ARLINGTON, TEXAS — The Home Depot (NYSE: HD) has signed a 35,840-square-foot retail lease renewal at Cooper Street Plaza in Arlington. Brent St. Amant of Hartman Income REIT represented the landlord, Houston-based Silver Star Properties REIT, in the lease negotiations. Home Depot was self-represented. Other tenants at the center include UPS, Mattress Firm, OfficeMax, Black Rifle Coffee Co. and State Farm Insurance.
IRVING AND GRAPEVINE, TEXAS — New York City-based Dwight Capital has provided three loans totaling $155 million for the refinancing of a portfolio of three multifamily properties totaling 1,081 units in the Dallas-Fort Worth (DFW) metroplex. The borrower was Texas-based Paramount Investment Corp. Resort at 925 Main totals 251 units and is located in Grapevine, which is situated on the periphery of Dallas-Fort Worth International Airport. The property comprises two three-story buildings and one four-story building on a five-acre site. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, clubhouse, fitness center, dog park and outdoor grilling and dining areas. The other two properties — Jefferson Ridge and Resort at Jefferson Park — total 830 units and are located in the central metroplex city of Irving. The sites of these communities, which are situated along either side of Thomas Jefferson Park, span a combined 34 acres. Both properties offer one- and two-bedroom units, as well as pools, clubhouses and fitness centers. Specific terms of the loans, which were originated through HUD’s 223(f) program, were not disclosed. Each of the properties is in the process of achieving National Green Building Standard (NGBS) certification status, which …
GEORGETOWN, TEXAS — Freehill Development Co. is underway on construction of 1300 Westinghouse, a 176,546-square-foot industrial project that will be located in the northern Austin suburb of Georgetown. The development will consist of four buildings that will range in size from 18,675 to 54,457 square feet and will feature 18- to 28-foot clear heights and 290 car parking spaces. Studio8 Architects designed the project, and Owrey Construction is serving as the general contractor. Completion is slated for July.
LAWTON, OKLA. — NAS Investment Solutions, a Los Angeles-based investment firm, has purchased Willowpark Apartments, a 160-unit multifamily complex located on the southwestern outskirts of Oklahoma City. According to Apartments.com, Willowpark Apartments was built in 1985 and offers amenities such as a pool, fitness center and onsite laundry facilities. The property consists of 10 two-story buildings on a 6.4 acre site. Units have an average size of 603 square feet. The seller and sales price were not disclosed.
COPPELL, TEXAS — Lightbeam Health Solutions, a provider of software for the healthcare industry, has signed a 33,000-square-foot office lease at Cypress Waters in Coppell, located north of DFW International Airport. Cribb Altman, Jon McNeil and Harrison Burt of JLL represented the tenant, which is increasing its local footprint by 50 percent, in the lease negotiations. Marijke Lantz Flowers internally represented the landlord, Billingsley Co.
MAGNOLIA, TEXAS — Northmarq has brokered the 1031 exchange sale of a 16,700-square-foot healthcare property in Magnolia, about 45 miles northwest of Houston. Built on 7.6 acres in 2012, the property was fully leased at the time of sale to tenants such as Hillwood Family Dental Group, Simple Traditions Family Health, Hanigan & Johnson Orthodontics and Endodontics of Houston. Riley Sharman of Northmarq brokered the deal.
KATY, TEXAS — Poag Development Group has welcomed four new tenants to LaCenterra at Cinco Ranch, a shopping center located in the western Houston suburb of Katy. Restaurants The Crack Shack and Nando’s will lease 4,065 and 2,754 square feet, respectively. One Medical, a primary care practice, will occupy 3,843 square feet, and eyewear brand Warby Parker has committed to 2,364 square feet The openings are slated for the summer.
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Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure
— By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …
LANCASTER, TEXAS — BlueTriton Brands Inc., a Connecticut-based beverage provider, has signed a 603,328-square-foot, full-building industrial lease at 2900 West Drive in Lancaster, a southern suburb of Dallas. According to LoopNet Inc., the property was built on 41.6 acres in 2021 and features 40-foot clear heights. Canon Shoults, John Gorman and Mitch Cantwell of Holt Lunsford Commercial represented the landlord, Boston-based AEW Capital Management, in the lease negotiations. Caleb McCoy of JLL represented the tenant.
HOUSTON — Atlanta-based developer Wood Partners has broken ground on Alta Sunset Heights, a 378-unit multifamily project in North Houston. Units will come in one- and two-bedroom formats and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, outdoor kitchen and a dog park. German private equity firm EuroInvestor contributed an undisclosed amount of equity to finance the project. Preleasing will begin in December, with full completion slated for early 2024.