Texas

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Mag & May Apartments in Fort Worth

by Taylor Williams October 10, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community in Fort Worth’s Near Southside District. Built on two acres in 2019, the property offers studio, one- and two-bedroom units with an average size of 778 square feet. Amenities include a pool, outdoor grilling and dining stations, a fitness center, clubhouse and package lockers. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Abacus Capital Group, in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta, also with IPA, arranged an undisclosed amount of acquisition financing through a debt fund on behalf of the buyer, Sapient Capital Group.

October 10, 2022

Development Industrial Texas

Finial Group Begins Construction on 90,328 SF Industrial Project in Houston

by Taylor Williams October 10, 2022

HOUSTON — Locally based development and management firm Finial Group has begun construction on a 90,328-square-foot industrial project in Houston that represents Phase III of Independence Business Park. The third phase will consist of three freestanding, crane-served buildings with 10 percent office finishes. Completion is slated for the third quarter of 2023. Construction of Phase II of Independence Business Park, which comprised two buildings totaling 145,185 square feet, began in late 2020.

October 10, 2022

Development Industrial Texas

Volkswagen to Open $114M Importation Facility in Freeport, Texas

by Taylor Williams October 7, 2022

FREEPORT, TEXAS — Volkswagen Group of America will open a $114 million importation facility in Freeport, located south of Houston on the Texas coastline. The site spans 120 acres and represents a consolidation of the German automaker’s port operations in Houston and Midlothian. Volkswagen has entered into a 20-year ground lease with a partnership between the two developers leading the project, Washington, D.C.-based PRP and Dallas-based KDC. Construction is scheduled to begin before the end of the year, and the facility is expected to be operational in early 2024. JLL represented Volkswagen in its site selection process. Volkswagen anticipates that at full capacity, the facility will be able to handle as many as 140,000 vehicle imports per year, primarily from its production hubs in Mexico and Europe.

October 7, 2022

Acquisitions Office Texas

Teacher Retirement System of Texas Sells 198,972 SF Office Complex in Downtown Austin

by Taylor Williams October 7, 2022

AUSTIN, TEXAS — The Teacher Retirement System of Texas (TRS) has sold Waterloo Innovation Center, a 198,972-square-foot office complex located at 1000 Red River St. in downtown Austin that houses the organization’s headquarters. Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua of CBRE represented TRS, which will continue to operate out of the building for two more years until its new facility in northeast Austin is complete. The Austin Business Journal reports that Alexandria Real Estate Equities purchased the property for $108 million.

October 7, 2022

Hospitality Loans Texas

MMCC Arranges $8.8M Acquisition Loan for Hotel in McAllen, Texas

by Taylor Williams October 7, 2022

MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.8 million acquisition loan for Casa de Palmas Hotel, a 165-room property located in the Rio Grande Valley city of McAllen. The property was built in 1918 and renovated in 2020. Robert Bhat of MMCC arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 7, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 150-Unit Multifamily Property in Killeen, Texas

by Taylor Williams October 7, 2022

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Hoodview Apartment Homes, a 150-unit property in the Central Texas city of Killeen. Built in 1975, the property primarily offers two- and three-bedroom units with an average size of 973 square feet and amenities such as a pool and onsite laundry facilities. Will Clarke of TMG represented the seller in the transaction, and Paul Yazbeck of TMG represented the buyer. Both parties requested anonymity.

October 7, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 135-Unit Brooks Townhomes in San Antonio

by Taylor Williams October 7, 2022

SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.

October 7, 2022

Acquisitions Industrial Texas

United Properties, PCCP Sell 474,465 SF Industrial Property in Metro Austin

by Taylor Williams October 6, 2022

BUDA, TEXAS — A joint venture between Minneapolis-based United Properties and Los Angeles-based PCCP LLC has sold three industrial buildings totaling 474,465 square feet in Buda, located on the southern outskirts of Austin. The two rear-load buildings and one cross-dock building, which are situated on a 35.3-acre site, represent Phase I of a larger development known as Buda Midway. Combined, the structures feature 30- to 36-foot clear heights, 138 dock doors, 60 trailer parking stalls and 678 car parking spaces. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Megan Babovec of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The buildings were fully leased at the time of sale. Phase II of Buda Midway will consist of four rear-load buildings totaling roughly 390,000 square feet.

October 6, 2022

Development Industrial Texas

Bridge Logistics Properties Buys 203,430 SF Industrial Facility in Grand Prairie, Texas

by Taylor Williams October 6, 2022

GRAND PRAIRIE, TEXAS — Bridge Logistics Properties, an affiliate of Utah-based investment firm Bridge Investment Group Holdings (NYSE: BRDG), has purchased a 203,430-square-foot industrial facility in the central metroplex city of Grand Prairie. Situated on 12 acres, the property features 32-foot clear heights, 180-foot truck court depths, 42 dock-high doors and 49 trailer parking stalls. Kurt Griffin and Nathan Orbin of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 6, 2022

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