Texas

Spirit Realty Capital Acquires 123 Single-Tenant Retail Properties from Service Properties Trust for $435M

by John Nelson November 26, 2019

DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …

November 26, 2019

Development Industrial Texas

Stream Realty Acquires 300 Acres in West Houston for New Industrial Park

by Taylor Williams November 25, 2019

BROOKSHIRE, TEXAS — Stream Realty Partners has acquired 300 acres in the western Houston suburb of Brookshire for the development of Empire West Business Park, an industrial development that fronts Interstate 10 and U.S. Highway 90. The initial phase of Stream’s development strategy will center on the delivery of 1 million square feet of speculative product across three buildings. A construction timeline was not released.

November 25, 2019

Development Multifamily Texas

CRG Development Breaks Ground on 242-Unit Apartment Project in Fort Worth

by Taylor Williams November 25, 2019

FORT WORTH, TEXAS — CRG Development has broken ground on 401 Hemphill Apartments, a 242-unit community located in the Near Southside neighborhood of Fort Worth. The property will offer amenities such as a pool, fitness center, coworking space, outdoor grilling stations and a 277-space parking garage. Lamar Johnson Collaborative designed the project, and Cadence McShane is the general contractor. Completion is scheduled for the second quarter of 2021.

November 25, 2019

Development Office Texas

Partnership to Develop 215,000 SF Office Project in Deep Ellum Area of Dallas

by Taylor Williams November 25, 2019

DALLAS — A partnership between Hines, Westdale Real Estate Investment & Management and Ivanhoe Cambridge has acquired land in the Deep Ellum area of Dallas for the development of The Stack Deep Ellum, a 215,000-square-foot commercial project. The 16-story building will be located at 2700 Commerce St. and feature 200,000 square feet of office space and 15,000 square feet of ground-floor retail space. 5G Studio Collaborative is the architect for the project, construction of which is scheduled to begin in December.

November 25, 2019

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 25,000 SF Industrial Building in Metro Houston

by Taylor Williams November 25, 2019

SUGAR LAND, TEXAS — NAI Partners has arranged the sale of a 25,000-square-foot industrial building located at 120 Industrial Blvd. in Sugar Land, a southwestern suburb of Houston. Gulf Coast Athletic Supply Inc. sold the property to DetectaChem, a manufacturer of handheld detection systems, for an undisclosed price. Chris Caudill of NAI Partners handled the transaction.

November 25, 2019

Market Reports Multifamily Texas Texas Market Reports

Houston Multifamily Market Sees Heightened Demand, Maintains Affordability

by Taylor Williams November 25, 2019

Between 2014 and 2016, the Houston multifamily market struggled with an issue of oversupply as a result of accelerated apartment construction. When Hurricane Harvey hit in 2017, Houston residents displaced by the storm produced a surge in apartment demand that helped fill thousands of empty units over the ensuing 12 months. Fast forward to 2019, and two key factors are keeping a strong apartment pipeline flowing and forcing developers to play catch-up: new residents and more jobs. Over the past two years, demand has outpaced deliveries, a welcome sign for investors following the 2014-2016 era. More than 20,000 units came on line in 2016 alone and caused absorption to lag. According to the U.S. Census Bureau, steady increases in population have Houston competing with Chicago for the title of third-most populous city in the country. This demographic trend, coupled with the city’s strong labor market, has created a setting wherein capital keeps trying to find its way into the Bayou City. Underpinning the need for more housing product was the 94,000-plus new residents added during the last year, which ranked Houston’s net migration in the top three of U.S. metros. Given the rise in demand stemming from jobs and in-migration, …

November 25, 2019

Development Multifamily Texas

Hillwood Breaks Ground on 322-Unit Apartment Community at Frisco Station

by Taylor Williams November 22, 2019

FRISCO, TEXAS — Hillwood has broken ground on The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. Designed by JHP Architecture, the property will offer studio, one- and two-bedroom units as well as townhomes. Units will feature granite countertops, custom cabinetry and walk-in closets, as well as smart locks and thermostats. Amenities will include a pool with cabanas, coworking space, a fitness center, coffee and wine bars, resident lounge, sauna and a pet washing facility. Preleasing is scheduled to begin in summer 2020 with the first units slated to come on line in early 2021.

November 22, 2019

Development Multifamily Seniors Housing Texas

Buckner Senior Living Opens $140M Ventana High-Rise Community in North Dallas

by Taylor Williams November 22, 2019

DALLAS — Buckner Senior Living has opened Ventana by Buckner, a 301-unit seniors housing community in North Dallas. Development costs were estimated at $140 million. The project, designed by D2 Architecture, features two 12-story towers that house 189 independent living residences, 38 assisted living residences, 48 nursing apartments and 26 memory care residences. Buckner is collaborating with Baylor Scott & White Health for medical and spiritual care services, Stephan Pyles for culinary services, Cooper Aerobics for health and wellness and Southern Methodist University for continuing education. Apartments range from 950 to 2,000 square feet.

November 22, 2019

Industrial Leasing Activity Texas

Canadian Freight, Distribution Firm Signs 250,000 SF Industrial Lease in Laredo

by Taylor Williams November 22, 2019

LAREDO, TEXAS — Buckland Global Trade Services Inc., a Canadian freight and distribution company for the automotive and consumer goods industries, has signed a 250,000-square-foot industrial lease at Khaledi Industrial Park in the South Texas city of Laredo. The build-to-suit property fronts Interstate 35 and also offers proximity to the World Trade International Bridge, which connects to the Mexican city of Nuevo Laredo. Mike Rodriguez of Forum Commercial Real Estate arranged the lease on behalf of the tenant.

November 22, 2019

Acquisitions Multifamily Texas

JLL Arranges Sale, Financing of 280-Unit Palace Apartments in Arlington

by Taylor Williams November 22, 2019

ARLINGTON, TEXAS — JLL has arranged the sale of The Palace, a 280-unit apartment community in Arlington. The garden-style property was built in 1971 and was recently renovated to upgrade signage, building exteriors and common areas. The community was 96.4 percent occupied at the time of sale. Art Barnes, David Godvin and Jorg Mast of JLL represented the seller, MBP Capital Inc., in the transaction and procured the buyer, Raven Multifamily. Deverick Jordan, Andrew Speer, Clint Hoelscher and Donovan Collins of JLL placed an undisclosed amount of Fannie Mae acquisition financing for the deal.

November 22, 2019

Newer Posts

Older Posts