Texas

Trademark Acquires 470,000 SF Shopping Center in Arlington, Plans $150M Redevelopment

by Taylor Williams November 3, 2022

ARLINGTON, TEXAS — Fort Worth-based investment firm Trademark Property Co. has acquired Lincoln Square, a 470,000-square-foot regional shopping center in Arlington, with plans to redevelop the 45-acre site into a mixed-use destination with office and multifamily components. To that end, Trademark has entered into a 30-year public-private partnership agreement with the City of Arlington to invest $150 million into the property over the next six years, with the city committing $14.2 million under the terms of the agreement. Current tenants at Lincoln Square include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. The seller and sales price were not disclosed. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Beth Lambert, also with Cushman & Wakefield, arranged acquisition financing on behalf of Trademark Property Co.

November 3, 2022

Acquisitions Development Multifamily Texas

Bill Foose Co. Negotiates Sale of 7.4-Acre Multifamily Development Site in Garland, Texas

by Taylor Williams November 3, 2022

GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.

November 3, 2022

Development Multifamily Student Housing Texas

Partnership Completes 59-Unit Student Housing Project in Fort Worth

by Taylor Williams November 3, 2022

FORT WORTH, TEXAS — A partnership between two Dallas-area firms, Miyama USA Texas and Dodson Commercial Real Estate, has completed The Rosedale, a 59-unit student housing project that will serve students at Texas Wesleyan University in Fort Worth. The three-story building will house one- and two-bedroom units with a total 100 beds and amenities such as a lounge, fitness center, conference room, rooftop patio and a study lab.

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 212-Unit Apartment Complex in San Antonio

by Taylor Williams November 2, 2022

SAN ANTONIO — Dallas-based investment and development firm Westmount Realty Capital has sold a 212-unit apartment complex located on the north side of San Antonio. Westmount at Cape Cod was originally built in 1984 and features one- and two-bedroom units with an average size of 687 square feet. Amenities include a pool, fitness center, outdoor kitchen and walking trails. Westmount acquired the property in 2016 and implemented a value-add program. The buyer and sales price were not disclosed.

November 2, 2022

Development Office Texas

Hoar Construction Breaks Ground on 167,141 SF Office Project in West Houston

by Taylor Williams November 2, 2022

HOUSTON — Hoar Construction, a general contractor with nine offices across the country, has broken ground on Town Centre II, a 167,141-square-foot office project in West Houston. Designed by Kirksey Architecture and developed by Moody Rambin, the eight-story building will be located within the Town Centre complex and will house a 220-seat conference room. Construction of the project, which also includes a 1,390-space parking garage, is slated for a September 2023 completion.

November 2, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 64,000 SF Office Building in Farmers Branch, Texas

by Taylor Williams November 2, 2022

FARMERS BRANCH, TEXAS — Colliers has brokered the sale of Valley View Centre, a 64,000-square-foot office building located in the northern Dallas suburb of Farmers Branch. The four-story building was 84 percent leased at the time of sale. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an undisclosed 1031 exchange investor that acquired the asset in an all-cash deal.

November 2, 2022

Acquisitions Industrial Texas

Partners Arranges Sale of 50,000 SF Industrial Property in North Houston

by Taylor Williams November 2, 2022

HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.

November 2, 2022

Market Reports Texas Texas Market Reports

A Buyer’s Legal Guide to Purchasing Real Commercial Property in Texas

by Taylor Williams November 2, 2022

By Ryan Sullivan, partner, attorney, Kruger Carson PLLC Over the last few years, record numbers of businesses have relocated to Texas to take advantage of the strong economy, including a red-hot commercial real estate market. Whether a party intends to acquire or lease real property, he or she must be aware of several customs and laws that make Texas real estate transactions different from those in other parts of the country. Below is a high-level survey of some of these issues. Independent Consideration Purchasers of real property in Texas will want to ensure that their purchase agreements include payments of sums that they cannot recoup even if they terminate during their “free look” period. Otherwise, Texas courts have taken the position that purchase agreements are not enforceable against sellers until some portion of the earnest money has become nonrefundable. Deceptive Trade Practices The Deceptive Trade Practice/Consumer Protection Act (DTPA) is intended to protect consumers against unconscionable business practices or unequal bargaining power. The DTPA does not apply to many commercial transactions, but because of the high potential for liability, a carefully drafted waiver should be included in most purchase agreements and leases as a matter of best practice. Closing Costs …

November 2, 2022

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