Texas

United States’ 16th Largest City Continues Fast Growth Post-Recession

by Haisten Willis August 21, 2015

As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …

August 21, 2015

Multifamily Seniors Housing Texas

SQLC Raises $109M in Financing for Expansion of Seniors Housing Project in Houston

by Haisten Willis August 20, 2015

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

August 20, 2015

Retail Texas

CBRE Brokers Acquisition of Retail Center in Austin

by Haisten Willis August 20, 2015

AUSTIN, TEXAS — CBRE has brokered the sale of 8312 Burnet Road, a fully occupied, 12,500-square-foot retail center in Austin’s Burnet Road corridor. A local investor purchased the asset for an undisclosed price. Michael Bullard of CBRE’s Austin office represented the buyer. Tim Jarvis and Bill Ott of BBD Commercial represented the unnamed seller. The asset’s 13 tenants include Austin Fashion Exchange, Metro PCS, Liberty Tax and ASC Sports Cards.

August 20, 2015

Retail Texas

M&M Arranges Sale of Grocery-Anchored Shopping Center in Lubbock

by Haisten Willis August 20, 2015

LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of Rockridge Plaza, an 86,534-square-foot grocery-anchored shopping center in Lubbock. Michael Buckner and Richard Mireles of the firm’s Austin office represented the seller. Rockridge Plaza is located at 5217 82nd St. with visibility from the intersection of 82nd Street and Slide Road. Tenants include Caprock Cafe, Einstein Bros. Bagels, H&R Block, Jo-Ann Fabric and Craft Stores, Scottrade, Sprint and Tuxedo Junction. The grocery anchor was not a part of the sale.

August 20, 2015

Multifamily Retail Texas

TAYO Sells Land Parcel in West Texas

by Haisten Willis August 20, 2015

SWEETWATER, TEXAS — Taylor Consulting Inc. (TAYO) has signed a contract to sell a real estate parcel in West Texas. It’s the sixth sale in the region that the company has completed since May. Last year, TAYO’s real estate division, Third Avenue Development, added 47 residential and commercial lots to its portfolio in the town of Sweetwater, where development has been spurred by a new railroad logistics center and other projects. Third Avenue Development is working to build a portfolio of real estate assets for investment, rehabilitation and resale.

August 20, 2015

Healthcare Office Texas

Newmark Grubb Knight Frank Brokers $56M Sale of MOB Portfolio in Metro Dallas, Houston

by Haisten Willis August 19, 2015

PLANO AND CONROE, TEXAS — The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56 million sale of a two-property medical office building (MOB) portfolio comprising the 94,359-square-foot Legacy Medical Village in Plano and the 68,832-square-foot Conroe Medical Arts and Surgical Center in Conroe. Garth Hogan, Todd Perman and Chris Gordon of NGKF represented the seller in the transaction. The buyer, American Realty Capital, was self-represented. Legacy Medical Village was built in 2007 and is located at 5425 W. Spring Creek Parkway within the Legacy Business Park. The MOB is located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. Conroe Medical Arts and Surgical Center was built in 2003 and is located at 1501 River Pointe Drive adjacent to the Conroe Regional Medical Center hospital campus. The two medical office buildings are 93 percent leased to healthcare providers, including specialists and primary care physicians. The Conroe facility includes an ambulatory surgical center owned by Tenet Healthcare.

August 19, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Property in Metro Dallas

by Haisten Willis August 19, 2015

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Beach Street, a 398-unit apartment complex in Haltom City. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer in the transaction. The community is located at 4200 Northern Cross Blvd., seven miles from downtown Fort Worth and one mile from I-35. The community is located near the 1,300-acre Mercantile Center business park, which is home to nearly 70 companies and more than 10,000 employees. Amenities at Bellagio at Beach Street include a gated entrance, attached garages, covered parking, business center, swimming pool, barbecue grills, fitness center, playground and an outside fire pit. Apartments feature a private patio or balcony, dishwashers, garbage disposals and ceiling fans.

August 19, 2015

Multifamily Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Haisten Willis August 19, 2015

DALLAS — Greysteel has arranged the sale of Milano, a 16-unit multifamily building in Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Cutch Inc., in the sale. Old East Milano LLC was the buyer. Milano includes one-bedroom, one-bath apartments with three floor plans. The property is close to major employment centers, retail and entertainment options.

August 19, 2015

Multifamily Texas

Nordic Purchases Apartment Complex in Metro Austin

by Haisten Willis August 19, 2015

ROUND ROCK, TEXAS — Nordic Realty Partners purchased Oak Creek Apartments in Round Rock on Aug. 13. Daniel Elam of Muskin Commercial LLC represented the California-based seller in the transaction. Nordic was self-represented. Located at 301 S. Burnet St, Oak Creek sits near Round Rock’s downtown square. The property includes 12 one-bedroom units, eight two-bedroom units, a laundry room and a courtyard. The purchase also includes additional land for potential future expansion.

August 19, 2015

Office Texas

Buchanan Street Partners Purchases Metro Dallas Office Property

by Haisten Willis August 18, 2015

RICHARDSON, TEXAS — Buchanan Street Partners, a real estate investment management firm, has acquired Richardson Office Center I & II, a 238,301-square-foot office campus located in Richardson. Buchanan Street acquired the property in partnership with CarVal Investors from Principal Real Estate Investors for an undisclosed amount. This is Buchanan Street’s second purchase in the greater Dallas area this year. Richardson Office Center is located at 3001 & 3101 E. President George Bush Highway and is 90 percent leased to tenants including Boeing, Genpact and Avnet. Buchanan Street plans to complete renovations to the two-building campus, including painting the exterior of the buildings and updating the lobby. Gary Carr and Robert Hill of CBRE represented the seller in the transaction, and Buchanan Street was self-represented.

August 18, 2015

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