CIBOLO, TEXAS — Blakeley Commercial Real Estate (BCRE) has brokered the sale of 23.9 acres in Cibolo, a northeastern suburb of San Antonio, to Walmart. The buyer plans to construct a new 189,000-square-foot Walmart Supercenter on the land. The project will break ground in the next few weeks. Lynn Blakeley of BCRE represented the undisclosed seller in the transaction.
Texas
HOUSTON — National apartment developer and operator Mill Creek Residential plans to break ground on Premier Medical Center, a 265-unit multifamily property within the Texas Medical Center (TMC) complex, in the next month. The studio, one- and two-bedroom apartments will be built around a concrete parking garage and offer easy access to the MD Anderson Cancer Center and the 51 other medical, academic and research institutions within the TMC, which employ more than 92,000 people. The first move-ins at Premier are expected in April 2015. Mill Creek Residential currently has two other multifamily communities under construction in Houston, Sola Uptown River Oaks and Astor Tanglewood.
ARLINGTON, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 60,812 square feet of industrial space in Arlington for Masco Corp., a manufacturer of household products such as cabinetry, windows and faucets. The warehouse property is located at 841 N. Great Southwest Parkway, approximately 15 miles west of downtown Dallas. Nathan Denton of Lee & Associates represented the tenant in the negotiations, while landlord Prologis was represented internally by Cody Riles.
The North Texas industrial real estate market is hot, both in terms of development and leasing. The Dallas/Fort Worth Metroplex has seen a reduction in vacancy rates to just under 8 percent (which is an historic low), approximately 3.55 million square feet of positive net absorption and 6.4 million square feet of industrial space under construction as of the end of the second quarter of 2013. Add to these encouraging numbers the Bureau of Economic Analysis’ estimates of annualized U.S. GDP growth of approximately 2.4 percent for 2013, and the outlook is even sunnier. According to the Census Bureau, Dallas/Fort Worth is the largest metropolitan statistical area in Texas and fourth largest in the U.S. Demographics remain strong regarding a skilled labor pool and explosive population growth in the coming years, and at an unemployment rate of 6 percent, the Dallas/Fort Worth Metroplex is below both the U.S. and Texas average unemployment rate. Such statistics have Dallas/Fort Worth poised to continue to be an attractive location for industrial users and tenants. E-tailing is Here to Stay One key macroeconomic trend affecting industrial real estate in the Dallas/Fort Worth market — as well as that of the nation — is the …
CORPUS CHRISTI, TEXAS — Colliers International has brokered the sale of the Bank of America Tower, a 350,000-square-foot office property in the central business district of Corpus Christi. The 12-story, Class A building is located at 500 N. Shoreline Blvd. Features include a two-story atrium and detached parking garage. David Carter and Martin O’Malley of Colliers represented the seller, Lake Street Corpus Christi Holdings Inc., in the transaction.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for The Place at Greenway, a Houston multifamily complex totaling 219 units. The firm was able to structure the 10-year, fixed-rate financing and close the transaction in just 19 days. The property features amenities including a pool, clubhouse, fitness center and reserved covered parking. Greystone’s Robert Russell originated the loan for co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 167,961-square-foot grocery-anchored shopping center in Fort Worth. The property, located at 3510 Altamesa Blvd., was 98 percent leased at the time of the sale. Kroger headlines a list of tenants that also includes Church’s Chicken, GameStop, LA Fitness, Office Depot, Sally’s Beauty Supply and Subway. The grocer recently added a gas station to its site. Jay Vitorino of Marcus & Millichap’s Dallas office represented the seller, a Dallas-based developer, in the transaction. Ray Turchi and Christopher Travis of the firm’s Orlando office represented the buyer, an international company.
CORPUS CHRISTI, TEXAS — Beech Street Capital LLC has arranged a $6.8 million Fannie Mae loan for the acquisition of Peachtree Apartments, a 232-unit multifamily property in Corpus Christi. The 10-year, fixed-rate loan includes one year of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. The borrower plans capital improvements for the property, which currently features amenities such as two swimming pools, basketball court, tennis court, clubhouse and laundry facilities. Larry Sneathern of Beech Street’s Dallas office originated the financing.
HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.
GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.