STEPHENVILLE, TEXAS — Disney Investment Group (DIG) has negotiated the sale of Bosque River Centre, a 221,294-square-foot retail center located in Stephenville, about 80 miles southwest of Fort Worth. Tenants at the property, which was built in 1984, include Boot Barn, Spec’s Wine & Spirits, Tractor Supply Co., Ollie’s Bargain Outlet, Planet Fitness, Cinemark and Dollar Tree. Bosque River Center was 97 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ROUND ROCK, TEXAS — A partnership between Atlanta-based RangeWater Real Estate and Birmingham-based Harbert Management Corp. has acquired Rock Springs Duplexes, a 150-unit build-to-rent residential property located in the northern Austin suburb of Round Rock. Built in phases between 1985 and 1996, Rock Springs Duplexes exclusively offers three-bedroom homes that range in size from 968 to 1,280 square feet. Amenities include a fitness center, coffee bar and a community kitchen. The seller was not disclosed. The new ownership plans to make minor renovations to the property.
VON ORMY, TEXAS — Austin-based Evergen Equity has purchased a 26-acre industrial outdoor storage (IOS) facility in Von Ormy, a southwestern suburb of San Antonio. The facility, which according to LoopNet Inc. was built in 2018, is located within Speedway Park and includes a 7,500-square-foot truck terminal with office space, service bays and a storage yard. The seller and sales price were not disclosed. Partners Real Estate is the property’s leasing agent.
TEXARKANA, TEXAS — Cherokee Nation Armored Solutions, which provides research-and-development engineering, systems integration and logistics services to the defense industry, has signed a 16,000-square-foot industrial lease expansion in Texarkana, located near the Texas-Arkansas border. The space is located on TexAmericas Center’s 765-acre central campus in unincorporated Bowie County. No third-party brokers were involved in the lease negotiations.
DALLAS — JLL has arranged a loan of an undisclosed amount for the refinancing of a 508,500-square-foot industrial building in East Dallas. Developed by Hillwood in 2007, the rail-served facility at 1201 Big Town Blvd. features 32-foot clear heights, 79 dock doors and three drive-in doors. Trey Morsbach, Jarrod McCabe, Ryan Pollack and Chad Lisbeth of JLL arranged the five-year, fixed-rate loan through PPM America. The borrower was not disclosed. The building was 88 percent leased to two unnamed tenants at the time of the loan closing.
AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Shelby Ranch, a 302-unit apartment community in South Austin. Shelby Ranch was developed in two phases on an eight-acre site and houses studio, one- and two-bedroom apartments. The amenity package comprises a pool, fitness center, coworking space, resident lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, and OHT Partners served as the general contractor. Rents start at approximately $1,500 per month for a studio apartment.
HOUSTON — Technip Energies, a French engineering and technology company that serves the energy and chemicals industries, has signed a 171,600-square-foot office lease in West Houston. According to LoopNet Inc., the 14-story building at 15377 Memorial Drive was originally constructed in 2016 and spans 384,531 square feet. Technip’s space spans six floors and can support the presence of about 1,000 employees. Gensler designed the space, and Harvey Builders handled the build-out. JLL represented the tenant in its site selection, lease negotiations and project management for the spatial build-out.
ROCKWALL, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of an 8.6-acre retail development site in Fort Worth. Blazing Hospitality Group purchased the land at the southeast corner of Academy Boulevard and White Settlement Road with plans to develop a shopping center that will feature multi-tenant retail buildings, as well as standalone restaurant and service retail spaces. The seller was Core Spaces. Giancarlo Carriero and Taylor Cluff of DuWest Realty co-brokered the deal.
THE WOODLANDS, TEXAS — Kodiak Gas Services has subleased 26,530 square feet of office space in The Woodlands, about 30 miles north of Houston. Kodiak’s headquarters space now encompasses the entirety of floors 18 through 20 at 9950 Woodlock Forest Drive. Dan Boyles and Brent Bishop of Partners Real Estate represented the subtenant in the negotiations. William Padon and Sydnee Hilburn of CBRE represented the sublandlord, New York Digital Investment Group LLC. The owner of the building was not disclosed.
By Taylor Williams The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use of cap rates as a crucial mechanism to underwriting and pricing transactions for these assets. And the most basic thing to know is that to a point, sellers like low cap rates because they reflect high purchase prices, and buyers prefer high cap rates for the opposite reason. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Yet for all their ubiquity, cap rates are fluid, representing snapshots of valuations at random points in time. Tenants move out, leaving spaces vacant, and a property’s …