GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 26,126-square-foot industrial lease in Garland, a northeastern suburb of Dallas. The property at 3760 Miller Park Drive totals 40,958 square feet and features three dock doors and one drive-in ramp. Travis McEldowney and Jack Gaffney of Finial Group represented the landlord, New Jersey-based investment firm Faropoint, in the lease negotiations. Sam Bridges and John Briggs of RHA commercial represented the tenant, BKS Industrial Coating.
FORT WORTH, TEXAS — Disaster recovery and property restoration firm Belfor USA Group has signed a 14,385-square-foot lease renewal at RiverPark Business Center, an industrial flex property in Fort Worth. Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as SCG River Park Business LP, in the lease negotiations. Caleb McCoy of JLL represented the tenant.
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Investors Drawn to Single-Family Rentals During Tough Economic Times
By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …
MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. has broken ground on an 802-unit self-storage facility in the Rio Grande Valley city of McAllen. Designed by Alamo Architects and built by Independent Contractors Inc., SharyBak Storage will be a three-story building that will sit on two acres at 4901 E. Expressway 83. Frost Bank provided construction financing for the project, which is slated for a first-quarter 2024 completion. The development follows the partnership’s start of construction on a 781-unit self-storage facility in McAllen earlier this year.
EL PASO, TEXAS — New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter.
NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $7.3 million Freddie Mac loan for the refinancing of Stone Creek Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center and a business center. The sponsor was New Jersey-based Ambo Properties. Stone Creek was 93 percent occupied at the time of the loan closing.
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of a 108-unit Fairfield Inn & Suites hotel in the Central Texas city of San Marcos. The property was built on 2.8 acres in 2015 and features a pool, fitness center, meeting space and a convenience mart. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
FRISCO, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Parsons House Frisco, a 64-unit assisted living and memory care community located on the northern outskirts of Dallas. The community spans 53,651 square feet on a 4.1-acre site. A regional owner-operator sold the asset to a family office located in the Western part of the country for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB brokered the deal.
By Taylor Williams From small-scale refreshes of neighborhood shopping centers to massive conversions of regional malls, retail redevelopment has become a budding business as seismic forces like e-commerce and COVID-19 have fundamentally altered the ways in which Americans shop, dine and seek entertainment. Yet empirical and anecdotal evidence shows that people still love to frequent brick-and-mortar stores, restaurants and entertainment centers. According to data from Transwestern, at the end of the third quarter, Dallas-Fort Worth, Houston, Austin and San Antonio all had marketwide retail vacancy rates under 6 percent. Year-over-year vacancy contracted by anywhere from 80 to 130 basis points across the four major markets, all of which also experienced positive net absorption in the third quarter. While these Texas-specific numbers reflect a steady, sustained rebound for brick-and-mortar retail in the post-COVID era, preliminary data on holiday shopping indicates that e-commerce’s foothold on the market is getting stronger. According to Adobe Analytics, online sales during Black Friday topped $9.1 billion, a 2.3 percent increase over 2021. While that number should be judged against the fact that this year, the public health risk of shopping in physical stores was substantially reduced, it also represents a 21.7 percent increase over pre-pandemic online …
FRISCO, TEXAS — HALL Group has topped out three new buildings at HALL Park, the locally based developer’s 162-acre mixed-use development in Frisco that for years functioned as a Class A office campus. As part of Phase I of a larger $7 billion redevelopment, HALL Group has now completed vertical construction on a new, 16-story office building, as well as a 224-room boutique hotel and a 19-story multifamily tower. Designed by HKS Architects, the office building spans 410,000 square feet and offers a corporate lounge, fitness center, meeting spaces and a seven-level parking garage. Merriman Anderson Architects designed the hotel, which features 60 suites, 14,000 square feet of meeting and event space and a chef-driven restaurant and lounge. WDG Architects led the design of the multifamily building, which totals 214 units and includes 10,000 square feet of ground-floor space that will house a food hall with 10 different vendors.