WALLER, TEXAS — NRG Manufacturing, a division of AFGlobal Corp., will open a 238,900-square-foot campus within Waller Industrial Park, located on the northwestern outskirts of Houston. NRG has partnered with Houston- and Dallas-based developer Archway Properties to renovate an existing 144,500-square-foot warehouse and office facility and to build a 94,400-square-foot manufacturing and testing center. The latter is under construction and is expected to be complete in November. Don Dennis and Ben Allen of Archway’s advisory division represented the landlord, GeoSouthern Intermediate Holdings, in the lease negotiations.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $20.7 million for a pair of multifamily assets in Houston. In the first transaction, Jamie Safier of LMI Capital placed a $13.7 million loan for a 240-unit property in southeast Houston. The loan carried a 4.27 percent interest rate and five years of interest-only payments. In the second deal, Safier arranged a $7 million loan for a 105-unit community in east Houston. That loan was structured with a 4.63 percent interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.
NORTH RICHLAND HILLS, TEXAS — Weitzman has negotiated the sale of a 94,218-square-foot facility in the northern Fort Worth suburb of North Richland Hills. The property formerly served as an indoor gun range and retail operation for Total Shooting Sports. The buyer, e-commerce firm Weby Corp., will occupy the building as its new hub of operations. Derek Schuster and David Zoller of Weitzman represented the seller, an undisclosed limited liability company, in the transaction. Jim Hazard of ESRP represented Weby Corp., which has sold an array of products on Amazon since 2011 and has several physical stores in the metroplex. The company plans to reopen the gun range at some point to combine it with retail operations.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of Redline Storage, a 145-unit self-storage facility located in the northern Houston suburb of Spring. The property spans 28,248 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a limited liability company based in the area. Redline Storage was close to full occupancy at the time of sale.
DALLAS, FORT WORTH AND GRAND PRAIRIE, TEXAS — Locally based private equity investment firm MoxieBridge has acquired a 168,600-square-foot industrial portfolio in the Dallas-Fort Worth (DFW) metroplex. The portfolio, which was fully leased at the time of sale, spans seven buildings in Dallas, Fort Worth and Grand Prairie that were built between 2006 and 2009. Combined, the properties offer 560 trailer parking spaces and 34 tenant suites. With this acquisition, MoxieBridge now owns more than 1.3 million square feet of commercial and residential space in Dallas and Houston.
DALLAS AND ARLINGTON, TEXAS— Denver-based investment and management firm Baceline Investments has purchased two retail centers totaling 109,145 square feet in Dallas and Arlington. The properties include Cooper Street Marketplace, a 75,974-square-foot, multi-tenant shopping center in Arlington; and Tarrant Parkway, a 33,171-square-foot property in Dallas. The assets were acquired in conjunction with a 71,602-square-foot center in Indianapolis. The seller was not disclosed. Baceline now owns more than 2 million square feet of retail space across 15 states, a portfolio that has an occupancy rate of 91 percent.
HOUSTON — WeWork will open a 56,000-square-foot coworking space at 609 Main at Texas, a 1 million-square-foot office tower in downtown Houston that was developed by Hines. Members will have access to the building’s café and 7,000-square-foot fitness center. Michael Anderson and Damon Thames of Colvill Office Properties represented Hines in the lease negotiations. Mark O’Donnell of Savills Commercial Real Estate represented WeWork, which now has four locations in Houston. The opening is slated for late 2019.
FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Town & Country Self-Storage, a 204-unit facility in Forney, located east of Dallas. The facility spans 20,311 net rentable square feet. Roger Hendricks of Marcus & Millichap represented the seller, a private investor, in the transaction. Hendricks also procured the buyer, a limited liability company. Both parties requested anonymity.
RICHARDSON, TEXAS — Heavenrich & Co. has arranged the sale of The Plaza at Richardson, a 124-bed skilled nursing and memory care facility in Richardson, a northeastern suburb of Dallas. O&M Investments acquired the property for $6 million, or about $58,000 per operational bed. The previous owners recently converted a wing of the facility, which was built in 2006 and upgraded in 2010, to skilled memory care. The Plaza at Richardson was 83 percent occupied at the time of the sale. Heavenrich represented the seller, StoneGate Senior Living, in the transaction.
Commercial leases typically contain standard protections for landlords that may be potential pitfalls for tenants seeking to assign or transfer interests in a lease. A lease recapture provision permits a landlord to terminate a lease and “recapture” the leased premises when the tenant requests landlord’s consent to assign, sublease or transfer the lease. These recapture rights, which are frequently overlooked, can actually have shocking results for tenants. In order to assign a lease, the landlord’s consent is required. The Texas Property Code provides that leases, unlike certain other commercial contracts, are not assignable without a landlord’s prior written consent. Many leases enlarge the obligation to get consent by expressly preventing the tenant from selling or changing ownership interests in the tenant without landlord’s consent. These provisions can frustrate tenants in their efforts to expand, increase capital, perform corporate restructuring or to sell equity or assets of their companies. In some cases, the language is so broad that it could be construed to prevent certain collateral assignments that are ancillary to tenant financing. Negotiating Strategies Savvy commercial tenants carefully negotiate assignment and transfer language to include flexibility for future changes in the company. Brokers will often request that landlords consent to …