WEBSTER, TEXAS — Fort Worth-based investment firm Fort Capital has purchased Hercules Business Center, a 145,619-square-foot industrial property in the southeastern Houston suburb of Webster. The seven-building development was 68 percent leased at the time of sale. The tenant roster includes 29 users in the engineering, automation, electronics and medical sectors. The seller and sales price were not disclosed.
FLOWER MOUND, TEXAS — Locally based developer TIG Real Estate Services is underway on construction of a 127,810-square-foot industrial project in the Fort Worth suburb of Flower Mound. Designed by Meinhardt & Associates, the project is a build-to-suit for Niagara, a manufacturer of water and energy conservation products. The facility, which will serve as Niagara’s new headquarters, will feature 49-foot clear heights, 19 overhead dock doors and one drive-up ramp. Cadence McShane is the general contractor for the development, which is slated for a fourth-quarter completion.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Presidio at River East, a 140-unit apartment community located just north of downtown Fort Worth. The property offers a mix of studio, one- and two-bedroom units that are furnished with stainless steel appliances, washers and dryers and private balconies/patios or yards. Amenities include a pool, fitness center, outdoor kitchen and a dog park. An undisclosed, Texas-based developer sold the asset to California-based Starboard Realty Advisors for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeff Kindorf and Will Balthrope of IPA brokered the deal. Presidio at River East was fully occupied at the time of sale.
DALLAS — Florida-based investment firm Savlan Capital has acquired a 38,794-square-foot medical office building located at 9250 Amberton Parkway in Dallas. Texas Health Resources occupies the property, which was acquired in conjunction with two other medical office buildings in Richmond, Va. Joe Massa, Anthony Lunceford, Thomas Fakharzadeh and Michael Grenaway of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, California-based Modiv, in the transaction.
Surging payrolls, new household formations, growing barriers to homeownership and multifamily’s role as a hedge for inflation all helped fuel robust apartment fundamentals in 2021. With interest rates expected to rise in 2022, the question becomes: will the appetite for apartment investments remain strong for all types of investors and in which markets? Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, says she sees many reasons to be enthusiastic about the opportunities in multifamily markets this year. “Fannie Mae and Freddie Mac will continue to set the standard for multifamily lending; however, strong life company, bank and debt fund appetites will compete heavily again in 2022. They will fill the needs not met by the government-sponsored enterprises (GSEs) or HUD.” When it comes to accelerating multifamily trends, Provinse sees an expansion in the scope of multifamily interest: “One of the trends we see accelerating (as a result of COVID) is increased investor demand in not only secondary markets, but even tertiary markets. This was a trend we had seen a decade ago, but now it’s on steroids.” “Because people can work from wherever now and because of more flexible work arrangements…we’ve seen this willingness to …
ODESSA, TEXAS — Locally based firm Cross B Development has provided updated plans for the next phase of Parks Bell Ranch North, a 1,700-acre master-planned community in Odessa. The latest phase of development centers on the connection of Yukon Road to State Highway 191, which completes the main thoroughfare and provides residents and commuters with access to other areas within the development. These uses include Northwind Crossing, a 500,000-square-foot shopping center that has available retail space and planned construction of a medical and professional hub. Weidner Apartment Homes has opened the Latitude 31 apartment complex across from the Northwind Crossing and has another complex planned just north of that site.
CYPRESS, TEXAS — Locally based healthcare provider Houston Methodist will open a 400-bed hospital in Cypress, located on the city’s northwestern outskirts. Houston Methodist acquired the 106-acre site last May and plans to break ground on the project, which will be its ninth hospital in the Houston area, in a few months. Page is the project architect, and McCarthy Building Cos. is the general contractor. More than 500 people are expected to work at the facility, which could open by 2024.
PLANO, TEXAS — Los Angeles-based investment firm Jacobson Co. has acquired Morada Plano Apartments, a 183-unit multifamily property located on the northern outskirts of Dallas. The property was completed in 2020. According to Apartments.com, the community features studio, one- and two-bedroom units ranging in size from 602 to 1,207 square feet. Amenities include a pool, fitness center, business center, rooftop terrace, game room and a pet play area. Los Angeles-based CIT, a division of First Citizens Bank, provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed.
MCALLEN, TEXAS — Faris Lee Investments has arranged the $7 million sale of a 65,000-square-foot retail property in McAllen that is triple-net leased to Floor & Décor for a term of 55 years. The store, which will be the Atlanta-based home improvement retailer’s first in the Rio Grande Valley, is under construction and slated to open on March 3. Jeff Conover and Scott DeYoung of Faris Lee represented the Texas-based developer and seller in the transaction. The buyer was a Texas-based 1031 exchange investor. Both parties requested anonymity.
SAN ANTONIO — Austin-based Oracle has signed a 35,000-square-foot office lease at The Spectrum Building, a 10-stoy property in San Antonio. About 260 employees will work in the space, which features glass-walled conference and breakout rooms and multiple kitchens and coffee bars. Kacie Skeen of Hartman Income REIT Management represented the landlord in the lease negotiations on an internal basis. Oracle was also self-represented.
