ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has broken ground on Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Completion is scheduled for 2023.
COPPELL, TEXAS — Lee & Associates has brokered the sale-leaseback of a 165,000-square-foot industrial building located at 585 S. Royal Lane in northern central metroplex city of Coppell. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, Nuveen Real Estate, in the off-market transaction. The seller and tenant was Dexas International, a local manufacturer of kitchen tools and specialty gadgets.
DALLAS — Newmark has negotiated the sale of One Mockingbird Plaza, a 156,104-square-foot office building located near Dallas Love Field Airport. Chris Murphy, Gary Carr, Robert Hill and Chase Tagen of Newmark represented the seller, TXRE Properties, in the transaction. The buyer and additional terms of sale were not disclosed. The newly renovated One Mockingbird Plaza was 94 percent leased at the time of sale.
TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda. Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California. “It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties. However, the continued interest in the multifamily sector in well-located areas throughout Texas has remained strong at this time.” Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the …
AUSTIN, TEXAS — Locally based developer OHT Partners has broken ground on Phase I of a 750-unit multifamily development in South Austin. The first phase of the development, which will be branded Lenox Woods, will total 402 units and is scheduled for a late 2023 completion. The second phase, which will comprise 348 units in a yet-to-be-named community, is slated to be delivered in 2024. The site spans 37 acres and includes a 7.5-acre parcel that will function as parkland. Lenox Woods will feature one- and two-bedroom units and amenities such as two pools, a fitness center, dog park, pickleball courts and a business center. Meeks + Partners is designing the community.
SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.
FORT WORTH, TEXAS — A joint venture between Las Vegas-based investment firm Camino Verde Group and Arizona-based Bakerson has purchased Antigua Village, a 152-unit multifamily property located about six miles east of downtown Fort Worth. Built in 1968, the complex comprises 10 two-story buildings on a 7.3-acre site. Units come in one-, two- and three-bedroom floor plans, and amenities include a business center and a playground. The new ownership plans to make capital improvements and to rebrand the property as Apex Apartments. Global Real Estate Investors (GREA) brokered the sale.
WESLACO, TEXAS — Johnson Controls, a manufacturer and distributor of building products and equipment, will open a 123,000-square-foot industrial facility in the Rio Grande Valley city of Weslaco. The facility, which is scheduled to open late in the fourth quarter, sits on a 2.3-acre site and includes assembly, distribution and office space. The move is expected to add about 100 new jobs to the local economy. The company’s initial investment in Weslaco is approximately $5.5 million.
SAN ANTONIO — Total Quality Logistics, a provider of intermodal freight services, has signed a 17,590-square-foot office lease expansion at Exchange Tech Center in San Antonio. Total Quality Logistics now occupies 42,269 square feet at the building. Bryan Sethney of Cushman & Wakefield represented the tenant in the lease negotiations. Shawn Gulley and Rob Gish represented the landlord, Worth & Associates, on an internal basis.
What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …