Texas

Reger Holdings to Develop 425-Acre EastVillage Mixed-Use Project in Austin

by Taylor Williams January 25, 2021

AUSTIN, TEXAS — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green for outdoor events and gatherings, while a network of trails will also connect the various uses. Nearby employers include Samsung, Dell, Amazon and The Home Depot Technology Center. A construction timeline was not released.

January 25, 2021

Development Industrial Texas

Developers Break Ground on 643,760 SF Spec Industrial Project in Sunnyvale, Texas

by Taylor Williams January 25, 2021

SUNNYVALE, TEXAS — Developers Brian Flaherty and Eric Langford, the duo behind the redevelopment of the former Raytheon industrial campus in the northeastern Dallas suburb of Garland, have broken ground on a 643,760-square-foot industrial project in nearby Sunnyvale. The development will consist of two cross-dock buildings with divisibility to 100,000 square feet and 36-foot clear heights that will be built on a speculative basis. Paladin Partners is leasing the project, which is expected to be complete this fall.

January 25, 2021

Acquisitions Office Texas

Cawley Partners, Balfour Pacific Acquire 150,000 SF Office Building in Irving

by Taylor Williams January 25, 2021

IRVING, TEXAS — A partnership between locally based investment firm Cawley Partners and private equity firm Balfour Pacific Capital has acquired Westpoint I, a 150,000-square-foot office building in Irving’s Las Colinas district. Located at 1255 Corporate Drive, the six-story building sits on 5.3 acres and was 91 percent leased at the time of sale. The new ownership plans to upgrade the building’s common areas and add a grab-and-go food service. Parker McCormack and Andrew Levy of JLL represented the seller, New York City-based Highbrook Investors, in the transaction.

January 25, 2021

Acquisitions Industrial Texas

Boyd Commercial Brokers Sale of 84,200 SF Industrial Building in North Houston

by Taylor Williams January 25, 2021

HOUSTON — Locally based firm Boyd Commercial has brokered the sale of an 84,200-square-foot industrial building located at 5708 N. Shepherd Drive in North Houston. David Munson and David Boyd of Boyd Commercial represented the seller, the Estate of Frank D. Adams, in the transaction. John Ferruzzo and Nick Peterson of Transwestern represented the buyer, Geirin North Shepherd LLC.

January 25, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 72-Unit Property in Nacogdoches, Texas

by Taylor Williams January 25, 2021

NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.

January 25, 2021

Company News Retail Texas

Francesca’s Receives Approval to Enter into Bankruptcy Sale Agreement, Will Keep 275 Stores Open

by Taylor Williams January 22, 2021

HOUSTON — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will keep about 275 stores, or roughly half its total count, open for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 million in cash. Francesca’s declared bankruptcy in December, prompting reports of a buyout offer from TerraMar Capital; the retailer subsequently entered into a letter of intent with the Los Angeles-based investment firm. According to investopedia.com, a stalking horse bid is an initial bid on the assets of a bankrupt company that sets a minimum price threshold for subsequent bids.

January 22, 2021

Loans Multifamily Texas

JLL Arranges Acquisition Financing for Two Multifamily Assets Totaling 586 Units Near Fort Worth

by Taylor Williams January 22, 2021

HALTOM CITY, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Hidden Lakes and Ranch at Fossil Creek, two multifamily properties totaling 586 units in Haltom City, a northern suburb of Fort Worth. Hidden Lakes totals 312 units that average 928 square feet and come in one-, two- and three-bedroom floor plans. The property was 94 percent occupied at the time of sale. Ranch at Fossil Creek was built in 2002 and features 274 units across 13 buildings on a 17.5-acre site. The community was 92 percent leased at the time of sale. Both properties offer amenities such as pools, fitness centers, business centers, clubhouses and sports courts. Jeremy Sain and Brooks Burgin of JLL arranged the financing through Global Atlantic Financial Group on behalf of the borrower, Exponential Property Group.

January 22, 2021

Acquisitions Multifamily Texas

Stratus Properties Sells Saint Mary Apartments in Southwest Austin for $60M

by Taylor Williams January 22, 2021

AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.

January 22, 2021

Acquisitions Multifamily Texas

West Shore Acquires 315-Unit Broadstone Lake Walk Apartments in College Station

by Taylor Williams January 22, 2021

COLLEGE STATION, TEXAS — Boston-based investment firm West Shore LLC has acquired Broadstone Lake Walk, a 315-unit apartment community located about three miles from Texas A&M University in College Station. The property will be integrated into 8085 at Traditions community, a 657-unit adjacent property owned and operated by West Shore since 2018, to become Lake Walk at Traditions Apartments. The 972-unit community will offer one-, two- and three-bedroom units and amenities such as a four resort-style pools with cabanas, four fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks and outdoor gaming areas.

January 22, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $33.9M Agency Loan for Refinancing of Austin Affordable Housing Community

by Taylor Williams January 22, 2021

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $33.9 million Freddie Mac loan for the refinancing of Waters at Bluff Springs, an affordable housing community in Austin. According to Apartments.com, the property was built in 2001 and offers 300 units in one-, two- and three-bedroom formats. Residences are reserved for renters earning between 50 and 80 percent of the area median income. Amenities include a pool, fitness center, business center and a community garden. Phil Melton of Bellwether originated the 12-year, fixed-rate loan on behalf of the undisclosed borrower.

January 22, 2021

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