HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.
AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Monday that Goldman Sachs and LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been negatively affected by COVID-19. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees. Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA.
PLANO, TEXAS — Cinemark Theatres (NYSE: CNK), an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement on Monday. The offering on senior secured notes that are due in 2025 is expected to close on April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark is laying off 17,500 hourly employees and furloughing about half its corporate staff. As of September 2019, Cinemark operated 344 theaters totaling 4,630 screens in 41 U.S. states. Movie theaters were among the first categories of retailers to close their doors in response to the outbreak of COVID-19.
CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.
FORT WORTH, TEXAS — Dayton Superior Corp., an Ohio-based supplier of construction materials, has signed a lease renewal at 15124 Grand River Road in Fort Worth. The company will continue to occupy 51,101 square feet of office and warehouse space. Brian Gilchrist and Steve Koldyke of CBRE represented Dayton Superior in the lease negotiations. Michael Spain of Bradford Real Estate Services represented the landlord, SCG River Park Business Center LP.
FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.
As a multifamily investment sales brokerage firm, Greysteel has transacted close to 2,000 units in El Paso over the last 12 months. To say the El Paso multifamily market has been hot would be an understatement. But with a sudden pandemic causing economic chaos, jobs are at risk and multifamily owners are facing ever-increasing pressure. First, let’s talk about how El Paso has recently performed. Demand for multifamily product in El Paso has been particularly strong lately, and we’ve been able to bring new in-state and out-of-state investors into the market at cap rates never before seen in El Paso. Many of these investors are surprised to learn that El Paso is the sixth-largest metropolitan area in Texas and the 18th-largest city in the country. As cap rates on multifamily properties have compressed across the United States, El Paso has offered a safe haven for higher yields that can be elusive in major markets with high levels of competition. El Paso also has a diverse public/private sector that barely felt the pain of the 2008 recession — cumulative job losses totaled less than 3 percent of the total employment base. Job growth has expanded steadily, and employment was approximately 13 …
AUSTIN, TEXAS — Texas Gov. Greg Abbott has extended his official disaster declaration order for the Lone Star State as it battles COVID-19. The order originally went into effect on March 13 and lasts for 30 days unless renewed by the governor under state law. All 50 states are currently under a federal disaster declaration for the first time in U.S. history. Texas had about 13,500 confirmed cases of COVID-19 as of Monday, April 13.
LONGVIEW, TEXAS — BSR REIT has sold Summer Brook, Summer Green I and Summer Green II, three multifamily assets located in Longview, about 100 miles east of Dallas. The sales price was $52.5 million. Summer Brook was built in 1997, totals 208 units and offers a pool, fitness center, basketball court, dog park and a business center. Summer Green I and II were both built in 1984, total 424 units combined and also feature a pool, fitness center and business center. The buyer(s) was not disclosed.
HOUSTON — Lee & Associates has brokered the sale of a 100,000-square-foot industrial flex property situated on 6.2 acres at 8201 and 8211 La Porte Freeway in Houston. Trey Erwin, Justin Tunnell and Justin Cole of Lee & Associates represented the seller, Duma Land LLC, in the transaction. Jim Autreuy of Moody Rambin represented the buyer, Ivest LP. The property comprises two buildings with 43,000 square feet of office space, 14 dock-high doors, three ramps and one recessed dock with cross-dock capabilities.