CHATHAM, N.J. — New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self-storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self-storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was not disclosed.
LUBBOCK, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a portfolio of four multifamily properties totaling 350 units in Lubbock. The properties include Summertime Villa, Genoa Gardens, Genoa Gardens II and Yorkshire Villas. Jon Krebbs of TMG represented the seller, and Paul Yazbeck of TMG procured the buyer. The buyer and seller(s) involved in the transaction requested anonymity. The sales price was also not disclosed.
SELMA, TEXAS — Locally based investment and development firm Embrey Partners has acquired Retreat at Chelsea Park, a 280-unit apartment community in Selma, a northeastern suburb of San Antonio. Built in 2006, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, coffee bar, dog park, clubhouse and outdoor grilling areas. Patton Jones of Newmark brokered the deal, the seller in which was not disclosed. Embrey plans to implement an interior value-add program that will upgrade units’ countertops, cabinetry, appliances, flooring and closets.
BURLESON, TEXAS — Locally based general contractor KWA Construction has topped out Atlantica at Burleson, a 217-unit multifamily project located south of Fort Worth in Tarrant County. Developed by Sovereign Properties and designed by Womack + Hampton Architects, the property will offer one-, two-and three-bedroom units. Amenities will include a pool, outdoor gaming lawn and grilling areas, dog park, cybercafé and a fitness and yoga studio. Atlantica at Burleson is expected to be completed in June 2022.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 146,748-square-foot industrial lease at 2750 114th St. in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property was built in 1998 and spans 196,012 square feet. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The representative of the tenant, third-party logistics firm Amplex Corp., was not disclosed.
PHARR, TEXAS — Marcus & Millichap has brokered the sale of Pharr Logistics Center, a 109,737-square-foot industrial building located in the Rio Grande Valley. The property was built on 7.7 acres in 1994 and was fully leased at the time of sale. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private equity firm. Both parties involved in the deal requested anonymity.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
SAN ANTONIO — Dallas-based investment firm Velocis has acquired Highline, a 208-unit apartment community in San Antonio. Built in 2000, the property is located near the University of Texas at San Antonio. Units come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center, outdoor grilling stations, a pet park and package lockers. The seller and sales price were not disclosed.
DALLAS — Marcus & Millichap has brokered the sale of Walnut Hill Business Center, a 108,154-square-foot industrial property in Dallas. The multi-tenant facility was built on 7.1 acres in 1979. Adam Abushagur and Tyler Ranft of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured an out-of-state institutional investor as the buyer. Both parties involved in the deal requested anonymity.
HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Ludington Apartments, a 126-unit multifamily property in Houston that was built in 1980. According to Apartments.com, the property offers one- and two-bedroom units, as well as a pool. Zach Weik of TMG represented the seller and procured the locally based buyer, both of which requested anonymity, in the deal.