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Andrew Farkas C-III Capital Partners
NortheastPennsylvaniaTexasTop Stories

C-III Capital Partners Agrees to Acquire Resource America for $207M

by John Nelson

IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …

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Mixed-UseRestaurantRetailTexas

Jackson-Shaw Breaks Ground on The Oasis at Cascades at The Colony

by Haisten Willis

THE COLONY, TEXAS — Jackson-Shaw has begun construction on a four-restaurant dining and entertainment experience known as The Oasis. The project is located in Cascades at The Colony. The Oasis is the newest addition to the master-planned community located in the retail and corporate headquarters corridor in north Texas. Thomas Glendenning and Chrystal Morgan with Shop Cos. are in charge of leasing the space. Jackson-Shaw developed the 100-acre, mixed-use campus of Cascades at The Colony to establish a commercial development along the north side of Sam Rayburn Tollway.

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RetailTexas

Phillips Edison Grocery Center REIT II Acquires Grocery-Anchored Shopping Center in Metro Dallas

by Haisten Willis

CROWLEY, TEXAS — Phillips Edison Grocery Center REIT II has purchased a grocery-anchored shopping center in the Dallas suburb of Crowley. Stone Gate Plaza is a 90,643-square-foot grocery-anchored shopping center located 15 miles south of Fort Worth. Kroger anchors the center, with other tenants including Cousin’s BBQ, Eagle Postal, Wingstop, GNC, GameStop, Pro Cuts, Styles of India and Subway.

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Mixed-UseRestaurantRetailTexas

Trademark Signs Two New Tenants at WestBend, Purchases 3.5 Acres Adjacent to Project

by Haisten Willis

FORT WORTH, TEXAS — Trademark Property Co. has signed two new tenants at WestBend, a 278,000-square-foot mixed-use development in Fort Worth’s University District. The two tenants, Ascension and Dear Hannah, will open this fall. Trademark has also closed on the acquisition of a 3.5-acre tract contiguous to WestBend. The acquired parcel is located on University Drive immediately south of WestBend, along the Trinity River. Conceptual planning is underway to develop additional mixed-use space featuring added ground floor retail, a hotel and multifamily units. A Hawthorn Suites occupies the site. Ascension, a Dallas Design District coffee and wine bar, will open a 2,420-square-foot store overlooking the Trinity River and Trinity Trails. Women’s clothing and accessories boutique Dear Hannah will open its third location in a 1,354-square-foot space. WestBend will be the first Fort Worth location for both tenants.

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RetailTexas

M&M Arranges Sale of 23,038 SF Retail Property in Metro Dallas

by Haisten Willis

HUDSON OAKS, TEXAS — Marcus & Millichap has arranged the sale of The Shops at Hudson Oaks, a 23,038-square-foot retail property located in Hudson Oaks. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy and Gainey also secured the buyer, a private investor. The Shops at Hudson Oaks is located at 100 South Oakridge Drive. The retail center is 100 percent occupied, with all leases on a triple net basis. Hibbett Sports anchors the project, and other tenants consist of Massage Envy, Great Clips, Palio’s Pizza Café, Blue Jasmine Thai restaurant, AT&T, Leslie’s Pools, Expert Nail & Spa and Providence Title. The building was constructed in 2014 and sits on 2.7 acres. A drive-thru Wells Fargo ATM provides additional income and is the only Wells Fargo facility in Parker County.

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RetailTexas

Baker Katz Secures 19,218 SF Retail Lease in Houston

by Haisten Willis

HOUSTON — Baker Katz has secured a 19,218-square-foot lease on behalf of Northern Tool + Equipment in Houston. Northern Tool + Equipment will be located in a two-tenant building directly across Hwy 69 from Parkdale Mall at 6250 Eastex Freeway, and is slated to open in August. Jason Baker of Baker Katz, along with Clay Mote of Venture Commercial Real Estate, represented Northern Tool + Equipment in the lease. Chris Pitts of Streetwise represented the landlord, National Retail Properties.

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Market ReportsRetailTexasTexas Market Reports

Developers Bullish as Retail Confidence Grows in Houston

by Haisten Willis

Houston will be among the nation’s leaders in retail property deliveries in 2016 as nearly 3 million square feet of space is scheduled for completion this year. The new construction will increase retail property supply by 1 percent, the fifth-largest rate of growth for retail space for major markets in the nation. Historically, Houston has had several growth spurts — and some economic recessions — related to the energy industry. The Houston metro area, known as a world capital in the oil and gas industry, has some obstacles to overcome as the upstream oil sector is losing a significant number of jobs. Yet other area employers have gained momentum, keeping job growth positive. Since the Great Recession, Houston’s annual job growth of 2.9 percent has outpaced the national rate of expansion by approximately 130 basis points. However, energy-related layoffs have caused the market to trail national employment growth by the same spread in the last year. Similar to 2015, between 15,000 to 20,000 jobs are forecast to be created this year, maintaining the metro’s positive job outlook. Growth in other sectors of the Houston area’s economy, like health care and downstream oil-and-gas operations, is positively influencing the market and keeping …

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MultifamilyTexas

IPA Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis

SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.

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IndustrialTexas

Pure Development Begins Construction on Border Facility for Regal-Beloit

by Haisten Willis

MCALLEN, TEXAS — Pure Development has begun construction on a distribution and light-manufacturing center for Regal-Beloit, a manufacturer of electric motors, in McAllen. Pure Development expects to complete and deliver the 208,000-square-foot facility before the end of 2016. The facility is expandable to 288,000 square feet and will provide logistics support to Regal-Beloit’s manufacturing plants just across the border in Mexico. Josh Aguilar of CBRE’s industrial and logistics division represented Regal Beloit Corp. in the site search and lease negotiations.

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