Texas

JLL Brokers Sale of 384-Unit Gardens at Spring Shadows Senior Living Community in Houston

by Taylor Williams March 17, 2020

HOUSTON — JLL has brokered the sale of The Gardens at Spring Shadows, a 384-unit independent living community that is situated on 11.4 acres at 10100 Kempwood Drive in Houston. Units average 740 square feet and feature open floor plans with upgraded features like plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers. Amenities include two pools, a salon, library, putting green, a dog park and various social areas. Chris Young, Joey Rippel and Bailey Crowell of JLL represented the seller in the transaction. Mark Brandenburg and Chad Russell of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Ready Capital. Both parties involved in the transaction requested anonymity.

March 17, 2020

Industrial Leasing Activity Texas

United Laboratories Signs 131,840 SF Industrial Lease in Metro Dallas

by Taylor Williams March 17, 2020

CARROLLTON, TEXAS — United Laboratories Manufacturing LLC, a provider of dietary supplements and sports nutrition products, has signed a 131,840-square-foot industrial lease renewal at 1270 Champion Circle in the northern Dallas suburb of Carrollton. Steve Trese of CBRE and Max Knake of Knake Dodge & Co. represented the tenant in the lease negotiations. The representative of the landlord, ML Realty, was not disclosed.

March 17, 2020

Loans Multifamily Texas

LMI Capital Arranges $17M Acquisition Loan for Houston Multifamily Asset

by Taylor Williams March 17, 2020

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.

March 17, 2020

Leasing Activity Retail Texas

CBRE Negotiates 14,996 SF Retail Lease in San Antonio

by Taylor Williams March 17, 2020

SAN ANTONIO — CBRE has negotiated a 14,996-square-foot retail lease at 4949 NW Loop 410 in San Antonio. P.J. Pfeiffer of Birnbaum Property Group represented the tenant, Goodwill Industries, in the lease negotiations. Andrew Polunsky of CBRE represented the landlord, Summit Income Partners LP.

March 17, 2020

Leasing Activity Office Texas

Finial Group Secures 3,561 SF Office Lease in Houston

by Taylor Williams March 17, 2020

HOUSTON — Locally based brokerage firm Finial Group has secured a 3,561-square-foot office lease at 14425 Torrey Chase Blvd. on the north side of Houston. Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Fresh Start Therapeutic Services, was not released

March 17, 2020

Industrial Market Reports Texas Texas Market Reports

As Industrial Booms in Metroplex, Fort Worth Carves Out A Distinct Niche

by Taylor Williams March 17, 2020

Dallas-Fort Worth (DFW) has been among the top metros for industrial development and investment alike, with net absorption and leasing rates holding strong for the past several years. With the bulk of industrial development in DFW being big box product over 100,000 square feet, there’s been minimal development of smaller assets. So far in 2020, roughly 4.3 million industrial square feet has gone under construction in the metroplex. Approximately 10 percent (362,000 square feet) of that total centers on industrial projects under 100,000 square feet — the result of higher construction costs for smaller assets that don’t justify market rents. Current market rents do not satisfy yield requirements for developers to construct smaller assets. However, the general investment outlook for existing smaller industrial product is much more secure due to minimal new competing properties. Roughly 15 million square feet, or 40 percent of North Texas’s industrial pipeline, sits within five miles of DFW International Airport or Fort Worth Alliance Airport, according to CoStar. Approximately 3.3 million square feet of new product is expected to come on line by the second quarter in the DFW Airport region. Over half of the 30.9 million square feet of product under construction in DFW …

March 17, 2020

Acquisitions Multifamily Texas

Lynd Acquires Three Apartment Properties in Houston, Metro Austin for $150M

by Taylor Williams March 16, 2020

HOUSTON AND ROUND ROCK, TEXAS — San Antonio-based investment firm Lynd Acquisitions Group has acquired three multifamily properties, one in Houston and two in the northern Austin suburb of Round Rock, for $150 million. Lynd acquired the Houston property, the 282-units Royal Oaks at Westchase, in partnership with Miami-based Florida Value Partners. The Round Rock properties, the 411-unit Enclave Frontera and 366-unit Lakeside at La Frontera, were both built in 2001 and feature one-, two- and three-bedroom floor plans. Lynd will invest $15 million in capital improvements to the two Round Rock communities and $5 million in upgrades to the Houston community. The seller was Sy Li, a private investor that acquired all three properties from the original developers within the last 20 years and made no upgrades during that period.

March 16, 2020

Acquisitions Multifamily Texas

BSR REIT Buys Ariza Plum Creek Apartments in Metro Austin for $55M

by Taylor Williams March 16, 2020

KYLE, TEXAS — BSR REIT, an investment firm that specializes in garden-style multifamily properties in the Sun Belt region, has purchased the 349-unit Ariza Plum Creek Apartments in the Austin suburb of Kyle for $55 million. Built in 2018, the property features one-, two- and three-bedroom units and amenities such as a pool, dog park, fitness center and package lockers. The seller was not disclosed. With this transaction, BSR REIT now owns approximately 1,200 apartments in the greater Austin area.

March 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 216-Unit Towers at Clear Lake Multifamily Asset Near Houston

by Taylor Williams March 16, 2020

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Towers at Clear Lake, a 216-unit multifamily asset situated on 11.8 acres in the southeastern Houston suburb of Clear Lake. Built in 1985, the property formerly offered a mix of apartments and condominiums. 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. IPA also recently brokered the sale of the 304-unit Trails at Lake Houston between The Valcap Group and Raamco.

March 16, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 19,360 SF Net-Leased Property in Odessa

by Taylor Williams March 16, 2020

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 19,360-square-foot industrial property net-leased to QRC Valve Distributors in the West Texas city of Odessa. The building was constructed in 2019, and the tenant has 10 years remaining on the lease. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Nicholas Bushong, also with Marcus & Millichap, procured the buyer, a private investor.

March 16, 2020

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