Texas

Disney Investment Group Arranges Sale of 37,500 SF Lake Forest Marketplace in McKinney, Texas

by Taylor Williams March 9, 2022

MCKINNEY, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Lake Forest Marketplace, a 37,500-square-foot shopping center in the northern Dallas suburb of McKinney. The property was built in 2019. At the time of sale, Lake Forest Marketplace was fully leased to 14 tenants, including Pet Supplies Plus, MOD Pizza, Athletico, Floyds 99 Barbershop, Jersey Mike’s Subs and The UPS Store. David Disney and Adam Crockett of DIG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 9, 2022

Loans Multifamily Oklahoma Texas

Ready Capital Closes $28.3M Acquisition Loan for Oklahoma City Apartments

by Taylor Williams March 9, 2022

OKLAHOMA CITY — New York City-based Ready Capital has closed a $28.3 million loan for the acquisition, renovation and stabilization of an unnamed, 400-unit apartment complex in Oklahoma City. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 9, 2022

Development Industrial Texas

Jackson-Shaw, Cabot to Develop 310,900 SF Build-to-Suit Industrial Project in Mesquite, Texas

by Taylor Williams March 8, 2022

MESQUITE, TEXAS — Locally based developer Jackson-Shaw, in partnership with Boston-based Cabot Properties, will develop a 310,900-square-foot industrial project in the eastern Dallas suburb of Mesquite. The property will be a build-to-suit corporate headquarters for automotive parts manufacturer Vehicle Accessories Inc. and will house operations such as engineering, sales, accounting, manufacturing and distribution. Jackson-Shaw is developing the project within Urban Logistics Realty’s 180-acre Alcott Station Industrial Business District. Peinado Construction is the general contractor; Halff Associates is the civil engineer; and GSR Andrade is the architect. Veritex Community Bank is providing construction financing, and CBRE has been tapped as the leasing agent. Completion is slated for the fourth quarter.

March 8, 2022

Acquisitions Retail Texas

CTO Realty Growth Buys Metro Houston Shopping Center for $39.1M

by Taylor Williams March 8, 2022

HOUSTON — CTO Realty Growth (NYSE: CTO), a Florida-based REIT, has purchased Price Plaza Shopping Center, a 205,000-square-foot retail center in the western Houston suburb of Katy, for $39.1 million. The property sits on a 22.3-acre site along the Interstate 10/Katy Freeway corridor and was 95 percent leased at the time of sale, with Best Buy, Ross Dress for Less, dd’s DISCOUNTS and James Avery Artisan Jewelry serving as the anchor tenants. CTO Realty Growth acquired Price Plaza Shopping Center from an undisclosed seller via a 1031 exchange.

March 8, 2022

Acquisitions Healthcare Texas

Wolf Capital Acquires 120,000 SF Medical Tower in Houston’s Heights Neighborhood

by Taylor Williams March 8, 2022

HOUSTON — Wolf Capital Partners has acquired Heights Medical Tower, a 120,000-square-foot medical office building in Houston’s Heights neighborhood. The location at 427 W. 20th St. puts the property across the street from The Heights Hospital. The new ownership will renovate the property to feature a new lobby, elevator cabs, spec suites, MEP systems and restrooms, while also rebranding the building as HeightsMED. Heins Properties’ Anthony Heins represented Wolf Capital Partners in the deal. Matthew Putterman of JLL arranged acquisition financing through Origin Bank. The seller was not disclosed. Transwestern has been tapped to lease the property. Completion of the capital improvement program is slated for mid-2023.

March 8, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 208-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 8, 2022

SAN ANTONIO — Marcus & Millichap has brokered the sale of AA Stor All, a 208-unit self-storage facility in San Antonio. The property consists of 24,750 net rentable square feet of non-climate-controlled space across 170 units, along with 38 outdoor parking spaces. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also undisclosed.

March 8, 2022

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 74-Bed Waterton Skilled Nursing Facility in Tyler, Texas

by Taylor Williams March 8, 2022

TYLER, TEXAS— The Ensign Group, Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility in Tyler. The sales price was not disclosed. These acquisitions bring Ensign’s portfolio to 250 healthcare operations, 23 of which also include senior living operations, across 13 states. Ensign owns 102 real estate assets.

March 8, 2022

Market Reports Oklahoma Texas Texas Market Reports

Spotlight on Tulsa: A Hidden Gem for Commercial Real Estate Investors

by Taylor Williams March 8, 2022

By Lanie Beck, director of corporate research, marketing & communications, Stan Johnson Co. Situated on the banks of the Arkansas River in northeast Oklahoma’s Green Country, Tulsa is a hidden gem for residents, employers and commercial real estate investors. Once recognized as the oil capital of the world, Tulsa has become a growing economic base for a variety of industries, including energy, finance, aviation, telecommunications and technology. Attractions and features of the city include the historic Route 66, the Philbrook and Gilcrease Museums, an Art Deco-inspired downtown, the award-winning Gathering Place Park and a vibrant resurgence of intown neighborhoods. Business, Population Boom Tulsa’s central U.S. location and operating costs that run below the national average, as well as a cost of living that is one of the lowest in the country for metro areas, make it incredibly desirable for businesses of all sizes. To help drive awareness during the pandemic, the city launched a rejuvenation project called “Tulsa Remote” that provided financial bonuses to attract more affluent remote workers and enhance the city’s diversity and community. Tulsa’s attractive characteristics, combined with the metro’s active efforts, have contributed to a boost in population growth over the last few years. In 2021, …

March 8, 2022

Development Office Texas

Cielo Property Group Reveals New Plans, Name for 46-Story Office Tower in Downtown Austin

by Taylor Williams March 7, 2022

AUSTIN — Cielo Property Group has revealed updated plans for its 46-story office tower in downtown Austin. With site plan approval now in place, the locally based developer has announced that the groundbreaking will occur this summer and that the 750,000-square-foot building will be branded Perennial. Cielo acquired the site, which comprises the southern end of a full city block, in phases over the last two years. Perennial represents the first phase of a larger development that was initially planned to feature a second office tower on the north end of the block. Cielo has since pivoted and is now formulating plans for a residential/hotel tower for that component of the site.

March 7, 2022

Development Industrial Texas

Jackson-Shaw to Develop 224-Acre Industrial Park in Metro Austin

by Taylor Williams March 7, 2022

GEORGETOWN, TEXAS — North Texas-based developer Jackson-Shaw has purchased 224 acres in the northern Austin suburb of Georgetown for the development of a business park that will be known as CrossPoint. Phase I of CrossPoint will consist of three buildings totaling 488,000 square feet on a 61.7-acre tract. In addition, Onx Homes has signed a 204,000-square-foot lease to occupy Building 1 in the initial phase of development. Joeris is the general contractor, with Powers Brown as the architect and Pacheco Koch as the civil engineering firm. CrossFirst Bank is providing construction financing, and CBRE has been tapped to lease the project. Diamond Realty is the equity partner. Construction of Phase I is slated to begin in April and be complete in the second quarter of 2023.

March 7, 2022

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