TULSA AND CUSHING, OKLA. — Plains Commercial has arranged the sale of three skilled nursing facilities totaling 243 beds in Tulsa and Cushing, Oklahoma. Two of the buildings were built in the 1960s and 1970s and had undergone extensive renovations in recent years. The third was built in 1997. The seller was a locally based seniors housing operator, and the buyer is one of the largest skilled nursing operators in the state. Both parties requested anonymity. Daniel Morris of Plains Commercial handled the transaction.
HOUSTON — Locally based developer MetroNational is underway on construction of a 190,000-square-foot office project at 9753 Katy Freeway in Houston’s Memorial City District. Designed by Kirksey Architecture, the nine-story building marks the latest addition to the 10 million-square-foot mixed-use campus and will be situated adjacent to The McKinley, a newly built high-rise apartment tower. Completion is scheduled for the second quarter of 2023.
CEDAR PARK, TEXAS — Locally based private equity firm Door Capital Partners has purchased a 75-room La Quinta Inn & Suites hotel in Cedar Park, a northern suburb of Austin. Built in 2009, the Wyndham-branded hotel offers a mix of traditional guestrooms and suites, as well as a fitness center, onsite laundry facilities, indoor pool and 625 square feet of meeting and event space. C.W. Sheehan, Matt Ctvrtlik and Hunt Wood of JLL arranged a five-year, fixed-rate acquisition loan through Alliance Bank Central Texas on behalf of Door Capital Partners.
AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …
By Josh Meredith, director of development, VanTrust Real Estate Sharing a 2,000-mile border, Mexico and the United States trade over $500 billion worth of goods and services each year, representing our country’s second-largest trade partnership. Impressively, over 20 percent of this exchange travels through the El Paso, Texas, port of entry, according to the Texas Comptroller of Public Accounts. This movement has deemed the El Paso/Ciudad Juarez (Mexico) region as one of the most important industrial centers in North America for years. Although the El Paso/Juarez market has a history of extensive commercial activity, with more than 1,100 manufacturing operations alone, the region has remained under the radar, experiencing traditional, steady industrial growth for the past decade. However, with undeniable strategic advantages and 300-plus Fortune 1000 companies in the El Paso/Juarez region, the past couple of years have attracted an increasing number of developers looking to capitalize on the market’s industrial and distribution needs. Now, with record net absorption and a remarkably low vacancy rate, the “borderplex” is the market to watch, building a reputation as not only a competitive industrial center, but also as a driver of some of the most important global manufacturing trends. Competitive Edge With more …
Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …
MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.
KATY, TEXAS — Berkadia has arranged the sale of Boardwalk Lofts, a 319-unit apartment community in the western Houston suburb of Katy. Developed by Houston-based Sueba USA in 2021, Boardwalk Lofts offers one-, two- and three-bedroom units ranging in size from 520 to 1,914 square feet. Units feature stainless steel appliances, brushed nickel hardware, granite countertops, wood-style flooring and patios/balconies. Amenities include two pools, an outdoor kitchen with gas grills, business center, fitness center, coffee bar, walking trails and valet trash service. Jeffrey Skipworth, Kyle Whitney, Joey Rippel, Chris Young, Chris Curry and Todd Marix of Berkadia represented Sueba USA in the sale. The buyer and sales price were not disclosed.
PLANO, TEXAS — Texas-based development and investment firm Triten Real Estate Partners has begun the redevelopment of Market Square Mall, a 300,000-square-foot shopping and dining destination located north of Dallas in Plano. The firm originally acquired the 26-acre property, which was built in the mid-1980s, in January 2021. Plans for the redevelopment, which will be branded Assembly Park, currently call for 180,000 square feet of office space, 16,500 square feet of retail and restaurant space and 305 residential units, all of which will surround a central park. Agent Architecture and Michael Hsu Office of Architecture are handling design of the project, with GFF serving as the architect of record and lead designer of the multifamily component. Newmark is leasing the office space. Completion is slated for late 2023.
CHICAGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of four seniors housing communities in Texas, one in each of the four major markets (Dallas, Houston, Austin and San Antonio), for $52 million. The portfolio totals 315 skilled nursing beds and 24 assisted living beds. All facilities were constructed between 2017 and 2018 and feature resort-style amenities with therapy and rehabilitation gyms. The buyer and seller were not disclosed.