RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a public, non-traded real estate investment trust based in Newport Beach, Calif., has signed two lease renewals at its Richardson Office Portfolio property totaling 22,511 square feet. Cheryl Mullin & Associates, a law firm, and National Write Your Congressman, an organization dedicated to facilitating communication between elected officials and their constituents, have both renewed their leases. Cheryl Mullin & Associates renewed a 9,340-square-foot lease, while National Write Your Congressman renewed a 13,171-square-foot lease. The buildings are located near the intersection of US-75 Central Expressway and the President George Bush Turnpike. Mark Jordan of Sooner National Property Management LP represented KBS Strategic Opportunity REIT in the transactions.
LA PORTE, TEXAS — Lancaster Pollard and MRC have arranged the refinance of Happy Harbor Apartments, a 51-unit affordable seniors housing community in La Porte. Originally built in 1983, Methodist Retirement Community (MRC) owns and manages the site that is part of its healthy living communities. The $2.2 million loan is insured by the FHA Sec. 223(f) program. The transaction provided for nearly $930,000 in repairs for the foundation, plumbing fixtures, drywall repair, painting and other related damage at the property.
Fort Worth, which makes up the core of the western side of the Dallas/ Fort Worth Metroplex, has seen expansive growth both economically and in its resident base, making it an attractive destination for businesses and consumers alike. The population of the Fort Worth- Arlington Metropolitan Division has grown by more than 35 percent since 2000, according to estimates from Moody’s Analytics. Forecast data from Moody’s indicates a continuation of this trend, with projections through 2030 anticipating a total population of over 3.1 million, which is the current size of Iowa. Personal income is another demographic that has experienced a strong growth rate in recent years. Moody’s Analytics forecasts the fourth quarter to have been the strongest quarter of year-over-year growth in 2014, with 8.7 percent growth for personal disposable income and 7.9 percent growth for total personal income. This may be a telling sign that the impact of lower oil prices has accelerated consumer spending at the onset of the oil price decline in June 2014. Furthermore, retail sales growth steadily increased throughout 2014 in the Fort Worth metropolitan division, with the most recent figure for Fort Worth (4.9 percent) outpacing the national rate (4.1 percent) at the close …
HOUSTON — Trammell Crow Co. has completed construction on Medical Plaza II at the Memorial Hermann Katy Hospital campus in Houston. The four-story, 100,000-square-foot building is the second building to be developed by Trammell Crow on the 66-acre campus. Memorial Hermann decided to add a new patient tower and additional medical office space in order to accommodate physicians at the hospital. Powers Brown Architecture designed the building. Trammell Crow Co. is developing a similar building to accompany its Medical Plaza I at Memorial Hermann Sugar Land Hospital, which is expected to be completed this fall.
SAN MARCOS AND LUBBOCK, TEXAS — Vesper Holdings has purchased two student housing properties in Texas. The properties include Wildwood San Marcos in San Marcos and University Fountains in Lubbock. Wildwood San Marcos is a 132-unit, 528-bed student housing community located near Texas State University. Wildwood includes 11 three-story residential buildings and a clubhouse. Built in 2013, Wildwood currently maintains a 99 percent occupancy rate. Vesper is allocating $250,000 toward property improvements at Wildwood. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.
WACO, TEXAS — Waco City Council has unanimously approved the zoning and design of a 702-bed student housing project in the former Speight Avenue H-E-B grocery location near Baylor University in Waco. The five-story, $40 million project, which American Campus Communities is developing, would join two other nearby complexes of the same size, the View on 10th and a proposed complex, Park7, according to the Waco Tribune. The City Plan Commission recommended and approved the project, which ACC will own, by a 7-3 vote.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Pioneer House and Executive Apartments, a 146-unit apartment portfolio located in Irving. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, a local private investor. The seller plans to utilize the sale of the portfolio to acquire a larger asset with additional cash flow. The buyer intends to make minor improvements to the stabilized asset and improve upon the existing cash flow. Old Capital arranged financing with a Fannie Mae loan from Arbor Commercial Mortgage. Pioneer House is located at 2851 W. Pioneer Drive. Executive Apartments is located at 2700 W. Grauwyler Road. The Class C multifamily communities include 15 buildings with nine efficiency, 66 one-bedroom/one-bath, 36 two-bedroom/one-bath, 34 two-bedroom/two-bath, and one three-bedroom/two-bath floor plans. At the time of listing, both properties reported 99 percent occupancy rates.
DALLAS — Hilton Worldwide and Dallas-based Centurion American Development have signed a franchise license agreement to open The Statler Hotel & Residences in Dallas. Opening in October 2016, the refurbished hotel will be part of Curio by Hilton, a brand of upscale and luxury hotels for travelers. The original Dallas Statler Hilton was located at 1914 Commerce St. in downtown Dallas. Centurion American Development Group’s master plan includes 161 hotel rooms on the lower five floors and 219 residences on the top 11 floors. The building will include meeting space, retail and office space, four restaurants and a hotel lounge. A new music venue is also planned in the 14,500-square-foot ballroom. Development of the building is set to start at the beginning of May. Plano-based Aimbridge Hospitality will manage the hotel.
HARLINGEN, TEXAS — The Harlingen Aerotropolis at Valley International Airport has been designated as a Certified Site by McCallum-Sweeney Consultants, a selection and economic development consulting firm. American Electric Power hired McCallum-Sweeny Consulting Services to help develop and manage the process. After the applicant completes certification requirements, McCallum-Sweeney certifies that the property is ready for development, enhancing the marketability of the site. Harlingen Aerotropolis at Valley International Airport (formerly Harlingen Industrial Airpark) includes 479.5 acres.
HOUSTON —Larry Peters and Adam Unger of Q10 Kinghorn, Driver, Hough & Co. have arranged financing for a 100-unit seniors housing apartment community in Houston. The garden-style property is currently 97 percent occupied. The loan included a 70 percent loan-to-value ratio and an initial interest rate below 3 percent. The floating rate can be converted to fixed rate during the seven-year term at no cost. With this loan, the borrower also secured cash out for capital improvements.