Texas

Weitzman Negotiates Sale of Elm Ridge Crossing in Frisco

by Haisten Willis August 3, 2016

FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.

August 3, 2016

Four Corners Property Trust Acquires Building Net Leased to Wendy’s in Odessa for $2.1M

by Haisten Willis August 3, 2016

ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.

August 3, 2016

Office Texas Top Stories

Fortis Property Group Acquires Chase Tower in Downtown Dallas for Reported $300M

by Haisten Willis August 3, 2016

DALLAS — New York-based Fortis Property Group has purchased Chase Tower in downtown Dallas from Hines, a privately owned real estate investment firm based in Houston. The 55-story, 1.3 million-square-foot tower is located on a 1.5-acre site at 2200 Ross Ave. in the city’s central business district. According to the Dallas Business Journal, the tower sold for “upwards of $300 million.” The skyscraper was built in 1987. Architect Richard Keating designed the building. Though it was recently renovated, Fortis plans additional upgrades. “It is always exciting to acquire a premier and iconic skyline office tower,” says Jonathan Laudau, CEO of Fortis. “In line with our strategy to purchase best-in-class properties, Chase Tower represents the best of downtown Dallas and the Arts District. We anticipate upgrading the Ross Avenue curb appeal and building accessibility as well as the foodservice amenities at the property.” J.J. Leonard and Matthew Wieser of Stream Realty Partners’ office division in Dallas will lead leasing efforts for the property. Amenities at the Class A property include the Dallas Petroleum Club, conferencing/lounge facilities, a fitness center, concierge in the main lobby, Chase Bank retail banking facility, Starbucks, free Wi-Fi in the mezzanine, 24-hour security and a full-service car wash. …

August 3, 2016

Loans Multifamily Texas

Greystone Provides $107M Acquisition Financing for Multifamily Portfolio in Metro Dallas

by Haisten Willis August 2, 2016

DALLAS — Greystone has provided $107 million in Fannie Mae DUS loans for the acquisition of six multifamily properties in the Dallas suburbs of Irving, Lewisville, Benbrook and Euless. Rob Russell of Greystone originated the loans on behalf of the borrower, Chicago-based Intercapital Group. The properties, which total 1,711 residential units, include: Wimbledon in Lewisville Greenwood Creek in Benbrook Catalina Apartments in Lewisville Summer Gate Apartments in Irving Oaks of Lewisville in Lewisville Parc Plaza Apartments in Euless The 10-year Fannie Mae loans include 30-year amortization schedules and three years of interest-only payments.

August 2, 2016

Hospitality Texas

Hilton Worldwide Opens Home2 Suites Hotel in Metro Houston

by Haisten Willis August 2, 2016

STAFFORD, TEXAS — Hilton Worldwide has opened the 91-room Home2 Suites by Hilton Houston Stafford at 11121 Fountain Lake Drive in the Houston suburb of Stafford. The hotel is situated near downtown Houston, Sugar Land Town Square, Fountains Shopping Center and First Colony Mall. Owned and managed by Everwood Stafford LLC, Home2 Suites by Hilton Houston Stafford offers fully equipped kitchens and modular furniture. The pet-friendly hotel also features a pool, free internet access, complimentary breakfast and Spin2 Cycle, a combined laundry and fitness area. The hotel also features an outdoor saline pool and patio with grill area.

August 2, 2016

Healthcare Office Texas

Medistar Completes Medical Office Building in El Paso

by Haisten Willis August 2, 2016

EL PASO, TEXAS — Medistar Corp. has completed construction on Medical Plaza 1, a four-story, 110,000-square-foot medical office building located in El Paso on The Hospitals of Providence Transmountain Campus. Located at Resler and Transmountain drives, the new campus is anchored by a 108-bed hospital, which can be expanded to 140 beds and will serve as the new teaching hospital for Texas Tech University Health Sciences Center El Paso (TTUHSC). In conjunction with Medistar, TTUHSC El Paso and The Hospitals of Providence are collaborating on the multi-million dollar teaching hospital to open in early 2017 and immediately adjacent to Medical Plaza 1. HKS is the architect for Medical Plaza 1, and Robins & Morton is the general contractor.

August 2, 2016

Loans Multifamily Texas

Old Capital Provides $2.7M Loan for Regency Place Apartments in Metro Dallas

by Haisten Willis August 2, 2016

HURST, TEXAS — Old Capital has provided a $2.7 million loan for the purchase and renovation of Regency Place Apartments in Hurst. A local ownership group acquired the 78-unit property for an undisclosed price. Old Capital provided the five-year loan at a 4.5 percent fixed interest rate with one year of interest-only payments. The loan was structured to fund 75 percent of the purchase price and all of the renovations and unit upgrades through an approved capital improvement program.

August 2, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Two Value-Add Apartment Properties in San Antonio

by Haisten Willis August 2, 2016

SAN ANTONIO — ARA Newmark has arranged the sale of two garden-style apartment communities spanning 557 units in San Antonio. The value-add properties, Mirada and The Heritage, sold separately and were both 95 percent occupied at the time of sale. ARA Newmark’s Pat Jones and Matt Michelson represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate. In the first transaction, California-based Regional Investment & Management added Mirada to its existing six-property portfolio in Texas. Built in 1995, the 252-unit property features a fitness center and pool. The Heritage marks the 12th Texas acquisition in recent years for Austin-based CFH Investment Partners. Constructed in 2005, the 305-unit property features a gymnasium-sized basketball and sport court, grill areas and a business center.

August 2, 2016

Hospitality Texas

MCR Development Completes Renovation of Fairfield Inn & Suites in Houston

by Haisten Willis August 1, 2016

HOUSTON — MCR Development has completed a renovation of the Fairfield Inn & Suites by Marriott Houston Intercontinental Airport, a 131-room select-service hotel in Houston. Located between I-45 and I-69, the hotel features an updated lobby and guestrooms with new furniture, lighting and carpet. Additional improvements include new exercise equipment in the fitness center and lounge furniture on the patio. The hotel’s meeting center and 2,585-square-foot ballroom were modernized as well.

August 1, 2016

Multifamily Texas

M&M Arranges Sale of 20-Unit Apartment Building in Dallas

by Haisten Willis August 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of The Trails, a 20-unit apartment property located in Dallas. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, an out-of-state private equity firm. The all-cash transaction closed 20 days after receipt of contract. The Trails is a Class B multifamily asset located at 4335 Cedar Springs Road in the Oak Lawn submarket of Dallas. Originally constructed in 1966 and renovated in 2001, the asset is situated on a 21,600-sqaure-foot lot. The property features upgraded units throughout, stackable washer/dryer connections, a swimming pool and gated entry.

August 1, 2016

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