLC has purchased The Oslo Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the sellers in the transaction. Rex Jones with AMP Management represented the buyer and will be managing the property. The Oslo includes 176 units, consisting of studio, one- and two-bedroom apartments. The property was renovated between 2014 and 2015.

May 26, 2016

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