Texas

CIM Group Provides $190M Bridge Loan for Refinancing of Metro Dallas Office Complex

by Taylor Williams September 2, 2020

FARMERS BRANCH, TEXAS — Los Angeles-based CIM Group has provided a $190 million bridge loan for the refinancing of International Plaza, a 780,000-square-foot office campus located in the northern Dallas metro of Farmers Branch. The Class A property consists of a 13-story building and a 15-story building that were recently upgraded to offer new indoor and outdoor amenities. Rob Rubano, Greg Napper and Brian Share of Cushman & Wakefield arranged the loan, which was structured with a five-year term and a floating interest rate. The borrower, Taconic Capital Partners, acquired the asset in 2018.

September 2, 2020

Acquisitions Industrial Texas

Mohr Capital Sells 400,000 SF Warehouse in Grand Prairie to TA Realty

by Taylor Williams September 2, 2020

GRAND PRAIRIE, TEXAS — Dallas-based Mohr Capital has sold a 400,000-square-foot warehouse in the central metroplex city of Grand Prairie to Boston-based investment firm TA Realty. The sale is Mohr Capital’s seventh transaction in 2020 and comes after more than 13 years of ownership of the property. Jonathan Bryan of CBRE represented Mohr Capital in the transaction. TA Realty was self-represented.

September 2, 2020

Development Office Texas

Kaizen Development Completes 200,000 SF One Bethany West Office Building in Allen, Texas

by Taylor Williams September 2, 2020

ALLEN, TEXAS — Kaizen Development Partners has completed One Bethany West, a 200,000-square-foot office building in the northeastern Dallas suburb of Allen. One Bethany West is the third office building in the One Bethany at Watters Creek development, which consists of two completed buildings totaling 300,000 square feet and the capacity for an additional 600,000 square feet of new development. BOKA Powell designed the eight-story property, which offers amenities such as a fitness center, conferencing center, tenant lounge, golf simulator and outdoor activity space. Highlands Residential Mortgage recently signed a lease to become the inaugural tenant.

September 2, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 158,700 SF Industrial Campus in Northwest Houston

by Taylor Williams September 2, 2020

HOUSTON — Lee & Associates has brokered the sale of a 158,700-square-foot industrial campus located at 6500 Brittmoore Road in northwest Houston. The campus consists of eight buildings on 13 acres. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the buyer, privately held development firm Adkisson Group, in the transaction. The seller and sales price were not disclosed. Lee & Associates will also be marketing the property for lease.

September 2, 2020

Civic Development Texas

AP Construction to Renovate 10,000 SF Audubon Recreation Center in Metro Dallas

by Taylor Williams September 2, 2020

GARLAND, TEXAS — Adolfson & Peterson (AP) Construction has been awarded the contract to renovate the 10,000-square-foot Audubon Recreation Center in Garland, a northeastern suburb of Dallas. The project will add a 5,000-square-foot fitness center and upgrade the common areas, restrooms, lobby, exterior façade and front patio. Brown Reynolds Watford Architects is the project architect. Construction is scheduled to begin this month and to be complete in summer 2021.

September 2, 2020

Content Partner Multifamily Texas Texas & Oklahoma Feature Archive Walker & Dunlop

Multifamily Developers in Houston Focus on Affordability

by Sarah Daniels September 2, 2020

With a historic drop in oil prices amid a global pandemic, fate dealt Houston a bad hand in 2020, to put it mildly. But this is not the first time the city has seen bleak conditions — and faced them down. In 2015-2016, the metropolitan area was throttled by a double whammy of an oil bust and the Memorial Day and Tax Day floods, decimating a full 10 percent of its multifamily housing stock. Yet, by 2020, the city’s job growth exceeded the national rate for the 25th consecutive month, and its multifamily market was set to deliver nearly 17,000 units, double the volume from 2019. Before the oil crash and COVID-19 pandemic hit, Houston’s increasingly diverse economy meant that its fundamentals were strong, and demand was growing for multifamily. Through hurricanes, floods, tornados, boom-and-bust cycles in the oil and gas markets and more, Houston persevered. Houston has one of largest metropolitan populations in the U.S. and is growing, adding more than a million people since 2010. This 2-percent-per-year average growth is more than twice the 0.7 percent average for the United States. Of the 10 largest metropolitan areas, only Dallas-Fort Worth and Houston have been able to grow at …

September 2, 2020

Acquisitions Industrial Texas

Americold Realty Trust Buys AM-C Warehouses Cold Storage Facilities in DFW for $82.5M

by Taylor Williams September 1, 2020

MANSFIELD AND GRAND PRAIRIE, TEXAS — Americold Realty Trust (NYSE: COLD), a publicly traded REIT specializing in cold storage properties, has acquired two facilities operated by AM-C Warehouses in the Dallas-Fort Worth (DFW) metros of Mansfield and Grand Prairie for a combined $82.5 million. The facilities feature a combined 13.8 million cubic feet and 45,000 pallet positions. Atlanta-based Americold Realty Trust will invest $2.5 million in capital improvements to the properties.

September 1, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 375,000 SF Industrial Lease for HelloFresh in Irving

by Taylor Williams September 1, 2020

IRVING, TEXAS — Lee & Associates has negotiated a 375,000-square-foot industrial lease for meal kit provider HelloFresh at 2700 Market St. in Irving. The newly built facility, which is located within Gateway Logistics Center, will function as the company’s largest distribution center. Trey Fricke and Reid Bassinger of Lee & Associates’ DFW office, along with Dennis Smeck and Justin Myers of the firm’s New York City office, represented HelloFresh in the lease negotiations. Mark Hayes of HPI Real Estate Services & Investments represented the landlord. HelloFresh expects to take occupancy of the facility in March 2021.

September 1, 2020

Acquisitions Industrial Texas

Sealy & Co. Acquires Two Industrial Buildings Totaling 131,616 SF in El Paso

by Taylor Williams September 1, 2020

EL PASO, TEXAS — Dallas-based investment firm Sealy & Co. has acquired two light industrial buildings totaling 131,616 square feet in El Paso. The seller was California-based Hager Pacific Properties. The properties are located adjacent to El Paso International Airport, about three miles from Interstate 10. Jason Gandy and Davis Gibbs handled the transaction for Sealy & Co. on an internal basis with assistance from CBRE’s Randy Baird.

September 1, 2020

The Grove at Shoal Creek is a 76-acre destination with office, retail and residential uses

Leasing Activity Office Texas

Auctane Signs 105,385 SF Office Lease at The Grove at Shoal Creek in Austin

by Taylor Williams September 1, 2020

AUSTIN, TEXAS — Auctane, a subsidiary of stamps.com and a provider of software for the e-commerce industry, has signed a 105,385-square-foot office lease at The Grove at Shoal Creek, a mixed-use development located at 4301 Bull Creek Road in Austin. Developed by a joint venture between MileStone Community Builders and Castletop Capital, The Grove at Shoal Creek is a 76-acre destination with office, retail and residential uses. John Gump and Kelly Woodruff of CBRE represented Auctane in the lease negotiations. Travis Dunaway of Endeavor Real Estate Group represented the landlord.

September 1, 2020

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