Texas

Matthews Brokers $5.5M Sale of New Retail Property in Houston Leased to Regions Bank

by John Nelson January 10, 2020

HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.

January 10, 2020

Acquisitions Lee & Associates Retail Texas

Lee & Associates Negotiates Sale of Retail Center in Sherman, Texas

by John Nelson January 10, 2020

SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.

January 10, 2020

Industrial Leasing Activity Retail Texas

Levey Group Signs Victory Wine to 23,000 SF Lease at Northwest Place Industrial Park in Houston

by John Nelson January 10, 2020

HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.

January 10, 2020

Development Multifamily Texas

Wayfinder Breaks Ground on 321-Unit Apartment Community Near Downtown Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Wayfinder Real Estate has begun construction on The Troubadour, a 321-unit apartment community located within the University Park master-planned development in Austin. The six-story property will be situated one mile north of downtown at the southwest corner of Concordia Avenue and Interstate 35, the former site of Concordia University. Set to open in late 2021, The Troubadour will offer one-, two- and three-bedroom floor plans, as well as a resort-style pool, 24-hour fitness center, indoor bike storage and maintenance facility and two rooftop decks, one of which will be equipped for outdoor movie screenings. The Troubadour represents the first development for Wayfinder, an Austin-based firm founded by real estate veterans Mac McElwrath and Chris Sipes. The project team includes general contractor Oden Hughes Construction, architect Davies Collaborative, civil engineer Jones Carter, landscape architect Blu Fish Collaborative, MEP engineer MEP Delta Design and interior designer PPDS. Vantage Bank provided construction financing on behalf of Wayfinder.

January 9, 2020

Acquisitions Multifamily Texas

Waterton Acquires 809-Unit Multifamily Portfolio in Metro Houston

by John Nelson January 9, 2020

HOUSTON — Waterton, a multifamily and hospitality owner and operator based in Chicago, has nearly doubled its multifamily holdings in the Houston area with the purchase of three apartment communities totaling 809 units. The properties include Reserve by the Lake in Houston, Madison on the Meadow in Stafford and Summerwind in Pearland. Waterton plans to make capital improvements at all three properties, including all unit interiors, existing clubhouses and common areas. Each unit will be upgraded with new stainless steel appliances, cabinet resurfacing and hardware, as well as upgraded lighting and plumbing packages. Exterior upgrades will include new paint and modernized clubhouses, pool areas and other common area amenities. The seller(s) and sales price were not disclosed.

January 9, 2020

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of Empire Commerce Industrial Facility in Dallas

by John Nelson January 9, 2020

DALLAS — Marcus & Millichap has arranged the sale of Empire Commerce Center, a 44,537-square-foot industrial facility located at 1150 Empire Central Place in Dallas. The property was built in 1982 on a 3.2-acre site about three miles south of Dallas Love Field Airport. Adam Abushagur and Ron Hebert of Marcus & Millichap represented the seller, a private investor, in the transaction. The unnamed buyer is based in Mexico and is a repeat buyer in the market.

January 9, 2020

Acquisitions Retail Texas

Resolute RE Brokers Sale of Bull Creek Market Shopping Center in Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.

January 9, 2020

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of Park Plaza Apartments in North Central Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Park Plaza Apartments, a 62-unit multifamily community located in Austin’s North Central submarket. The property features a swimming pool, barbecue/picnic area, playground and access to Little Walnut Creek. Quantum Capital Inc., a value-add multifamily investment firm with assets in Los Angeles and Austin, purchased the property for an undisclosed price. Muskin Commercial represented the seller, an entity named Austin Park Plaza LLC that has owned the community for 28 years.

January 9, 2020

Acquisitions Office Oklahoma Texas

Gardner Tanenbaum Holdings Sells Boeing Campus in Oklahoma City for $124.7M

by John Nelson January 8, 2020

OKLAHOMA CITY — Gardner Tanenbaum Holdings (GTH), a development and construction management firm, has sold the Boeing Oklahoma City office campus. The California-based buyer, OKC Aerospace 1 LLC, purchased the property for $124.7 million. Located at 6001 S. Air Depot Road, the campus is situated directly west of Tinker Air Force Base and 10 miles southeast of downtown Oklahoma City. GTH developed the three build-to-suit office buildings for Boeing in 2007, 2011 and 2012. The campus houses about 3,155 Boeing personnel who work with the Tinker Air Force Base for U.S. defense aircraft. Mark Beffort and Brett Price of Newmark Grubb Levy Strange Beffort represented both the buyer and seller in the transaction. Oklahoma City-based GTH manages more than 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of over 250 acres of land holdings for future development in the region.

January 8, 2020

Development Healthcare Texas

Medistar to Develop 92-Bed Hospital in Houston’s Bay Area

by John Nelson January 8, 2020

HOUSTON — Medistar Corp. plans to develop Medical Behavioral Hospital of Clear Lake, a 92-bed hospital in Houston’s Bay Area submarket. NeuroPsychiatric Hospitals (NPH) will operate the facility with up to 200 employees and 18 providers of psychiatry, internal medicine and neurology. Houston-based Medistar expects to deliver the hospital this summer. Located at 16850 Buccaneer Lane, the property will be NPH’s sixth hospital.

January 8, 2020

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