Texas

37th Parallel Properties Acquires 344-Unit Apartment Portfolio in Austin, San Antonio

by Taylor Williams May 6, 2020

AUSTIN AND SAN ANTONIO — 37th Parallel Properties has acquired a portfolio of three apartment communities totaling 344 units in Austin and San Antonio. The properties include the 128-unit Bridgehead Apartments in Austin, the 132-unit Melrose Place Apartments in Austin and the 84-unit Tradewinds Apartments in San Antonio. The properties were built in the 1980s and had a collective occupancy of 97.6 percent at the time of sale. Cutt Ableson and Colin Marusak of Berkadia arranged an undisclosed amount of agency financing for the acquisition. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.

May 6, 2020

Loans Office Texas

NXT Capital Provides Acquisition Financing for 248,000 SF Office Complex in Dallas

by Taylor Williams May 6, 2020

DALLAS — Chicago-based NXT Capital has provided an undisclosed amount of acquisition financing for Toll Hill Office Park, a 248,000-square-foot office complex in Dallas. Building amenities include an onsite deli, common area, conference room, atrium seating areas with Wi-Fi and both surface and underground parking. Jason Piering of JLL placed the debt on behalf of the borrower, Balfour Pacific Capital. The seller was locally based developer Cawley Partners

May 6, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 211-Unit Kenwood Heights Apartments in Corsicana, Texas

by Taylor Williams May 5, 2020

CORSICANA, TEXAS — Marcus & Millichap has brokered the sale of Kenwood Heights, a 211-unit apartment community in Corsicana, about 65 miles south of Houston. The property was primarily built in the 1980s and spans 51 buildings. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. The duo also procured the buyer, a Texas-based limited liability company that plans to implement a value-add program.

May 5, 2020

Company News Texas

Restaurant Properties Group Announces Formation, Opens Metro Dallas Office

by Taylor Williams May 5, 2020

ADDISON, TEXAS — Real estate veteran Andy Anderson, formerly of Henry S. Miller, has formed Restaurant Properties Group, a new firm providing brokerage and consulting services to investors, owners and occupants of restaurant real estate. The company’s new office is located at 15305 Dallas Parkway in Addison on the city’s north side.

May 5, 2020

Industrial Leasing Activity Texas

CBRE Negotiates 109,271 SF Industrial Lease Near San Antonio

by Taylor Williams May 5, 2020

SCHERTZ, TEXAS — CBRE has negotiated a 109,271-square-foot industrial lease at 6417 Tri-County Parkway in Schertz, a northeastern suburb of San Antonio. Josh Aguilar of CBRE represented the landlord, Prologis, in the lease negotiations. Omar Nasser of AQUILA Commercial represented the tenant, women’s apparel provider J.J.’s Mae Inc.

May 5, 2020

Leasing Activity Office Texas

Keller Williams Signs 24,971 SF Lease for New Office Headquarters in Dallas

by Taylor Williams May 5, 2020

DALLAS — Keller Williams Realty — North Dallas has signed a 24,971-square-foot office lease at 18333 Preston Road for its new headquarters in the metroplex. Renee Efimoff of SCM Real Estate Services represented Keller Williams in the lease negotiations. Trevor Franke and Andrew Scudder of JLL represented the landlord, Preston North Partners LLC. The move-in is scheduled for late July.

May 5, 2020

Development Retail Texas

Archway Properties Breaks Ground on 22,016 SF Retail Project in Houston for Northern Tool

by Taylor Williams May 5, 2020

HOUSTON — Archway Properties has broken ground on a 22,016-square-foot build-to-suit retail project in Houston for Northern Tool + Equipment. The building will be situated on a freeway-fronting pad site within the 111-acre Park Air 59 mixed-use development on the city’s northeastern side. The store will be the Minnesota-based retailer’s eighth in Houston and is expected to open in the first quarter of 2021.

May 5, 2020

Texas

Report: Survey of Texas Restaurant Owners Reveals 19 Percent Closure Rate

by Taylor Williams May 4, 2020

HOUSTON — A report issued last week by The University of Houston and the Texas Restaurant Association found that among a survey of 340 Texas bar and restaurant owners, 19 percent had been forced to permanently close one or more of their venues in response to COVID-19. The survey, which was conducted between April 8 and April 22 prior to the state’s easing of social distancing guidelines, queried 189 owners of a single restaurant and 151 owners of multiple restaurants accounting for more than 1,300 establishments between them. In addition, 80 percent of respondents indicated that they had been forced to lay off employees between March 19 and April 6, with roughly half of those respondents laying off the majorities of their staffs. Texas restaurants are currently at liberty to resume dine-in services at fractions of their original capacities. The Texas Restaurant Association is an industry advocacy organization for the state’s $52 billion foodservice industry, which spans more than 43,000 restaurants and employs more than 1.2 million people.

May 4, 2020

Company News Hospitality Texas

Ashford Hospitality Trust to Return PPP Loan, Appoints New CEO

by Taylor Williams May 4, 2020

DALLAS — Ashford Hospitality Trust (NYSE: AHT) announced this weekend that it will return all funds from loans it received from the Small Business Administration’s Paycheck Protection Program (PPP), citing recently changed rules that would have put the Dallas-based company at compliance risk. Ashford, whose portfolio includes some 120 U.S. hotels totaling nearly 25,000 rooms, has also made a change in leadership, replacing CEO Douglas Kessler with J. Robison Hays III as the company’s new president and top executive effective May 14. According to The Dallas Morning News (DMN), Ashford originally applied for $126 million in PPP loans, seeking relief for each hotel with 500 or fewer employees. Per the DMN, the company originally said that it had laid off or furloughed 90 percent of its workforce and would be using the funds to help get those employees back to work. The PPP was established as part of the CARES Act to provide relief to owner-operators amid the COVID-19 pandemic.

May 4, 2020

Industrial Leasing Activity Texas

CBRE Negotiates 66,468 SF Industrial Lease for Logistics Firm in San Antonio

by Taylor Williams May 4, 2020

SAN ANTONIO, TEXAS — CBRE has negotiated a 66,468-square-foot industrial lease for locally based logistics firm Fiesta Warehousing & Distribution Co. in San Antonio. Josh Aguilar of CBRE represented the tenant, which is expanding into a larger space at 5050 Stout Drive, in the lease negotiations. Rob Burlingame, also with CBRE, represented the landlord, Prologis.

May 4, 2020

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