Texas

Oden Hughes Sells Two Apartment Communities in Austin to IMT Capital

by Haisten Willis April 5, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.

April 5, 2016

Pierson Retail Advisors Arranges Retail Sale in Metro Dallas

by Haisten Willis April 5, 2016

DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square-foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fresenius Medical Care, Chase Bank, Boston Market, Leslie’s Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale.

April 5, 2016

Loans Multifamily Texas

NXT Capital Provides $17.6M Loan for Apartment Community in Metro Dallas

by Haisten Willis April 5, 2016

BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.

April 5, 2016

Industrial Office Texas

Ad Agency Renews 138,000 SF Office/Warehouse Lease in Fort Worth

by Haisten Willis April 5, 2016

FORT WORTH, TEXAS — May Group International has renewed a 138,000-square-foot lease at Carter Industrial Park in Fort Worth. The advertising agency has leased two office/warehouses spanning 60,000 square feet and 78,000 square feet at 1200 Forum Way S. since 2013, when it inked a sale-leaseback with Hangover Opportunity Fund LLC. May Sound Crazy is the landlord of record. The 11.5-acre tract is situated off Everman Parkway near I-35 West. The May Group maintains a 10,000-square-foot headquarters in the smaller building. The sister structure is divvied into 500 square feet of office and 77,500 square feet of warehouse space. The complex is also used for design, shipping and warehousing functions. Theron Bryant of Coldwell Banker Commercial Alliance DFW handled negotiations for the lease transaction.

April 5, 2016

Office Texas

Yates Construction to Renovate Office Building in Downtown Austin

by Haisten Willis April 4, 2016

AUSTIN, TEXAS — Yates Construction will serve as general contractor for interior finishes of a multi-level lobby remodel at the One American Center building on 6th and Congress avenues. The property is located in downtown Austin near the Texas State Capitol. Pre-construction will begin immediately on the 25,000-square-foot, $4.5 million project, with construction slated to begin early this summer. Substantial project completion is expected in January 2017.

April 4, 2016

Industrial Texas

Lee & Associates Negotiates 10,500 SF Industrial Lease in Dallas

by Haisten Willis April 4, 2016

DALLAS — Lee & Associates has completed a lease transaction for a 10,500-square-foot industrial space located at 1606 S. Barry Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, The Dallas Firefighter’s Museum Inc. Josh Barnes of Holt Lunsford Commercial represented the landlord, City Warehouse LP.

April 4, 2016

Industrial Texas

Bellomy & Co. Arranges Sale of Storage Facility in Houston

by Haisten Willis April 4, 2016

HOUSTON — Bellomy & Co. has arranged the sale of Eldridge FM 1960 Storage in Houston. The Class A facility was built in 2008, sits on nearly seven acres and consists of 587 units spanning more than 77,000 square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. listed the facility on behalf of the Houston-based seller. The team also procured the buyer, Extra Space Storage, a publicly traded REIT headquartered in Salt Lake City.

April 4, 2016

Loans Multifamily Texas

Hunt Mortgage Refinances Multifamily Property in Metro Houston with $11M Loan

by Haisten Willis April 4, 2016

TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.

April 4, 2016

Loans Retail Texas

NorthMarq Refinances Retail Construction Loan in The Woodlands

by Haisten Willis April 4, 2016

THE WOODLANDS, TEXAS — Warren Hitchcock of NorthMarq Capital’s Houston office has arranged the refinancing of a construction loan for a retail property containing two tenants in The Woodlands. The property, located on Kuykendahl Road, contains 11,000 square feet. The loan was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.

April 4, 2016

Industrial Texas

BH Properties Leases 409,180 SF Industrial Space in El Paso

by Haisten Willis April 1, 2016

EL PASO, TEXAS — A business unit of Stockholm, Sweden-based Electrolux Group has leased 409,180 square feet of industrial space in El Paso. BH Properties bought the 655,000-square-foot building from Electrolux in 2009 and leased it back to the company until February of 2014. The property is located at 9600 Pan American Drive. Terms of the five-year lease were not disclosed. Cushman & Wakefield | PIRES International’s Brett Preston and David Hingst were the brokers for the transaction. Champlain Cable Corp. occupies 117,000 square feet in the building, and 128,000 square feet is unoccupied. Electrolux also operates a manufacturing facility across the border from El Paso in Ciudad Juarez.

April 1, 2016

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