AUSTIN, TEXAS — Kennedy Wilson represented the seller in the sale of 18.3 acres located at the corner of Old Farm to Market 2243 W. and North Bagdad Road in Leander. Ernest Brown of Kennedy Wilson represented the seller, Firstmark Credit Union. Bruce Nakfoor, a local real estate developer, was the buyer. The buyer plans to develop a mixed-use complex comprised primarily of retail and multifamily developments. A residential community surrounds the property.
San Antonio remains a strong growth market. While not receiving as much national attention as its sister metro areas of Dallas/Fort Worth, Austin and Houston, the San Antonio area gained over 25,000 new jobs last year. The growth is concentrated in tourism, conferences, military and business support services. San Antonio’s growth is expected to remain strong over the next two years and should continue to drive demand for housing throughout the metro area. Local unemployment remains low at 3.8 percent, almost two points below the national average of 5.6 percent. Unemployment is forecasted to remain well below 5 percent over the next five years, according to Moody’s Analytics. However, with per-capita income at $42,000, about 10 percent below the national average, and with lower paying service jobs, San Antonio remains an affordable market for most real estate — particularly residential, which consumes the most land. At Stratford Land we invest in and lend on land for development across the faster growing metropolitan areas in the Sunbelt from the Carolinas to Southern California. Therefore, we either have the opportunity, or burden, of staying abreast of the fundamentals driving demand in all product types — residential and commercial. In looking to invest, …
BAYTOWN, Texas — Dallas-based lender HFF has closed the sale of Remington Park at Baytown, a 129-unit independent and assisted living community. HFF marketed the property on behalf of the unnamed seller. Capital Senior Living purchased the asset for an undisclosed amount. Remington Park at Baytown is located at 901 West Baker Road in Baytown, a suburb approximately 25 miles east of downtown Houston. Expanded in 2008, the 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units. The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.
DALLAS — Lincoln Harris CSG has brokered the sale of a portfolio of medical office buildings in Dallas-Fort Worth. Webber Beall, Brian Bacharach and Rhodes Baker of Lincoln Harris CSG represented the buyer, Health Care REIT, in the purchase of five on-campus medical office buildings, surgery centers and the sale-leaseback of additional on-campus development sites in the DFW Metroplex. The seller was Rainier Medical Investments, a healthcare and hospitality developer focused on physician co-invested real estate with healthcare systems. The stabilized Class A portfolio contained approximately 196,000 square feet and approximately seven acres of land that was leased back by Rainier for future on-campus medical and hospitality developments.
AUSTIN — Dougherty Mortgage has arranged a $6.2 million Fannie Mae loan for the refinancing of Quail Park Village Apartments, a 142-unit multifamily affordable housing property located in Austin. The Fannie Mae loan includes a 10-year term with a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Heartland Wanaka Limited Partnership. Quail Park Village is located in north Austin. Unit amenities include energy-efficient windows and doors, countertop and flooring upgrades, new cabinets and gas stoves.
LONGVIEW, TEXAS — Three retailers are set to open at the Northwest Village Shopping Center, a regional power center in Longview. Located at the northeast corner of Loop 281 and Gilmer Road at 1725 W. Loop 281, the shopping center is situated on approximately 14 acres. The leases total 86,000 square feet. Big Lots will occupy 36,000 square feet. Karen Mitchell of The Woodmont Co. represented the tenant in the transaction. Big Lots is expected to open its doors in fall 2015. Burke’s Outlet will occupy 28,880 square feet. Clay Graham of Fox & Graham represented the tenant in the transaction. Burke’s is planning to open this month. ALDI Food Market will occupy 21,120 square feet. Stan Lotridge with UCR represented the tenant in the transaction. ALDI Food Market is expected to open in fall 2015. The three new leases bring Northwest Village’s occupancy from 42 percent to 95 percent.
WEATHERFORD, TEXAS — Clayton Wells of BMC Capital’s Dallas office has arranged a $1.5 million purchase loan for an apartment complex located in Weatherford. The property was constructed in December 2014. The loan features a 75 percent loan-to-value ratio, a five-year fixed-rate at 4.5 percent with a rate reset at five years, and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
DALLAS — Rosemont Realty LLC, a commercial real estate investment company, has signed two local tenants to leases at 9400 NCX for a combined 11,621 square feet. Camden Homes and Insurance Designers of Dallas each have committed to new leases for their respective headquarters at the 9400 NCX building, located at 9400 N. Central Expressway in Dallas. Camden Homes has consolidated three locations into the new 8,065-square-foot office space. Insurance Designers of Dallas has secured 3,556 square feet. Camden Homes is a private homebuilder in the Dallas-Fort Worth area. Insurance Designers of Dallas is part of an independent marketing organization. Stephen Holley with Jones Lang LaSalle represented the tenant in the transaction. The 16-story, 387,160-square-foot 9400 NCX building is currently undergoing a lobby and conference center renovation, to be completed this summer.
FORT WORTH, TEXAS —Ridgmar Mall in Fort Worth will soon undergo an interior makeover. The renovations include the remodeling of a movie theater and other upgrades to the interior that will change the look and feel of the mall, according to GK Development, the Barrington, Ill.-based owner of the regional shopping center. The mall’s revitalization plan calls for new sightlines, new color schemes and new decorative lighting. During construction, all stores will be open. The theater will see updated auditoriums with recliners. Other amenities will include updated finishes inside the auditoriums, enhanced concession options and reserved seating. The work is set for completion this summer. Ridgmar Mall is located on the northeast corner of I-30 and Green Oaks Road in west Fort Worth. Tenants include Dillard’s, JC Penney, Macy’s, Neiman Marcus, Sears, Rave Ridgmar 13 + Xtreme Cinemas and more than 125 other stores and restaurants.
DALLAS — Colliers International has arranged a 157,909-square-foot industrial lease in Dallas. Ward Richmond and Cole Hooper of Colliers International represented BZO Custom Wheels, the landlord of 3061 W. Saner Ave. Cartamundi US leased the space. Craig Jones of NAI Robert Lynn represented the tenant.