Texas

Newmark Brokers Sale of 308-Unit Aspect by Cortland Apartments in Austin

by Taylor Williams October 23, 2020

AUSTIN, TEXAS — Newmark has brokered the sale of The Aspect by Cortland, a 308-unit apartment community located in the East Riverside district of Austin. According to Apartments.com, the property was built in 2001 and renovated in 2017 and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a resident clubhouse. Patton Jones of Newmark, which recently rebranded from Newmark Knight Frank, represented the seller, Atlanta-based Cortland, in the transaction. Dallas-based private equity firm CAF Capital Partners acquired the asset for an undisclosed price.

October 23, 2020

Acquisitions Industrial Texas

A&G Negotiates Bankruptcy Sale of Distribution Center in Jacksonville, Texas, Formerly Leased to Stage Stores

by Taylor Williams October 23, 2020

JACKSONVILLE, TEXAS — New York-based A&G Real Estate Partners has negotiated the court-approved bankruptcy sale of a 435,196-square-foot distribution center in Jacksonville, about 120 miles southeast of Dallas, that was formerly occupied by Houston-based retailer Stage Stores. The property is situated on a 42.5-acre site that includes land for additional expansion. Bradenton-Fla.-based Bealls Inc. acquired the fee interest for the property with a winning bid of $7 million. The sale included the facility’s machinery and equipment, as well as the company’s intellectual property. At the time of its Chapter 11 bankruptcy filing in May, Stage Stores operated 738 department stores and off-price stores under multiple brands such as Palais Royal, Peebles and Goody’s.

October 23, 2020

Development Retail Texas

Local Developer Completes 109,000 SF K Towne Plaza Shopping Center in Metro Dallas

by Taylor Williams October 23, 2020

CARROLLTON, TEXAS — A local, Korean family-based developer has completed K Towne Plaza Shopping Center, a 109,000-square-foot retail property located at 4060 State Highway in the northern Dallas suburb of Carrollton. Korean grocer Galleria Mart anchors the property, which features an additional 65 retail spaces. A grand opening will be held Saturday, Oct. 24 and will include kiosks offering Korean food and wares. Gaines Real Estate Co. manages the property. The developer requested anonymity.

October 23, 2020

Acquisitions Retail Texas

Midwest Retail Properties Buys 13,520 SF Center in Jasper, Texas

by Taylor Williams October 23, 2020

JASPER, TEXAS — Midwest Retail Properties (MRP) has acquired Jasper Plaza, a 13,520-square-foot retail center in Jasper, located north of Beaumont near the Texas-Louisiana border. The property is situated off Highway 190, next to Lowe’s Home Improvement store and directly in front of a Walmart Supercenter. MRP acquired the center as part of a portfolio of two other retail properties in Boaz, Ala., and Jacksonville, Texas. The seller was not disclosed.

October 23, 2020

Development Multifamily Texas

SWBC Nears Completion of 295-Unit Multifamily Project in Metro Dallas

by Taylor Williams October 22, 2020

ROCKWALL, TEXAS — Locally based developer SWBC is nearing completion of The Royalton at Rockwell Downes, a 295-unit multifamily project in the northeastern Dallas suburb of Rockwall. The project represents Phase I of a larger development that will ultimately add 590 new units to the local supply. The Royalton at Rockwall Downes will offer one-, two- and three-bedroom residences that are furnished with stainless steel appliances, hardwood-style floors and granite countertops. Amenities will include a pool, spa, an indoor/outdoor game room, fitness center with a spin studio and a dog wash saloon. SWBC expects to complete Phase I in March 2021 and to begin construction of Phase II shortly thereafter. Cross Architects designed the community, and G&A Consultants served as the civil engineer.

October 22, 2020

Loans Multifamily Texas

NorthMarq Provides $24.6M Agency Acquisition Loan for Multifamily Property in San Antonio

by Taylor Williams October 22, 2020

SAN ANTONIO — NorthMarq has provided a $24.6 million Fannie Mae acquisition loan for The Park on Wurzbach, a 264-unit multifamily asset in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool and a fitness center with yoga and spin studios, as well as a clubhouse with a kitchen, billiards table and TVs. Faron Thompson, Ali Meek and Matthew Bronstein of NorthMarq originated the 10-year loan on behalf of the borrower, Houston-based Venterra Realty. Martin Bronstein, Ralph Howard and Bryan Tran, along with Scott LeMontagne, Moses Siller and Zar Haro of NorthMarq, negotiated the transaction on behalf of the seller, a partnership between BHW Capital and Gray Street Partners.

October 22, 2020

Development Industrial Self-Storage Texas

ARCO/Murray Completes 937-Unit Self-Storage Facility in North Arlington

by Taylor Williams October 22, 2020

ARLINGTON, TEXAS — Dallas-based design/build firm ARCO/Murray has completed a North Arlington Self Storage, a 937-unit facility. Developed by Cogent Capital, the five-story property spans 100,665 gross square feet and includes an interior drive aisle, detached single-story units and a 900-square-foot sales office. Extra Space Storage will manage the property. ARCO/Murray provided complete design-build services including architectural, structural, MEP design, permitting and construction.

October 22, 2020

Acquisitions Multifamily Oklahoma Texas

Elkhorn Capital Acquires 92-Unit Quail Plaza Apartments in Oklahoma City

by Taylor Williams October 22, 2020

OKLAHOMA CITY — Dallas-based Elkhorn Capital Partners has acquired Quail Plaza Apartments, a 92-unit multifamily community in Oklahoma City. According to Apartments.com, the property features one- and two-bedroom units and amenities such as a pool, fitness center, playground, game room and bike storage area. The seller and sales price were not disclosed.

October 22, 2020

Industrial Leasing Activity Texas

DXP Enterprises Signs 104,902 SF Industrial Lease Renewal in Dallas

by Taylor Williams October 22, 2020

DALLAS — DXP Enterprises, a distributor of repair and maintenance products for several industries, has signed a 104,902-square-foot industrial lease renewal at Building A of Pinnacle Industrial Center in Dallas. Jason Moser of Stream Realty Partners represented the tenant in the lease negotiations. NAI Robert Lynn represented the landlord, Pinnacle A LLC.

October 22, 2020

Company News Retail Texas

J.C. Penney Sale Is On Track As Venerable Retailer Expects to Exit Bankruptcy by December

by Taylor Williams October 21, 2020

PLANO, TEXAS — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected to be scheduled for early November 2020. If court approval is received and other closing conditions in the APA are met, the sale of J.C. Penney’s retail and operating assets should close by December, company officials said.

October 21, 2020

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