FARMERS BRANCH, TEXAS — San Francisco-based industrial giant Prologis has acquired a 49,915-square-foot warehouse that is situated on 3.8 acres at 2168 W. Diplomat Drive in the northern Dallas metro of Farmers Branch. The seller was Ngan Brothers LLC. Dan Spika of Henry S. Miller Brokerage negotiated the transaction. Prologis recently announced that it completed $25 billion in investments in 2020.
When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …
MIAMI, OKLA. — Fort Worth-based investment firm MAG Capital Partners has sold a 206,341-square-foot manufacturing and distribution facility in Miami, located in the northeastern corner of Oklahoma. Built in 1971, the 27.7-acre site comprises four buildings with 30-foot clear heights, four drive-in doors and six loading docks. Automotive parts supplier Hopkins Manufacturing Corp. occupies the property on a long-term basis. The facility was renovated in 2015, with an 85,000-square-foot addition built onsite. The site has remaining acreage for potential future development. Peter Bauman and Tivon Moffitt of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based private buyer in the transaction.
DALLAS — Sherman Residential has acquired Axis Kessler Park Apartments, a 299-unit multifamily community in West Dallas. Units at the property, which was formerly known as Lincoln Kessler Park, feature quartz countertops, custom cabinetry, individual washers and dryers and private balconies or yards in select units. Amenities include a pool, exercise center, pet park, business center, putting green, outdoor lounge and a complimentary virtual fitness membership. The seller was not disclosed.
PASADENA, TEXAS — JLL has negotiated the sale of a 300-unit workforce housing community located in the eastern Houston suburb of Pasadena. The garden-style property is located near Beltway 8 and Port Houston. Chris Young, Joey Rippel and Kyle Whitney of JLL represented the privately held seller, Chicago-based investment firm 29th Street Capital, in the deal. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — Los Angeles-based investment firm Langdon Street Capital has purchase Broadstone Crossing, a 225-unit apartment community in North Austin. The property was built in 2006 and offers amenities such as a pool, dog park and a fitness center. Sean Sorrell, Joe Dowdle and Ryan McBride of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed.
DENTON, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for The Loop Apartments, a 160-unit multifamily property located in the North Texas city of Denton. The property was built in 1969 and consists of 12 two-story residential buildings, a leasing office and two maintenance buildings. Colliers Mortgage originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, a local entity doing business as 517 Loop LLC.
FRISCO, TEXAS — Texas-based developer Presidium has completed construction of Presidium at Edgestone, a luxury active adult community in Frisco, a northern suburb of Dallas. Designed by Cross Architects and SeeSaw Creative, the 165,398-square-foot property features 188 units on 18 acres near a variety of commercial and retail developments, as well as 10 golf courses, several walking trails and the upcoming 275-acre Grand Park. The community offers freestanding independent living cottages in addition to a residential building with amenities such as clubrooms, a pool, fitness and wellness center, library and cyber lounge, media and game rooms, pavilions and a resident gardening area with shade structures. The operator is Capstone Real Estate. Average rents range from $1,382 to $2,135 per month.
AUSTIN, TEXAS — Berkadia has arranged the sale of Lincoln Oaks, a 296-unit apartment community located near The Domain in North Austin. The garden-style property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, outdoor grilling areas, volleyball courts and onsite laundry facilities. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, California-based Glen Una Management, in the transaction. Locally based investment firm Wildhorn Capital purchased the asset for an undisclosed price.
SAN ANTONIO —Rosewood Property Co. has delivered the first phase of Tobin Estates Apartments, a multifamily project in the Oakwell Farms area of north San Antonio that added 286 units to the local supply. Units come in one-, two- and three-bedroom formats that range in size from 718 to 1,407 square feet and feature stainless steel appliances, quartz countertops and private garages. Amenities include a clubhouse, pool, rooftop lounge and outdoor grilling stations. Rents start at $1,300 per month for a one-bedroom unit. Two additional phases of development are planned. Rosewood Property Co., based in Dallas, is a wholly owned subsidiary of The Rosewood Corp.