STAFFORD, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 40,000-square-foot medical office building located at 4915 S. Main St. in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built on 3.4 acres in 1980. Chris Caudill and Devin Hawkins of Partners represented the seller in the transaction. John Baddour of High Street Net Lease Group represented the buyer.
PLANO, TEXAS — Horizon Oxygen & Medical Equipment has signed a 7,855-square-foot industrial lease in Plano. According to LoopNet Inc., the building at 600 Development Drive was built in 2001 and totals 23,334 square feet. Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Dallas-based Kennington Commercial, in the lease negotiations. Schaefer Amos of Lee & Associates represented the tenant.
AUSTIN, TEXAS — Hoar Construction has broken ground on Icon, a 30-story student housing tower in the West Campus neighborhood by the University of Texas at Austin. The MDL Group is the developer for the project, which is slated for completion in summer 2025. Icon will house 555 beds across 216 units ranging from one- to five-bedroom layouts. Amenities will include a rooftop pool, fitness center, game and lounge rooms, podcast studio and student workspaces. The project will also feature four levels of below-ground parking. Once completed, Icon will be one of the tallest buildings in the surrounding area, according to the general contractor. The project marks the first partnership between Hoar and MDL Group, a New York-based developer, owner and operator of student housing communities. The project team also includes Rhode Partners as architect, DCI Engineers as structural engineer and Blum Engineering as the MEP (mechanical, electrical and plumbing) engineer. The student housing sector is outperforming other real estate verticals during challenging economic conditions, according to the latest national student housing report from Yardi Matrix. Rents increased 7 percent year-over-year in March to an average of $829 per bedroom, a record high. UT Austin has the highest bed count …
AUSTIN, TEXAS — KeyBank Community Development Lending & Investment has provided $82 million in acquisition and rehabilitation financing for Woodway Square Apartments, a 240-unit affordable housing complex in Austin. The 12-building, garden-style complex offers one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, playground and a community room. The borrower is Minnesota-based owner-operator Dominium. The financing includes an $18 million bridge loan to facilitate the purchase, $40 million in construction-to-permanent financing and $24 million in Low-Income Housing Tax Credit (LIHTC) equity.
FORT WORTH, TEXAS — MTU Maintenance Dallas Inc., a provider of aviation repair services and a division of German manufacturer MTU Aero Engines, will open a 430,000-square-foot industrial facility in Fort Worth. The company will relocate from nearby Grapevine to a climate-controlled facility at Perot Field Fort Worth Alliance Airport during the second quarter. Paul Reitz of Reitz Realty Group represented MTU Maintenance in the deal. Hillwood owns the facility, which is approximately 10 times bigger than MTU Maintenance’s current space.
TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and the proceeds refinance $6.8 million in debt on the second property. The names and locations of the properties, as well as the name of the borrower, were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
HOUSTON — Mattress Firm has signed a 55,855-square-foot office headquarters lease in Houston’s Westchase District. The retailer will relocate to Reserve at Westchase, a 194,919-square-foot building, from 10201 S. Main St. Jack Scharnberg, David Baker and Kristen Baker of Transwestern represented the undisclosed landlord in the lease negotiations. Jon Lee and Brett Blanchard of CBRE represented Mattress Firm, which plans to take occupancy of its new space in the fourth quarter.
HOUSTON — Partners Real Estate has negotiated a 54,000-square-foot industrial lease at 10620 Needham Road in East Houston. According to LoopNet Inc., the property was originally built in 1978. Zane Carman and Clay Pritchett of Partners represented the undisclosed landlord in the negotiations for the full-building lease. The representative of the tenant, oilfield services firm Meyer Services Co., was not disclosed.
DALLAS — Northmarq has provided an undisclosed amount of Fannie Mae financing for Oasis Apartments, a 506-unit multifamily community in North Dallas. The seven-year, fixed-rate bridge loan carries a 35-year amortization schedule and takes out existing debt. Oasis Apartments features one-, two- and three-bedroom units, with private balconies/patios available in select residences. Amenities include a pool, fitness center, clubhouse, picnic areas and a playground. James Currell and Kyle Summerford of Northmarq originated the financing on behalf of the borrower, locally based investment firm Willowood Group.
DALLAS — Colliers has negotiated a 393,625-square-foot industrial lease in West Dallas. According to LoopNet Inc., the property at 3700 Pinnacle Point Drive was built in 2001 and spans roughly 1 million square feet. James Min, Brad Balke, Chris Teesdale and Tom Pearson of Colliers represented the tenant, Kumho Tire, in the lease negotiations. Southern California-based investment firm Cohen Asset Management owns the property in partnership with Dallas-based Lincoln Property Co. The deal brings the building to full occupancy.