Texas

Northwood Retail to Reposition 133,000 SF Prestonwood Place Retail Center in Metro Dallas

by Taylor Williams January 30, 2020

ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.

January 30, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 105-Unit Monterrey Apartments in Fort Worth

by Taylor Williams January 30, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Monterrey, a 105-unit apartment community in Fort Worth. The property was built in 1968 and is located on the city’s southwest side. Al Silva of Marcus & Millichap represented the seller, locally based investment firm Napali Capital, in the transaction. Silva and Dan Mullen, also with Marcus & Millichap, procured the buyer, a Dallas-based limited liability company. The asset drew 13 offers during a four-week marketing period.

January 30, 2020

Leasing Activity Office Texas

CommonGrounds Opens 27,747 SF Flexible Workspace at Houston’s Greenway Plaza

by Taylor Williams January 30, 2020

HOUSTON — CommonGrounds Workplace, a San Diego-based provider of coworking and flexible office space, has opened a 27,747-square-foot space at Houston’s Greenway Plaza. The company’s location at the 52-acre office campus is its second in Texas. The space serves up to 458 members and features private offices and team rooms, dedicated gathering spaces, wellness rooms, video-enabled conference rooms and phone booths. Ziegler Cooper Architects designed the space, and Arch-Con handled the build-out. Parkway Properties owns Greenway Plaza

January 30, 2020

Industrial Leasing Activity Texas

Loc Performance Signs 22,150 SF Industrial Lease Expansion at TexAmericas Center

by Taylor Williams January 30, 2020

HOOKS, TEXAS — Loc Performance Products Inc., a Michigan-based manufacturer that services military and commercial firms, has signed an industrial lease expansion in Hooks, located near Texarkana. The company will now occupy 22,150 square feet at TexAmericas Center, which owns and operates 3 million square feet of commercial and industrial space near the Texas-Arkansas border. Loc Performance will take occupancy of the space on Friday, Feb. 1. The move is expected to bring 20 new jobs to the trade area.

January 30, 2020

Acquisitions Multifamily Texas

Bell Partners Acquires Two Apartment Communities Totaling 722 Units in Frisco

by Taylor Williams January 29, 2020

FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.

January 29, 2020

Development Office Texas

VanTrust Real Estate to Develop 210,000 SF Spec Office Building at Frisco Station

by Taylor Williams January 29, 2020

FRISCO, TEXAS — VanTrust Real Estate will develop The Offices Three at Frisco Station, a 210,000-square-foot office building located within the 242-acre Frisco Station mixed-use development north of Dallas. Construction of the six-story, speculative building will begin this week and is expected to be complete in 2021. Amenities will include structured parking, a fitness center, conference center and a tenant lounge. VanTrust previously developed Offices One at Frisco Station, which is 98 percent leased, and has completed shell construction of Offices Two at Frisco Station, which is 35 percent preleased. HKS Inc. is the project architect, and Manhattan Construction is the general contractor. Cushman & Wakefield will handle leasing.

January 29, 2020

Acquisitions Multifamily Texas

PaulsCorp Buys 464-Unit Morgan Apartments Near Fort Worth

by Taylor Williams January 29, 2020

BEDFORD, TEXAS — Denver-based investment firm PaulsCorp LLC has purchased The Morgan, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The seller, a partnership between Transwestern Investment Group and S2 Capital LLC, acquired the property in 2018 and upgraded roughly half the units with stainless steel appliances, quartz countertops and custom cabinetry. The partnership also upgraded the clubhouse, leasing office and fitness center. The Morgan was 91 percent occupied at the time of sale.

January 29, 2020

Loans Multifamily ORIX Texas

Hunt Provides $18.1M Fannie Mae Loan for Refinancing of Houston Multifamily Asset

by Taylor Williams January 29, 2020

HOUSTON — Hunt Real Estate Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Copperwood Ranch Apartments, a 280-unit affordable housing community in Houston. Built on 12.1 acres in 2003, the property features 48 one-bedroom units, 168 two-bedroom units and 64 three-bedroom units. Amenities include a pool, recreation room, playground, fitness center and onsite laundry facilities. The loan was structured with a 15-year term, two years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

January 29, 2020

Loans Office Texas

Money360 Closes $16M Bridge Loan for Office Building in Metro Houston

by Taylor Williams January 29, 2020

SUGAR LAND, TEXAS — California-based direct lender Money360 has closed a $16 million bridge loan for the refinancing of an undisclosed office building in Sugar Land, a southwestern suburb of Houston. The nonrecourse loan was structured with a floating interest rate, three-year term and a 75 percent loan-to-value ratio. The borrower was also not disclosed.

January 29, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Millennials Move the Multifamily Market — But is Their Reign Almost Over?

by Sarah Daniels January 29, 2020

Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …

January 29, 2020

Newer Posts

Older Posts