DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.
KINGWOOD, TEXAS — Texas-based developer SWBC Real Estate has sold The Royalton at Kingwood, a 331-unit apartment community located on the northern outskirts of Houston. The property, which was completed in September 2020 and is located adjacent to a new H-E-B grocery store, offers one-, two- and three-bedroom units. Amenities include a pool, clubhouse, fitness center, dog park and outdoor grilling stations. Ryan Epstein, Jennifer Ray and Scott Bray of Walker & Dunlop brokered the deal on behalf of SWBC. The buyer was CAF Capital Partners.
RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.
DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.
DALLAS — Third-party logistics company Worldwide Express has signed a 24,480-square-foot office headquarters lease at The Stack, a 16-story office building that recently opened in the Deep Ellum area of Dallas. The Stack features a fitness center, coffee/cocktail lounge and an amenity terrace with views of the Dallas skyline. Transwestern represented the tenant in the negotiations for the 10-year lease. Altschuler & Co. represented the landlord, a partnership between Westdale Real Estate Investment & Management, Ivanhoe Cambridge and Hines.
HOUSTON — Florida-based AHS Residential will develop a 576-unit multifamily community within Ten Oaks, an 83-acre master-planned development located within the Energy Corridor in West Houston. AHS Residential’s in-house architecture team is designing the project, which will consist of three 12-story buildings on a 6.6-acre site that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Construction is expected to begin in April. Wolff Cos. is the master developer of Ten Oaks that sold the land to AHS Residential.
DALLAS — General contractor Cadence McShane has broken ground on a 121-unit seniors housing community located in the Highland Park area of Dallas. Developed by Anthology Senior Living and designed by PRDG, the 11-story, 130,000-square-foot building will consist of 24 memory care units and 97 assisted living units. Amenities will include a salon, theater, fitness center, library, a pub with a fireplace and elevated terraces. Completion is slated for June 2023.
HOUSTON — Hercules Inc., an Alabama-based manufacturer of polyethylene products, has signed a 111,062-square-foot industrial lease in northwest Houston. The company will occupy roughly half the space at Park 8, a 242,760-square-foot distribution center owned by Avera Cos. and AEW Capital Management. Completed in April 2020, the cross-dock building features 36-foot clear heights, 130-foot truck court depths and an ESFR sprinkler system. Jim Autenreith and J.W. Wall III of Moody Rambin represented the tenant in the lease negotiations. Jason Dillee and Nathan Wynne of CBRE represented the landlord.