NOLANVILLE, TEXAS — Marcus & Millichap has arranged the sale of Cimarron Park Estates, a 97-site mobile home park in Nolanville, located near Temple in the central part of the state. The property is situated on roughly 15 acres. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, in the transaction. Denninger also procured the buyer, another private investor. Both parties requested anonymity.
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 64,000-square-foot industrial lease at 10515 Okanella St. in Houston. Reid Halverson, Fred Puskarich, Louis Pascuzzi and David Creiner of NKF represented the tenant, Morsco Supply LLC, a distributor of commercial and residential plumbing products, in the lease negotiations. Transwestern represented the landlord, San Francisco-based Prologis.
SCHERTZ, TEXAS — NAI Partners has arranged the sale of a 409,685-square-foot distribution center located at 1150 Schwab Road along the Interstate 35 corridor in the Central Texas city of Schertz. According to LoopNet Inc., the site was developed in 2008, includes 78,500 square feet of office space and houses additional land for future expansion. Carlos Marquez of NAI Partners represented the undisclosed seller in the transaction. The buyer was HPI Real Estate Services & Investments, which acquired the property vacant.
MESQUITE, TEXAS — JLL has negotiated the sale of Marketplace at Towne Center, a 180,522-square-foot retail center located in the eastern Dallas suburb of Mesquite. Built on 20.5 acres at the corner of U.S. Highway 80 and the Lyndon Johnson Freeway, the property houses tenants such as PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear and Applebee’s. Barry Brown, Chris Gerard, Ryan Shore, Aaron Johnson, Ross Crawford and Matthew Wheeler of JLL represented the seller, Ohio-based Retail Value Inc., in the transaction. The buyer was a local private investor.
CYPRESS, TEXAS — Trammell Crow Residential is underway on construction of a 350-unit apartment project along Spring Cypress Road in the northwestern Houston suburb of Cypress. The Class A, garden-style community will be situated on 14.4 acres. The groundbreaking was held in December. Dosch Marshall Real Estate represented Trammell Crow in the land acquisition. The seller(s) in that transaction was not disclosed.
HOUSTON — Locally based multifamily development and management firm Allied Orion Group has sold The Beacon at Buffalo Pointe, a 281-unit apartment community located near the Texas Medical Center in Houston. Built on 32.4 acres in 2017, the property offers one-, two- and three-bedroom units averaging 862 square feet. Amenities include a pool with a sundeck and cabanas, outdoor grilling areas, a fitness center, demonstration kitchen and coffee bar, a dog park and concierge service. Chris Curry, Todd Marix and Bailey Crowell of JLL represented Allied Orion in the transaction and procured the buyer, Morgan Group Inc.
HOUSTON — East West Bank has provided a $20 million loan for the refinancing of Sam Houston Crossing II, a 160,000-square-foot office building in Houston. Built in 2013, the three-story property is situated on 8.5 acres along the Sam Houston Tollway and was fully leased at the time of sale. John Ream and Laura Sellingsloh of JLL arranged the loan, which was structured with a five-year term and a 4 percent interest rate, through East West Bank on behalf of the borrower, Buchanan Street Partners.
James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector will experience the most activity in 2020, and why? Flynn: Multifamily should continue to be the most active commercial real estate sector in terms of financing activity. The MBA forecasts that multifamily lending will top $395 billion in 2020, a 9 percent increase over 2019 activity. That figure represents nearly 60 percent of the total commercial real estate activity forecast for 2020. With the Fed signaling no change to borrower costs for the year, the consensus seems to be a continued period of interest rates near historic lows. Multifamily owners and operators will continue to take advantage of this environment to rehabilitate, refinance and refine their portfolios. Of course, the other side of the equation is the growth in multifamily demand drivers. These drivers have remained strong, …
DALLAS — Locally based multifamily developer JPI has sold Jefferson Landmark, a 324-unit apartment community located near the Galleria area of North Dallas. Completed in 2018, the property features one- and two-bedroom units and amenities such as an infinity-edge pool, a 24-hour mini market and courtyards with cooking stations. The buyer was New York-based Beachwold Residential.
FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has purchased land in Fort Worth for a 293-unit apartment project. The community will be located southwest of downtown near The Shops at Clearfork and will feature one-, two- and three-bedroom units. Amenities will include a pool, fitness center, a dog park and bike storage space. The groundbreaking is scheduled for the end of January, and the first units are expected to be available for occupancy in summer 2021.