PROSPER, TEXAS — Rosebriar Properties has sold the final tract in its Prosper Plaza development at the northwest corner of U.S. 380 and Custer Road to Kroger Texas LP. Kroger plans to build a 123,000-square-foot Kroger Market Place at the site. Once completed, Rosebriar’s Prosper Plaza will include $45 million in new development consisting of Kroger, Lowe’s Home Improvement Center, Taco Bueno, Burger King, Popeye’s and 17,000 square feet of retail under development. Bill Hanks and Ryan Stewart of Rosebriar and Robert Dorazil of United Commercial Development negotiated the sale with Kroger. The remaining retail outparcel is due for completion this fall and Rosebriar is actively marketing Prosper Plaza’s last tract.
IRVING, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Market Square, a 49,727-square-foot neighborhood retail center located in Irving. PRA represented the seller, Prescott Interests Midway Plaza Ltd., in the transaction. Bo Avery of Tri Marsh Center purchased the asset for an undisclosed price. Market Square is 92.2 percent occupied by tenants such as Boston Market, Pizza Hut, State Farm, Gideon Math & Reading Center, FedEx Office, Subway, Kenpo Karate and MacArthur Pharmacy. The asset is made up of three buildings, including the Valero outparcel, all under a single ownership. The entire team at PRA in Dallas handled the sale.
LA PORTE, TEXAS — Vigavi Realty has completed the sale of a 3.3-acre land parcel at Fairmont Industrial Center for the development of a new 36,000-square-foot manufacturing facility. HydroTex, a Chicago-based pump systems and engineering services firm, purchased the parcel located at 11802 Fairmont Parkway in La Porte. Vigavi Realty has broken ground on the project, which is slated for completion by the end of the year. The facility will expand HydroTex’s real estate footprint in the Houston area. JLL’s Mark Nicholas and Richard Quarles negotiated the terms on behalf of the owner, Vigavi Realty. Lee & Associates’ Preston Yaggi and Stephen Kuper represented the buyer. Architect Terry Kennedy of Munson Kennedy Partnership and Vigavi Realty will lead the project construction. The facility is located 20 miles from Houston’s central business district, near the Port of Houston’s Bayport Container and Barbours Cut terminals.
Most of us have read articles or seen reports that suggest we are building too many apartment units in the Dallas/Fort Worth Metroplex. Thus, we potentially could have a surplus of multifamily units resulting in lower occupancies and stabilizing rents (sorry to all the apartment renters — don’t anticipate rents going down). Let’s review historical data and trends, then see if we are truly overbuilding. Over the past 22 years, an average of 29,542 single-family building permits were issued annually across the Dallas/Fort Worth area. However, the figure fell to 22,678 on average from 2011 to 2015. Thus, over the past five years there were 34,320 less single-family units delivered than what the market has historically absorbed. In comparison, multifamily permits (those of two or more units) have averaged 14,094 annually over the past 22 years, and 18,417 annually from 2011 to 2015. Over the past three years, 2013 through 2015, the average increased for both single-family (25,937) and multifamily (21,231). The combined average of 47,168 permits over the last three years is above the 22-year average of 43,636 permits. Multifamily permits have most likely increased as a result of a significant decrease in single-family permits. We have only recently …
TEXAS and OKLAHOMA — Greystone Real Estate Advisors has closed the $210 million sale of an eight-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Co. sold the properties to Cardinal Bay, a private company based in Texas. Greystone represented the seller in the transaction. The properties are: • Village on the Park, Oklahoma City, 188 units • Carriage Inn, Bryan, Texas, 90 units • Carriage Inn, Conroe, Texas, 91 units • Village on the Park, Friendswood, Texas, 158 units • Village on the Park, Houston, 183 units • Carriage Inn, Huntsville, Texas, 81 units • Carriage Inn, Katy, Texas, 146 units • Carriage Inn, Lake Jackson, Texas, 102 units
EDMOND, OKLA. — Harborview Capital Partners has arranged a $4.3 million bank loan for the purchase of a 98-unit multifamily property located in Edmond, Okla. The loan features a one month Libor-based interest rate. This is the most recent of several deals Harborview has closed on behalf of the Missouri-based lender, and the second loan Harborview has closed for the California-based property owner this year. Jeff Fuchs and Andrew Eisen of Harborview’s New York headquarters negotiated the loan. The loan includes specified funds for exterior and interior capital upgrades to the property.
MIDLAND and ODESSA, TEXAS — Dynamic will be developing sites for Dickey’s BBQ in Midland and Odessa. The Odessa location will be a 2,000-square-foot restaurant with a drive-thru, and the Midland location will be a 3,700-square-foot restaurant with a drive-thru and the potential for further expansion to include a second tenant. Dynamic’s Dan Porter worked with Dickey’s BBQ in the development of the restaurant plans.
HOUSTON — Morgan has opened Pearl CityCentre and Pearl Residences at CityCentre, two luxury apartment developments in Houston. Located across the street from one another at 10401 and 10402 Town & Country Way, the two communities are near shopping destinations, employment in the energy corridor and Westchase District, and highly rated local schools. Pearl CityCentre contains 311 one- and two-bedroom units in a seven-story concrete and steel building. Units range from 650 to 1,500 square feet, with an average size of 950 square feet. Pearl Residences at CityCentre has 148 one-, two- and three-bedroom units in an eight-story concrete and steel building. Designed for residents seeking more square footage, the units in the community range from 750-2,500 square feet, with an average size of over 1,500 square feet. Each property features a cyber café, business center, athletic club and swimming pool. All residents have access to a sky lounge and shuttle service to nearby CityCentre.
WACO, TEXAS — Channel Control Merchants (CCM) has selected Greater Waco for the site of its first Texas distribution operation. The company has acquired a 200,000-square-foot building located at 401 Precision Drive, and will invest $1.1 million in capital improvements and hire 116 employees. CCM plans to have the facility updated, fully staffed and operational by September. The company chose Waco as its first Texas distribution location due to the city’s central location within the state. The company will also open a 38,000-square-foot retail location at 300 North Valley Mills Drive under its Dirt Cheap brand, with plans for multiple retail locations throughout Texas. Dirt Cheap is the largest retailer of customer returns and marked out-of-stock merchandise in the United States. The company, established in Hattiesburg, Miss. in 1941, has expanded across seven states in the last five years. CCM is organized into two divisions: a global wholesale business and 67 retail locations. The retail stores operate under three banners: Dirt Cheap, Treasure Hunt and Dirt Cheap Building Supplies.
AUSTIN, TEXAS — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot office campus in Austin’s northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing for the acquisition and repositioning of the property. Located at 7600 Capital of Texas Highway (Loop 360), the property features two, three-story Class A office buildings on a 9.9-acre site overlooking Bull Creek. Lakewood on the Park includes both structured and surface parking. Built in 1998 by local developer HPI, the complex received the 2012-2013 TOBY Award from Building Owners and Managers Association for best low-rise suburban office park in Austin. Lakewood on the Park was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions and USA Southwest. Mesa West’s $32.1 million non-recourse, floating-rate loan includes future funding for a capital improvement program and leasing costs associated with the repositioning and stabilization of the property. CapRidge’s renovation plans call for a redesign of all common areas including lobbies, corridors and restrooms, plus a new fitness center, tenant lounge, coffee bar and shared conference center. Exterior improvements will include new landscaping, signage and lighting. Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. HFF also represented …