Texas

Newmark Brokers Sale of 264-Unit Ashford Apartments in Carrollton, Texas

by Taylor Williams April 26, 2022

CARROLLTON, TEXAS — Newmark has brokered the sale of Ashford, a 264-unit apartment community located in the northern Dallas suburb of Carrollton. Built in 1995, Ashford features one- and two-bedroom units with an average size of 985 square feet that include private balconies/patios. The amenity package comprises a clubhouse with fireplace, kitchen and outdoor seating, as well as a pool with a lounge area, fitness center and a dog park. Los Angeles-based investment firm Pegasus Real Estate sold the asset to an undisclosed buyer for an undisclosed price. Brian Murphy, Brian O’Boyle, Jr., Richard Furr and Jakob Andersen of Newmark brokered the deal.

April 26, 2022

Acquisitions Office Texas

USAA Real Estate Sells 157,759 SF Park Ten Plaza Office Building in West Houston

by Taylor Williams April 26, 2022

HOUSTON — San Antonio-based USAA Real Estate has sold Park Ten Plaza, a 157,759-square-foot office building in Houston. Park Ten Plaza is situated within the 550-acre Park Ten Business Park master-planned development on the city’s west side and offers a fitness center, conference room and newly upgraded utility systems. Rick Goings, Kevin McConn, Marty Hogan and Jack Moody of JLL represented USAA in the transaction. Cameron Cureton and Wally Reid, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between Fuller Realty Partners and ICP Funds. Park Ten Plaza was 94 percent leased at the time of sale.

April 26, 2022

Development Healthcare Texas

Velocis, Prime Healthcare to Develop $35M Medical Office Complex in Fort Worth

by Taylor Williams April 26, 2022

FORT WORTH, TEXAS — A partnership between Dallas-based private equity firm Velocis and Prime Healthcare Properties has acquired 8.5 acres in the Willow Park area of Fort Worth for the development of a medical office complex. The $35 million project will consist of two buildings that will be constructed on speculative bases and will total 100,000 square feet. Grace Hebert Curtis Architects is designing the project. Wier & Associates is the civil engineer, Brasfield & Gorrie is the general contractor. JLL will lease the buildings. Construction is slated to begin this year and to be complete in 2023.

April 26, 2022

Acquisitions Retail Texas

Stan Johnson Co. Arranges $25M Sale of Metro Dallas Shopping Center

by Taylor Williams April 26, 2022

CARROLLTON, TEXAS — Stan Johnson Co. has arranged the $25 million sale of Northcrest Village, a 136,061-square-foot shopping center in the northern Dallas metro of Carrollton. Anchored by German discount grocer Aldi and Ace Hardware, Northcrest Village was 85 percent leased at the time of sale. Other tenants include Subway, O’Reilly Auto Parts, The UPS Store, Little Caesars Pizza and State Farm Insurance. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Co. represented the seller, an Oklahoma-based developer, in the transaction. A Texas-based private investor purchased the asset via a 1031 exchange. Both parties involved in the deal requested anonymity.

April 26, 2022

Industrial Leasing Activity Texas

NAI Partners Negotiates 9,991 SF Industrial Lease in Conroe, Texas

by Taylor Williams April 26, 2022

CONROE, TEXAS — NAI Partners has negotiated a 9,991-square-foot industrial lease at 501 Hickerson St. in Conroe, located about 40 miles north of Houston. According to LoopNet Inc. the single-tenant property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord in the transaction. Neal King of SVN | J. Beard Real Estate — Greater Houston represented the tenant, e-commerce firm H5 Products Inc.

April 26, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Development Mixed-Use Texas

Gulf Coast Commercial to Begin Sitework Next Month on 60-Acre Mixed-Use Project in Metro Houston

by Taylor Williams April 25, 2022

MAGNOLIA, TEXAS — Houston-based Gulf Coast Commercial will begin sitework next month on the initial phase of Magnolia Village, a 60-acre mixed-use project that will be located on the northwestern outskirts of Houston. The site is located across from Stratus Properties’ 120-acre Magnolia Place development, where a new H-E-B grocery store is under construction. Phase I will encompass 36 acres and three retail buildings totaling 10,000 square feet each, as well as 300 multifamily units on nearly 12 acres that will be developed by Trammell Crow Residential. Magnolia Village will feature residential, office, retail and restaurant uses at full buildout.

April 25, 2022

Acquisitions Multifamily Texas

Newmark Negotiates Sale of 712-Unit Multifamily Portfolio in North Dallas

by Taylor Williams April 25, 2022

DALLAS — Newmark has negotiated the sale of a portfolio of two multifamily properties totaling 712 units in North Dallas. Allure is a 364-unit community that was built in 1998 and offers one- and two-bedroom units with an average size of 850 square feet. Essence is a 348-unit development that was originally constructed in 1996 and also houses one- and two-bedroom units with an average size of 869 square feet. Both properties offer amenities such as pools, fitness centers, game and lounge areas, business centers and indoor and outdoor sport courts. Utah-based Bridge Investment Group purchased the portfolio from Southern California-based Archway Equities for an undisclosed price. Richard Furr, Brian Murphy, Brian O’Boyle, Jr. and Jakob Andersen of Newmark represented both parties in the transaction.

April 25, 2022

Acquisitions Industrial Retail Self-Storage Texas

DealPoint Merrill Sells Self-Storage Facility, Goodwill Store in Benbrook, Texas for $20M

by Taylor Williams April 25, 2022

BENBROOK, TEXAS — California-based investment firm DealPoint Merrill has sold a 982-unit self-storage facility in Benbrook, a southwestern suburb of Fort Worth, for $20 million. The two-story property spans 112,000 square feet and includes a 10,036-square-foot Goodwill store. The self-storage facility features entirely climate-controlled space. The buyer was not disclosed.

April 25, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of Holiday Inn & Suites San Antonio Northwest Hotel

by Taylor Williams April 25, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of the Holiday Inn & Suites San Antonio Northwest Hotel. The 122-room hotel’s amenity package consists of a pool, fitness center, business center and a cocktail lounge. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust, in the transaction. Both parties requested anonymity.

April 25, 2022

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