Texas

Madera Residential Acquires 165-Unit Apartment Community in Dallas

by Taylor Williams November 16, 2021

DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.

November 16, 2021

Acquisitions Multifamily Texas

Colliers Negotiates Sale of 144-Unit Woodstone Manor Apartment Homes in Houston

by Taylor Williams November 16, 2021

HOUSTON — Colliers has negotiated the sale of Woodstone Manor Apartment Homes, a 144-unit complex in Houston. The property, which was 98 percent occupied at the time of sale, is located at 10250 Lands End Drive on the city’s southwest side. Bob Heard, Chip Nash and Todd Stewart of Colliers represented the undisclosed seller in the deal. The buyer was Gibby’s Capital Investments.

November 16, 2021

Acquisitions Industrial Texas

Univar Sells 57,418 SF Industrial Building in Southwest Dallas

by Taylor Williams November 16, 2021

DALLAS — Illinois-based chemicals distributor Univar has sold a 57,418-square-foot industrial building located at 3636 Dan Morton Drive in southwest Dallas. The rail-served building sits on 8.5 acres and was vacant at the time of sale. Craig Jones and Caleb McCoy of JLL represented the seller in the transaction. Chicago-based Industrial Outdoor Ventures purchased the property for an undisclosed price.

November 16, 2021

Loans Multifamily Texas

Ready Capital Closes $23.4M Acquisition Loan for South Dallas Apartments

by Taylor Williams November 16, 2021

DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 16, 2021

Acquisitions Colorado Company News Data Centers Massachusetts Northeast Texas Top Stories Western

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson November 16, 2021

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

November 16, 2021

Development Industrial Texas

Avera, AEW Capital to Develop 522,135 SF Industrial Project in Metro Houston

by Taylor Williams November 15, 2021

BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.

November 15, 2021

Acquisitions Multifamily Texas

SWBC Sells 331-Unit Royalton at Kingwood Apartments in Metro Houston

by Taylor Williams November 15, 2021

KINGWOOD, TEXAS — Texas-based developer SWBC Real Estate has sold The Royalton at Kingwood, a 331-unit apartment community located on the northern outskirts of Houston. The property, which was completed in September 2020 and is located adjacent to a new H-E-B grocery store, offers one-, two- and three-bedroom units. Amenities include a pool, clubhouse, fitness center, dog park and outdoor grilling stations. Ryan Epstein, Jennifer Ray and Scott Bray of Walker & Dunlop brokered the deal on behalf of SWBC. The buyer was CAF Capital Partners.

November 15, 2021

Development Hospitality Texas

3D Development, Midas Open 123-Room Element by Westin Hotel in Metro Dallas

by Taylor Williams November 15, 2021

RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.

November 15, 2021

Loans Multifamily Texas

Ready Capital Closes $33.2M Acquisition Loan for Uptown Dallas Multifamily Property

by Taylor Williams November 15, 2021

DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 15, 2021

Leasing Activity Office Texas

Worldwide Express Signs 24,480 SF Office Headquarters Lease at The Stack in Dallas

by Taylor Williams November 15, 2021

DALLAS — Third-party logistics company Worldwide Express has signed a 24,480-square-foot office headquarters lease at The Stack, a 16-story office building that recently opened in the Deep Ellum area of Dallas. The Stack features a fitness center, coffee/cocktail lounge and an amenity terrace with views of the Dallas skyline. Transwestern represented the tenant in the negotiations for the 10-year lease. Altschuler & Co. represented the landlord, a partnership between Westdale Real Estate Investment & Management, Ivanhoe Cambridge and Hines.

November 15, 2021

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