STILLWATER, OKLA. — Marcus & Millichap has arranged a bridge loan of an undisclosed amount for the recapitalization and acquisition of a 475-bed student housing property located one block from Oklahoma State University in Stillwater. Todd McNeill and Jacob Rich of Marcus & Millichap arranged the 36-month, nonrecourse loan on behalf of the undisclosed borrower. The name of the property and direct lender were also not disclosed.
LUBBOCK, TEXAS — Locally based developer CMS Properties Inc. has broken ground on an 84,000-square-foot office project at 5107 82nd St. in Lubbock. The four-story, Class A building will feature 21,000-square-foot floor plates, suites that are divisible to 5,000 square feet and views that overlook Lakeridge Country Club. Coldwell Banker Commercial Capital Advisors is handling leasing for the project, which is expected to be complete in the first quarter of 2021.
HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 190,000-square-foot industrial lease at 2601 Sylvania Cross Drive in Fort Worth. According to LoopNet Inc., the property was built in 2003. Thomas Grafton and Matt Carthey of Holt Lunsford Commercial represented the tenant, packaging firm Global Co Pak LLC, in the lease negotiations. Andrew Ward with Mercantile Partners represented the landlord.
IRVING AND ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Royal Cornerstone Portfolio, which consists of two buildings in the DFW metroplex totaling 176,645 square feet. One of the properties is located in Irving, and the other is located in the northeastern suburb of Allen. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.
HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.
The Houston Retail Outlook— How is the Houston Market Responding to the Pandemic? webinar, hosted by Shopping Center Business and Texas Real Estate Business, covers the impacts of COVID-19 and how retail experts are bringing creativity to challenging situations. Houston boasts a dynamic retail and restaurant scene that has been a requisite landing spot for new shopping, dining and entertainment users over the last few years. With a plethora of new mixed-use destinations in development or coming on line, can the market continue to absorb the new retail space despite pandemic-related restrictions and reduced occupancies? See a list of some topics covered below: What initiatives have retail landlords and operators taken to mitigate the disruption brought on by COVID-19? What is the outlook in terms of leasing for the Houston market over the next six months? What kinds of retail deals are capital sources targeting right now, and what is the Houston market seeing in terms of deal velocity and volume? How will broader expectations for the Houston economy impact the performance of the retail market in the coming months? Panelists: Jake Donaldson (moderator), Method Architecture Emily Durham, Waterman Steele Real Estate Advisors Lacee Jacobs, Midway David Luther, NewQuest Properties Jonathan Hicks, …
EULESS, TEXAS — First Capital Advisors, a private investment firm with offices in metro Chicago and Austin, has purchased Riverside Villas, a 180-unit apartment community located near DFW International Airport in Euless. Built in 2019, Riverside Villas offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a business center. Chris Deuillet, Jeremy Faltys and William Hubbard of CBRE represented the seller, Dallas-based Trinity Postoak Ltd., in the transaction. Jeff Stein, Michael Thompson and Brock Hudson of CBRE arranged acquisition financing on behalf of First Capital Advisors. The property was 94 percent occupied at the time of sale.
SUGAR LAND, TEXAS — NAI Partners has arranged the sale of a 153,000-square-foot office, cold storage and food processing facility located at 10631 Corporate Drive in the southwestern Houston suburb of Sugar Land. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, an unnamed national food manufacturing company, in the transaction. Jarret Venghaus, David Buescher and Jordan Raney of JLL represented the seller, Midway Corp. Partners LP.