HOUSTON — Triten Real Estate Partners, a development and investment firm with offices in Houston and Dallas, has purchased a portfolio of outdoor storage facilities totaling 100 acres in northeast Houston. The sites are located near Interstates 610 and 10, as well as Union Pacific railyards, and can also support truck parking and drayage users. Andrew Jewett of CBRE represented Triten Real Estate in the transaction. Blake Gibson of Colliers represented the undisclosed seller.
SUGAR LAND, TEXAS — Houston-based Midway will develop a 128,000-square-foot build-to-suit industrial facility for Bluebonnet Nutrition Corp., a locally based provider of dietary supplements, in the southwestern Houston suburb of Sugar Land. Powers Brown Architecture is designing the project, and D.E. Harvey Builders is the general contractor. Completion is slated for the fourth quarter. Jarret Venghaus of JLL represented Midway in its acquisition of the 7.4-acre site from Houston-based energy firm Baker Hughes.
DALLAS — Los Angeles-based Thorofare Capital has provided a $41.9 million loan for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings total 160,687 square feet. The undisclosed, locally based borrower will use a portion of the proceeds to fund capital improvements. The loan was structured with interest-only payments and a flexible prepayment schedule.
TULSA, OKLA. — Stan Johnson Co., a locally based brokerage firm focused on net-leased assets, has arranged the $7.3 million sale of a 13,225-square-foot retail property in Tulsa that is leased to CVS. The property was built in 2011. B.J. Feller of Stan Johnson Co. represented the seller in the transaction. A California-based institutional investor acquired the asset. The deal traded at a cap rate of 5.25 percent and was executed via a 1031 exchange.
PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …
By Mike Otillio, research director, Colliers The Dallas office market and North Texas region as a whole continue to evolve as leading destinations for corporate relocations, led in part by a favorable business climate. This reputation as a top landing spot for regional workforce consolidations and outright relocations from other states has helped Dallas become a national leader in some key back-to-work metrics. According to research from security firm Kastle Systems, which monitors keycard, fob and app usage within thousands of office buildings across the country, the average occupancy rate in December across 10 of the country’s biggest markets was 40.6 percent. Dallas was one of the 10 markets tracked in the report, posting an above-average occupancy rate of 52.3 percent. The basic business-friendly climate and healthy pace of job and population growth, along with evidence that users are making stronger pushes to return to their workspaces, have accelerated the market’s office investment sales recovery for value-add, core-plus and stabilized product. Barring any unforeseen circumstances, such as a prolonged spike in cases from the Omicron variant, we expect this trend to continue through 2022. Dallas recorded several notable sales of iconic office assets in 2021, plus numerous deals for suburban …
The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …
SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has broken ground on a roughly 300,000-square-foot facility located at the intersection of Interstate 10 and Loop 410 in San Antonio. The facility will feature convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features will include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction is the general contractor for the project, and Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Alexan Summit, a 372-unit apartment community in Fort Worth. Built in 2018 in between the West Seventh and Near Southside Medical districts, the property features studio, one- and two-bedroom units with an average size of 866 square feet. Select units offer terraces, balconies or private yards. Amenities include a pool, fitness center, clubhouse, coffee bar, business center, pet park and an Amazon package locker system. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between an affiliate of Trammell Crow Residential and Phoenix Capital Management LLC, in the transaction. The buyer, a partnership between Busboom Group and Archwood Real Estate, has rebranded the property as The Drake on Summit. The property was 96 percent occupied at the time of sale.
LEWISVILLE, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Lewisville West, a 129,129-square-foot shopping center located on the northern outskirts of Dallas. Anchored by El Rancho Supermercado, the center was 79 percent leased at the time of sale to tenants such as Liquor Den, Jefferson Dental, Verizon, Cricket Wireless and Starbucks. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the buyer, Chicago-based Newport Capital Partners, in the transaction.
