PLANO, TEXAS — Equity Based Services (EBS) has acquired Advantage Self Storage, a 554-unit, 71,435-square-foot self-storage property located at 3900 McDermott Road in Plano. As part of the transaction, EBS assumed the property's debt, which consists of a non-recourse loan through Bank of America that carries a 5.6 percent fixed interest rate with interest-only payments through 2012 and a 30-year amortization thereafter. It also carries a 72 percent loan-to-value-ratio. Angelo Tomasello of Locke Acquisition Group arranged the transaction. With this most recent purchased, EBS has 64 self-storage facilities in its portfolio and expects to double that number over the next year.
DALLAS — Healthcare Trust of America (HTA) has acquired a long-term acute care hospital in Dallas for approximately $27.35 million. The four-story property totals approximately 52,300 square feet and contains 60 beds. It is currently being leased on a long-term basis by Dallas LPACH LLC, a subsidiary of St. Louis-based RehabCare. The seller is Gulf States Health Services, which developed the property 2 years ago in a partnership with a local physicians group. HTA also recently closed on a portfolio acquisition in Texas. It acquired a three-building medical office portfolio that includes properties located in San Angelo and Corsicana, Texas. The third property is located in Fort Wayne, Ind. The portfolio traded for approximately $20.5 million and was sold by Atlee Development.
COPPELL, TEXAS — Samsung Telecommunications America has signed a lease for 261,025 square feet of industrial space at Point West VII in Coppell. The company plans to use the space for light manufacturing and distribution of its cell phones. The facility will become its largest cell phone distribution facility in the United States. Dave Anderson and Pat O'Keefe of CB Richard Ellis represented Samsung in lease negotiations. The landlord, Duke Realty Corp., was represented in-house by Randy Wood. Point West VII is a 756,577-square-foot industrial building located at 240 Dividend Dr. in Coppell. It features 32-foot minimum clear ceiling heights, 50-foot by 50-foot column spacing, 60-foot staging bays and a 180-foot truck court. Samsung's lease brings it to 83 percent occupancy.
ROSENBERG, TEXAS — The grand opening has been held for the new Kroger Marketplace located within Brazos Town Center in Rosenberg. The 123,000-square-foot grocery store is twice the size of a regular Kroger. In addition to Kroger's usual store sections, the Marketplace contains a general merchandise section containing outdoor living products, electronics, home goods and toys. It also contains a Fred Meyer Jewelers and a home furnishing section featuring Ashley Furniture. Brazos Town Center is a 550-acre, master-planned community that is being developed by NewQuest Properties at the intersection of U.S. Highway 59 and Reading Road. It features 220 acres of retail space, approximately 940 multifamily units and a medical/professional office park.
KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.
DALLAS — Bob Moore Construction has completed a new multi-building complex in Dallas for Around The Clock (ATC) Freightliner Group. The 200,308-square-foot project is situated on more than 24 acres along Interstate 20 at 4200 Port Blvd. It consists of two buildings. Building A is a 183,088-square-foot facility that houses retail space, a service area, parts sales and warehousing, training facilities and administrative offices. Building B totals 17,220 square feet and contains the truck sales department. The site also features extra wide driving lanes, several hundred trucks parking spaces, more than 30 trailer parking spaces and a pet park with 10 kennels for drivers' pets. The project architect was Oklahoma City-based Fitzgerald & Associates.
LEVELLAND, TEXAS — The City of Levelland has broken ground for the construction of a new $8.6 million industrial rail park. The 300-acre development will include 18 lots ranging in size from 2 to 20 acres. All lots will have direct access to the rail line. Four tenants have already expressed interest in the park, including Project Gorilla, Independent Electric, Eco Blue and Tex-Rail Commodities. Completion is scheduled for 2010. The project is being funded by $3.3 million in federal stimulus funds, $1.5 million from the Levelland Economic Development Corp. and $3.8 million in local bonds.
The abundance of completed units delivered to the market has had the biggest effect on the Dallas/Fort Worth multifamily sector. From September 2008 to September 2009, almost 15,000 units were completed in the Metroplex — nearly double the 7,600-unit annual average during the previous 5 years. Occupancy in the Dallas area dropped 0.2 percent to 89.8 percent during the third quarter of 2009, its lowest point since early 2005. However, occupancy for newer product held steady, while occupancy in older product tiers has suffered. The 1990s-era properties were the only product age category to achieve occupancy of more than 90 percent in the quarter, posting 92.4 percent occupancy. During the third quarter, 2000s-era product posted an 89.4 percent occupancy rate, and 1980s-era product posted an 89.8 percent occupancy rate. MPF Research forecasts that occupancy will drop 170 basis points to 88.1 percent in the next 12 months, given the huge stock of new deliveries expected to hit the market. New construction deliveries will also cause rents to drop further while rent concessions are expected to increase. One planned construction project is the redevelopment of the historic Continental Building downtown. The Dallas City Council approved $17 million in tax increment financing …
HOUSTON — A joint venture that includes Behringer Harvard has acquired The Eclipse, a luxury multifamily community located in Houston's Energy Corridor. The property contains 330 units and is located at 1725 Crescent Plaza. Community amenities include a club room, a swimming pool, a business center, a fitness center, a theater and a game room. The joint venture that purchased the property consists of one of Behringer Harvard's investment vehicles, Behringer Harvard Multifamily REIT I, and PGGM Private Real Estate Fund, which is an investment fund for large Dutch pension funds. As part of the transaction, the joint venture paid off the asset's construction loan and took full control over its ownership.
DALLAS — Dallas-based Ashford Hospitality Trust has procured $145 million in non-recourse financing for the refinancing of five of its hotel properties. The portfolio totals 1,460 rooms and includes four Hilton hotels in California, Virginia, Florida and Oregon, and a Hilton hotel located in California. The financing package carries a 6-year term and includes a first mortgage provided by Prudential and a mezzanine loan provided by Wheelock Street. The loan was arranged by Hodges Ward Elliott. Proceeds will be used to retire a $75 million loan maturing next year and a $65.2 million loan maturing in 2011. The loan also provides $4 million for capital improvements to be completed over the next 2 years. Two Hilton-branded hotels located in New York and Michigan that were formerly included in the portfolio are now unencumbered.