KATY, TEXAS — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the western Houston suburb of Katy that is triple-net-leased to Kohl’s. The seller, an undisclosed, institutional development group, is nearing completion of construction of the building, which sits on a 5.2-acre site. The lease term is 12 years. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the undisclosed out-of-state buyer, which acquired the asset via a 1031 exchange.
AUSTIN, TEXAS — CCRM Fertility has signed a 20,000-square-foot office lease at Uplands Corporate Center in southwest Austin. The space spans about half of the third floor of the 124,081-square-foot Uplands II building. Mark Harris and Elizabeth Thompson of JLL represented the tenant in the lease negotiations. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, Drawbridge Realty.
No one in the multifamily sector needs a lecture on the difficulty of financing projects and deals these days. But, when there are challenges in the market, attention to detail and alternative financing can result in a better chance of finding solutions. Considering life insurance companies as viable investors is one example. Insurers often can provide needed liquidity as they search for yield, especially in the multifamily world. Multifamily fell to the same forces that have affected every other commercial real estate (CRE) class. After a buildup of easy money over more than a decade, the zero-interest rate policy in response to the pandemic collapse set asset investment on fire. Prices soared, opportunities were widespread and big leverage was in. “Starting in 2019/2020, you saw a lot of floating-rate bridge money,” says Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop. But as loans came up for refinancing, quick and large Federal Reserve hikes of the benchmark federal funds rate kicked up loan costs everywhere and made penciling a deal difficult, if not impossible. “The rapid rise of interest rates put values in question across the board. That’s exacerbated by how much liquidity there …
GRAND PRAIRIE, TEXAS — Locally based investment firm S2 Capital has acquired Silverbrook, a 642-unit apartment complex located in the central metroplex city of Grand Prairie. According to Apartments.com, Silverbrook offers one-, two- and three-bedroom apartments and amenities such as a pool, business center, fitness center, resident clubhouse, tennis court, volleyball court and outdoor grilling and dining stations. Danny Baker and William Hubbard of CBRE represented the undisclosed seller in the transaction. Harry Krieger, also with CBRE, arranged acquisition financing through an undisclosed lender on behalf of S2 Capital.
WESTLAKE, TEXAS — A joint venture between two Dallas-based companies, NewcrestImage and Dabu Group, has purchased the 294-room Marriott Dallas/Fort Worth Westlake hotel, located north of Fort Worth. The hotel offers amenities such as a concierge level with a private lounge, a fine dining restaurant, Starbucks coffee shop, outdoor pool, business center and approximately 15,000 square feet of meeting and event space. Miles Spencer and Parker Sherrill of Newmark represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program.
SAN ANTONIO — Locally based developer Zachry Hospitality will develop a 200-room hotel within the Hemisfair Park mixed-use development in downtown San Antonio. The hotel will operate under the Curio Collection by Hilton brand and will feature a signature restaurant and bar, café, rooftop bar, underground speakeasy bar, pool with cabanas, spa, fitness center and a public garden. Jay Wagley, Frank Piasta, Bond Foster and Ham Berry of CBRE arranged construction debt on behalf of Zachry Hospitality. Interbank is the senior lender on the construction loan.
FORT WORTH, TEXAS — Simmons Bank has signed a 26,982-square-foot office lease renewal at Overton Centre, a two-building, 417,465-square-foot complex in southwest Fort Worth. The property offers amenities such as a newly renovated lobby, deli and a fitness center. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, an entity doing business as FLDR/TLC Overton Centre LP, in the lease negotiations. Simmons Bank was self-represented.
HOUSTON — Colliers has negotiated the sale of a 5,785-square-foot office building located at 13623 Perry Road in northwest Houston. The single-story building was constructed on 2.6 acres in 2002. Tom Condon Jr. and John Grimsley of Colliers represented the undisclosed seller in the transaction. Kariliz Perez of Stone & Fields represented the buyer, Antelmo Investments, which plans to use the property as a funeral home. Lone Star Bank provided acquisition financing for the deal.
MESQUITE, TEXAS — Locally based investment firm S2 Capital has acquired Falltree, a 126-unit apartment complex located in the eastern Dallas suburb of Mesquite. Falltree offers studio, one- and- two-bedroom apartments and amenities such as a pool, business center, resident clubhouse and outdoor grilling and dining stations. Danny Baker and William Hubbard of CBRE represented the undisclosed seller in the transaction. Harry Krieger, also with CBRE, arranged acquisition financing through an undisclosed lender on behalf of S2 Capital, which plans to implement a value-add program.
ARLINGTON, TEXAS — CBRE has arranged the sale of Cooper Street Plaza, a 91,856-square-foot shopping center in Arlington. The center was 97.5 percent leased at the time of sale. K&G Mens Co. and Office Max are the anchor tenants, and other users include Black Rifle Coffee, UPS, State Farm Insurance and Ninja Sushi. Jared Aubrey and Michael Austry of CBRE represented the seller, an undisclosed Texas-based REIT, in the transaction. The buyer was Vista Property Co.