FORT WORTH, TEXAS — Lee & Associates has negotiated a 213,546-square-foot industrial lease in Fort Worth. The name and address of the property were not disclosed. Tom Walrich and Corbin Blount of Lee & Associates represented the tenant, KGP Telecommunications, in the lease negotiations. Trey Fricke, Reid Bassinger and Becky Thompson, also with Lee & Associates, represented the landlord, Industrial Realty Group.
SAN ANTONIO — Fort Worth-based investment firm Fort Capital has acquired an 80,230-square-foot industrial property located at 6103 Farinon Drive within the University Park master-planned community in northwest San Antonio. The Class B property was fully leased at the time of sale. The seller and sales price were not disclosed.
HOUSTON — Northern Tool + Equipment has signed a lease to open a 31,000-square-foot store at Woodforest Shopping Center in East Houston. Shawn Ackerman and Jason Du of Henry S. Miller Brokerage represented the undisclosed landlord in the lease negotiations. Clay Mote of Retail Union and Jason Baker with Baker Katz represented Northern Tool.
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Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations
Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …
BAYTOWN, TEXAS — TGS Cedar Port Partners LP, the owner of the 15,000-acre Cedar Port Industrial Park near Port Houston, will develop a 507,000-square-foot warehouse for online furniture retailer Article. John Simons and Gray Gilbert of NAI Partners represented TGS Cedar Port in the lease negotiations for the build-to-suit project. Andrew Lord and Walker Barnett of Colliers represented Article. Other tenants at the rail- and barge-served park include The Home Depot, Floor & Décor, IKEA, Walmart, Vinmar and Ravago. Site work will begin before the end of the current quarter, and the project is expected to be complete before the end of the year.
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 …