LUBBOCK, TEXAS — LEDG Capital, an owner-operator of affordable and workforce housing properties, has completed the $12 million renovation of Southstead, a 244-unit mixed-income community in Lubbock. Built in phases in the 1970s, Southstead comprises 11 two-story buildings and 14 single-story buildings on a 20-acre site. Of the 244 units, 100 are rented at market rates. In addition to upgrading kitchens, bathrooms and HVAC systems, LEDG Capital’s rehabilitation delivered new roofs, painting, pathways, parking areas, a playground and trash enclosures. Merchants Capital financed the project, which lasted 11 months and extends Southstead’s affordability for another 30 years.
HOUSTON — JLL has brokered the sale of Mason Village Shopping Center, a 96,486-square-foot retail center in West Houston. Ethnic grocer La Michoacana anchors the center, and other tenants at the property include Harbor Freight, Freebirds, Jiffy Lube and Jason’s Deli. Ryan West, John Indelli and Clay Anderson of JLL represented the seller, North Carolina-based investment and management firm DNA Partners, in the transaction. Boston-based investment firm Longpoint Realty Partners acquired Mason Village for an undisclosed price.
IRVING, TEXAS — A joint venture between Reserve Street Property Co. and BC2 Capital is underway on construction of a 58,280-square-foot industrial project in Irving. The 4.5-acre site at 1900 Hurd Drive is proximate to Dallas-Fort Worth International Airport. The new building will feature 28-foot clear heights and a one-acre outdoor laydown yard. Riley Maxwell and John Brewer of Transwestern represented the joint venture in its purchase of the land. JLL represented the seller, Hollman Inc. GSR Andrade is the project architect, and Bratjen Construction is the general contractor. Completion is slated for mid-2025.
EL PASO, TEXAS — Healing Realty Trust, a Florida-based REIT focused on healthcare assets, has purchased a 50,000-square-foot medical office building in El Paso for $7.1 million. The four-story building is situated on a 2.2-acre site at 1810 Murchison Drive within the Pill Hill Medical District. According to LoopNet Inc., the property was originally built in 1978 and subsequently renovated in 2020. Tenants include WellMed, Quest Diagnostics, Optum and Universal Health Services. The seller was not disclosed.
By Josh Wheeler, senior vice president of development & acquisitions, Stonemont Financial Group The Dallas-Fort Worth (DFW) metroplex remains at the forefront of industrial growth in the United States. According to CommercialEdge, the market boasts a pipeline of 15.7 million square feet under construction as of June 2024 after several large deliveries were completed in the first half of the year. Following several years of explosive growth caused largely by the rise in e-commerce during the pandemic, the market has cooled due to economic headwinds. Tenants are taking longer to make decisions about their spatial needs. Construction has slowed after almost 18 million square feet of space was delivered in the first half of the year, including Stonemont’s 565,000-square-foot industrial park in Wilmer, just outside the metro area. As a result, vacancy rose to 11 percent in the third quarter of 2024. The market has continued its 14-year-long trend of positive absorption, though 2024’s year-to-date absorption is 6.5 million square feet below last year’s number. However, there is ample reason to remain bullish on DFW and to view the market as well-positioned to maintain its status as one of the country’s leading industrial powerhouses. Trends remain favorable for the market, …
By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of a 769-unit self-storage facility located at the intersection of Bethany Drive and South Greenville Avenue in Allen, a northeastern suburb of Dallas. Extra Space Storage operates the three-story facility, which was built in 2019 and totals 80,421 net rentable square feet of climate-controlled space. Jon Danklefs of Marcus & Millichap represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.
HOUSTON — Constellation Real Estate Partners has acquired 23.3 acres at 11891 N. Houston Rosslyn Road on the city’s northwest side for the development of a 284,960-square-foot industrial project. The development, which will be known as Constellation Rosslyn, will feature 36-foot clear heights and parking for 172 cars and 78 trailers, as well as 1.7 acres for additional trailer parking or outdoor storage. Construction is scheduled to begin before the end of the year and to be complete in the third quarter of 2025.
DALLAS — California-based investment firm Archway Equities has purchased Coronado Apartment Homes, a 264-unit multifamily complex located in the Lakewood area of northeast Dallas. Built on 6.8 acres in 1984, the property comprises 11 three-story buildings that house one- and two-bedroom units. Amenities include a pool, fitness center and a clubhouse. Rob Key, David Austin and William Jennings of JLL represented the undisclosed seller in the transaction. Archway plans to implement a value-add program.
KYLE, TEXAS — GBT Realty Corp., a developer based in metro Nashville, has broken ground on The Shops at The Brick & Mortar District, a 42,000-square-foot shopping in the southern Austin suburb of Kyle. A 23,250-square-foot Sprouts Farmers Market will anchor the center, which will be situated within the 2,200-acre Plum Creek master-planned development. BRR Architecture is designing the grocery store, and MJM Architects is designing the retail shops. Arch-Con is the general contractor. Completion is slated for late next summer.