DALLAS — Wood Partners has broken ground on Alta Maple Station, a $36.3 million, 249-unit apartment community in downtown Dallas. The property, located at 5522 Maple Ave., allows for easy access to the Dallas Area Rapid Transit system and major area employers Parkland Hospital, University of Texas Southwestern and Southwest Airlines. Amenities such as a resort-style pool, fitness center and media lounge will be included in the complex. Leasing is scheduled to begin in late 2014, and construction is slated for completion in early 2015. Wood Partners is acting as both developer and general contractor on the project. Good, Fulton & Farrell Architects is serving as the architect.
Texas
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of a 15,908-square-foot office building in Pasadena, approximately 14 miles southeast of downtown Houston. The building, located at 2702-2706 Cherrybrook Lane and previously occupied by the State of Texas, had a list price of $1.3 million. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company, and also secured the buyer, a Rio Grande Valley-based limited liability company.
DALLAS — Panther FW Investments LLC has sold Arbor Vista, a 196-unit Class B multifamily property in Dallas, to an out-of-state buyer. The community, located at 9850 Whitehurst Drive, offers studio, one-, two- and three-bedroom floor plans plus amenities such as commercial-grade playgrounds, barbecue and picnic areas and a clothes care center. After purchasing the asset in 2010, Fort Worth-based Panther held the complex for approximately 30 months.
HOUSTON — NAI Houston has arranged the lease of 30,757 square feet of warehouse space in Houston’s Northwest Industrial submarket for Sunny Sky Products LLC. Located at 1234 Silber Road, the facility is in close proximity to Interstate 10/Katy Freeway. John Ferruzzo of NAI represented the tenant — which provides a number of dispensed beverage products to convenience stores, restaurants, supermarkets and other clients — in the negotiations. Edward Bane, also of NAI, represented the landlord, Quasar Silber LTD.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 45,346-square-foot property net-leased by Sonic Restaurants Inc. in Fort Worth. Situated at 8661 North Beach St., the location benefits from daily traffic counts in excess of 26,630 vehicles per day. Sonic has more than eight years remaining on the lease and multiple five-year extension options. Vincent Knipp of Marcus & Millichap’s Fort Worth office represented the seller, a partnership. Alex Bouchard and Gus Lagos, of Marcus & Millichap’s Houston office, secured the buyer, also a partnership.
DALLAS AND MESQUITE, TEXAS — Centerline Capital Group has arranged $19.3 million in refinancing for two Dallas-area Fannie Mae multifamily properties. The borrower, a Texas limited liability company managed by Gage Investments Ltd., is the same on both loans. Spanish Court Apartments, a 373-unit garden-style community in the western suburb of Mesquite, will receive a 10-year, $10.3 million in funding on a term amortized over 30 years. Spanish Village Apartments, a facility consisting of 22 residential buildings in Dallas, will receive $9 million in funding on the same terms. Centerline Capital is a subsidiary of New York-based Centerline Holding Co.
HOUSTON — NAI Houston has arranged the lease of 31,250 square feet of industrial space in Houston for Benthic USA LLC, a provider of offshore marine geotechnical investigation, analysis and design. The property, a warehouse/distribution facility, is part of Hammerly Business Park, which is located at 1805 Brittmoore Road in the northwest submarket. Chris Kugle of NAI represented Benthic in the negotiations. Charlie Christ of Clay Development represented the landlord, the name of which was not disclosed.
SCHERTZ, TEXAS — PinPoint Commercial LP and Thrive Senior Living LLC have broken ground on a new seniors housing property, The Legacy at Forest Ridge Assisted Living and Memory Care Facility, in the northeast San Antonio suburb of Schertz. The community, located near I-35 North and Schertz Parkway, will consist of up to 112 assisted living beds and 28 memory care beds and incorporate cutting-edge technologies such as remote radio-frequency identification for resident location monitoring. Construction is slated for completion in mid-2014.
On account of the diverse local economy and a tech employment base in high demand by global firms, the Austin industrial market has realized a recovery that should sustain continued rent growth with a healthier inventory delivery schedule over the next 24 to 36 months. Austin has added nearly 105,000 jobs during the economic recovery through May 2013, bringing total employment 9 percent above its previous peak in late 2008. The unemployment rate, at only 5.4 percent in May, is more than 200 basis points below the national average of 7.6 percent. The broad tech sector expansion, including new facilities underway for Apple and Samsung, and the strong housing market are driving robust growth in construction employment, while all three areas represent key supports for industrial tenant demand. On the heels of record net absorption in 2012 of 2.1 million square feet — an annual total not experienced in more than 15 years — industrial vacancy in Austin has fallen to 12.5 percent, a low not seen since the market’s peak in 2007. An important differentiating factor for the market today versus the 2007/2008 cycle is the limited amount of construction. When vacancy rates fell to 11 to 12 percent …
CONROE, TEXAS — Jones Lang LaSalle (JLL) has brokered the sale of Montgomery Plaza, a shopping center totaling 304,867 square feet in Conroe, approximately 40 miles north of Houston. Academy Sports & Outdoors, Big Lots, Conn’s Appliances and Petco are among the tenants of the property, which was 95 percent leased at the time of the transaction. George Cushing and Wendy Vandeventer of JLL represented the seller, Weingarten Realty. American National Insurance Co. purchased the asset.