Texas

Resolute RE Brokers Sale of Bull Creek Market Shopping Center in Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.

January 9, 2020

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of Park Plaza Apartments in North Central Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Park Plaza Apartments, a 62-unit multifamily community located in Austin’s North Central submarket. The property features a swimming pool, barbecue/picnic area, playground and access to Little Walnut Creek. Quantum Capital Inc., a value-add multifamily investment firm with assets in Los Angeles and Austin, purchased the property for an undisclosed price. Muskin Commercial represented the seller, an entity named Austin Park Plaza LLC that has owned the community for 28 years.

January 9, 2020

Acquisitions Office Oklahoma Texas

Gardner Tanenbaum Holdings Sells Boeing Campus in Oklahoma City for $124.7M

by John Nelson January 8, 2020

OKLAHOMA CITY — Gardner Tanenbaum Holdings (GTH), a development and construction management firm, has sold the Boeing Oklahoma City office campus. The California-based buyer, OKC Aerospace 1 LLC, purchased the property for $124.7 million. Located at 6001 S. Air Depot Road, the campus is situated directly west of Tinker Air Force Base and 10 miles southeast of downtown Oklahoma City. GTH developed the three build-to-suit office buildings for Boeing in 2007, 2011 and 2012. The campus houses about 3,155 Boeing personnel who work with the Tinker Air Force Base for U.S. defense aircraft. Mark Beffort and Brett Price of Newmark Grubb Levy Strange Beffort represented both the buyer and seller in the transaction. Oklahoma City-based GTH manages more than 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of over 250 acres of land holdings for future development in the region.

January 8, 2020

Development Healthcare Texas

Medistar to Develop 92-Bed Hospital in Houston’s Bay Area

by John Nelson January 8, 2020

HOUSTON — Medistar Corp. plans to develop Medical Behavioral Hospital of Clear Lake, a 92-bed hospital in Houston’s Bay Area submarket. NeuroPsychiatric Hospitals (NPH) will operate the facility with up to 200 employees and 18 providers of psychiatry, internal medicine and neurology. Houston-based Medistar expects to deliver the hospital this summer. Located at 16850 Buccaneer Lane, the property will be NPH’s sixth hospital.

January 8, 2020

Acquisitions Loans Multifamily Texas

Berkadia Provides $18.5M Freddie Mac Acquisition Loan for Mercer Park Apartments in Arlington

by John Nelson January 8, 2020

ARLINGTON, TEXAS — Berkadia has provided an $18.5 million acquisition loan for Mercer Park Apartments, a garden-style apartment community located at 2014 Remington Drive in Arlington. The 12-year Freddie Mac loan features a 30-year amortization schedule and four years of interest-only payments. Josh Finley of Berkadia’s Atlanta office originated the loan on behalf of the borrower, Texas-based Mercer Park Apartments EB LP. The previous owner was not disclosed. Mercer Park Apartments features one- and two-bedroom floor plans, as well as a swimming pool, playground, laundry facilities, outdoor grilling area, clubhouse and assigned parking.

January 8, 2020

Acquisitions Office Texas

ECR Brokers Sale of 117,000 SF Office Property in South Austin

by John Nelson January 8, 2020

AUSTIN, TEXAS — ECR has arranged the sale of a 117,000-square-foot office property located on 27 acres at 7211 Circle S. Road in south Austin. David Dawkins of ECR represented the seller, Commemorative Brands Inc., parent company of class ring manufacturer Balfour, in the transaction. David Stojanik of The Kucera Cos. also represented Commemorative Brands in the sale. Dani Tristan of McAllister & Associates represented the undisclosed buyer.

January 8, 2020

Acquisitions Office Texas

BH Properties Acquires 60,000 SF Office Building in Richardson, Texas

by John Nelson January 8, 2020

RICHARDSON, TEXAS — BH Properties has purchased a vacant, four-story office building in Richardson, the second investment in the Dallas-Fort Worth market in the past 24 months for the Los Angeles-based company. Built in 1991, the property is located at 2021 Lakeside Blvd. and spans 60,000 square feet. Mac Morse of Citadel Partners, along with BH’s Scott Henry, represented the buyer in the transaction. Jeff Wood of JLL represented the undisclosed seller. Chuck Sellers of Avison Young will handle the property’s leasing assignment. BH Properties specializes in the acquisition and repositioning of distressed office, industrial and retail assets in California, Arizona and Texas. The firm’s Texas portfolio totals more than 2 million square feet.

January 8, 2020

Company News Loans Texas

NorthMarq Acquires KDH to Expand Mortgage Business in Houston

by John Nelson January 7, 2020

HOUSTON — Minneapolis-based NorthMarq has acquired Kinghorn, Driver, Hough & Co. (KDH), a commercial debt and equity firm based in Houston. Ray Driver will relinquish his role as principal of KDH to become managing director of NorthMarq’s Houston office, joining Tony Gray and John Burke to lead the office. Founded in 1945, KDH is self-described as the oldest independently owned commercial real estate capital company in Texas. Formerly part of the Q10 network, KDH will bring eight additional mortgage banking professionals and five financial analysts, increasing the total employees in the expanded NorthMarq office to nearly 30. KDH also brings a loan servicing portfolio totaling nearly $2 billion, extending NorthMarq’s servicing portfolio to more than $60 billion.

January 7, 2020

Development Loans Multifamily Texas

Cronheim Arranges $55.5M Construction Financing for New Apartment Community in Allen, Texas

by John Nelson January 7, 2020

ALLEN, TEXAS — Cronheim Mortgage has arranged a construction financing syndicate package totaling $55.5 million for the second phase of Dolce Twin Creeks, a multifamily community in Allen. Phase II will be a midrise, garden-style apartment community totaling 366 units, bringing the entire Dolce Twin Creeks unit count to 740. The second phase will also feature 15,000 square feet of commercial space that will house at least one medical office tenant. Community amenities will include a two-story clubhouse, fitness center, resort-style pool with outdoor grilling stations and cabanas, elevators, large corridors and a dog park. The borrower was not disclosed. Cottonwood Communities provided a mezzanine portion of the construction loan that was included in the syndication package. BridgeInvest and JLJ Capital hold the senior loan portion. Cronheim Mortgage will act as servicer and correspondent and is handling approval and disbursement of all construction draws.

January 7, 2020

Acquisitions Retail Texas

JLL Brokers Sale of Gold’s Gym-Anchored Shopping Center in San Antonio

by John Nelson January 7, 2020

SAN ANTONIO — JLL has arranged the sale of Shops at Walzem, a 55,526-square-foot shopping center in San Antonio anchored by Gold’s Gym. The retail property is located at 7650 FM 78, three miles from Randolph Air Force Base on the east side of San Antonio. The tenant roster at Shops of Walzem includes Beauty Supply, Iglesia Pentecostal and Sun Sews Alterations. Aaron Johnson, John Taylor, Chris Murphy and Ross Crawford of JLL represented the seller, Gold’s Gym, in the transaction. Mark Sher of KW Commercial represented the undisclosed buyer.

January 7, 2020

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