DALLAS — JLL has negotiated the sale of a 1,252-unit self-storage facility located at 2500 Lone Star Drive in West Dallas. The three-story facility features 117,503 net rentable square feet of climate-controlled space and was 50 percent occupied at the time of sale. Austin-based CSW Development sold the property to Charlotte-based Madison Capital for an undisclosed price. Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL brokered the deal. The new ownership intends to rebrand the property as a Go Store It facility.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 28 Class B industrial buildings totaling 673,679 square feet in Houston. Known as The West Houston & Gemini Portfolio, the buildings are located throughout various infill submarkets and had a collective occupancy rate of 84 percent at the time of sale. The seller and sales price were not disclosed.
TEXAS — Colliers Mortgage has arranged an $11.8 million bridge loan for the acquisition of three skilled nursing facilities in Texas. The facilities, the names and locations of which were not disclosed, total 358 beds. The loan carries a three-year term with two 12-month extensions and an interest-only payment period. The undisclosed borrower will use a portion of the proceeds to fund renovations. Nick Skarich, Steven Marx, Corley Audorff and Josh Williams led the transaction for Colliers Mortgage.
FRESNO, TEXAS — Primo Fitness, a California-based provider of exercise equipment, has purchased a 71,438-square-foot industrial building located at 701 Sycamore Drive in Fresno, a southern suburb of Houston. Jason Scholtz and Barkley Peschel of Colliers represented the seller, Lemark Investments, in the transaction. Haley Golden, Blair Golden and Lilly Golden of Evergreen Commercial Realty represented Primo Fitness.
By Taylor Williams Much as the commercial community and society at large would like to avoid a recession, prolonged periods of contraction are part of the natural economic cycle, and the U.S. financial powers that be appear to be on a collision course for exactly that scenario. But for assets classes backed by exceptional demand drivers and fundamentals, like industrial real estate in major Texas markets, is there really a need to sweat a downturn? Like any conflict, the battle between macro- and micro-level forces essentially comes down to magnitude. Will the severity of interest rate increases — three separate hikes totaling 200-plus basis points in a few months — prevail over robust tenant demand that has fueled record occupancy and rent growth throughout Texas and beyond in recent years? Only the Federal Reserve can speak to the first variable. The nation’s central bank appears hell-bent on whipping inflation, which registered a year-over-year increase of 8.3 percent in August, and is seemingly resigned to the inevitability of recession as a byproduct of its monetary policy. As for the competing forces that are industrial fundamentals, third-quarter figures were not available at the time of this writing. But, using Dallas-Fort Worth (DFW) …
On Oct. 12, France Media hosted the “The Future of Multifamily Advertising is Here: How Automation is Transforming Housing” webinar, sponsored by Conversion Logix. A growing need for marketing automation in the industry means organizations are looking for improved tools and technology. Curious about how to mesh Google ads and social media video ads, retargeting campaigns, website experiences, virtual tours, emails and more into a coherent marketing approach for multifamily? Want to learn more about engagement personalization? Hear how to prepare your organization for marketing automation and make the most of the data you collect. Watch this brief webinar for tips, tricks and tech. “The multifamily marketing landscape continues to evolve,” says Crystal Banegas, new business development manager at Conversion Logix. She explains that as the world of marketing technology expands, marketers need to evolve as well to best take advantage of time-saving, personalizing technology that frees marketers to look at their advertising strategically — using real-time data to personalize (but not pester) leads. Click to listen. A copy of the webinar presentation may be downloaded here. See a list of major topics covered below: Integration of real-time data — sharing information useful to Teams Vendors Organizations Making the best use …
LOCKHART, TEXAS — San Antonio-based multifamily developer The Lynd Group has acquired a 30.5-acre parcel in Lockhart, about 35 miles south of Austin, for the development of a 174-unit build-to-rent community. Lynd is developing the project, which carries a total price tag of $61 million, in partnership with T.R. Inscore. Residences will come in two- and three-bedroom formats and will have an average size of 1,530 square feet. Communal amenities will include a pool, fitness center, dog park, a clubhouse and outdoor grilling and dining areas. Construction is scheduled to begin in January, with the first homes slated to come on line in the third quarter of 2023.
MIDLOTHIAN, TEXAS — General contractor Adolfson & Peterson Construction has completed a $53 million renovation and expansion project at Midlothian Heritage High School, located south of Dallas. Designed by VLK Architects, the project updated the main entrance and added a 185,000-square-foot academic wing with science labs, gyms, a fine arts complex and cafeteria. Construction began in summer 2020.
FARMERS BRANCH, TEXAS — MedCore Partners has acquired The Avenues of Park Forest, an 86-unit seniors housing property in the northern Dallas suburb of Farmers Branch that offers assisted living and memory care services. MedCore plans to renovate the unit interiors and common areas, upgrade building exteriors and landscaping and rebrand the property as The Grove on Forest Lane. The seller was not disclosed.
LUBBOCK, TEXAS — Northmarq has arranged a bridge loan of an undisclosed amount for the acquisition of 34th Street Retail, a 42,152-square-foot strip center in Lubbock. The property was originally constructed in 1960. David Mott of Northmarq arranged the fixed-rate loan on behalf of the sponsor, NetCo Investments LLC. The direct lender was not disclosed.