FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Aero, a 200-unit apartment community located at 8300 Calmont Ave. on the west side of Fort Worth. The property features one- and two-bedroom units and amenities such as a pool, coffee bar, resident clubhouse and a playground. Al Silva of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva also procured the buyer, an out-of-state family office that will implement a value-add program.
DALLAS — CBRE has negotiated the sale of Bella Vista Park, a 158-unit apartment community located at 2700 N. Buckner Blvd. in northeast Dallas. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, an outdoor picnic area and onsite laundry facilities. Chris Deuillet and William Hubbard of CBRE represented the seller, Dallas-based AmeriCan Multifamily Alliance Group, in the transaction. Private investor Justin Li acquired the asset for an undisclosed price.
HOUSTON — Spicy World of USA Inc., a family-owned distributor of ethnic foods, has sold its 32,554-square-foot industrial facility located at 10421 SW Plaza Drive in Houston. According to LoopNet Inc., the property was built in 2004 and features 26-foot clear heights. Sam Chang of Henry S. Miller Brokerage represented Spicy World, which will relocate to a 68,000-square-foot distribution center in Stafford, in the deal. Bryan Tran with BHW Capital represented the buyer, Red Sea Properties LLC.
NORTH RICHLAND HILLS, TEXAS — Centurion American Development Group has broken ground on City Point, a 52-acre mixed-use development in the Dallas suburb of North Richland Hills. Development costs were not disclosed, but D Magazine reports it will cost the Farmers Branch, Texas-based developer $300 million. City Point will comprise 400 to 600 multifamily units, 60,000 square feet of commercial space, a trail system, outdoor greenspace and 366 single-family homes, including bungalows and townhomes. The commercial space will include office, retail and restaurant space. The City of North Richland Hills and Tarrant County each contributed a cap of $4.2 million and $1.7 million, respectively, through a Tax Increment Financing District (TIF) for infrastructure improvements surrounding the development. Cleveland-based NRP Group will build the apartment units, Plano, Texas-based CB Jeni Homes will construct the townhomes and Gunter, Texas-based New Synergy Homes will build the bungalow homes portion of the development. A developer for the commercial space was not disclosed. City Point is situated at the former site of North Mills Mall, which closed in 2004 and was torn down in 2007, according to D Magazine. The site has sat vacant since. The property is located along Grapevine Highway near Interstate 280, …
Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …
HOUSTON — Associated Bank has provided a $34.3 million loan for the rehabilitation of Pinewood Apartments, a 240-unit affordable housing community in Houston that was built in 2001. The borrower, Minnesota-based Dominium Management Services LLC, acquired the property earlier this year. Renovations will preserve the affordability of all units for renters earning 60 percent or less of the area median income and will include new lighting, appliances and countertops, as well as the addition of in-unit washers and dryers. In addition, Dominium will upgrade amenity spaces, including the dog park, outdoor grilling area and pavilion. Renovations are expected to be complete in the second quarter of next year.
HOUSTON — Common Desk, a Texas-based provider of flexible office solutions, will open a 24,140-square-foot coworking space at 2500 CityWest, a 578,284-square-foot office building in Houston’s Westchase neighborhood. The space will be Common Desk’s third in the Houston area. Win Haggard Jr. and Vince Strake of Cushman & Wakefield, along with internal representative Dennis Tarro, represented the landlord, a partnership between Patrinely Group and USAA Real Estate, in the lease negotiations.
WHITE SETTLEMENT, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites Fort Worth West, a 65-room hotel located on the western outskirts of Fort Worth in White Settlement. The property was built in 2014. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented the Dallas-based seller in the transaction. Gomes also procured the buyer. Both parties were limited liability companies that requested anonymity.
HOUSTON — NAI Partners has negotiated a 17,210-square-foot office lease for Aegis Chemical Solutions, a provider of water treatment solutions, at 4560 Kendrick Plaza Drive in North Houston. Jason Whittington of NAI Partners represented the tenant in the lease negotiations. Logan Greer of Insite Realty Partners represented the landlord, EastGroup Properties LP.
SAN ANTONIO — Cano Health, a provider of healthcare services for seniors that is owned by Humana, has signed a 14,938-square-foot medical office lease at Buena Vista Plaza in San Antonio. The property is located at 100 S. Zarzamora St., just west of downtown. Shawn Ackerman of Henry S. Miller Brokerage represented the landlord, Fallas Borrower IV LLC, in the lease negotiations. Aamil Safani of Cushman & Wakefield represented the tenant.