Texas

Venture Commercial Brokers Sale of 26 Acres for Multifamily Development in Metro Dallas

by Haisten Willis March 31, 2015

PROSPER, TEXAS — Venture Commercial Real Estate has brokered the sale of 26 acres near Windsong Ranch for a 300-unit, townhome-style apartment development located within the Prosper Independent School District. Terre Verde Group, the developer of Windsong Ranch, sold the land tract to Atlanta-based Davis Development. The property is located at the northeast quadrant of Highway 380 and Gee Road, adjacent to a new 300,000-square-foot, Kroger-anchored retail development expected to break ground in December. Ken Reimer, Edward Bogel and David Davidson Jr. of Venture represented the seller, Terra Verde Group, in the transaction. Bogel and Davidson represented the buyer, Davis Development. The $1.2 billion Windsong Ranch master-planned development is located a little more than two miles west of the Dallas North Tollway on Highway 380. The property will include 3,100 single-family residential lots, 150 acres of mixed-use development along U.S Highway 380 and 600 acres of open space with native preserves, trails and parks. The first three phases have been completed and are now open.

March 31, 2015

Castle Lanterra Properties Acquires 452-unit Apartment Complex in Austin

by Haisten Willis March 31, 2015

AUSTIN, TEXAS — Castle Lanterra Properties has acquired Stonegate Apartments, a 452-unit, class A property in Austin. An institutional ownership group was the seller. The property was built in 2003 and is located just off I-35. Stonegate consists of 24 two- and three-story buildings in a variety of floor plans. Amenities include a clubhouse with a leasing office, business center, fitness center and recreation room. The property also features two swimming pools and barbeque grilling stations. Planned unit upgrades will include new lighting and plumbing fixtures, stainless steel appliances and wood vinyl plank flooring. Castle Lanterra Properties acquires, improves, repositions and manages a portfolio of multifamily properties.

March 31, 2015

Retail Texas

SACA Arranges Sale of Shopping Center in San Antonio

by Haisten Willis March 31, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA) has arranged the sale of Nogalitos Shopping Center, a 16,279-square-foot shopping center located at 3002 Nogalitos St. in San Antonio. Brent Smith and Bradley Suttle of SACA represented the seller in the transaction and also procured the Houston-based buyer. Built in 1963, Nogalitos Shopping Center is fully leased with 66 percent of the square footage on a long-term lease with O’Reilly Auto Parts. SACA is an independently owned and operated member of the Cushman & Wakefield Alliance.

March 31, 2015

Loans Multifamily Texas

Dougherty Mortgage Arranges $4.3M Loan for Apartment Complex in Dallas

by Haisten Willis March 30, 2015

DALLAS — Dougherty Mortgage LLC has arranged a $4.3 million Fannie Mae loan for the refinance of American Beauty Mill Lofts, an 80-unit multifamily market rate apartment property located in Dallas. Dougherty’s Dallas office arranged the 10-year, interest-only loan for the borrower, American Beauty Lofts Ltd. American Beauty Mill Lofts offer loft apartments located in downtown Dallas. Formerly a flour mill warehouse, the retrofitted loft apartments feature open floor plans, 15-foot ceilings and stained concrete flooring.

March 30, 2015

Restaurant Retail Texas

The Woodmont Co. Arranges Ground Lease in Metro Dallas

by Haisten Willis March 30, 2015

MANSFIELD, TEXAS — The Woodmont Co. has arranged a ground lease with Raising Cane’s Chicken Fingers at Mansfield Town Center. Raising Cane’s is a restaurant chain offering chicken fingers as its only main course. Raising Cane’s expects to open their 2,650-square-foot restaurant this summer. Bryan Dyer of The Woodmont Co. represented the owner of Mansfield Town Center, Kossman Development Co, in the transaction. Kevie Beard of Venture Commercial represented the unnamed tenant. Mansfield Town Center is located at the intersection of U.S. Highway 287 and Cooper Street in Tarrant County. The center is 96 percent leased and boasts more than 40 retailers.

