WATAUGA, TEXAS — Marcus & Millichap has arranged the sale of a 6,000-square-foot retail property located at 8540 Denton Highway in Watauga, a northern suburb of Fort Worth. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. At the time of sale, the property was fully occupied by Verizon Wireless and Smoothie King, both of which were on triple-net leases.
SEGUIN, TEXAS — CoffeeTech Industries, a supplier of cold- and hot-brewed instant coffee, will open a new facility in Seguin, a northeastern suburb of San Antonio, for its new office headquarters and primary manufacturing plant. The facility will span 112,000 square feet, will carry a price tag of roughly $56 million and is expected to bring about 90 new jobs to the area. The facility will be located on a 33.6-acre site just south of Interstate 10 and will have the capacity to produce about 13 million pounds of coffee per year, according to Business Facilities Magazine. Construction is expected to begin in late 2020, and the facility should be operational by 2022.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Red Oak, a 108-unit apartment community in Fort Worth. The property was built in 1969, renovated in 1993 and offers studio, one-, two-, three- and four-bedroom units. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, a private investors, in the transaction. George Miller, also with Marcus & Millichap, secured the buyer, a limited liability company that acquired the asset via a 1031 exchange.
BROWNSVILLE, TEXAS — Boston-based Capital Crossing has sold Brownsville Doctors Hospital, a 79,396-square-foot vacant healthcare property located in the South Texas city of Brownsville. The property was originally built as a one-story, 56-bed hospital in 2001 and expanded in 2008 to include two additional floors and a freestanding building for wound care. Scott Herbold of CBRE represented Capital Crossing, in the transaction. The buyer was a local investor who plans to reposition the asset and provide healthcare services to the community.
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.
SUGAR LAND, TEXAS — Colliers International has brokered the sale of Colony Place, a 14,050-square-foot strip retail center located in the southwestern Houston suburb of Sugar Land. Tenants include FedEx Office and laundry service provider 1.75 Cleaners. Ace Schlameus and Jenny Seckinger of Colliers represented the seller, Hass Holdings Inc., in the transaction. Anita Amin of Preston Cunningham Ventures LLC represented the buyer, DML Colony Place LP.
By Brad Frisby, Associate, NAI Rio Grande Valley The McAllen-Edinburg-Mission MSA’s multifamily market has posted positive rent growth for the first half of 2020, despite the outbreak of COVID-19 causing nationwide job losses and impacting landlords’ ability to push rents during much of that time. The combined effect of a stimulus package for renters and pandemic legislation that bans evicting residents who cannot pay due to COVID-19-related job losses has largely kept occupancy rates steady throughout the first half of the year. Occupancy rates for Class B and C product rose to the mid-90s, but absorption at Class A properties has taken a small dip. As construction — and economic activity in general — resumes at a greater pace in the second half of the year, we expect new deliveries to come on line and bring the marketwide occupancy rate down slightly. As of May, the McAllen area had added about 500 new apartments to its supply, with an additional 700 or so set to be delivered by year’s end. The North McAllen, Edinburg and Weslaco submarkets will receive the bulk of new deliveries this year. Over half of the new units delivered will be through the Texas …
FORT WORTH, TEXAS — A partnership between New York-based Clarion Partners, investment management firm Crow Holdings Capital and developer Rob Riner Cos. has acquired 556 acres in Fort Worth for the development of a 7 million-square-foot industrial park that will be branded Carter Park East. The site is located on the city’s south side near Interstates 20 and 35 and will house both speculative and build-to-suit structures for various industrial and logistics users. Site work is scheduled to begin this month, and the first speculative buildings are expected to be complete in summer 2021. The largest area of the site will be marketed as a build-to-suit opportunity that can accommodate a user with a requirement as large as 1.8 million square feet. Stream Realty Partners is leasing the property.
MCKINNEY, TEXAS — Atlanta-based Stonemont Financial Group has broken ground on a 231,000-square-foot industrial complex in McKinney, a northern suburb of Dallas. The property will be located near McKinney National Airport and will consist of two buildings spanning approximately 107,000 and 124,000 square feet. Building features will include 28- to 30-foot clear heights, 24 dock doors and more than 230 combined parking spaces. Bob Moore Construction is the general contractor for the project, and Callaway Architecture is designing it. Lee & Associates will handle leasing, and Dallas-based Somervell Commercial Realty is serving as the development manager. Completion is slated for the first quarter of 2021.
EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 years, on behalf of the undisclosed borrower.