BURLESON, TEXAS — A partnership between operator Arcadia Cold Storage & Logistics and developer Saxum Real Estate has begun construction a 295,245-square-foot cold storage facility in Burleson, a southern suburb of Fort Worth. The facility will be developed on speculative basis and will feature roughly 43,000 pallet positions and spaces for distribution of both frozen and refrigerated product. Primus Builders is the general contractor for the project. Completion is slated for the second quarter of 2023.
WALLER, TEXAS — NAI Partners has brokered the sale of a 213-acre residential development site located at the corner of Field Store and Knebel roads in Waller, located northwest of Houston. Alex Makris and Jeff Pittman of NAI Partners represented the seller, Robert R Surratt LLC, in the transaction. The buyer was Phoenix-based Inspire Communities. Specific details about product type and construction timelines were not disclosed.
FORNEY, TEXAS — A partnership between Dallas-based developers Gault Co. and RTG Capital LLC has acquired a 200,000-square-foot, multi-tenant industrial facility located in the eastern Dallas suburb of Forney. David English, Grant English and Jeanie Gillock of RidgePoint Commercial Real Estate represented the partnership in the transaction. Additional terms of sale, including the name of the seller, were not disclosed.
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Walker & Dunlop: Spring Multifamily Market Contends with Inflation, Housing Bubble Fears
By Walker & Dunlop’s Research Department Inflation and a New Era of Monetary Tightening Amid 40-year high inflation rates, home prices that have surged by over 40 percent in the past three years and double-digit price increases in basic necessities such as food, gas and electricity, the United States seems to be beset on all sides. Inflation has become the question of the day with little relief even after monetary tightening began earlier in the year. After a quarter point increase in the Federal Reserve target rate in March, the Fed implemented a whopping 50 basis point increase in the target Federal Funds rate in May after April inflation remained at 8.2 percent, near the March high of 8.6 percent.[1] The central bank’s goal is to reduce inflation to an annual rate of approximately 2 percent. The employment base, the Fed’s other prime objective, seems to remain strong. Unemployment (at 3.6 percent in April) remains low and employment growth of 390,000 in May beat economist expectations. The Fed’s job now is to beat inflation and prevent it from becoming embedded in consumer expectations. Why? Because once inflation becomes embedded in expectations, it changes consumer behavior and becomes somewhat of a …
BENBROOK, TEXAS — Locally based developer Jackson-Shaw has broken ground on Chisholm 20, a 917,374-square-foot industrial project in Benbrook, a southwestern suburb of Fort Worth. Chisholm 20’s four buildings will range in size from 80,773 to 377,844 square feet and will feature clear heights of 32 to 36 feet and ample trailer parking. Ridgemont Commercial Construction is the general contractor for the project, GSR Andrade is the architect and Kimley-Horn is the civil engineering firm. Veritex Community Bank and Comerica Bank provided construction financing. Jackson-Shaw has tapped CBRE to lease the development. Completion is slated for the third quarter of 2023.
PASADENA, TEXAS — Three Pillars Capital Group has sold Red Pines Apartments, a 243-unit multifamily property located in the eastern Houston suburb of Pasadena. Units come in one, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, dog park and a children’s play area. An undisclosed, Texas-based private equity firm purchased the asset. The sales price was also undisclosed, but the deal yielded an internal rate of return of 22 percent for Three Pillars Capital and its investment partners following its purchase in early 2021 and the implementation of a value-add program.
HOUSTON — Lev, a commercial financing platform based in New York City, has arranged an $11.7 million bridge loan for the refinancing of an undisclosed, 292-unit multifamily property in Houston. Justin Piasecki, Richard Sutton and Max Lipner of Lev originated the three-year, floating-rate, interest-only loan. The borrower, Los Angeles-based Claridge Properties, originally acquired the asset in December 2020 and subsequently implemented a range of capital improvements.
DALLAS — Colliers has brokered the sale of a 160,000-square-foot office complex located at 12160 & 12170 Abrams Road in North Dallas. The two-building complex is situated within the East LBJ Freeway submarket. Cody Payne, Michael Tran and Austin Edelmon of Colliers represented the seller, a private investor, in the transaction. Payne also secured a private investor as the buyer. Both parties requested anonymity.
ARLINGTON, TEXAS — Lee & Associates has negotiated an 86,240-square-foot industrial lease at 2101 Exchange Drive in Arlington. According to LoopNet Inc., the building part of Great Southwest Distribution Center. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The name and representative of the tenant were not disclosed.
KYLE, TEXAS — A public-private partnership between developer Alliance Industrial Co., Kyle Economic Development and the Greater San Marcos Partnership will build a 1 million-square-foot speculative industrial project in Kyle, a southern suburb of Austin. Branded Kyle/35 Logistics Park, the development will consist of five facilities ranging in size from approximately 140,000 to 475,000 square feet. Buildings will feature clear heights of 36 to 40 feet, a mix of single-load and cross-dock configurations and ample employee and trailer parking spaces. Completion is slated for the first quarter of 2023.