DALLAS — Stillwater Capital Investments LLC has broken ground on Stillwater Peak Townhomes & Flats, a 180-unit multifamily property in the Uptown neighborhood of Dallas. The community will feature one-bedroom apartments and two- and three-bedroom townhomes, as well as amenities including a clubhouse, fitness center, yoga studio, swimming pool and outdoor kitchen. The first units will be ready for lease in the spring of 2015. The development will be Dallas-based Stillwater Capital Investments’ third to begin construction since 2013. The first two projects were similar urban infill properties in Austin and San Antonio.
Texas
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 91-room Holiday Inn Express & Suites in Fort Worth. Located at 4609 Citylake Blvd., the property is in proximity to attractions including the Kimball art Museum, the Modern Art Museum and the Fort Worth Zoo. The hotel features amenities such as a business center, outdoor heated swimming pool and fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the unnamed seller in the transaction. Gomes procured the buyer, a private investor.
ALVIN, TEXAS — Boyd Commercial/CORFAC International has brokered the sale of a 12,000-square-foot industrial property in the Houston suburb of Alvin. Located on 3.5 acres at 2220 N. Gordon St., the facility is in proximity to the interchange of State Highway 35 and State Highway 6. Conrad Bernard of Boyd Commercial/CORFAC International represented the seller, CDE Real Estate Corp., in the transaction. Jerry Turboff of Prime Capital Corp. represented the buyer, Vanguard Truck Center.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged $7.5 million in refinancing for a portfolio of four retail properties in Houston. The assets include two multi-tenant strip shopping centers and two CVS/pharmacy ground leases. Matt Franke and Ray Driver III of Q10 | KDH negotiated the terms of the fixed-rate, 20-year refinancing on behalf of the property owner. Advantus Capital Management, a life insurance company affiliate lender, provided the refinancing.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
DALLAS — Mercer Co. has arranged a 48,000-square-foot industrial lease near the Design District of Dallas for Precision Delivery Services (PDS), which offers temperature-controlled storage for interior designers and architectural firms, as well as art installation, delivery and pickup services. The warehouse property is located at 1210 Inwood Road. Jeremy Mercer of Mercer Co. represented PDS in the negotiations and also arranged upgrades to the building’s HVAC systems with the unnamed landlord.
DALLAS — Henry S. Miller Brokerage has arranged a 16,000-square-foot industrial lease in Dallas for Lone Star Parade Float Co. Located at 2716 N. Westmoreland Ave., the facility is in proximity to I-30 and the city’s downtown area. Lone Star Parade Float Co., a family-owned business serving the state for more than 25 years, provides store displays and prop rentals in addition to parade floats. Huntley Luna of Henry S. Miller represented the tenant in negotiations with the landlord, Electrip Co. LP.
Amarillo’s market rarely experiences periods of rapid growth or rapid deceleration. The market cycle sustains solid performance. This stability is due to a well-rounded economy that has benefitted from strong commodity prices and job growth. Like many markets around the country, the last couple years have been fairly flat, but we did see some areas of economic strength. Retail sales were much higher in 2013 compared to the lower levels of 2012. The leasing of previously empty big box space, significant centers changing hands and the construction of new projects point to a promising 2014. According to the Amarillo Economic Forecast for 2014 published by Amarillo National Bank, 2013 saw retail sales up 8 percent from the previous year. While such aspects as gains in the stock market have been a factor, a hail storm and the subsequent claims contributed to the increase as well. After a lull, national and regional tenants are making their way back to Amarillo. The leasing of two previously vacant big box spaces are indications of this reality: A 40,000-square-foot space at The Summit Shopping Center was leased by Sears Outlet, and a 33,000-square-foot vacancy at the Shops on Soncy, previously occupied by Circuit City, …
MIDLAND AND ODESSA, TEXAS — Related Real Estate Recovery Fund has acquired a 21-property, 3,000-unit multifamily portfolio in Midland and Odessa. Orion Residential sold the assets, according to the local newspaper Odessa American. New ownership will invest in capital upgrades at the properties and expects to begin renovations within six months. An arm of New York-based Related Cos., Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments and has since invested in markets including Boston, Chicago and New York City.
FARMERS BRANCH, TEXAS — Developer Billingsley Co. will break ground this quarter on a 165,000-square-foot office structure in Farmers Branch for home security system provider Monitronics International Inc. The building, which Monitronics will use as its new headquarters, is the first office project at Billingsley’s Mercer Business Park, a 225-acre development at the northwest corner of I-635 and I-35. Architect Good Fulton & Ferrell designed the three-story facility, which is slated for completion in the summer of 2015. Rick Hughes and Dean Collins of Cushman & Wakefield represented Monitronics in the build-to-suit deal.