Texas

NRP Group Breaks Ground on 300-Unit Mixed-Income Housing Project in Princeton, Texas

by Taylor Williams March 8, 2021

PRINCETON, TEXAS — The NRP Group, a Cleveland-based developer, has broken ground on Princeton Crossroads, a 300-unit mixed-income housing project that will be located about 40 miles northeast of Dallas. Princeton Crossroads is being developed in partnership with Texoma Housing Partners and will consist of one-, two- and three-bedroom units ranging in size from 610 to 1,320 square feet. Fifty percent of the units will be reserved for residents earning less than 80 percent of the area median income (AMI). Amegy Bank provided construction financing. Leasing is expected to begin in spring 2022, with full completion slated for fall 2022.

March 8, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 220-Unit Fielder’s Glen Apartments in Arlington

by Taylor Williams March 8, 2021

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Fielder’s Glen, a 220-unit apartment community in Arlington. The property consists of 15 buildings on a 10.5-acre tract. Amenities include a pool, fitness center, clubhouse, laundry facilities and a courtyard. Al Silva of Marcus & Millichap represented the seller, a Colorado-based partnership, and procured the buyer, a private investment company based in Canada. The new ownership plans to implement a multimillion-dollar renovation.

March 8, 2021

Acquisitions Industrial Texas

Moody Rambin Brokers Sale of 135,296 SF Warehouse in East Houston

by Taylor Williams March 8, 2021

HOUSTON — Moody Rambin has brokered the sale of a 135,296-square-foot warehouse located on eight acres at 5800 Clinton Drive in East Houston. According to LoopNet Inc., the single-tenant property was built in 1947 and renovated in 2007. Building features include 20- to 24-foot clear heights and 12 dock-high doors. Zack Taylor of Moody Rambin represented the locally based seller in the transaction. The buyer was self-represented. Both parties requested anonymity.

March 8, 2021

Industrial Leasing Activity Texas

Exegistics Government Solutions Signs 59,517 SF Industrial Lease Renewal in West Dallas

by Taylor Williams March 8, 2021

DALLAS — Exegistics Government Solutions, a third-party logistics firm, has signed a 59,517-square-foot industrial lease renewal at Turnpike Distribution Center 4, located at 2130 French Settlement Road in West Dallas. According to LoopNet Inc., the property spans 312,188 square feet on 11.5 acres. Sean Smith and Jade Scott of Whitebox Real Estate represented the tenant in the lease negotiations. Carter Crow of Younger Partners represented the undisclosed landlord.

March 8, 2021

Development Office Texas

Harwood International Begins Construction on 27-Story Office Tower in Dallas

by Taylor Williams March 5, 2021

DALLAS — Harwood International has begun construction on Harwood No. 14, a 27-story office tower in Dallas. The building will span approximately 360,000 square feet and will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and a multi-purpose flex space. The development team includes Manhattan Construction Co. (general contractor), Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based Kengo Kuma & Associates (design architect). Law firm Haynes & Boone LP has committed to 125,000 square feet at the building upon completion, which is scheduled for 2023.

March 5, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 416-Unit Marbletree Apartments in Irving

by Taylor Williams March 5, 2021

IRVING, TEXAS — Newmark has brokered the sale of Marbletree, a 416-unit apartment community in Irving. The property offers one- and two-bedrooms and amenities such as a business center, fitness center and a pool. Jakob Andersen and Brian O’Boyle Jr. of Newmark represented the seller, LumaCorp., in the transaction. Deverick Jordan and William Hairston of Newmark arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, GoodLife Housing Partners. The new ownership plans to implement a value-add program, as the property has not been renovated since its original construction in 1982. The community was 98 percent occupied at the time of sale.

March 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 372-Unit Somerset Apartments in Metro Dallas

by Taylor Williams March 5, 2021

LEWISVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Somerset, a 372-unit apartment community located in the northern Dallas suburb of Lewisville. The property was built in 1986 and features one- and two-bedroom residences with an average unit size of 765 square feet. Amenities include two pools, a fitness center, business center, spa, playground and a clubhouse, according to Apartments.com. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA, along with Marcus & Millichap’s Bard Hoover and Nick Fluellen, represented the seller, LumaCorp., in the transaction. The team also procured the buyer, Western Wealth Capital.

March 5, 2021

Development Industrial Texas

Realty1 Partners Breaks Ground on 133,900 SF Industrial Project in Metro Houston

by Taylor Williams March 5, 2021

BROOKSHIRE, TEXAS — Locally based developer Realty1 Partners has broken ground on Point West Distribution Center, a 133,900-square-foot industrial project in the western Houston suburb of Brookshire. The property will be situated on 10.5 acres and will feature 32-foot clear heights, extra trailer parking and an ESFR sprinkler system. Tramonte Design Studio is the architect for the project, and Arch-Con Corp. is the general contractor. Boyd Commercial is the leasing agent. Completion is slated for the fourth quarter.

March 5, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 108-Unit Multifamily Property Near Baylor University in Waco

by Taylor Williams March 5, 2021

WACO, TEXAS — Irving, Texas-based Darwin German Real Estate Investments has acquired The Villages, a 108-unit multifamily property located adjacent to Baylor University’s campus in Waco. The property was originally built on 4.5 acres in 1982 and was 88 percent occupied at the time of sale. A Dallas-based investor sold the asset in an off-market transaction for an undisclosed price.

March 5, 2021

Company News Retail Texas

Apollo Global Management Enters into Agreement to Take Michaels Private in $5B Transaction

by Taylor Williams March 4, 2021

IRVING, TEXAS — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy discount retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion. Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing stock price on Feb. 26, the last trading day prior to press speculation about a potential transaction involving Michaels. The deal is expected to close during the first half of Michaels’ fiscal year. “Michaels has continued to elevate its position as the leading player in the exciting arts and crafts industry,” said Andrew Jhawar, Apollo Global Management’s senior partner and head of retail and consumer group. “We believe there is a significant opportunity to enhance the Michaels brand, store experience and omnichannel offering to its customers across North America.” Michaels currently operates about 1,250 stores across the United States and Canada and employs approximately 45,000 people.

March 4, 2021

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