DALLAS — NAIOP has selected Majestic Realty Co. as its 2015 Developer of the Year. Headquartered in Southern California, with regional offices throughout the United States, Majestic is the largest privately held industrial developer in the country. Majestic completed nine new buildings in the past year, adding more than 6 million square feet and increasing its ownership portfolio to 78 million square feet. Majestic also recently completed a 2,000-acre land acquisition in Laredo, Texas. Majestic’s services include land acquisition, entitlement, design/construction, finance, leasing and property management.
WACO, TEXAS — Marcus & Millichap has arranged the sale of The Retreat at Central Texas Marketplace, a 216-unit apartment community in Waco. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the seller and procured the buyer. The property is located at 2500 Marketplace Drive at the intersection of Interstate 35 and Loop 340/Highway 6. The Retreat at Central Texas Marketplace features amenities including controlled-access gates, perimeter fencing, a fitness center, business center, swimming pool, car wash facility, covered parking and garages. Apartments amenities include crown molding, built-in desks, wood-burning fireplaces, nine-foot ceilings, private patios/balconies and full-size washer and dryer connections.
Despite headwinds from the oil and energy industries’ latest moves, cities throughout Texas continue to boom. Austin and San Antonio have, in recent years, led the charge. However, one city situated along Interstate 35 between those powerhouses is emerging out of its sleepy college town roots and drawing attention from local and national investors. Once the primary destination for weeklong vacation shopping excursions to the country’s fourth largest outlet mall, San Marcos is quickly moving up the ranks. Recently named the fastest growing city in the U.S. by the Census Bureau for the third year in a row, it’s clear that one of Texas’ best kept secrets is out. Spec properties dot the landscape, fueled by the increasing demand for housing, hotels and industrial space, and are often leased before construction has completed. The economic forces driving the city’s growth are many. It is located on the I-35 Regional Growth Corridor between Austin and San Antonio with nearby access to I-10, toll road SH 130, as well as two international airports.It’s home to Texas State University, with more than 36,000 students, and rapidly gaining a reputation for its engineering, materials science and biotech programs. It is home to Tanger’s outlet …
ARLINGTON, TEXAS — Caddis, a healthcare and real estate firm, is developing a 67,000-square-foot, one-story, 81-unit assisted living and memory care community in Arlington. The new senior community is scheduled to open in spring 2016. Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop. Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response. Frontier Management will manage the community. The company also manages several other Heartis communities in Texas. Austin-based Pi Architects Inc. is the architect for Heartis Arlington, and the Dallas office of Weis Builders is the general contractor. Construction debt financing is being provided by Kansas City, Mo.-based UMB Bank, NA. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.
HOUSTON, AUSTIN AND SAN ANTONIO — NAI Hiffman and NAI Partners will be working together to bring a combined operations platform to the Houston, Austin and San Antonio markets. Operating as NAI Partners Investor Services, the joint venture combines the brokerage and management platforms of both firms to bring service to more institutional clients. Houston-based NAI Partners provides clients brokerage experience in the Central Texas market; Chicago-based NAI Hiffman operates a property management platform.
ODESSA, TEXAS — NorthMarq Capital’s Denver office has arranged $29.3 million in financing for Andalucía Villas located at 5075 E. 52nd St. in Odessa. Constructed between 2012 and 2013, the community consists of 402 units contained in 17 two- and three-story residential buildings. Property amenities include gated access, business and 24-hour fitness centers, putting green, bocce ball court, splash pad, three onsite dog parks, outdoor pool and fireplace along with four barbecue areas. Units have washer/dryers, tile flooring, built-in decks and, in select units, garages, and garden bathtubs. Greg Benjamin and Jeff DeHarty of NorthMarq arranged the financing for the borrower, a division of Weidner Investment Services Inc.
AUSTIN, TEXAS — Fashion Forms, a producer of specialty bras and accessories in the U.S., Canada and Europe, is relocating to northwest Austin from Ventura, Calif., in August. Founded by Ann Deal in 1993, Fashion Forms produces products that aim to help women wear any look with comfort, confidence and style. The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide. The firm will move into a mix of office and warehouse space totaling 90,000 square feet at McNeil 1, located at 12317 Technology Blvd. Mark Emerick, John Barksdale and Darryl Dadon of CBRE’s Austin office represented the landlord, PS Business Parks. Fashion Forms represented itself in lease negotiations. McNeil 1 is now 79 percent leased.
DALLAS — Pierson Retail Advisors (PRA) has completed its first transaction after opening in March. The company has arranged the sale of a retail property known as The Empire Room, a 10,125-square-foot, single-tenant building in the Dallas Design District. The Empire Room is located at the southwest corner of North Riverfront Boulevard and Leslie Street. PRA represented the seller, Prescott Interests 1225 Riverfront Ltd., in the transaction. A Dallas buyer purchased the asset for an undisclosed price. The Empire Room is an event venue offering 7,500 square feet of interior space, along with outdoor space to accommodate as many as 1,000 guests.
TAYLOR, TEXAS – The Taylor Economic Development Corporation (TEDC) held a groundbreaking ceremony for the construction of its new 50,000 square-foot industrial/manufacturing facility in Mustang Creek Industrial Park on July 9. Houston-based KDW is the designer and contractor of the property. The building will be available for occupancy before the end of 2015. The TEDC has started marketing the space both locally and nationally with the hopes of finding a tenant as soon as possible. TEDC plans to build a total of three buildings of this size and fill them within the next 60 months.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Terrace on Finley Apartments, a 142-unit apartment property located in Irving. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Allen also secured the buyer, a limited liability company. The Terrace on Finley Apartments is located at 2504 Finley Road in Irving, near SH-183 and the President George Bush 161 Toll Road. The property includes eight floor plans, pitched roofs and recently resurfaced parking lots. The two-story brick construction buildings have a slab foundation.