Texas

Barings Provides Loan for Refinancing of 504,750 SF Office Tower in Dallas

by Taylor Williams June 23, 2021

DALLAS — Barings Real Estate has provided a loan for the refinancing of PwC Tower at Park District, a 504,750-square-foot office tower in Uptown Dallas. The amount of the loan was not disclosed, but the Dallas Morning News reports that it was $225 million. Built in 2018, the building consists of 20 stories of office space above a four-story parking garage. Onsite amenities include three restaurants, a tenant lounge, conference center and a 7,000-square-foot health club. Jim Curtin of JLL arranged the loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, MetLife Investment Management. PwC Tower at Park District, which bears the name of its anchor tenant, PricewaterhouseCoopers, was approximately 93 percent leased at the time of the loan closing.

June 23, 2021

Acquisitions Multifamily Texas

Embrey, Carlyle Group Sell 285-Unit Domain at Founders Parc Apartments in Metro Dallas

by Taylor Williams June 23, 2021

EULESS, TEXAS — San Antonio-based developer Embrey Partners LLC and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D.C., have sold Domain at Founders Parc, a 285-unit apartment community located near Dallas-Fort Worth International Airport in Euless. Units feature custom cabinetry, wood-style flooring, stainless steel appliances, ceramic and tile backsplashes and full-size washers and dryers. Amenities include a pool with cabanas, fitness center with a spin studio, cyber and resident lounges, coffee bar, game room, conference rooms, pet park and spa, bike wash and repair shop, fire pits and an outdoor kitchen. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer, Tampa-based multifamily investment firm American Landmark, in the transaction.

June 23, 2021

Acquisitions Retail Texas

2GR Equity, Tarantino Acquire 195,000 SF Retail Power Center in League City, Texas

by Taylor Williams June 23, 2021

LEAGUE CITY, TEXAS — A joint venture between metro Dallas-based 2GR Equity LLC and Houston-based Tarantino Properties has acquired League City Towne Center, a 195,000-square-foot retail power center in League City. The property sits on 31.5 acres at the southeast quadrant of Interstate 45 and FM 646 on the outskirts of Houston. Shadow-anchored by Home Depot and Target, League City Towne Center was 96 percent leased at the time of sale.

June 23, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 154,000 SF Bronze Way Distribution Center in Southwest Dallas

by Taylor Williams June 23, 2021

DALLAS — JLL has negotiated the sale of Bronze Way Distribution Center, a 154,000-square-foot industrial property that is situated on 7.9 acres in southwest Dallas. Built in 1978, the front-load building features 22- to 24-foot clear heights and was fully leased to building materials distributor Boise Cascade Co. at the time of sale. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, Huntington Industrial Partners, in the transaction. Atlanta-based investment firm MDH Partners purchased the asset for an undisclosed price.

June 23, 2021

Acquisitions Multifamily Texas

Pearlmark, OTH Buy Two Multifamily Properties in San Antonio Totaling 560 Units

by Taylor Williams June 22, 2021

SAN ANTONIO — A partnership between Chicago-based investment firm Pearlmark and Austin-based Old Three Hundred Capital LLC (OTH) has purchased Park West and Parliament Bend, two adjacent multifamily properties in San Antonio totaling 560 units. According to Apartments.com, Park West features studio, one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, playground and a dog park. Parliament Bend offers one- and two-bedroom units as well as fitness and business centers, outdoor grilling and picnic areas, a dog park and onsite laundry facilities. The new ownership will implement a value-add program.

June 22, 2021

Acquisitions Multifamily Texas

Darwin German Sells 161-Unit Villa Creek Apartments in Metro Dallas

by Taylor Williams June 22, 2021

FARMERS BRANCH, TEXAS — Locally based firm Darwin German Real Estate Investments has sold Villa Creek, a 161-unit apartment complex in the northern Dallas metro of Farmers Branch. According to Apartments.com, the property was built in 1965 and features one- and two-bedroom units. Darwin German originally purchased the asset in 2016 in an off-market deal. Chris Deuillet and William Hubbard of CBRE represented the buyer, Dallas-based Blue Ocean Capital LLC, in the transaction. William Givens and Robert Siddall, also with CBRE, arranged acquisition financing on behalf of the new ownership.

June 22, 2021

Leasing Activity Office Texas

Integrity Marketing Group Signs 100,000 SF Office Lease in Dallas Arts District

by Taylor Williams June 22, 2021

DALLAS — Integrity Marketing Group, a distributor of life and health insurance products, has signed a 100,000-square-foot office lease for its new headquarters at Fountain Place, a 58-story building in the Dallas Arts District. CBRE’s Josh White and Ryan Buchanan represented the tenant, which will occupy six floors at Fountain Place as part of its relocation from Coppell, in the lease negotiations. CBRE’s Fletcher Cordell, Dennis Barnes and Jackie Marshall represented the landlord, Goddard Investment Group, which recently completed a $75 million renovation at the property. That project included the addition of a 10-story parking garage, retail and restaurant space and a tenant lounge and conference center.

June 22, 2021

Affordable Housing Loans Multifamily Oklahoma Texas

KeyBank Provides $20.6M Financing for Oklahoma City Affordable Housing Community

by Taylor Williams June 22, 2021

OKLAHOMA CITY — KeyBank’s Community Development Lending and Investment (CDLI) platform has provided $20.6 million in financing for the purchase and renovation of Hillcrest Green Apartments, a 96-unit affordable housing property in Oklahoma City. The financing consists of a $9.3 million construction loan, $7 million in low-income housing tax credit equity from the Key Community Development Corp. and a $4.3 million permanent loan. Units at the Section 8 property include studio, one-, two- and four-bedroom residences that are reserved for renters earning 60 percent or less of the area median income. The borrower was Indianapolis-based developer TWG. Kelly Frank and Ryan Olman of KeyBank’s CDLI team originated the financing.

June 22, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 58,418 SF Industrial Building in Brownsville, Texas

by Taylor Williams June 22, 2021

BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 58,418-square-foot industrial building located on 5.3 acres in the South Texas city of Brownsville. The property was triple net leased to textile recycling company Martex Fiber at the time of sale. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a California-based private investor. Both parties involved in the transaction requested anonymity.

June 22, 2021

Acquisitions Industrial Texas

RockFarmer Acquires Two Multifamily Properties Totaling 440 Units in Dallas

by Taylor Williams June 21, 2021

DALLAS — New York City-based investment firm RockFarmer Properties has acquired 98Fifty and Apex, two adjacent multifamily properties in the Lake Highlands area of Dallas totaling 440 units. Both properties were built around 30 years ago, feature one- and two-bedroom units and offer amenities such as pools, playgrounds, outdoor grilling stations, resident clubhouses and dog parks. NorthMarq represented RockFarmer and the undisclosed seller in the off-market transaction and arranged acquisition financing on RockFarmer’s behalf. The new ownership plans to invest in capital improvements.

June 21, 2021

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