MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Mansfield Highlands, an 18,138-square-foot retail center located southeast of Fort Worth. Tenants at the center include Mama’s Pizza, Beer & Wine World, Vintage Barber Shop, Debbie Donuts, Unique Threading Salon and Grade Power Learning Center. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
By Nazir Khalfe, Principal, Powers Brown Architecture Having designed multiple millions of square feet of speculative and build-to-suit industrial buildings in my career, I’ve witnessed some striking trends over the past two decades, especially with the advancements made in tilt-wall construction. The ability to go higher and store and ship more product with today’s technology is creating an ever-changing landscape for industrial product. We have witnessed the boom of e-commerce, advancements in logistics and automation, and all the while tried to keep up with the dynamic market forces that produce a successful industrial park. Since the Great Recession, demand for industrial space has been at a premium, not only in Texas but also in most markets throughout the United States. Out of necessity for how our lives are changing, the industrial market has become the darling of the real estate industry. In 2020, thanks to the exponential growth of e-commerce activity and manufacturing jobs, we are breaking new ground on how a standard industrial park looks, feels and operates. While COVID-19 has not changed the expansive, open-space feel of warehouses where social distancing is inherently built-in, the pandemic has started to impact the industrial world on the development side. Developers …
FORT WORTH, TEXAS — JLL has arranged construction financing for South Fort Worth Logistics, a 956,020-square-foot speculative industrial project that will be situated on 47.6 acres near Interstates 20 and 35. Halff Associates is designing the project, which will consist of two cross-dock buildings with 36- to 40-foot clear heights, ample trailer parking and storage, 231 loading doors and ESFR sprinkler systems. A JLL Capital Markets team of Dustin Volz, Stephen Bailey, Taylor Coy and Zach Riebe arranged a three-year, floating-rate construction loan through Veritex Bank on behalf of the borrower, a partnership between Invesco Real Estate and Bandera Ventures. The development team expects to complete the project in 2021.
FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.
SAN ANTONIO — Dallas-based GenCap Partners Inc. has sold Park at Rialto, a 274-unit apartment community that is situated on 9.3 acres in northwest San Antonio. GenCap Partners completed the property in 2018. Units feature one-, two- and three-bedroom floor plans with an average size of 882 square feet. Amenities include a pool, fitness center, business center and a resident clubhouse. Sean Sorrell of JLL represented GenCap Partners as the seller in transaction. C.W. Sheehan, Alastair Barnes and Scott Dickey of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the buyer, Covenant Capital Group.
ORANGE, TEXAS — Skilled nursing owner-operator SLP Operations has acquired Pinehurst Nursing & Rehabilitation Center, a 118-bed facility in Orange, about 110 miles east of Houston. The facility also offers post-acute care, long-term care, respite care and memory care services. The seller and sales price were not disclosed.
SAN ANTONIO — Solar energy company Freedom Forever Texas has signed a 16,364-square-foot industrial lease at 4940 Eisenhauer Road in San Antonio. John Grady of CBRE’s Phoenix office represented the tenant in the lease negotiations. Josh Aguilar of CBRE’s San Antonio office represented the landlord, Prologis.
AUSTIN, TEXAS — A partnership between two Dallas-based firms, Rosewood Property Co. and Trinsic Residential Group, will develop Aura Avery Ranch, a 339-unit apartment community that will be located on the north side of Austin. Designed by Davies Collaborative, the property will be built on 16.1 acres and will offer amenities such as a pool, fitness center, dog park and a resident clubhouse. The first units are expected to be available for lease by spring 2021, and full completion is slated for 2022.
PFLUGERVILLE, TEXAS — Texas-based developer Presidium has begun leasing Presidium The Pecan District, a 272-unit apartment community in the northern Austin suburb of Pflugerville. The property represents Phase I of the Texas-based developer’s Pecan District mixed-use project, a multi-phase project that will feature more residential units, office space and retail and restaurant space. Mark Odom Studios designed the apartment community, which features one- and two-bedroom units and amenities such as a pool, fitness center, coworking spaces, a game lounge and an outdoor kitchen. Full completion is scheduled for September.
DALLAS — Hunt Real Estate Capital has provided an $11 million loan for the refinancing of Buckner Village Apartments, a 172-unit multifamily asset in Dallas. Built in 1972, Buckner Village Apartments is a garden-style workforce housing community that was approximately 98 percent occupied at the time of the loan closing. The loan carried a fixed interest rate and a 12-year term with two years of interest-only payments. Duke Stone of Churchill Capital placed the loan on behalf of the borrower, Texas-based JAG Acquisitions LLC.