AMARILLO, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of an 84-unit facility in the northwest Texas city of Amarillo. The facility spans 36,000 net rentable square feet across 72 traditional storage units and 12 parking/outdoor storage spaces. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Iowa-based Second Generation Properties LLC, in the transaction. The team also procured the buyers, which were Texas-based private investors.
MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million CMBS loan for the refinancing of a Hilton-branded hotel in the Rio Grande Valley city of McAllen. The Hilton Garden Inn McAllen Airport was built in 2000 and totals 104 rooms. Robert Bhat of MMCC arranged the loan, which carried a five-year term, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
DALLAS — Law firm Haynes & Boone LLP has signed a 24,721-square-foot office lease expansion at Harwood No. 14, a building in Dallas that is under construction and set to open later this year. The firm now occupies about 149,000 square feet within The Harwood District, which spans 19 blocks in the city’s Uptown neighborhood. John Lee, Hannah Mesh and Kelly Whaley internally represented the landlord, Harwood International, in the lease negotiations. Andy Leatherman and Brad Selner of JLL represented the tenant.
Data Center Developers Consider Unconventional Sites, Streamlining Strategies to Meet Immense Demand
Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process. Data centers reliably store and transmit the deluge of information that makes modern life possible. The factors driving the need for data centers — enterprise demand for cloud services, dependence on 5G cell networks, artificial intelligence technology, edge computing capabilities, social media use and streaming needs — will continue to grow exponentially in the coming years. According to a September 2022 report by advisory company Arizton, approximately 2,825 megawatts of power capacity will be added to the data center market in the next five years. The same report forecasts the U.S. data center construction market will reach $25 billion by 2027, up from $20 billion in 2021. Data centers are utility-intensive property types, and the sites that can support their formidable power, communication and water needs often require high-level considerations right from the start. How can the development process for such projects be streamlined …
PFLUGERVILLE, TEXAS — Trez Capital has sold The Dalton and The Beacon, two apartment communities in the northern Austin suburb of Pflugerville that total 350 and 258 units, respectively. Trez Capital developed both properties in partnership with Thompson Realty Capital, with construction on both projects commencing in late 2019/early 2020 and wrapping up in 2021 and 2022, respectively. The Dalton and The Beacon both feature one-, two- and three-bedroom units and amenities such as pools, fitness centers, outdoor grilling and dining areas, dog parks and resident lounges. TerraCap Management purchased the assets. The sales price was not disclosed, but global real estate private equity firm ACRE provided $111 million in acquisition financing for the deal. Newmark arranged the debt.
HOUSTON — Locally based developer Sueba USA has opened San Estrella, a 318-unit apartment community in Houston’s Energy Corridor neighborhood. Units come in one-, two- and three-bedroom floor plans that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, tile backsplashes and walk-in closets. Amenities include a pool, fitness center, internet café, business center, catering kitchen and outdoor grilling and dining areas. Rents start at roughly $1,200 per month for a one-bedroom unit.
OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.
CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Carmel Apartments, a 74-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.
MISSOURI CITY, TEXAS — SUNRGY Solar Distribution has signed a 47,332-square-foot industrial lease in the southwestern Houston suburb of Missouri City. A.J. Williams and Travis Land of Partners, the locally based investment and brokerage firm formerly known as NAI Partners, represented the tenant in the lease negotiations. Beau Kaleel and Brooke Swerdlow with Cushman & Wakefield represented the landlord, Logistics Property Co.
KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.