SAN ANTONIO — Berkadia has facilitated the sale of Ridge at Southcross, a 212-unit multifamily property located at 4700 Stringfellow Drive in San Antonio. The undisclosed buyer plans to complete the rehabilitation work that the seller started at the property, which was built in 1974. The property features studio, one- and two-bedroom floor plans and a variety of community amenities, including a clubhouse, hot tub, pool, on-site business center, fitness center and clothing care facility. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia brokered the transaction. The name of the seller and acquisition price were not released.
WACO, TEXAS — BH Properties has completed the disposition of Waco Commons, a shopping center located at 300 N. Valley Drive and 4125 Franklin Ave. in Waco. B.H. Waco Retail Mills LLC, as the selling entity, sold the property to Johnson Family Shopping Center LLC for $9.7 million. At the time of sale, the 128,769-square-foot property was 82 percent occupied by tenants including Dirt Cheap, Tractor Supply Co., Planet Fitness, Firehouse Subs, CSL Plasma and Brident Dental. Pat Farrar of Reid Co. was the sole broker in the transaction.
HOUSTON — Prologis has leased industrial space to Mahi Granite at its facility located at 8255 Kempwood in Houston. The tenant will occupy 36,750 square feet of space. Greg Barra and David Boyd of Boyd Commercial/CORFAC International represented the landlord, while Bobby Daush of Fischer and Grant Hortenstine of Avison Young represented the tenant in the lease transaction.
DALLAS — Civitas Capital Group, along with StoneGate Senior Living, has opened Simpson Place, an affordable seniors housing facility in Dallas. The $15 million, 95,000-square-foot property offers 150 assisted living units. The development was financed through a public-private partnership involving the Dallas Housing Authority, City of Dallas, Federal Home Loan Bank, Amegy Bank, StoneGate Senior Living and City of Dallas Regional Center.
PLANO, TEXAS — Kodiak Capital Advisors has acquired a newly constructed retail property located at the southeast corner of West Plano Parkway and West Park Boulevard in Plano. The company purchased the property by utilizing the Delaware Statutory Trust (DST) 1031 exchange structure. Hobby Lobby occupies the 54,370-square-foot property. The name of the seller and acquisition price were not released. This transaction is one of North Texas’ first DST acquisitions by a Dallas-based sponsor. A DST is an ownership structure that is created for business purposes, which can also be referred to as an unincorporated business trust. It is offered as a 1031 exchange replacement property for accredited investors seeking to defer capital gains taxes and as a straight cash investment for investors wishing to diversify real estate holdings.
HOUSTON — Baker Katz has brokered two leases on behalf of San Francisco-based The Melt, a fast-casual restaurant, for the company’s first-to-market locations in Texas. The restaurant chain will open its first location at The Lawn at Houston’s Baybrook Mall on Nov. 21, and the second location is slated to open in spring 2017 at the Vintage Marketplace Restaurant Village. The locations in Texas mark The Melt’s third market expansion. The restaurant currently has locations in California and Colorado.
RICHARDSON, TEXAS — NAI Robert Lynn has arranged two office leases totaling 13,911 square feet in Richardson. In the first deal, Apollo Managing General Agency LLC leased 9,501 square feet of office space at 2425 Central Expressway. Kent Smith of NAI Robert Lynn represented the tenant, while Laura Maczka of Sooner National represented the undisclosed landlord. In the second transaction, Kruvand Associates Inc. leased 4,490 square feet of office space at 1201 Richardson Drive. Smith represented the tenant, while Bill Rudd of Haggard Property Group represented the undisclosed landlord.
HOUSTON — CBRE has arranged an office relocation for Thompson & Knight LLP from 333 Clay St. to BG Group Place at 811 Main in Houston. The law firm will occupy two-and-a-half floors at the 900,000-square-foot office building. Kevin Kushner, Charles Gordon and Lucian Bukowski of CBRE represented the tenant in the lease transaction.
San Antonio evokes many positive images: the River Walk, the Alamo, Fiesta, the Mission Trail, Texas Hill Country and more. All of these images have one thing in common: hospitality. San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. It is also a good place to do business and a great place to live. Strength of the Market San Antonio boasts a strong economy. Overall employment grew at 3.5 percent over the past year, including an above-average growth of 3.2 percent for hospitality, retail and healthcare employment. Unemployment declined to 3.6 percent in July 2016, with strong increases in the labor force, according to Moody’s Analytics. Tourism and convention activity drive the economy, strengthened by a large military and cybersecurity presence. Manufacturing, healthcare and energy round out San Antonio’s strong, stable economy. The San Antonio lodging industry has also maintained a strong and steady pattern. While other Texas markets are adding a lot of new supply, San Antonio has kept the number of new hotel rooms to a minimum, adding only about 1,000 rooms over the past five …
COLLEGE STATION, TEXAS — Midway Cos. has opened 100 Park, a 21-and-older luxury apartment community located within Century Square, a mixed-use property in College Station. Situated steps from the campus of Texas A&M University, the property is a residential option for professors, faculty and area professionals. The four-story property features 249 units in a mix of studio, one- and two-bedroom floorplans. On-site amenities include a fitness facility, social lounge and business center with complimentary coffee and Wi-Fi, community pool with outdoor dining and grills and a pet-friendly common green gathering area. Project partners include Mayfield and Ragni Studio, aka MaRS, and STG Design. Century Square is a 200,000-square-foot public-private collaboration between Midway and Texas A&M University.