Texas

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson August 24, 2021

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

August 24, 2021

Market Reports Texas Texas Market Reports

Supply of Capital Exceeds Available Deals in Texas

by Taylor Williams August 24, 2021

By Taylor Williams There is a pronounced imbalance between the amount of capital looking for placement in commercial real estate in Texas and the number of available deals on the market, making it a good time to be a borrower or seller. In addition to the time-tested fundamentals that have fueled growth in Texas over the last decade — exceptional job and population growth, corporate relocations, a low-regulation business environment — the state has seen elevated capital flows over the last nine months as a leader in reopening and supporting its economy in response to COVID-19. The fact that the state’s economy never really had a prolonged, major shutdown during the pandemic means that investors have had more reliable data about cash flows and other key metrics for Texas real estate assets than in many other markets. Access to that data has reduced some of the uncertainty that investors despise but which has been rampant over the last 17 months. As a result of these factors, more capital sources are targeting deals in Texas. “The inflow of capital to Texas from all parts of the country has been tremendous, dating back to the late third and early fourth quarters of …

August 24, 2021

Development Industrial Texas

Creation Completes 1 MSF Industrial Project in Haltom City, Texas

by Taylor Williams August 23, 2021

HALTOM CITY, TEXAS — Phoenix-based developer Creation has completed 820 Exchange, a 1 million-square-foot industrial project in the northern Fort Worth suburb of Haltom City. The site is located between Beach Street and Haltom Road, just south of Interstate 820, and houses four buildings that range in size from approximately 139,000 to 426,000 square feet. Building features include 30- to 36-foot clear heights, 180- to 210-foot truck court depths and a total of 140 trailer parking spaces across all four structures. LGE Design Build served as both the project architect and general contractor.

August 23, 2021

Acquisitions Multifamily Texas

180 Multifamily Properties Acquires 444-Unit Community in Arlington

by Taylor Williams August 23, 2021

ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has acquired a 444-unit community located at 2420 Abrams St. in Arlington. The Class B property was originally built on 20 acres in 1966. The new ownership plans to implement a value-add program and rebrand the community as Stratton Apartment Homes. The seller and sales price were not disclosed.

August 23, 2021

Development Retail Texas

EDENS Underway on Renovation of 143,000 SF Shopping Center in Houston’s West University District

by Taylor Williams August 23, 2021

HOUSTON — Retail developer and operator EDENS is underway on the renovation of Plaza in the Park, a 143,000-square-foot shopping center in the West University area of Houston. Planned upgrades at the center, which was originally built in 1999, will include fresh paint for storefronts, more outdoor seating for diners, revamped landscaping and new pathways to connect the buildings. All tenants at Plaza at the Park, which include Kroger, Massage Envy, Sprint, Subway and Vision Optique, among others, will remain open during the renovation. Construction is scheduled to be complete in mid-fall of this year.

August 23, 2021

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Community in Tyler, Texas

by Taylor Williams August 23, 2021

TYLER, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment firm ERG Enterprises will develop The Blake at Tyler, a 100,000-square-foot community that will be located about 100 miles east of Dallas. The property, the number of units of which was not disclosed, will be situated within The Crossing mixed-use development. The Blake at Tyler will offer assisted living units in various floor plans and studio and one-bedroom memory care units. Blake Management Group will operate the property, which is scheduled to open in 2023.

August 23, 2021

Acquisitions Multifamily Seniors Housing Texas

Plains Commercial Brokers Sale of 115-Bed Skilled Nursing Facility in Benbrook, Texas

by Taylor Williams August 23, 2021

BENBROOK, TEXAS — Plains Commercial has brokered the sale of Benbrook Nursing & Rehab, a 115-bed skilled nursing facility in Benbrook, approximately 10 miles southwest of Fort Worth. The property was originally built in 1969. The seller was a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. Daniel Morris of Plains Commercial brokered the deal.

August 23, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Development Loans Multifamily Texas

JPI Receives Construction Financing for 386-Unit Multifamily Project in Haltom City, Texas

by Taylor Williams August 20, 2021

HALTOM CITY, TEXAS — Locally based developer JPI has received construction financing for Jefferson Fossil Creek, a 386-unit multifamily project that will be located north of Fort Worth in Haltom City. Units will feature stainless steel appliances, granite countertops and walk-in closets. Amenities will include a pool with cabanas, demonstration kitchen, coffee bar and an outdoor CrossFit area. Construction is scheduled to begin in September, and the first units are expected to be available for occupancy by early 2023. The name of the lender and other details of the financing were not disclosed.

August 20, 2021

Development Multifamily Single-Family Rental Texas

Avanta Residential Acquires Land in McKinney, Plans 276-Unit Single-Family Rental Community

by Taylor Williams August 20, 2021

MCKINNEY, TEXAS — Denver-based Avanta Residential, a division of Hunt Cos., has acquired 27 acres in the northern Dallas suburb of McKinney for the development of a 276-unit single-family rental community. The new residential complex will be located within the Painted Tree master-planned development. Communal amenities will include a pool, clubroom, leasing office and a fitness center. Residents will also have access to green space, pocket parks and electric car charging stations. Walker & Dunlop arranged the equity financing for the project. Construction is slated to begin in November and to be complete in mid-2023.

August 20, 2021

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