The South Dallas industrial submarket has emerged and is here to stay. As one of the hottest up-and-coming industrial submarkets, South Dallas has all the components to continue to thrive for the foreseeable future. For the last five years, South Dallas has been a basin for major industrial development. Located south of downtown, the well-positioned submarket provides several key logistical advantages. The convergence of several major arteries makes South Dallas an ideal distribution market, and the ability to import, store and export goods, particularly from Mexico, California and the Port of Houston, greatly benefits the area. Supply can easily move along I-20 or I-35 while avoiding some of the worst congestion of the DFW Metroplex. This infrastructure, coupled with intermodal access, allows for a faster and more efficient transport of goods. Additionally, unlike the other major industrial submarkets, South Dallas contains an abundance of land at favorable pricing. Since early 2010, South Dallas has dominated the market in terms of new construction. It has been the fastest growing submarket, accounting for over 25 percent of the total delivered construction in the entire Metroplex in the last five years. Historically, South Dallas has been considered a big box market. The latest …
HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Fairview Shopping Center, a 28,662-square-foot retail property located in San Antonio. Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Fairview Shopping Center is located at 24200 Interstate 10 W. near the Dominion, The RIM Shopping Center and La Cantera Mall on North Interstate 10.
HOUSTON — Westmount Realty Capital LLC has acquired the Braesridge Apartments located at 11100 Braesridge Drive in southwest Houston. Westmount is rebranding the garden-style apartment community as Westmount at Braesridge. The three-story asset was constructed in 1982 and consists of 542 units totaling 413,276 square feet on 16.7 acres, for an average of 32 units per acre. The apartments are a mix of one- and two-bedroom units ranging from 550 square feet to 1,300 square feet with elevators to all third floor units. Amenities include a clubhouse, complimentary assigned covered parking, a courtyard area with two gazebos, dining hall with full kitchen, two swimming pools, a business center and limited access gates. Westmount’s planned interior renovations will include lighting and plumbing fixture updates, cabinetry, countertops, appliances and faux wood flooring. Exterior improvements will address wood/stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount has budgeted to upgrade the pool area with new seating areas, pool furniture and the addition of an outdoor kitchen. The Dallas office of NorthMarq Capital arranged financing for the acquisition.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6.2 million cash out refinancing for a portfolio of four apartment properties consisting of 116 units located in Dallas. The non-recourse loan featured a 10-year term with 4.6 percent interest, a 30-year amortization schedule and three years of interest-only payments. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
HOUSTON — PCCP has provided a $55.2 million senior loan to a joint venture between The Carlyle Group and Pelican Builders for the development of The Wilshire, a 17-story, 96-unit condominium project in the River Oaks submarket of Houston. Construction is underway with completion of the project anticipated for mid-2017. Adam Allen of ARA Houston arranged the financing. The Wilshire is located at 2049 Westcreek Lane and is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is being developed by OliverMcMillan. The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the River Oaks neighborhood. Houston-based Pelican will develop The Wilshire. The Carlyle Group is a global alternative asset manager with more than $193 billion of assets under management.
HUMBLE, TEXAS — Brandon Brown of LMI Capital has arranged $9 million in debt for the refinancing of a garden-style apartment complex in Humble. Brown worked on behalf of the borrower to obtain a fixed-rate loan featuring three years of interest-only payments to refinance the existing debt 12 months before the loan comes to term. With the new, 10-year loan, the borrower significantly reduced his interest expense and recaptured the equity injected during the property’s rehab.
DALLAS — Three retail real estate industry veterans have launched Trivanta, a real estate advisory firm specializing in the disposition of net-leased properties. Bob Moorhead, Joe Caputo and Mark Wheeler have joined forces as managing partners, with a collective 60 years of industry experience and sales transactions valued at over $2.4 billion. Trivanta, headquartered in Dallas, specializes in seller representation and works with build-to-suit developers, existing owners of net-leased properties and tenants that want to sell their real estate and lease it back on a long-term basis. Assignments range from marketing single assets to large portfolios nationwide. Moorhead and Caputo came together in 2011 at EXP Realty Advisors, where they built their team and marketing platform. In 2014, the pair closed more than 100 transactions. Prior to Trivanta, Wheeler founded Retail Resource Group, a full-service tenant outsource real estate solution.
PLANO, TEXAS — Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby with RTG Capital LLC, along with Shane Shoulders, have broken ground on Phase II of Willow Bend Commons located at 1855 Dallas Parkway in Plano. The 6,000-square-foot retail building is 70 percent pre-leased. Completion is planned for October of this year. The partners purchased 5.2 acres from Costco for the development, which is on the west side of the tollway, south of Park. Phase I is a 14,000-square-foot retail center that was 100 percent leased before construction finished at the end of 2014. The first tenants opened for business in late February.