CORPUS CHRISTI, TEXAS — The Richland Cos. has entered the Corpus Christi market with the acquisition of Pizza Hut & Wing Street, located at 2120 S. Staples St. across from Del Mar College East Campus. The restaurant property is situated on a 46,110-square-foot land parcel. The acquisition price and name of the seller were not released. The property is Richland’s 35th asset, marking more than 2.5 million square feet of properties that the company owns and manages in four states.
REBusinessOnline.com is conducting a brief online survey of brokers, lenders and the owner/developer/manager community to gauge market expectations for 2017, and we welcome your participation. This survey should only take a few minutes to complete. The results will appear as a news feature story in the January 2017 issues of the regional publications. Questions cover a variety of topics, ranging from the outlook for investment sales and leasing activity in 2017 to development and lending opportunities to interest rates. Note: We prefer to attribute comments we quote from open-ended responses, however you may respond anonymously if you prefer. To take our 2017 broker survey, please click here To take our 2017 developer/owner/manager survey, please click here To take our 2017 lender survey, please click here Thanks for your participation! Matt Valley Editorial Director of Regional Real Estate Publications France Media, Inc.
IRVING, TEXAS — Dougherty Mortgage LLC has closed an $8.9 million Fannie Mae loan to fund the acquisition of The Monterey Apartment Homes, a 159-unit multifamily property located in Irving. The seven-year loan features a 30-year amortization schedule and one year of interest-only payments. Dougherty Mortgage arranged the loan through Old Capital Lending on behalf of the borrower, Elmstone Group OP2 LLC.
ROCKWALL, TEXAS — Montecito Medical Real Estate has agreed to acquire Rockwall Medical Plaza, a 20,007-square-foot medical office building and surgery center located roughly 25 miles outside Dallas in Rockwall. The property is situated on the campus of Texas Health Presbyterian Hospital and was constructed last year. An ambulatory surgery center developed by a joint-venture between Texas Health Resources and Spine Team Texas anchors the building. Other tenants include a clinic and neurology and dental offices. Montecito Medical has acquired 21 medical office buildings over the past 12 months, and plans to close on five additional properties by January.
MAGNOLIA, TEXAS — Lee & Associates has brokered the sale of a 6,400-square-foot industrial property located at 37825 Spur 149 Road in Magnolia, roughly 40 miles outside Houston. Patrick Wolford of Lee & Associates represented the buyer, TecPac Ventures. Bill Farris of Paradigm Commercial Real Estate represented the seller, Houghtaling & Guthrie GP.
TOMBALL, TEXAS — Senior Living Investment Brokerage Inc., an Illinois-based brokerage firm, has arranged the sale of an undisclosed memory care facility in Tomball, a suburb of Houston, for $2.6 million. The facility was built in 2010 and features 16 units. An independent real estate owner bought the property and immediately leased it to a regional operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage arranged the transaction.
WEATHERFORD, TEXAS — Marcus & Millichap has arranged the sale of Weatherford Fourplex Portfolio, an eight-unit apartment property located at Sunburst Court and Lindas Creek in Weatherford, about 25 miles west of Fort Worth. The portfolio includes two multifamily properties built in 2008 and 2009, each consisting of four units. John Barker, Trey McGhin and Ron Hebert of Marcus & Millichap represented the seller, an undisclosed personal trust. The buyer was a private investor.
AUSTIN, TEXAS — CBRE Group Inc. plans to relocate its Austin office to the 17th floor of 500 West 2nd Street in downtown Austin. The commercial real estate services firm signed a long-term lease to occupy 21,688 square feet beginning in fall 2017. 500 West 2nd is part of a 1.2-million-square-foot, mixed-use development in the vibrant 2nd Street District of downtown Austin. The new office is part of CBRE’s “Workplace360” initiative, designed to promote productivity through technology-enabled paperless offices. Based in part on research showing that employees spend about 50 percent of their time at their desks, the initiative aims to provide a flexible way of working based on an employee’s changing needs throughout the day. The offices have no assigned workspaces and include both collaborative and private spaces. CBRE’s Russell Young and Nate Stricklen represented the company in the transaction. CBRE’s Troy Holme, Casey Ford and Katie Ekstrom represented the landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors.
ODESSA, TEXAS — Sands Investment Group (SIG), a net-lease brokerage firm, has arranged the $2 million sale of a Dickey’s Barbecue Pit located at 2701 N. County Road in Odessa. Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas. Max Freedman of SIG’s Austin office represented the seller, Dynamic Development, in the transaction. The 1031 tax-deferred exchange buyer paid cash for the 2,000-square-foot restaurant. Dickey’s has a 15-year lease at the location.
SAN ANTONIO — The RADCO Cos. has acquired Mesa Ridge apartments in San Antonio. The property, which is being renamed City Crest, consists of 200 Class B units. RADCO Residential will manage the property, and the Atlanta-based multifamily investors plans to spend up to $2.9 million on capital improvements to the community. RADCO financed the acquisition using private capital through Prudential Financial. City Crest was built in 1984 and is located in the medical center submarket of northwest San Antonio. The property consists of two- and three-story buildings across 7.9 acres. The average unit size is 736 square feet, and the property offers a combination of one- and two-bedroom units.
