CEDAR PARK, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The View at Cedar Park Town Center, a 166-unit multifamily community in Cedar Park, a northern suburb of Austin. Built in 2017, the property features amenities such as a resort-style pool, fitness center, pet park and a business center. Kevin Dufour and Kyle Peco of FourPoint handled the transaction on behalf of the Ohio-based seller. The buyer was also undisclosed.
DALLAS — Locally based firm JMJ Development will build a 176-room Mandarin Oriental hotel in Dallas’ Turtle Creek neighborhood. The 25-story building will also house 100 residential units and feature a spa and an undetermined amount of ballroom and meeting space. A construction start date was not announced, but the hotel is expected to open in 2022.
RICHARDSON, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Atria Richardson, a 90-unit independent living, assisted living and memory care community in Richardson, just north of Dallas. A publicly traded REIT sold the property. Originally constructed in 1999, the 62,000-square-foot community is located near the University of Texas-Dallas campus. Another publicly traded REIT and its Florida-based property manager acquired the community for an undisclosed price. Ben Firestone, Michael Segal, Joshua Salzman and Alex Florea of Blueprint brokered the transaction.
AUSTIN, TEXAS — Rastegar Property Co., a locally based investment firm, has purchased Escala Apartments, a 30-unit multifamily asset located in Austin’s Clarksville neighborhood. The property offers proximity to the employment hubs of Google, Indeed and Facebook. Rastegar plans to create residential condominium units and to renovate and modernize the building exterior and the interior of each unit.
All the recent talk in the Houston industrial market has focused on the amount of distribution space that is under construction or proposed for development. As a result, many industrial real estate professionals are worried about certain submarkets becoming overbuilt. This is a reasonable thought, given that Houston has more distribution space under construction than ever before — roughly 18 million square feet is under construction citywide, compared to the previous high in 2015 of 15 million square feet. However, there is also an exceptionally high level of demand in the market that could easily allow more than half of that space to be quickly absorbed once delivered. What is most promising about Houston’s industrial market — and what has also partially defined the evolution of this space — is the sheer volume of larger requirements. There are currently more than a dozen deals across the city involving users that are seeking anywhere from 400,000 to 1.5 million square feet. This certainly bodes well for Houston’s industrial distribution market, which continues to attract large-scale developers and tenants due to the growing local and regional population. Access to the Port of Houston — which is great for retailers looking for another …
GRAND PRAIRIE, TEXAS — McCarthy Building Cos. is nearing completion of a $40 million helicopter training facility for Airbus Helicopters Inc. and France-based Helisim in Grand Prairie, located in the central part of the Dallas-Fort Worth (DFW) metroplex. The 18,000-square-foot facility will house two helicopter flight simulators, a 6,000-square-foot office space and a 12,000 square-foot simulator hall with a tech room, as well as computer rooms and workshop and meeting spaces. BOKA Powell designed the project, completion of which is scheduled for March 2020.
LEWISVILLE, TEXAS — Paint manufacturer and retailer Benjamin Moore has opened its 238,00-square-foot distribution center at 121 Lakepointe Crossing in the northern Dallas suburb of Lewisville. The company is relocating its local distribution operations from a 70,000-square-foot facility in Mesquite, a property that will continue to serve as a manufacturing plant. The company moved into its new space earlier this month. Mark Collins, Dean Collins and Bill Brown of Cushman & Wakefield represented Benjamin Moore in its site selection and lease negotiations.
FRISCO, TEXAS — Berkadia has arranged a $17.6 million loan for the refinancing of World Cup Plaza, a 91,428-square-foot retail center in Frisco. Located near Toyota Stadium, home of the FC Dallas Major League Soccer team, property houses tenants such as Blue Goose Cantina, The British Lion, The Green Gator, Rotolo’s Pizzeria, The Boardroom and Wells Fargo Bank. An undisclosed CMBS lender provided the 10-year loan, which features a fixed, sub-4 percent interest rate. The borrower was not disclosed.
WACO, TEXAS — A partnership between Blake Management Group and LifeCare Properties has broken ground on The Blake at Waco, a seniors housing community in Central Texas. Upon completion, the property will feature 112 units and offer assisted living and memory care services. The project is part of a $225 million joint venture announced in 2018 between Blake, a regional operator, and LifeCare, a developer. An expected completion date for The Blake at Waco was not released.
PLANO, TEXAS — JLL has negotiated the sale of Plano Medical Pavilion, a 48,192-square-foot medical office building located on the Baylor Scott & White Medical Center Plano campus on the northern outskirts of Dallas. Evan Kovac, Andrew Milne, Ben Appel, Brian Bacharach and Matt DiCesare of JLL represented the seller, a partnership between Heady Investments and Gulf Corp., in the transaction. Nashville-based Healthcare Realty Trust acquired the asset for an undisclosed price.
