Texas

IPA Brokers Sale of 304-Unit Trails at Lake Houston Apartment Community

by Taylor Williams March 11, 2020

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Trails at Lake Houston, a 304-unit apartment community located near Lake Houston on the city’s northeast side. Built on 13 acres in 2017, the property features one- and two-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling areas, a game room and walking and biking trails. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International.

March 11, 2020

Acquisitions Office Texas

Mohr Capital Buys 200,000 SF Office Building in Dallas for $34.5M

by Taylor Williams March 11, 2020

DALLAS — Locally based investment firm Mohr Capital has purchased a 200,000-square-foot office building located at 4851 LBJ Freeway in Dallas for $34.5 million The 12-story building was 90 percent leased at the time of sale. Rodrigo Godoi and Kyle Campbell represented Mohr Capital, which will implement $2 million in capital improvements to the property, on an internal basis. Gary Carr, John Alvarado and Robert Hill of Newmark Knight Frank represented the undisclosed seller.

March 11, 2020

Industrial Leasing Activity Texas

NKF Negotiates 191,360 SF Industrial Lease Expansion in Dallas

by Taylor Williams March 11, 2020

DALLAS — Newmark Knight Frank (NKF) has negotiated a 191,360-square-foot industrial lease expansion for Distribution Management Inc. at 4695 Clover Haven St. in Dallas. The company previously occupied 70,000 square feet and will take occupancy of its new space in April following the completion of tenant improvements. Art Leichner and Andrew Crites of NKF represented Distribution Management in the lease negotiations. The landlord, Exeter Property Group, was self-represented.

March 11, 2020

Development Retail Texas

Brookshire Grocery Co. to Open 55,000 SF Store in Fate, Texas

by Taylor Williams March 11, 2020

FATE, TEXAS — Brookshire Grocery Co., a Tyler, Texas-based chain that operates about 180 grocery stores in Texas, Louisiana and Arkansas, will open a FRESH by Brookshire store in Fate, located about 30 miles northeast of Dallas. The store will span a minimum of 55,000 square feet and will be located at the corner of Interstate 30 and Memorial Parkway. Construction is scheduled to begin by the end of the year, and the store is slated to open in late 2021.

March 11, 2020

Development Multifamily Texas

Presidium Breaks Ground on 370-Unit Multifamily Project in Northwest San Antonio

by Taylor Williams March 10, 2020

SAN ANTONIO — Multifamily developer Presidium has broken ground on Presidium at Chase Hill, a 370-unit apartment project in San Antonio. The community, which will be Presidium’s first in the Alamo City, will be situated on 17 acres on the city’s northwest side. Units will feature nine-foot ceilings, stainless steel appliances, granite countertops and walk-in closets. Amenities will include multiple pools, outdoor grilling areas, a two-story fitness center, multiple Wi-Fi lounges and a rooftop terrace. REES Associates Inc. designed the community. Pape-Dawson is the project engineer, and Hitchcock Design Group is the landscape architect. Completion is slated for early- to mid-2022.

March 10, 2020

Acquisitions Office Texas

SVN | Angelic Completes Sale of 156,024 SF Office Building in Austin’s Mueller District

by Taylor Williams March 10, 2020

AUSTIN, TEXAS — SVN | Angelic has completed the sale of a 156,024-square-foot office building located at 1345 Philomena St. in Austin’s Mueller district. The building serves as the headquarters of the buyer, Ascension Seton, a Central Texas-based branch of the faith-based healthcare organization Ascension Health. The seller, an investment fund backed by Black Creek Group, was self-represented in the transaction. Gabriel Silverstein of SVN | Angelic handled the transaction with Ben Mingle of the Centurion Foundation on behalf of Ascension Seton, which purchased the property for an undisclosed price. Silverstein also worked with Duncan Swanston of Baltimore-based lender CGA Capital to secure $83.8 million in acquisition financing for the transaction. The acquisition allows Ascension Seton to gain long-term control of its headquarters office building and to restructure its existing lease and occupancy costs. A team of attorneys from Hall Render, Ballard Spahr, and Polsinelli, worked to restructure said lease. Ascension Health is the second-largest hospital operator in the United States with more than 2,600 facilities in 20 states and Washington, D.C.

March 10, 2020

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 256-Unit Silverton Apartments in Irving

by Taylor Williams March 10, 2020

IRVING, TEXAS — Dougherty Mortgage LLC has arranged acquisition financing for Silverton Apartments, a 256-unit community in Irving. According to apartments.com, the property was built in 1980 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling area. Dougherty arranged the loan, which carries as 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending. The borrower and loan amount were not disclosed.

March 10, 2020

Industrial Leasing Activity Texas

NAI Robert Lynn Negotiates 46,800 SF Industrial Lease in Arlington

by Taylor Williams March 10, 2020

ARLINGTON, TEXAS — NAI Robert Lynn has negotiated a 46,800-square-foot industrial lease at 924 111th St. in Arlington. Michael Stanzel of NAI Robert Lynn represented the landlord in the lease negotiations. Lon Lloyd of Champions DFW Commercial Realty represented the tenant, logistics firm Pace Runners Inc.

March 10, 2020

Leasing Activity Retail Texas

Fabletics, Tommy John Sign Retail Leases at Southlake Town Square Near Fort Worth

by Taylor Williams March 10, 2020

SOUTHLAKE, TEXAS — Fabletics, an apparel company founded by actress Kate Hudson, and Tommy John, a provider of undergarments for men, have both signed retail leases at Southlake Town Square near Fort Worth. Fabletics will occupy 2,077 square feet, and Tommy John will occupy 1,925 square feet. Both stores, which are scheduled to open later this year, will be the first in the area for the two retailers. Southlake Town Square is a 130-acre mixed-use development that is owned and operated by a subsidiary of Retail Properties of America Inc.

March 10, 2020

Acquisitions Multifamily Texas

Matthews Brokers Sale of 396-Unit Beacon Hill Apartments in Dallas

by Taylor Williams March 9, 2020

DALLAS — Matthews Real Estate Investment Services has brokered the sale of Beacon Hill Apartments, a 396-unit multifamily community in Dallas that has since been rebranded as The Edison. Built in 1984 and remodeled in 2003, the community features one- and two-bedroom units and amenities including three pools, a racquetball court, clubroom and two laundry rooms. Pacific Team Management sold the asset to locally based investment firm WindMass Capital, which will upgrade the unit interiors, for an undisclosed price. Dan McQuaid of Matthews handled the transaction. The property was 80 percent occupied at the time of sale.

March 9, 2020

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