Texas

Hamilton Zanze Sells 368-Unit Fountains at Steeplechase Apartments in Plano

by Taylor Williams October 19, 2020

PLANO, TEXAS —San Francisco-based investment firm Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit apartment community in Plano. Built in 1985, the property features one- and two-bedroom units averaging 857 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse and a dog park. Hamilton Zanze acquired the property in 2013 and implemented a valued-add program that upgraded the appliances, flooring, countertops and hardware of the units, as well as the building exteriors and amenity spaces. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, worked with Bard Hoover and Nick Fluellen of Marcus & Millichap’s Dallas office to represent Hamilton Zanze in the sale. The team also procured the buyer, Bridge Partners.

October 19, 2020

Loans Multifamily Texas

JLL Arranges $27.1M Acquisition Loan for Cannon Oaks Apartments in South Austin

by Taylor Williams October 19, 2020

AUSTIN, TEXAS — JLL has arranged a $27.1 million acquisition loan for Cannon Oaks Apartments, a 230-unit multifamily community in south Austin. Built in 2001, the property consists of 12 residential buildings that are situated on 18 acres and offer two-, three- and four-bedroom floor plans. Amenities include a recently renovated clubhouse, pool and fitness center. Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen of JLL arranged the loan through Prime Finance on behalf of the borrower, Old Three Hundred Capital. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, Arizona-based Sterling Real Estate Partners, in the transaction.

October 19, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 103,658 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams October 19, 2020

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 103,658-square-foot industrial lease at 2895 113th St. in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built in 1988 and features 28-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, The Wilkerson Group, in the lease negotiations. Krista Raymond of CBRE represented the tenant, Rent-A-Tire.

October 19, 2020

Acquisitions Retail Texas

Boulder Group Brokers $6.2M Sale of Retail Property Leased to CVS in Rockwall, Texas

by Taylor Williams October 19, 2020

ROCKWALL, TEXAS — The Boulder Group has brokered the $6.2 million of a 11,421-square-foot single-tenant retail property leased to CVS Pharmacy in Rockwall, a northeastern suburb of Dallas. The seller was a real estate firm based in the Southwest, and the buyer was an investor based on the East Coast that acquired the asset via a 1031 exchange. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.

October 19, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 338-Unit Legacy Creekside Apartments in San Antonio

by Taylor Williams October 16, 2020

SAN ANTONIO — Berkadia has arranged the sale of Legacy Creekside, a 338-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom floor plans with an average unit size of 828 square feet. Residences feature stainless steel appliances, granite countertops, wood vinyl flooring and private yards and attached garages in select units. Amenities include a pool with cabanas, a fitness center, resident lounge with an arcade and coffee bar, outdoor grilling and dining area, two dog parks and bike storage space. Ryan Epstein, Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, White-Conlee Builders, in the transaction. Lucas Donohue, also with Berkadia, arranged acquisition financing on behalf of the buyer, Univest Inc.

October 16, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 164,000 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams October 16, 2020

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 164,000-square-foot industrial lease at 927 W. Carrier Parkway in the central metroplex city of Grand Prairie. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, LINK Industrial, in the lease negotiations. David Eseke of Cushman & Wakefield represented the tenant, Wizards of the Coast, LLC, a publisher of role-playing games that previously operated retail stores.

October 16, 2020

Development Office Texas

Cawley Partners to Develop 150,000 SF Office Project Near Dallas Love Field Airport

by Taylor Williams October 16, 2020

DALLAS — Locally based developer Cawley Partners will build a 150,000-square-foot office project on a 5.5-acre site at 2221 W. Mockingbird Lane near Dallas Love Field Airport. Designed by Corgan, the four-story complex will feature a central courtyard with multiple outdoor common areas, as well as onsite food service, a fitness center and a conferencing facility. Cawley Partners, which expects the construction period to last about 18 months, will also market some of the space to medical users.

October 16, 2020

Acquisitions Office Texas

LandPlan, St. Ives Sell 39,324 SF Office Building at Parkwood Village in Plano

by Taylor Williams October 16, 2020

PLANO, TEXAS — A partnership between Dallas-based LandPlan Development and St. Ives Realty has sold a 39,324-square-foot office building located within Parkwood Village in Plano. The partnership developed the single-tenant building, which is fully leased to a Fortune 500 logistics company, in 2018. Michael Austry and Jared Aubrey of CBRE represented the seller in the transaction. An undisclosed institutional investor acquired the asset for an undisclosed price.

October 16, 2020

Acquisitions Retail Texas

Stan Johnson Brokers $6M Sale of New Retail Building Leased to Harbor Freight Tools in Fort Worth

by Taylor Williams October 16, 2020

FORT WORTH, TEXAS — Stan Johnson Co. has brokered the $6 million sale of a 16,000-square-foot, freestanding retail building leased to Harbor Freight Tools in Fort Worth. The property was built in 2020 and is located at 3569 Northwest Centre Drive. Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri of Stan Johnson Co. represented the seller, a developer based in South Carolina. Jimmy Ullrich, also with Stan Johnson Co., represented the South Florida-based 1031 exchange buyer. The asset traded at a cap rate of 5.9 percent.

October 16, 2020

Industrial Market Reports Self-Storage Texas Texas Market Reports

Self-Storage Resists Recession Yet Again

by Taylor Williams October 16, 2020

By Taylor Williams As commercial property types go, self-storage is considered one of the toughest to sink in times of economic hardship. As Texas and the United States enter the eighth full month of the COVID-19 pandemic, this quality is beginning to show through. Natural disasters like floods and hurricanes tend to be windfalls for the asset class, as displacement from homes and damage to commercial properties raise short-term demand for self-storage. A pandemic does not have quite the same effect on the property type, especially when residential landlords in the United States are legally barred from evicting tenants. But for the major self-storage markets of Texas, COVID-19 has generated some positive results. COVID’s impact on self-storage is somewhat similar to Hurricane Harvey’s impact on the Houston multifamily market in 2017, which was also overbuilt and saw an overnight boost in occupancy as a result of the storm cutting into supply. In essence, COVID-19 has served as a mechanism to bring supply-demand balances closer to equilibrium. Because prior to the pandemic, the development pipelines in the major cities of Texas were peaking, creating oversupplied markets that were defined by sluggish rent growth, concessions and high levels of competitions for new …

October 16, 2020

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