Texas

Envoy Discusses Construction, Bridge Loan Lending, Future of Net Lease

by Sarah Daniels February 24, 2021

Ralph Cram, president and manager of Envoy Net Lease Partners LLC, is responsible for providing strategy, marketing and investment advice on all aspects of net lease property investments. He believes 2021 will be a banner year for net lease, and that Envoy is particularly well suited when it comes to providing “one-stop shopping” for developers. Finance Insight: How is Envoy is different from a “normal” commercial real estate finance provider? Cram: Envoy’s focus is construction and bridge loan lending on single-tenant, net-lease properties in most commercial real estate segments such as retail, restaurant, medical and industrial properties. What differentiates us from most lenders is that first and foremost, Envoy can lend up to 100 percent of the total project costs. A developer receives all the project’s capital from one source without having to take on outside investors and time-consuming joint-venture (JV) and related agreements. Envoy’s “one-stop shopping” allows developers to concentrate on what they do best and provides the entirety of financing and other capital considerations for a given project. Second, the only thing we do is lend on net-lease properties, so we are experts. We don’t do an apartment loan one day and a PPP loan the next. We don’t leave, enter and then re-exit the net-lease market and …

February 24, 2021

Development Mixed-Use Texas

Crescent Real Estate Reveals Plans for $250M Mixed-Use Project in Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has revealed plans for a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to begin this summer and to be complete in mid-2023.

February 24, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

Acquisitions Multifamily Texas

Morningside Group Acquires 232-Unit Urban Crest Apartments in North San Antonio

by Taylor Williams February 24, 2021

SAN ANTONIO — An affiliate of Chicago-based investment firm Morningside Group has acquired Urban Crest, a 232-unit apartment community in north San Antonio. Built in 2015, the property features studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, social lounge, conference center, game room, outdoor grilling areas and a pet park. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Urban Crest was 88 percent occupied at the time of sale.

February 24, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 246,060 SF Office Building in Arlington

by Taylor Williams February 24, 2021

ARLINGTON, TEXAS — Newmark has brokered the sale of AmeriCredit Center I, a 246,060-square-foot office building in Arlington that is fully leased to automotive finance firm AmeriCredit. According to LoopNet Inc., the three-story property was built on 25.4 acres in 1998. Gary Carr, Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of Newmark represented the undisclosed seller in the transaction. The buyer was CFT Developments LLC.

February 24, 2021

Industrial Leasing Activity Texas

CBRE Negotiates 38,400 SF Industrial Lease for Logistics Company in El Paso

by Taylor Williams February 24, 2021

EL PASO, TEXAS — CBRE has negotiated a 38,400-square-foot industrial lease at 9660 Joe Rodriguez Drive in El Paso. Arturo De la Mora and Andres Sandoval of CBRE represented the tenant, cross-border customers and logistics firm G-Global, in the lease negotiations. The duo also represented the landlord, a partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners. G-Global previously occupied 20,000 square feet at the building at 9600 Joe Rodriguez Drive, which the partnership also owns.

February 24, 2021

Acquisitions Florida Georgia Illinois Indiana Louisiana Michigan Midwest Multifamily North Carolina Ohio South Carolina Southeast Texas Top Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Development Multifamily Texas

Stanmore Partners, TIG to Develop 336-Unit Multifamily Project in Metro Austin

by Taylor Williams February 23, 2021

ROUND ROCK, TEXAS — A partnership between Houston-based Stanmore Partners and Transwestern Investment Group (TIG) will develop Stanmore Warner Ranch, a 336-unit multifamily project in the northern Austin suburb of Round Rock. The property will consist of seven garden-style buildings that will house units with custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities will include a pool, fitness center, business center, dog park and a resident lounge. The first units are slated to be delivered in the second quarter of 2022.

February 23, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 305-Unit Heritage Apartments in San Antonio

by Taylor Williams February 23, 2021

SAN ANTONIO — Newmark has brokered the sale of The Heritage, a 305-unit apartment community in San Antonio. Built in 2005, The Heritage features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and an indoor basketball court. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Terrain Capital Partners, also based in Austin, purchased the asset for an undisclosed price. The Heritage was 93 percent occupied at the time of sale.

February 23, 2021

Development Office Texas

T2V Properties to Build 88,100 SF Office Project in Irving

by Taylor Williams February 23, 2021

IRVING, TEXAS — Locally based developer T2V Properties plans to build an 88,100-square-foot office project at 1410 N. Westridge Circle in Irving’s Las Colinas district. The project represents Phase II of Westridge Park, a speculative boutique office development. Phase I consisted of a 34,188-square-foot building that was completed in December 2019. Modus Design Studio is the architect for Phase II, and Bradford Commercial Real Estate Services has been tapped to lease the development. A general contractor for Phase II has not yet been selected.

February 23, 2021

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