Texas

Cold Storage Yet to Tap Full Potential

by Taylor Williams July 2, 2019

Across the country, natural population growth is triggering demand for more space for the manufacturing, processing, storing and distributing of food. Cold storage facilities cater to this demand by offering numerous types of warehousing solutions, from chilled spaces for dairy products and dry fruits and vegetables to freezer facilities for meat and seafood. Most major grocers are slowing their paces of new store openings while also developing their online delivery platforms, the latter of which is a key demand generator for cold storage facilities. A 2018 study by Food Marketing Institute and global market research firm Nielsen found that the online grocery shopping market will ensnare 70 percent of consumers to some degree by 2024. The report also projected that the percentage of online grocery shopping relative to total grocery sales would grow significantly in the coming years from its mark of 3 percent in 2017. Total online grocery sales are eventually expected to exceed $100 billion. According to some industry experts, that growth translates to a need for an additional 40-some million square feet of cold storage product — just to meet demand for online groceries. The advent of meal kits — online platforms that provide ingredients and recipes …

July 2, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

Acquisitions Hospitality Texas

2GR, Presidian Acquire 291-Room DoubleTree Hotel Near San Antonio Airport

by Taylor Williams July 1, 2019

SAN ANTONIO — A joint venture between Texas-based investment firm 2GR Equity and locally based hospitality development and management firm Presidian Hotels & Resorts has acquired a 291-room DoubleTree hotel located approximately two miles west of San Antonio International Airport. The property houses a restaurant and bar, as well as more than 12,000 square feet of meeting space and an 8,000-square-foot interior courtyard. Beginning at the end of the year, the new ownership will implement a capital improvements program that will upgrade the guestrooms, lobby, bar and courtyard.

July 1, 2019

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 126,654 SF Retail Center Near Fort Worth

by Taylor Williams July 1, 2019

SOUTHLAKE, TEXAS — Dallas-based Disney Investment Group has arranged the sale of Kimball Oaks, a 126,654-square-foot retail center in Southlake, a northern suburb of Fort Worth. The property was 97 percent leased at the time of sale to tenants such as PGA Tour Superstore, Marshalls, Tuesday Morning and Bassett Furniture. Disney represented the seller, locally based investment firm Strode Property Co., in the transaction. A private exchange buyer purchased the property for an undisclosed price.

July 1, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Two Senior Living Properties Totaling 114 Units in Dallas

by Taylor Williams July 1, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of two assisted living communities totaling 114 units in Dallas. Regional owner-operator Elmington Senior Living acquired the properties as part of a move to enter the Texas market. The seller was an undisclosed national owner-operator. The sales price and exact names of the properties were not disclosed. Amy Sitzman and Joshua Salzman of Blueprint handled the transaction.

July 1, 2019

Acquisitions Industrial Self-Storage Texas

Locktite Sells Portfolio of Self-Storage Facilities Totaling 4,835 Units in Texas

by Taylor Williams June 28, 2019

TEXAS — Self-storage owner-operator Locktite Storage has sold a portfolio of nine facilities totaling 4,835 units that are located throughout Texas. Specifically, the properties are located in the southeastern and south central cities of Dripping Springs, Wimberly, Seguin, Conroe, Houston, Deer Park, La Porte, Pasadena and Manvel, and offer a total of 684,000 net rentable square feet. Steve Mellon and Brian Somoza of JLL represented Locktite Storage in the transaction. National Storage Affiliates purchased the portfolio for an undisclosed price.

June 28, 2019

Acquisitions Oklahoma Retail Texas

Disney Brokers Sale of 417,515 SF Retail Power Center in Norman, Oklahoma

by Taylor Williams June 28, 2019

NORMAN, OKLA. — Dallas-based Disney Investment Group has brokered the sale of University Town Center, a 417,515-square-foot retail power center in Norman. The property was 99 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Academy Sports + Outdoors, Kohl’s and Michael’s. Disney represented the undisclosed seller in the transaction. The buyer was an entity controlled by Rainier Realty Investments, which partnered with CIL2 REIT LLC, managed by Continuum Holdings. Dallas-based Metropolitan Capital Advisors arranged acquisition financing for the deal.

June 28, 2019

Development Hospitality Texas

Civitas to Develop Three Hotels Totaling 320 Rooms Near DFW Airport

by Taylor Williams June 28, 2019

IRVING, TEXAS — Civitas Capital Group will develop three hotels totaling 320 rooms at Avion Business Park, a 50-acre development located near Dallas-Fort Worth (DFW) International Airport in Irving that is owned by Dallas-based KDC. The three hotels will be situated within the same building and will carry the brands EVEN (110 rooms), Staybridge Suites (115 rooms) and Avid (95 rooms), a new brand by Intercontinental Hotel Group. Construction of the building is scheduled to begin during the first quarter of 2020, with completion slated for the fourth quarter of 2021.

June 28, 2019

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 250-Unit Apartment Community in Dallas

by Taylor Williams June 28, 2019

DALLAS — CBRE has negotiated the sale of Greens of Hickory Trail, a 250-unit multifamily community located about 10 miles south of downtown Dallas. The property was built in 2000 and was 97 percent occupied at the time of sale. Chris Deuillet, Chandler Sims, Jeff Kunitz and Mike Canori of CBRE represented the seller in the transaction. According to brokers, the property’s rental restrictions will phase out over the next two years, creating an opportunity for the undisclosed buyer to upgrade the property and unlock additional value.

June 28, 2019

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