DALLAS — Colliers has negotiated the sale of Search Plaza, a 155,000-square-foot office building located along the North Central Expressway in North Dallas. New Orleans-based Uhalt Investments purchased the asset from Pillar Commercial for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal. Pillar Commercial will continue to manage and lease the building, which was 91 percent leased at the time of sale.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Mission Villas, a 176-unit apartment complex in San Antonio. Built on five acres in 1965, the property offers one- and two-bedroom units and amenities such as a pool, playground, picnic area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Chris Siemasko of TMG procured the buyer, a California-based REIT.
HOUSTON AND DALLAS — Orlando-based Simply Self Storage has purchased a portfolio of 14 facilities in the Houston and Dallas areas totaling 9,878 units. The specific names and locations of the properties were not disclosed. The portfolio spans more than 1 million net rentable square feet, of which nearly two-thirds is climate-controlled space. Aaron Swerdlin and Kenneth Cox of Newmark represented Simply Self Storage in the transaction. The seller and sales price were also not disclosed.
FORT WORTH, TEXAS — Newmark has negotiated an 861,840-square-foot industrial lease at 11900 S. Freeway Service Road in Fort Worth. Gary Lindsey and Ladson Montgomery of Newmark represented the tenant, Saddle Creek Logistics, in the lease negotiations. CBRE represented the landlord, an entity doing business as FW I-35 Logistics 1 LLC. According to the Fort Worth Business Press, the tenant plans to operate a distribution center out of the facility, which features 40-foot clear heights and 120 dock doors.
HOUSTON — A partnership between Houston-based Better World Holdings and New York-based Crown Capital Ventures has acquired Skylar Pointe Apartments, a 449-unit community in Houston’s Clear Lake area, for $49.1 million. Built in 1979, Skylar Pointe comprises 162 one-bedroom units, 255 two-bedroom apartments and 32 three-bedroom residences. Amenities include two pools, a spa, playground and onsite laundry facilities. The new ownership will invest about $4.6 million in capital improvements to the property, including $2.9 million to unit interior and $1.7 million in to building exteriors and amenity spaces.
Nova Capital Arranges Construction Debt and Equity for 389-Unit Multifamily Project in Sachse, Texas
SACHSE, TEXAS — Los Angeles-based advisory firm Nova Capital has arranged construction debt and equity for the development of Miles One 90, a 389-unit multifamily project in Sachse, a northeastern suburb of Dallas. Nova Capital placed a $42 million loan with Bank OZK and an undisclosed amount of joint venture equity with an institutional investor. Miles One 90 will comprise four four-story residential buildings and amenities such as multiple pools and fitness centers, a game room, coffee bar, remote work lounge and an outdoor kitchen. Construction is scheduled to begin in January and to be complete in 2023. The borrower was Anthem Development, a division of Beck Ventures Co.
FORT WORTH, TEXAS — Levin Johnston, a division of Marcus & Millichap, has brokered the sale of Constellation Ranch Apartments, a 324-unit multifamily community in Fort Worth that was built in 2005. Units come in one-, two- and three-bedroom formats and feature washers and dryers, built-in computer niches and walk-in closets. Amenities include a pool, fitness center, business center, movie theater, dog park and Amazon package lockers. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the seller and the buyer, a California-based private investor, in the transaction. Both parties requested anonymity.
TAYLOR, TEXAS — Samsung Electronics Co. Ltd. has unveiled plans to build a $17 billion semiconductor manufacturing facility in Taylor, about 35 miles northeast of Austin. The facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance computing and artificial intelligence. South Korea-based Samsung says the project marks its largest-ever investment in the U.S. and will improve supply chain resilience of crucial logic chips. The $17 billion investment includes buildings, property improvements, machinery and equipment. “As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future,” says Kinam Kim, vice chairman and CEO of Samsung’s device solutions division. “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain.” Construction is expected to begin in the first half of 2022 with completion slated for the second half of 2024. The Taylor site will span more than 53 million square feet and is expected to serve as a key location for Samsung’s global semiconductor manufacturing capacity along with its latest production line in Pyeongtaek, South Korea. Samsung says …
FORT WORTH, TEXAS — Atlanta-based investment firm MDH Partners has acquired Everman Crossroads, a two-building industrial complex in Fort Worth totaling 954,611 square feet. The buildings were constructed on a combined 47 acres in 2021. Building 1 totals 310,292 square feet and includes 88 dock doors and 36-foot clear heights. Building 2 spans 644,319 square feet and features 182 dock doors and 40-foot clear heights. Pet food provider Purina occupies Building 1, and Building 2 is available for lease. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, a partnership between Dallas-based Bandera Ventures and Invesco Real Estate, in the transaction. Scott Moore of CBRE represented MDH Partners in conjunction with internal agent Georga Rowe.
HOUSTON — Los Angeles-based TruAmerica Multifamily has purchased two properties in Houston totaling 652 units. Camden Oak Crest totals 364 units, and Camden Park totals 288 units. The two garden-style properties are located 1.5 miles apart in the Westchase neighborhood and feature a mix of one-, two- and three-bedroom units. Amenities at both communities include pools, fitness centers and outdoor grilling areas. David Mitchell of Newmark brokered the sale between TruAmerica and the undisclosed, Houston-based REIT that developed the properties. Ryan Greer of CBRE arranged acquisition financing on behalf of the buyer, which will respectively rebrand the assets as Oak Crest and Wood Park.