Texas

Marcus & Millichap Brokers Sale of 396-Unit Apartment Community in Weatherford, Texas

by Taylor Williams January 20, 2022

WEATHERFORD, TEXAS — Marcus & Millichap has brokered the sale of Lone Oak, a 396-unit apartment community located in the western Fort Worth suburb of Weatherford. The property was built on 18 acres in 2020. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, clubhouse with a game room and a fitness center. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. New York City-based Ready Capital provided a $59.3 million acquisition loan for the deal. The borrower plans to use a portion of the proceeds to fund capital improvements.

January 20, 2022

Acquisitions Multifamily Texas

Hazel Equity Buys 261-Unit Multifamily Property in Northwest Houston

by Taylor Williams January 20, 2022

HOUSTON — Locally based investment firm Hazel Equity has purchased Cranbrook Forest, a 261-unit multifamily property in northwest Houston. Built in 1983, the property offers one- and two-bedroom units with an average size of 829 square feet. The amenity package consists of a pool, fitness center, coffee bar, playground and a computer lab. The seller was an affiliate of New York City-based Lone Star Capital Group. Bob Heard, Teresa Lowery, Todd Stewart, Chip Nash, Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers brokered the deal. Cranbrook Forest was 92 percent occupied at the time of sale.

January 20, 2022

Leasing Activity Life Sciences Office Texas

PathGroup Signs 126,596 SF Office, Lab Lease in Coppell, Texas

by Taylor Williams January 20, 2022

COPPELL, TEXAS — Nashville-based medical consulting firm PathGroup has signed a 126,596-square-foot lease to occupy the entirety of 121 Corporate Center, an office and laboratory building in Coppell, located near Dallas-Fort Worth International Airport. Dean Collins, Mark Collins, Jason Dodson, Michael Sessa and Jack Keenan of Cushman & Wakefield represented PathGroup in the lease negotiations. Nathan Durham and Duane Henley of Newmark represented the landlord, a partnership between Blackstone and Link Logistics Real Estate.

January 20, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Rockhill Capital Plans 1,807-Acre Shoop Ranch Mixed-Use Development Near Fort Worth

by Jeff Shaw January 20, 2022

NEW FAIRVIEW, TEXAS — Rockhill Capital and Investments has acquired Shoop Ranch, a 1,807-acre plot of land in New Fairview. The tiny city of fewer than 2,000 residents is located approximately 30 miles northwest of downtown Fort Worth. Rockhill plans to build a massive mixed-use project on the site, which will include 4,150 single-family homes, 900 multifamily residences, shops, restaurants, offices, public spaces and government buildings such as schools, a town hall, public pool and fire station. “The [city] council and staff are focusing on maintaining our current rural feel, natural elements and open space, while creating a development and city center where people can live, work and play,” says Ben Nibarger, New Fairview’s city administrator. He notes that the city and Rockhill have been planning the development for about a year. “New Fairview is in a position for growth, and we are working with the city to thoughtfully plan a thriving community that will satisfy the needs for a city hub and additional housing, while also celebrating the area’s natural beauty,” says Jennifer Alexander, project manager at Rockhill Capital and Investments. The Shoop Ranch property features more than 1.5 miles of Oliver Creek, which offers fishing locations for bass …

January 20, 2022

TownePlace-Suites-by-Marriott-Fort-Worth

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 603-Room Hotel Portfolio in Texas, New Mexico

by Taylor Williams January 19, 2022

DALLAS — Marcus & Millichap has brokered the sale of six hotels totaling 603 rooms in Texas and New Mexico, with the majority of the properties being located throughout the Dallas-Fort Worth (DFW) metroplex. The DFW hotels consist of a 173-room, dual-branded Home2Suites and Tru by Hilton in Euless; a 120-room Fairfield Inn & Suites in downtown Fort Worth; a 128-room TownePlace Suites by Marriott in Fort Worth; and a 91-room Hampton Inn & Suites in Colleyville. The portfolio also included a 91-room Hampton Inn in Santa Fe, N.M. All of the hotels were built within the last four years. Chris Gomes and Allan Miller of Marcus & Millichap represented the locally based seller, ICON Lodging, in the transaction. The duo also procured the buyer, New York City-based MCR Hotels.

