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.
SAN ANTONIO — Locally based developer AHV Communities has completed Farm Haus, a 142-unit single-family rental project in northwest San Antonio. The development’s two-story duplexes are available in two-, three- and four-bedroom homes that range in size from 1,134 to 1,645 square feet. Homes also include private garages and fenced yards. Amenities include a pool, fitness center, community kitchen, bocce courts, dog park and walking trails. Rents start at $2,070 per month.
SPRING, TEXAS — California-based brokerage firm Hanley Investment Group has negotiated the sale of Stables Town Center I, a 42,800-square-foot shopping center located in the northern Houston suburb of Spring. Walgreens anchors the center, which was built in 2001 and was 53 percent leased at the time of sale. Kevin Fryman of Hanley Investment Group, in conjunction with ParaSell Inc., represented the undisclosed seller in the deal. Houston-based Wu Properties purchased the asset for an undisclosed price.
PLANO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Jupiter Plaza, an 8,600-square-foot retail strip center located on the northern outskirts of Dallas in Plano. At the time of sale, Jupiter Plaza was fully leased to tenants such as Taqueria Los Angeles, Nancy’s Beauty Salon and Chuck’s Barber Shop. Hudson Lambert of STRIVE represented the California-based seller and procured the Dallas-based buyer in the transaction. Both parties requested anonymity.
SEABROOK, TEXAS — Transwestern Development Co. (TDC) has completed Bayport 146 Distribution Center, a 454,600-square-foot industrial project in Seabrook, about 30 miles southeast of Houston. The site is adjacent to Port Houston’s Bayport Container Terminal. Bayport 146 Distribution Center, which can accommodate a single or multiple tenants, features 36-foot clear heights, 150- to 180-foot truck court aprons and parking for up to 74 trailers. Construction began in April 2022. Transwestern is also marketing the facility for lease on behalf of its developer affiliate.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $17.6 million acquisition loan for a portfolio of four industrial properties in Houston. The portfolio includes a fifth property in Cedar Rapids, Iowa, and the quintet of assets totals 229,775 square feet. Frank Montalto and Dean Giannakopoulos of IPA originated the five-year loan, which was structured with a 65 percent loan-to-value ratio and a 25-year amortization schedule. The names of the borrower and direct lender, a local bank, were not disclosed.
ROUND ROCK, TEXAS — Cushman & Wakefield has brokered the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care community located about 20 miles north of downtown Austin. Completed in 2017 by Franklin Development Co., the property offers memory care and assisted living services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, a partnership between Franklin Park Senior Living and an unnamed institutional investor, in the transaction. The buyer was Inspired Healthcare Capital.