AUSTIN, TEXAS — Texas Attorney General Ken Paxton has issued an opinion stating that property owners that have been economically hurt by the COVID-19 outbreak are not eligible for the temporary tax exemption under section 11.35 of the Texas Tax Code. The state’s top law enforcement official wrote the opinion in response to a request from State Senator Paul Bettencourt. In assessing the issue, Paxton noted that the temporary tax exemption identified in section 11.35, which was adopted in 2017 to give relief to property owners following Hurricane Harvey, only applied to “property physically harmed as a result of a declared disaster.” Texas Gov. Greg Abbott declared the COVID-19 pandemic a disaster on March 13 and extended the declaration for another 30 days on Monday.
DALLAS — Austin-based Rastegar Property will develop a 270-unit high-rise apartment community at 1899 McKinney Ave. in Dallas. Units will feature fully equipped kitchens and washers and dryers, and amenities will include storage lockers, a pool, rooftop terrace and common areas on each floor. The property will also feature North America’s tallest living wall with over 40,000 estimated plants making up the structure. Rastegar has tapped San Francisco-based hospitality firm Sonder to operate the property, which is expected to be complete by early 2023.
PFLUGERVILLE, TEXAS — FourPoint Investment Sales Partners has negotiated the sale of Stone Hill Apartments, a 300-unit multifamily community located in the northern Austin suburb of Pflugerville. Units at the property feature stainless steel appliances, hardwood floors and private balconies. Amenities include a pool, movie theater, fitness center and a dog park. Kevin Dufour and Kyle Peco of FourPoint represented the locally based seller, Journeyman Group, in the transaction. A Seattle-based investor acquired the asset for an undisclosed price.
DENTON, TEXAS — Dougherty Mortgage LLC has provided a $7.7 million Fannie Mae loan for the refinancing of Hollyhills, a 100-unit apartment complex in Denton. The property features a dog park, pool, grilling area and covered parking. Dougherty originated the loan, which was structured with a 12-year term and a 30-year amortization schedule, on behalf of the borrower, Holly Hills 76205 LLC.
HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.
AUSTIN, TEXAS — Texas Gov. Greg Abbott announced on Monday that Goldman Sachs and LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been negatively affected by COVID-19. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees. Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA.
PLANO, TEXAS — Cinemark Theatres (NYSE: CNK), an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement on Monday. The offering on senior secured notes that are due in 2025 is expected to close on April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark is laying off 17,500 hourly employees and furloughing about half its corporate staff. As of September 2019, Cinemark operated 344 theaters totaling 4,630 screens in 41 U.S. states. Movie theaters were among the first categories of retailers to close their doors in response to the outbreak of COVID-19.
CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.
FORT WORTH, TEXAS — Dayton Superior Corp., an Ohio-based supplier of construction materials, has signed a lease renewal at 15124 Grand River Road in Fort Worth. The company will continue to occupy 51,101 square feet of office and warehouse space. Brian Gilchrist and Steve Koldyke of CBRE represented Dayton Superior in the lease negotiations. Michael Spain of Bradford Real Estate Services represented the landlord, SCG River Park Business Center LP.
FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.