January 19, 2022

Development Multifamily Texas

D’Agostino Cos. Breaks Ground on 300-Unit Multifamily Project in Metro Houston

by Taylor Williams January 19, 2022

CYPRESS, TEXAS — Locally based developer D’Agostino Cos. has broken ground on Reserve at Cypress, a 300-unit multifamily project located on the northwestern outskirts of Houston. The community will feature one-, two- and three-bedroom units that will average 972 square feet and will be furnished with stainless steel appliances, stone countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, outdoor dining and entertainment areas and a fitness center. Austin-based OHT Partners is the general contractor for the project, which is slated for a January 2023 completion. Chris Bergmann Jr. of JLL represented the developer in its acquisition of the land, which occurred last June.

January 19, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 192,313 SF Office Building in Houston’s Westchase District

by Taylor Williams January 19, 2022

HOUSTON — JLL has negotiated the sale of 1500 Citywest, a 192,313-square-foot office building in Houston’s Westchase District. Built on roughly four acres in 1981, the property was 65 percent leased at the time of sale, primarily to tenants in the energy and engineering sectors. Rick Goings and Jack Moody of JLL represented the seller, a partnership controlled by Salt Lake City-based Bridge Investment Group, in the off-market transaction. Josh Morrow and Collin Roach of Avison Young represented the buyer, locally based commodities trader BioUrja Group.

January 19, 2022

Acquisitions Retail Texas

Steeplechase Ventures Acquires 166,225 SF Shopping Center in Denton, Texas

by Taylor Williams January 19, 2022

DENTON, TEXAS — Dallas-based investment firm Steeplechase Ventures LLC has acquired Presidio Plaza, a 166,225-square-foot shopping center located in the North Texas city of Denton. The property, which was 91 percent leased at the time of sale, was originally constructed as a regional outlet mall known as Stonehill Center. Adam Howells, Ryan Shore and Matthew Barge of JLL represented the seller, locally based firm LAD Ventures LLC, which purchased the asset in 2016 and subsequently expanded it, in the transaction.

January 19, 2022

Company News Multifamily Texas

Global Real Estate Advisors Launches Three Texas Offices

by Taylor Williams January 19, 2022

NEW YORK CITY — Global Real Estate Advisors (GREA), a full-service brokerage and advisory firm specializing in multifamily acquisitions and financing, has launched 11 offices across the country, including three in the major Texas markets of Dallas, Houston and Austin. The firm brings together representatives of regional brokerages including National Apartment Advisors, Greystone SG, Brown Realty Advisors, HFO Investment Real Estate, Rittenhouse Realty Advisors and Bel Real Estate Advisors. Combined, the brokerages transacted more than $4.5 billion in 2021 sales volume.

January 19, 2022

Acquisitions Data Centers Industrial Texas Top Stories

CyrusOne Agrees to Sell Four Data Centers in Houston for $670M

by Kristin Harlow January 19, 2022

HOUSTON — CyrusOne Inc. (NASDAQ: CONE) has entered into a definitive agreement to sell four of its data centers in Houston for approximately $670 million. Under the terms of the agreement, DataBank Holdings Ltd. will acquire Houston West I, II and III, as well as Houston Galleria. The four facilities total more than 300,000 square feet. Additionally, CyrusOne will lease back the Houston West III shell to support a lease signed with a customer in the fourth quarter of 2021. The transaction is expected to close by the end of this quarter. Proceeds from the sale will be utilized to fund future development projects. “We are excited to execute on our capital recycling initiative to fund our continued growth,” says David Ferdman, interim president and CEO of Dallas-based CyrusOne. “This divestiture further optimizes our portfolio as we redeploy capital into accretive developments across core markets with diverse hyperscale and enterprise demand in the U.S. and Europe.” The transaction marks DataBank’s entry into the Houston market. “With our deep roots in Texas, [Houston] was a logical metro for us to expand into and allows us to bring our digital infrastructure and interconnection solutions to the fourth-largest metro in the U.S.,” says …

January 19, 2022

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