DALLAS — Forefront Living has unveiled plans for a 112-unit residential building at Presbyterian Village North, a nonprofit continuing care retirement community (CCRC) in Dallas. The groundbreaking of the new building, which will be named The Hawthorne, is scheduled for spring 2020. Units will range from 912 to 1,633 square feet. The project also includes renovations to existing parts of the community.
HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments LLC.
DALLAS — Marcus & Millichap has brokered the sale of Vernazza, a 100-unit apartment community in Dallas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The Dallas-based buyer plans to upgrade the property’s unit interiors and exteriors.
As we enter the fourth quarter, Houston’s office market remains sluggish due primarily to uncertainty in the energy industry. With the price of West Texas Intermediate crude fluctuating between $45 and $60 per barrel, the market has seen minimal oil company expansions. With the pricing outlook remaining on a bleak to flat trajectory, little growth in office occupancy is expected in the next 18 to 24 months. The cycle favors tenants, now and for the foreseeable future. Should energy pricing return to higher levels, there will undoubtedly be higher occupancy through positive absorption, making the next six months an ideal time to lock in rental rates and construction/build-out costs for the next five to seven years. Through the third quarter of 2019, Houston has seen 217,000 square feet of overall net absorption, including sublease space returning to the direct market. The bright spots are new Class A downtown properties like Bank of America Tower, 609 Main and Texas Tower, whose current and future tenants have demonstrated their willingness to pay the higher base rates and operating expenses associated with new development. Companies are using office space more efficiently due to technological advances and transformations in mobility and are demanding more …
HOUSTON — Houston-based DC Partners has broken ground on The Allen, a six-acre mixed-use project located near Buffalo Bayou Park in Houston. The development will include a 99-unit condominium building, a Thompson-branded luxury hotel, an office building and retail and restaurant spaces. The grand opening of The Allen is slated for the first quarter of 2021, though the hotel is not scheduled to be complete until 2023. DC Partners is developing the project in partnership with Tianqing Real Estate Development and Westmont Hospitality Group.
HUTCHINS, TEXAS — National Container Group LLC has signed a 10-year, 120,960-square-foot industrial lease at Intermodal Business Center in Hutchins, a southern suburb of Dallas. Construction is underway to reconfigure the property, which was built in 2017 and features 32-foot clear heights, an ESFR sprinkler system and 38 dock doors, for National Container Group’s needs. Jean Russo of Cushman & Wakefield represented the tenant in the lease negotiations. Michael Grant and Susan Singer of Bradford Commercial Real Estate Services represented the landlord, Intermodal Warehouse Partners.
HOUSTON — The Boulder Group, an investment brokerage firm specializing in net-leased assets, has arranged the $9.2 million sale of a single-tenant retail property leased to 24 Hour Fitness in Houston. The 50,000-square-foot building is positioned as an outparcel to Willowbrook Mall, which is anchored by Dick’s Sporting Goods, Dillard’s, JC Penney, Macy’s, Nordstrom Rack, Sears and Apple. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Texas-based private partnership, in the transaction. The buyer was a 1031 exchange investor.
AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Dryfield Apartments, a 28-unit multifamily property located near State Highway 183 in North Austin. Built in 1969, the property offer amenities such as a pool and onsite laundry facilities. Kevin Dufour and Kyle Peco of FourPoint represented the California-based seller in the transaction. The undisclosed buyer will implement a value-add program to the property’s exteriors and unit interiors.
HOUSTON — NAI Partners has negotiated an 8,100-square-foot industrial lease for BSN Sports, a distributor of athletic apparel and equipment, a t 11707 S. Sam Houston Parkway West in Houston. Chris Caudill of NAI Partners represented the tenant in the lease negotiations. Boone Smith and Garret Geacccone of Stream Realty Partners represented the landlord, DRA Advisors LLC.
HOUSTON — JLL has arranged a $140 million loan for the refinancing of GreenStreet, a 617,000-square-foot mixed-use development in Houston’s Central Business District. GreenStreet spans four contiguous city blocks and features office, retail, restaurant and entertainment uses, as well as central open-air green space. Colby Mueck, Matthew Putterman and Laura Sellingsloh of JLL arranged the funds through Blackstone Real Estate Debt Strategies on behalf of the borrowers, Lionstone Investments and Midway.