March 30, 2015

Multifamily Texas

M&M Arranges Sale of 100-Unit Apartment Complex in Odessa

by Haisten Willis March 30, 2015

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Village Place, a 100-unit multifamily property located in Odessa. Joe James and Kent Myers of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a Texas-based development company. Village Place is located at 1100 Milburn Ave., within one mile of U.S. Highway 385 and one mile from I-20. The property was built in 1971.

March 30, 2015

Industrial Texas

NAI Partners Arranges Lease of 12.3-Acre Rail Yard in Houston

by Haisten Willis March 30, 2015

HOUSTON — NAI Partners has arranged the sale of a 12.3-acre rail yard in Houston. Clay Pritchett and John Ferruzzo of NAI Partners represented landlord, W&P Development Corp. in the transaction. Swift Transportation was the tenant. The rail yard is located in the San Jacinto River & Rail Park, 18511 Beaumont Highway, in Houston.

March 30, 2015

Market Reports Retail Texas Texas Market Reports

Medical Sector, Eduation Push Economic Development in Tyler

by Haisten Willis March 30, 2015

The commercial real estate market in the Tyler metropolitan area experienced one of its best years in 2014. Led by the retail sector, a number of new leases and sales brought a bevy of businesses to the market. The city of Tyler has a population of around 100,000, while the metro area contains 222,000. Tyler is the retail and medical center of northeast Texas, with a trade area population of 415,000. The city experienced strong population growth of 15.8 percent from 2000 to 2010. The Tyler economy is fueled by the medical sector, which accounts for 20 percent of all employment. Trinity Mother Frances hospital employs 4,000; East Texas Medical Center accounts for over 3,200 jobs; and the University of Texas Health Center at Tyler has total employment of 865. Because of the outstanding medical facilities in the city, patients from a 14-county area come to Tyler for medical care. Another strong driver for the local economy is the existence of higher education opportunities. The University of Texas at Tyler continues its strong growth, boasting a total enrollment of more than 6,400, while Tyler Junior College serves 35,000 students. Both of these schools are expanding. UT Tyler’s engineering school has …

March 30, 2015

Loans Multifamily Texas

KeyBank Provides $22.9M Loan for Apartment Complex in Metro Houston

by Haisten Willis March 27, 2015

CYPRESS, TEXAS — KeyBank Real Estate Capital has secured a $22.9 million Freddie Mac CME loan for Avenues at Cypress, a multifamily apartment complex located in Cypress. The 240-unit, garden-style apartment complex was built in 2014. Chris Black of Key’s Commercial Mortgage Group arranged the financing, which was used to purchase the property from the developer. Stabilized occupancy is projected to be achieved this April.

March 27, 2015

Retail Texas

C1S Group Completes Renovation of Historic Industrial Building in Dallas

by Haisten Willis March 27, 2015

DALLAS — C1S Group, a Dallas-based engineering and construction firm, has restored a historic commercial building in Dallas’ Deep Ellum neighborhood. The property has been renovated to become the Bomb Factory, a new music venue. Clint and Whitney Barlow own the property. Westdale Real Estate Investment and Management is the developer. The venue is designed for live concert audiences from an early 20th century building. Originally an automotive plant and then a munitions factory during World War II, the Bomb Factory can now accommodate as many as 4,300 concert attendees. C1S Group transformed the 50,000-square-foot facility, located on Canton Street near downtown Dallas, by removing and replacing the existing roof structure in order to increase the overall facility height to 38 feet. This provides unobstructed views throughout and also allows for the addition of a mezzanine level for added capacity and to create a VIP area. The building contains a new stage, several bar areas, and artist amenities including including four dressing rooms, on-site laundry and workout facilities. The renovation also includes a new HVAC system as well as a new electrical system. The opening night performance on March 26 featured Dallas native and two-time Grammy winning performer Erykah Badu. …

March 27, 2015

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