EDMOND, OKLA. — Steadfast Income REIT has acquired the 252-unit Spring Creek of Edmond, a multifamily community located at 777 E. 15th St. in Edmond, for $19.35 million. The property has recently undergone a $5.4 million renovation that replaced roofs and windows, added granite countertops, installed new kitchen and bath cabinetry and placed new vinyl wood flooring. The community is Steadfast's 11th acquisition but the first in Oklahoma.
GRAND PRAIRIE — Dry Force has purchased a 65,000-square-foot office/warehouse property, located at 1829 W. Shady Grove in Grand Prairie, which will serve as the company's new headquarters. The 4-building property features 34,000 square feet of office space and 31,000 square feet of warehouse space. The new headquarters will host approximately 50 employees. Pete Richardson and Drew Richardson from Cushman & Wakefield of Texas' Dallas office represented the buyer in the transaction.
DALLAS — Dallas-based Metropolitan Capital Advisors (MCA) has secured a $19.5 million permanent financing package with a CMBS lender to refinance the Sunwest Portfolio. The portfolio consists of 25 retail properties in eight states. Twenty of the properties are owned fee-simple and the rest have ground leases. Dallas-based Rainier Capital Management is the loan's sponsor and Dallas-based Emersons Commercial Management manages the properties. Sunny Sajnani of MCA arranged the loan with a 10-year fixed interest rate. The amortization schedule for the fee-simple properties are 30 years, while the ground lease properties have shorter amortization periods.
DALLAS — Dallas-based Hudson Peters Commercial has been awarded the leasing assignment for the 145,365-square-foot Pyramids Office Tower, a Class A office building located at 9201 N. Central Expy. in Dallas. Sanober Syed and Cincha Ko stman of Hudson Peters Commercial are performing the marketing and leasing duties for the property. The office tower is owned and managed by Healthcare Realty.
HOUSTON — Dallas-based Spire Realty Group has acquired the 342,000-square-foot 1177 West Loop South, an 18-story office tower located in Houston's Galleria submarket. The Class A property is 96 percent leased to tenants including Cornerstone Mortgage Co., Brown Sims and Heritage Texas Properties. The seller was URDANG, a partnership sponsored by Houston-based Griffin Partners.
COPPELL — Archway SCM has leased 90,118 square feet of office/warehouse space, located in KTR's Freeport Crossing Project at 777 Freeport Pkwy. in Coppell. John Lancaster and Rick Medinis of Dallas-based NAI Robert Lynn represented the tenant in the lease transaction. J. Denton Shamburger of Lincoln Property Co.'s Atlanta office represented the landlord.
AUSTIN — The 477,102-square-foot Capital Plaza, a regional shopping center located at 400 N. Interstate 35 and Highway 290 in Austin, has recently added three national tenants to its merchant roster. Shepler's Western Wear has leased 25,269 square feet, Champs Sports leased 5,937 square feet and Anna's Linens leased 13,600 square feet. Michele Gary and Terri Twomey of The Weitzman Group's Austin office represented the shopping center in all three lease transactions. Daren Nix of Edge Realty Partners' Austin office represented Shepler's, Charlie Quisenberry of Austin-based Steve T. Matthews Co. represented Champs and Russ Howard The Weitzman Group's Austin Office, along with Marc Marrocco of the firm's Dallas/Fort Worth office, represented Anna's Linens. Other tenants in the shopping center include Target, Ross Dress for Less, Fallas Paredes, Melrose, Walgreens, Mattress Firm and Chase Bank.
HOUSTON — Birmingham, Mich.-based Bloomfield Capital has funded a $5 million senior bridge loan, which is collateralized by a 300-unit multifamily complex. The borrower used the loan to acquire the REO property.
IRVING — NorthMarq Capital has secured first mortgage refinancing for the 390-unit Woodland Ridge Apartments, located at 3725 W. Northgate Drive in Irving. Greg Duvall of NorthMarq's Kansas City, Mo., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
The land market in Austin, like the rest of the country, is driven by future expectations throughout the real estate product types from new home construction and apartments to office, retail and industrial development. Therefore, the same underlying fundamentals driving demand for new construction will also drive the demand for land development. Fortunately, Austin, like much of Texas, continues to outperform the nation economically. While the recovery has been sluggish elsewhere, Austin continues to gain economic momentum. Most metro areas throughout the country have yet to recover the employment losses sustained through the Great Recession. Austin with a net job growth of 16,300 in 2011 has now surpassed its pre-recession employment peak of 770,000 in August 2008. Current estimated employment is more than 787,000, according to the Bureau of Labor Statistics. Austin remains attractive to a variety of employers because of its educational infrastructure, young educated workforce, IT infrastructure and concentration of technology industries. While not the lowest cost of living or the lowest cost of doing business it is far and away more affordable than other tech centers such as San Jose, California, Boston and northern Virginia. Consistently ranked high by top economic development, relocation and business consultants, Austin …
