Texas

PM Realty Group Reveals Master Plan for $1B Mixed-Use Development in Houston

by Haisten Willis May 29, 2015

HOUSTON — PM Realty Group (PMRG) has revealed the plans and name for its development of a 35-acre tract in the center of Houston’s Energy Corridor, the previous location of the ExxonMobil Chemical headquarter campus. PMRG acquired the site in 2013. Republic Square, the $1 billion-plus, high-density mixed-use development, will include a mix of restaurants, hotels, meeting space and apartments. The development is situated between I-10 and Memorial Drive, bordering Terry Hershey Park, a 500-acre public park that winds through the Energy Corridor. PMRG plans to incorporate Republic Square with Terry Hershey Park to create a pedestrian-and-eco-friendly destination.

May 29, 2015

Olympus Property Acquires Newly Developed Apartment Community in San Antonio

by Haisten Willis May 29, 2015

SAN ANTONIO — Olympus Property has acquired Tacara at Westover Hills, a 312-unit Class A apartment complex in San Antonio. Built in 2014, Tacara at Westover Hills sits on almost 14 acres in the Westover Hills submarket. The property’s amenities include a pool with sundeck, fitness center, business center, outdoor kitchen and fireplace, covered parking and detached garages. Tacara at Westover Hills comprises 192 one-bedroom, one-bath units; 108 two-bedroom, two-bath units; and 12 three-bedroom, two-bath units. Each unit features granite countertops, stainless steel appliances, keyless entry and patios. Vaulted ceilings and carports are also available for some residents.

May 29, 2015

Industrial Loans Texas

NorthMarq Secures $1.5M Refinancing of Lone Star Self Storage in Metro Dallas

by Haisten Willis May 29, 2015

LEWISVILLE, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $1.5 million refinancing of a 42,546-square-foot Lone Star Self Storage facility in Lewisville. The transaction was structured with a fully amortizing, 25-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.

May 29, 2015

Loans Restaurant Retail Texas

BMC Capital Provides $1.8M Loan for Olive Garden in Metro Dallas

by Haisten Willis May 29, 2015

WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.

May 29, 2015

Office Texas

NAI Partners Opens Office in San Antonio

by Haisten Willis May 29, 2015

SAN ANTONIO — NAI Partners, a regional commercial real estate services firm based in Houston, has opened an office in San Antonio. Clare Flesher will serve as managing director, and Melissa Crimson will serve as senior client services coordinator. Flesher began his commercial real estate career in Houston working for CBRE in the office tenant representation arena. He then moved to San Antonio and has spent the past eight years focused on office corporate services. Most recently, Flesher served as a director with Travis Commercial Real Estate Services.

May 29, 2015

Market Reports Mixed-Use Texas Texas Market Reports

Smart Code Helps El Paso Develop for the Future

by Haisten Willis May 29, 2015

In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …

May 29, 2015

Industrial Texas

SACA Arranges Sale of Industrial Building in San Antonio

by Haisten Willis May 28, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of 4267 Dividend Drive, a 30,388-square-foot industrial building in Eastwood Industrial Park off White Road in eastern San Antonio. Paul Fagan of SACA represented the seller, while Edward Cross of SACA represented the buyer.

May 28, 2015

Retail Texas

Construction Underway on Retail Development in Metro Houston

by Haisten Willis May 28, 2015

PASADENA, TEXAS — Construction is underway for Phase I of the Market at Crenshaw, a 168,924-square-foot, two-phase retail development located on 23.6 acres in Houston’s Pasadena submarket on Beltway 8 between Crenshaw Road and Fairmont Parkway. The developer is a partnership between Ley-Wilson Development LLC and H5 Ventures LLC. More than 90 percent of the first phase of development has been leased. Transwestern will provide property management and construction management services. Tenants that have signed leases at the property include: Burlington Coat Factory (55,000 square feet); Party City (18,000 square feet); Tuesday Morning (12,000 square feet); Mattress One (4,000 square feet); Xfinity by Comcast (4,000 square feet); and MOD Pizza (2,700 square feet). Phase I, totaling 108,924 square feet, is scheduled for delivery in the third quarter of 2015. Phase II, which will include an additional 60,000 square feet, will commence construction in the next 90 days and is slated for delivery in the second quarter of 2016.

May 28, 2015

Multifamily Seniors Housing Texas

Senior Living Investment Brokerage Arranges Sale of Seniors Housing Complex in Oklahoma City

by Haisten Willis May 28, 2015

OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.

May 28, 2015

Office Texas

BT Relocates Headquarters to Cypress Waters in Dallas

by Haisten Willis May 28, 2015

DALLAS — BT Global Services, a subsidiary of BT Group, is moving the headquarters for its Americas operations to Cypress Waters in Dallas. Noel Hutcheson and Fernando Araiza of Colliers International were the tenant’s representatives while Kathy Permenter, Moody Younger and Sean Dalton of Younger Partners represented the landlord, Billingsley Co. BT is moving into 28,000 square feet at Cypress Waters with approximately 250 employees. Cypress Waters features restaurants and retail, as well as multifamily housing options. BT decided on the location for its Americas headquarters because of the proximity to DFW International Airport and access to a quality talent pool. BT joins tenants including Cheddars, Nationstar Mortgage, Meritage Homes and 7-Eleven.

May 28, 2015

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