HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.
By Ryan Sullivan, partner, attorney, Kruger Carson PLLC Over the last few years, record numbers of businesses have relocated to Texas to take advantage of the strong economy, including a red-hot commercial real estate market. Whether a party intends to acquire or lease real property, he or she must be aware of several customs and laws that make Texas real estate transactions different from those in other parts of the country. Below is a high-level survey of some of these issues. Independent Consideration Purchasers of real property in Texas will want to ensure that their purchase agreements include payments of sums that they cannot recoup even if they terminate during their “free look” period. Otherwise, Texas courts have taken the position that purchase agreements are not enforceable against sellers until some portion of the earnest money has become nonrefundable. Deceptive Trade Practices The Deceptive Trade Practice/Consumer Protection Act (DTPA) is intended to protect consumers against unconscionable business practices or unequal bargaining power. The DTPA does not apply to many commercial transactions, but because of the high potential for liability, a carefully drafted waiver should be included in most purchase agreements and leases as a matter of best practice. Closing Costs …
PLANO, TEXAS — Granite Properties, in partnership with publicly traded REIT Highwoods Properties (NYSE: HIW), has topped out a 422,109-square-foot office building located within the 90-acre Granite Park development in Plano. Designed by BOKA Powell with interiors by HKS Architects, Granite Park Six will rise 19 stories and is scheduled for a third-quarter 2023 completion. Amenities will include a fitness center, tenant lounge, golf simulator, café and a lecture hall. The building will also offer an array of health and wellness features such as dispatch elevators, touchless entry points and restroom fixtures and advanced HVAC systems that promote clean air technology. Austin Commercial is the general contractor for the project, construction of which began in December 2021.
HOUSTON — Berkadia has arranged the sale of Oasis at Piney Point, a 318-unit apartment community in West Houston. Built in 2004 by Trammell Crow Co., the property offers one- and two-bedroom units ranging in size from 727 to 1,034 square feet, as well as two-bedroom townhomes as large as 1,412 square feet. Residences are furnished with stainless steel appliances, quartz and granite countertops, walk-in closets and private patios/balconies. Amenities include a pool, fitness center, business center, media lounge and a coffee bar. Jeffrey Skipworth, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Canadian investment firm Marlin Spring, in the transaction. The buyer was not disclosed.
CYPRESS, TEXAS — Los Angeles-based PCCP LLC will develop Meadows at Telge, a 195-unit build-to-rent residential community that will be located on the northwestern outskirts of Houston in Cypress. The 44-acre site will house three- and four-bedroom homes that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Communal amenities will include a pool, leasing office, dog park, grilling and dining stations and a playground. PCCP has partnered with homebuilder ICB on the project, construction of which is expected to last two to three years.
SAN MARCOS, TEXAS — Houston-based investment firm Belvoir Real Estate Group has acquired Interstate Business Park, a 124,032-square-foot industrial facility in San Marcos, located roughly midway between Austin and San Antonio. The front-load facility features 16-foot clear heights, 11 dock doors, 147-foot truck court depths and 65 parking spaces. Dom Espinosa, Josh Villarreal and John Taylor of JLL represented the seller, locally based investment firm Live Oak, in the transaction. At the time of sale, the property was fully leased to Builders Alliance LLC, Premier Triangle LLC and CoTechno Group Inc.
HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has negotiated the sale of a 70,248-square-foot industrial property located at 5959 Harvey Wilson Drive in Houston. Clay Pritchett and Zane Carman of Partners represented the seller, an entity doing business as Rhone Harvey Wilson LP, in the transaction. Chris Caudill, also with Partners, represented the buyer, All Points Warehouse Inc, a provider of intermodal freight and storage services.
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Multifamily Opportunity Matrix Reveals Most Promising Markets for Investors, Developers
By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …
PORTLAND, TEXAS — McLeod Cobb Investments will develop Portland Town Center, a $100 million multifamily and retail project that will be located near Corpus Christi in South Texas. Plans for Portland Town Center currently call for 200,000 square feet of retail space that will be anchored by a 128,500-square-foot Target store, as well as 300 multifamily units. The design team includes Osborn & Vane Architects Inc. and Terra Associates Inc, and Arch-Con Corp. is the general contractor. Plains Capital Bank provided construction financing for the 45-acre project. Construction is scheduled to begin in November.
FORT WORTH, TEXAS — Manulife Investment Management has acquired Alliance Gateway 11, a 788,160-square-foot warehouse and distribution center in Fort Worth. The facility sits on a 38.2-acre site near Alliance Airport on the city’s north side. According to commercialcafé.com, the single-tenant facility was built in 2007 and features 930 car parking spaces. The property was fully leased to an undisclosed e-commerce user at the time of sale.