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.
SAN ANTONIO — Locally based developer Worth & Associates has negotiated a 42,227-square-foot office lease at its Austin Highway Business Center to Goodwill San Antonio Business Services. Goodwill will use the space to expand its call center operations. Jeff Miller and Meredith Sheeder of JLL represented Goodwill, which took occupancy in late March, in the lease negotiations.
DALLAS — Security National Bank of Texas will open a 4,146-square-foot branch at 2300 N. Field St. to become the exclusive banking center of The Union Dallas, a mixed-use destination by RED Development. Services will include personal, business and private banking, treasury management, trust services, investment management and mortgages. The opening is slated for some time this spring.
DALLAS — Colliers International has brokered the sale of a 72,551-square-foot office building located at 6510 Abrams Road in the White Rock submarket of Dallas. Built in 1981, the property features executive suites and has received numerous renovations over the past five years. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. Both the seller and the buyer, also a private investor, requested anonymity.
NASH, TEXAS — Marcus & Millichap has arranged sale of Oakwood Mobile Home Park, a 94-site manufactured housing community in Nash, located just outside Texarkana in the northeast corner of the state. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
CEDAR PARK, TEXAS — MedCore Partners, a Dallas-based healthcare development and brokerage firm, has broken ground on Hill Country Medical Plaza, a 29,600-square-foot medical office project in the northern Austin suburb of Cedar Park. The two-story building will be located adjacent to a 93-bed hospital and is 77 percent preleased to tenants such as Texas Digestive Disease Consultants and Hill Country Endoscopy Center. Felder Group Architects is designing the project, and IE2 Construction Inc. is the general contractor. Completion is slated for October.
HUMBLE, TEXAS — Wholesale distributor Lone Star Wire Rope Inc. has signed a lease at Parc Air 59, a 320,000-square-foot industrial development by Jackson-Shaw located in the northern Houston suburb of Humble. The company will occupy 26,010 square feet at Building 2, bringing the park’s overall occupancy rate to 70 percent. Beau Kaleel and Allison Bergman of Cushman & Wakefield represented Jackson-Shaw in the lease negotiations.
DALLAS — On Wednesday afternoon, 24 hospitals in the Dallas area reported aggregate bed and ventilator capacity numbers to Mayor Eric Johnson’s office, pursuant to emergency regulations set forth in response to the COVID-19 outbreak. According to the data, approximately 54 percent of the hospitals’ total of 5,354 beds are occupied, while roughly 62 percent of intensive care beds are occupied. Of the 900 or so ventilators, about 32 percent are in use. As of Friday, April 10, Dallas County had reported 1,432 cases of COVID-19.
Multifamily developers across the country know that these are unprecedented and uncertain times for nearly everyone due to COVID-19. Houstonians making up our workforce, which many consider “the essential class,” include professionals like teachers, police officers, nurses and firefighters who invest in other peoples’ betterment every day. These are the people who are working day in and day out to provide us with various fundamental needs during this time of mandated quarantine. Many of these individuals are tenants of workforce housing properties, and to the relief of developers, are most essential to the world right now. However, not all jobs can be kept, and with over 3 million people in the United States having lost their jobs in just a week’s time, necessary processes and procedures about how to work with residents who might be in a financial bind due to COVID-19 have become a requirement. In early March, developers including our firm began to work with both the National Apartment Association and the Houston Apartment Association for recommended guidelines to effectively help our tenants who need it most. Additionally, several landlords came together to better understand what other complexes are doing on the ground to best serve our residents. …
