Texas

Brasfield & Gorrie Tops Out 510-Room Omni PGA Frisco Resort

by Taylor Williams February 14, 2022

FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.

February 14, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates Sale of 765,798 SF Industrial Building in Terrell, Texas

by Taylor Williams February 14, 2022

TERRELL, TEXAS — Lee & Associates has negotiated the sale of a 765,798-square-foot, rail-served industrial building in Terrell, about 30 miles east of Dallas, that was formerly occupied by Goodyear Tire. Building features include a cross-dock configuration, 185-foot truck court depths and an ESFR sprinkler system. Ken Wesson of Lee & Associates represented the buyer, an entity doing business as BFI Newco Holdings, in the transaction. Steve Berger and Corbin Crews of CBRE represented the seller, an entity doing business as 301 Apache Trail LLC.

February 14, 2022

Loans Office Texas

Avatar Financial Provides $30M Loan for Refinancing of Plano Office Building

by Taylor Williams February 14, 2022

PLANO, TEXAS — Seattle-based Avatar Financial Group has provided a $30 million loan for the refinancing of City View Corporate Center, a 293,821-square-foot office building in Plano. The property was originally built in the 1980s and most recently renovated between 2019 and 2021. At the time of the loan closing, City View Corporate Center was 58 percent leased to a roster of more than 50 tenants. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

February 14, 2022

Loans Multifamily Texas

Ready Capital Closes $24.4M Acquisition Loan for Arlington Apartment Complex

by Taylor Williams February 14, 2022

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $24.4 million loan for the acquisition, renovation and stabilization of an unnamed, 252-unit apartment complex in Arlington. 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.

February 14, 2022

Loans Multifamily Texas

JLL Arranges $38.5M Acquisition Loan for Metro Austin Apartment Community

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — JLL has arranged $38.5 million in acquisition financing for Summit at Rivery Park, a 228-unit apartment community located in the northern Austin suburb of Georgetown. Built on 32 acres in 2015, the property is situated within a larger mixed-use development that features a Sheraton Hotel and conference center, as well as office and retail space. Summit at Rivery Park offers one-, two- and three-bedroom units that range in size from 576 to 1,410 square feet. JLL arranged floating-rate acquisition financing through Vancouver-based QuadReal Finance Inc. on behalf of the borrower, Austin-based Old Three Hundred Capital. In addition, the firm structured joint venture equity with Sound Mark Partners. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the loan and joint venture partnership. The new ownership plans to implement a value-add program.

February 11, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 316-Unit Maxwell Townhomes in San Antonio

by Taylor Williams February 11, 2022

SAN ANTONIO — Newmark has brokered the sale of Maxwell Townhomes, a 316-unit apartment community in San Antonio. Built in 1982 on the north-central side of the city, Maxwell Townhomes features one-, two-, and three-bedroom units. Amenities include two pools, a fitness center, playground, putting green, sport court, dog park and a clubhouse. Patton Jones and Matt Michelson of Newmark represented the seller, Philadelphia-based Resource REIT Inc., in the transaction. The buyer, Orion Real Estate Partners, plans to further upgrade the unit interiors, building exteriors and common spaces.

February 11, 2022

Leasing Activity Office Texas

Energy Firm Signs 98,616 SF Office Lease Extension at Greenway Plaza in Houston

by Taylor Williams February 11, 2022

HOUSTON — Gulf South Pipeline Co., a midstream provider of natural gas, has signed a 98,616-square-foot office lease extension at Greenway Plaza, a 52-acre campus located between Houston’s Uptown and downtown areas. The company will continue to occupy space at the 746,824-square-foot Nine Greenway Plaza building. J.P. Hutcheson and Rima Soroka represented the landlord, Parkway, on an internal basis in the lease negotiations. Christopher Oliver and David Guion of Cushman & Wakefield represented the tenant.

February 11, 2022

Acquisitions Retail Texas

SRS Real Estate Negotiates Sale of 78,888 SF Shopping Center in Metro Austin

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — Dallas-based SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in the northern Austin suburb of Georgetown. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randalls serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the transaction. Cincinnati-based retail REIT Phillips Edison & Co. (NASDAQ: PECO) purchased Oak Meadows Marketplace for an undisclosed price.

February 11, 2022

Loans Multifamily Texas

Ready Capital Closes $9.5M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 11, 2022

HOUSTON — New York City-based Ready Capital has closed a $9.5 million loan for the acquisition, renovation and stabilization of an unnamed, 61-unit apartment complex in Houston’s Montrose submarket. 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.

February 11, 2022

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of Three Texas Hotels Totaling 280 Rooms

by Taylor Williams February 10, 2022

ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.

February 10, 2022

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