Having been at the same desk and phone for 37 years, I can definitively proclaim that the activity has reached a level in Waco and Central Texas that has never been experienced before. Blessed with a diverse economic base and stable market growth, the greater Waco real estate market weathered the storm of the last few years rather well with the addition of jobs and capital investment throughout the recession and sluggish economic recovery. The metro is one of only 34 of the 372 MSAs in the U.S. that has now exceeded its pre-downturn employment levels, and the city saw 20 consecutive months of economic growth in 2012 and 2013. Capital investment in the past five years has totaled nearly $1.8 billion, including corporate, university, health care and public investments. There’s considerable excitement for several reasons, one of which is a resurgence of the Interstate 35 corridor. With the rise in popularity and awareness of Baylor University, especially its sports, activity has picked up on I-35 near the school, including demo and new construction at a fever pitch. What’s more, the new stadium serves as representation of the excitement and new development. Industrial Landscape Since 2010, the majority of industrial …
Texas
AUSTIN, TEXAS — Embrey Partners has opened Escape at Four Points, a 344-unit multifamily property in west Austin. The garden-style community includes one- to three-bedroom apartments ranging from 700 to 1,355 square feet, as well as a swimming pool, fitness center, resident lounge, coffee bar and game room. Located at 11210 FM 2222, the Class A complex is in proximity to Lake Travis. Embrey Partners, along with equity partners Case Pomeroy Properties and Six Pines Realty LLC, developed the property. Frost Bank provided financing for the project. Embrey Management Services manages the complex.
FORT WORTH, TEXAS — Trademark Property Co. will expand its WestBend mixed-use development in Fort Worth with a new 81,150-square-foot building. The facility will include 23,500 square feet of retail space pre-leased to Fresh Market, and 57,650 square feet of Class A office space. Trademark has demolished the existing parking garage on the site, which is located on the southeast corner of WestBend, and will begin construction of the new structure this summer. Completion is slated for 2015, with Fresh Market opening shortly afterwards. Trademark also announced the lease of 3,950 square feet elsewhere within the WestBend development to Grimaldi’s Pizzeria.
COMFORT, TEXAS — Dougherty Mortgage LLC has arranged a $2.6 million loan for the refinancing of Guadalupe Crossing, a 68-unit multifamily property in Comfort, a city about 45 miles northwest of San Antonio. The loan includes a term of 10 years. Located at 580 Sunflower Lane, the community offers one- to three-bedroom apartments, as well as amenities such as a swimming pool, clubhouse, fitness center and laundry facility. The Dallas office of Dougherty Mortgage secured the loan on behalf of the borrower, Comfort Guadalupe Crossing Apartments LP.
OKLAHOMA CITY — Quantum Real Estate Advisors Inc. has brokered the $1.4 million sale of an 8,000-square-foot retail facility occupied by Family Dollar in Oklahoma City. The tenant had a full 10 years remaining on an initial 10-year net lease at the time of sale. Jordan Kaufman of Quantum represented the seller, a Houston-based developer, in the transaction. Chad Firsel, also of Quantum, represented the buyer, a California-based private investment fund.
PLANO, TEXAS — Bright Realty has arranged a 26,988-square-foot office lease in Plano for banking services provider HP Locate LLC. The tenant will occupy an entire floor at the Lincoln Legacy One building, which is located at 6860 N. Dallas Parkway within the larger Legacy Town Center complex. Completed in 2006, Lincoln Legacy One totals 207,834 rentable square feet. Shawn Hall of Bright Realty represented HP Locate in the negotiations.
HOUSTON — HFF has arranged the sale of Westchase Creek, a 456-unit multifamily property in Houston’s Westchase District. HFF also secured a fixed-rate, Freddie Mac acquisition loan that includes a term of five years. Located at 3000 Woodland Park Drive, the community offers studio, one- and two-bedroom apartments, as well as amenities including a swimming pool, hot tub, fitness center and clubhouse. The property, which was 93.4 percent leased at the time of the sale, underwent renovations just over two years ago. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF marketed the asset on behalf of the seller, Allen Harrison Co. Cortney Cole and Will Crawley, also of HFF, represented the buyer, an affiliate of Harbor Group International LLC, in securing the acquisition debt.
NACOGDOCHES, TEXAS — PRIME Multifamily Investors LLC has partnered with Presidium Group LLC to acquire a 132-bed student housing complex serving Stephen F. Austin University in Nacogdoches. The community, which will be rebranded as Social House, features amenities including a swimming pool, clubhouse, volleyball court and picnic area. Texas-based PRIME Multifamily Investors plans $700,000 in capital improvements to the property, including upgrades to flooring, plumbing, lighting and appliances, as well as building exteriors and common areas. Presidium Group sourced the equity for the acquisition.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Hillside Place, an 81-unit multifamily property in Austin. Constructed in 1973, the garden-style community offers studio, one- and two-bedroom apartments, as well as a swimming pool and picnic area with charcoal barbecue pits. Located at 4821 and 4823 E. Riverside Drive, the complex is in proximity to the central business district, the University of Texas and Lady Bird Lake. Forrest Bass and George Deuillet III of Hendricks-Berkadia marketed the asset on behalf of the seller, locally based 4823 E Riverside Drive LLC. San Francisco-based 4821 East Riverside Drive LLC bought the property.
McKINNEY, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 59,416-square-foot building in the Dallas/Fort Worth suburb of McKinney. Children’s Lighthouse Learning Centers acquired the facility, and franchisee Emily Fernando will operate the facility under the Children’s Lighthouse brand. Fernando now operates four Children’s Lighthouse educational child care centers in North Texas. The property is located at the intersection of Stacy and Alma roads, in proximity to a new Megatel Homes single-family home development. Grant Brodeur of Henry S. Miller Brokerage represented the buyer in the transaction. Marty Neilon of CBRE represented the seller, McKinney 18 LP.