Texas

GMF, Vesta Capital Acquire 398-Unit Sycamore Farms Apartments in Oklahoma City

by Taylor Williams March 5, 2020

OKLAHOMA CITY — A partnership between investment firm GMF Capital and Oklahoma-based Vesta Capital has acquired Sycamore Farms, a 398-unit apartment community in Oklahoma City. Built in 1998, the property offers one-, two- and three-bedroom units ranging in size from 692 to 1,300 square feet. Amenities include two pools, a 24-hour fitness center, outdoor grilling and picnic areas, a business center and a dog park. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured a $33.8 million Freddie Mac acquisition loan for the deal on behalf of the buyer. That loan carried a 10-year term, a fixed interest rate and five years of interest-only payments.

March 5, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 225-Unit Julian at South Pointe Apartments Near Fort Worth

by Taylor Williams March 5, 2020

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of The Julian at South Pointe, a 225-unit apartment community located in the Fort Worth suburb of Mansfield. The property was built on 9.7 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops, tile backsplashes and washer and dryer hook-ups. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a pet park. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, a partnership between Carleton Cos. and M.R. Development Corp., in the transaction. The trio also procured the buyer, Short Real Estate.

March 5, 2020

Hospitality Loans Texas

Sonnenblick-Eichner Arranges CMBS Loan for Refinancing of 123-Room Hotel in Austin

by Taylor Williams March 5, 2020

AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.

March 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $12.5M Sale of Seniors Housing Community in Arlington

by Taylor Williams March 5, 2020

ARLINGTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the $12.5 million sale of Greenfield Residences of Arlington, a 178-unit independent living community located in the center of the Dallas-Fort Worth metroplex. The property was built on 5.8 acres in 2002 and features 24 studio units, 130 one-bedrooms residences and 24 two-bedroom units. A publicly traded investor sold the property to a locally based owner-operator that will implement a value-add program. Matthew Alley and Patrick Burke of SLIB handled the transaction.

March 5, 2020

Development Mixed-Use Texas

Bright Realty Moves Forward With 140-Acre Crown Centre Mixed-Use Project in Metro Dallas

by Taylor Williams March 4, 2020

LEWISVILLE, TEXAS — Locally based firm Bright Realty has received approval from the City of Lewisville to move forward with the development of Crown Centre, a 140-acre mixed-use project that will be located along State Highway 121 on the northern outskirts of Dallas. The site is approved for up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and covered parking, as well as 140,000 square feet of retail and open green space. The development will also feature three open spaces with lakes and trails that will connect the buildings, as well as outdoor event space. Construction of a 109,000-square-foot office building is underway at the site and is expected to be complete later this year.

March 4, 2020

Loans Mixed-Use Texas

JLL Arranges Financing for Montrose Collective Mixed-Use Project in Houston

by Taylor Williams March 4, 2020

HOUSTON — JLL has arranged construction financing and joint venture equity for Montrose Collective, a mixed-use project that will be located in Houston’s Montrose District. Preliminary plans call for 150,000 square feet of creative office, medical office and retail space across four buildings. Colby Mueck, Ryan West, Matthew Putterman, Jett Lucia and Matthew Williamson of JLL arranged the construction loan through Bank OZK and delivered an institutional investor advised by JPMorgan Asset Management as the joint venture equity partner. The borrower was locally based development and investment firm Radom Capital.

March 4, 2020

Acquisitions Retail Texas

Baker Katz Acquires 139,926 SF North Park Plaza Shopping Center in Beaumont

by Taylor Williams March 4, 2020

BEAUMONT, TEXAS — Houston-based retail brokerage and investment firm Baker Katz has acquired North Park Plaza, a 139,926-square-foot shopping center in Beaumont. The property is situated on 14.3 acres across from Parkdale Mall, which is being redeveloped by Tennessee-based CBL Properties. Target anchors the center, which also houses tenants such as Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm and Longhorn Steakhouse. Ryan West of JLL represented the seller, Weingarten Realty Investors, a Houston-based REIT, in the transaction.

March 4, 2020

Leasing Activity Retail Texas

EVO Entertainment to Open 80,000 SF Venue at Escala in San Antonio

by Taylor Williams March 4, 2020

SAN ANTONIO — EVO Entertainment, an entertainment retail concept that combines bowling, movies, games, food and beverages, will open an 80,000-square-foot venue at Escala in San Antonio. The center will feature 10 movie screens, 12 bowling lanes, a restaurant and bar, arcade and virtual reality games, a ropes course and private event space. Metro Dallas-based N3 Real Estate is the developer of Escala, a shopping center located at the intersection of State Highway 151 and Military Drive on the city’s northwest side. The venue will be the seventh for EVO, which primarily operates in Central Texas, and is scheduled to open in January 2021.

March 4, 2020

Leasing Activity Office Texas

Addus HomeCare Signs 75,000 SF Headquarters Lease at The Offices Two at Frisco Station

by Taylor Williams March 4, 2020

FRISCO, TEXAS — Addus HomeCare, a provider of comprehensive home caregiving and support services, has signed a 75,000-square-foot lease at The Offices Two at Frisco Station, located north of Dallas, for its new headquarters. The company will relocate from its current 31,000-square-foot space to the 210,000-square-foot building, which is located within the 242-acre Frisco Station mixed-use development, this fall. The developer, VanTrust Real Estate, is currently preleasing a third office building at the site that is expected to be complete in early 2021.

March 4, 2020

Development Industrial Texas

Jackson-Shaw Acquires 169 Acres in Fort Worth for 2.2 MSF Industrial Project

by Taylor Williams March 3, 2020

FORT WORTH, TEXAS — Locally based developer Jackson-Shaw has acquired 169 acres at the intersection of Altamesa Boulevard and Campus Drive in Fort Worth for the development of 46 Ranch Logistics Park, an industrial project that will ultimately span about 2.2 million square feet. Jackson-Shaw worked with the City of Fort Worth to rezone the rail-served site, which offers proximity to Interstates 35 and 20, from single-family residential to industrial. The first phase will feature 560,000 square feet of Class A space across three buildings that will be developed on a speculative basis. Construction of Phase I is scheduled to begin in June and to be substantially complete by the first quarter of 2021. Ridgemont Commercial Construction is the general contractor for the project, and GSR Andrade is the architect. Halff Associates is the civil engineer, and Stream Realty Partners is the leasing agency. Liberty Capital Bank provided construction financing.

March 3, 2020

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