HOUSTON — Ready Capital has closed a loan of an undisclosed amount for the acquisition and stabilization of a 219-unit apartment community in Houston’s Greenway Plaza submarket. Upon acquisition, the sponsor will use a portion of the loan proceeds to renovate units and achieve market-rent premiums. The nonrecourse loan carried a fixed interest rate, a 60-year term and a declining prepayment schedule. The sponsor and property name were not disclosed.
LONGVIEW, TEXAS — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit seniors housing community in Longview, approximately 60 miles west of Shreveport, La. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. The seller and sales price were not disclosed.
LUBBOCK, TEXAS — SVN International Corp., a full-service real estate franchisor of the SVN brand, has opened SVN | Westar Commercial Realty in Lubbock. Blake Truett and Bill Young will lead the new office, which will serve the greater West Texas area. The branch will offer services in brokerage, property management, tenant representation, investment sales, development consulting and real estate advisory.
PLANO, TEXAS — Reata Pharmaceuticals has signed a 121,903-square-foot office sublease at 5320 Legacy Drive in Plano. Mike Wyatt, Maureen Kelly Cooper, Robbie Baty and Travis Boothe of Cushman & Wakefield represented the sublandlord, Denbury Onshore LLC, in the lease negotiations. Jeff Ellerman and John Ellerman of CBRE represented the subtenant.
It’s no secret that Austin has exploded with jobs and people over the last 10 years, and evidence of the growth has perhaps been most visible in the asking rents for office space. Rental rates in Austin’s most sought-after neighborhoods have essentially doubled since 2010, when major tech firms really began eyeing the state capital for its pro-business climate and supply of educated workers, as well as its high quality of living. Today, we see full-service office rates well above $50 per square foot in the hottest submarkets. According to our data, the average full-service rent in downtown Austin typically ranges from $65 to $69 per square foot. Submarkets like The Domain and East Austin command rates that typically average about $55 and $50 per square foot, respectively, on a full-service basis. These rates include operating expenses which can be between $15 to $25 per foot depending on location, mainly due to property tax increases found in these higher density areas of Austin. While these rates appear to be a smaller issue for the tech giants that drive significant growth among office-using industries in Austin, the rapid rate of appreciation is unquestionably pricing out some users that also need to …
EL CAMPO, TEXAS — Atlanta-based Stonemont Financial Group has launched Phase I of Southwest International Gateway Business Park, a 540-acre industrial development in El Campo, located about 70 miles southwest of Houston. The rail-served development has the capacity to house up to 8 million square feet of industrial space. Phase I, construction of which is scheduled to begin this quarter, will include a 125,000-square-foot distribution center that is preleased to Vitro Chemicals and a 200,000-square-foot speculative warehouse. Atlanta-based developer Ridgeline Property Group is partnering with Stonemont on the project, and NAI Partners will handle leasing of the property.
DALLAS — Locally based investment firm Encore Enterprises has sold Two Forest Plaza, a 196,215-square-foot office building located at 12201 Merit Drive in North Dallas. The 11-story, Class A building was built in 1981 and renovated in 2014. Amenities include a six-story parking garage, conference room, fitness center and a café. Tenants include New York Life Insurance Co. and French bakery La Madeleine, which operates its headquarters from the building. Creighton Stark and Chris Boyd of Colliers International represented Encore Enterprises in the transaction. The buyer was a partnership between OrbVest U.S. Inc. and Richmond Honan Lifehope.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Boulevard at Sonterra, a 326-unit apartment community located within the Stone Oak master-planned community in San Antonio. Built on 16.8 acres in 2000, the property features one-, two- and three-bedroom units averaging 973 square feet and amenities such as a pool, fitness center, theater room, dog park, picnic area, business center and a resident clubhouse. Will Balthrope, Drew Kile, Drew Garza and Jordan Featherston of IPA represented the seller, Short Real Estate, and procured the buyer, a parternship between PCCP and Kairoi Residential.
DALLAS — Lee & Associates has brokered the sale of a 101,492-square-foot industrial building located at 10355 Sanden Drive in Dallas. According to LoopNet Inc., the single-tenant property was built in 1994 and features 24-foot clear heights and 16 dock-high loading doors. Taylor Stell and Brett Lewis of Lee & Associates represented the buyer, Rotary Corp., in the transaction. The seller was not disclosed.
AUSTIN, TEXAS — Furniture Mall of Texas will open a 95,000-square-foot store at Shops at Tech Ridge, a 519,354-square-foot retail power center in Austin. The opening is scheduled for this summer. Lance Morris and P.J. Kaminer of The Retail Connection represented the landlord, RD Management, in the lease negotiations. The store will be the company’s third. Other tenants at Shops at Tech Ridge include Floor & Décor, Fitness Connection, Conn’s HomePlus, Ross Dress for Less, Burke’s Outlet and PetSmart. The company will occupy a space formerly leased to Target.