AUSTIN, TEXAS — Memphis-based LEDIC Realty Co. has acquired Enclave at Water’s Edge, a 184-unit multifamily community in North Austin. Built in 1986, the property is located within two miles of The Domain shopping and dining destination, as well as the hubs of major employers such as Amazon, Apple and Facebook. Patton Jones of NKF represented the seller, San Francisco-based Hamilton Zanze, in the transaction. The sales price was not disclosed.
HOUSTON — Lee & Associates has negotiated the sale of a 99,000-square-foot industrial building located at 701 Plastics Ave. in Houston. Trey Erwin and Dalton Knipe of Lee & Associates represented the buyer, Investment Property Exchange Services, in the transaction. Read King represented the seller, Usha Martin Americas Inc.
FARMERS BRANCH, TEXAS — Tenet Healthcare, a publicly traded provider, has signed a 372,000-square-foot office lease to occupy the entirety of International Plaza I, a 13-story tower located in the northern Dallas suburb of Farmers Branch. Moody Younger and Kathy Permenter of Younger Partners represented Tenet Healthcare in the lease negotiations. Chris Taylor, Trey Smith, Matt Schendle and Lauren Napper of Cushman & Wakefield represented the landlord, Taconic Capital Advisors, which acquired the asset last summer.
DESOTO, TEXAS — CWA202 LLC has acquired Creekwood Apartments, a 180-unit community in DeSoto, located south of Dallas. The property offers amenities such as a pool, playground, business center, onsite laundry facilities and an internet café with a coffee bar. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the deal through a partnership with Old Capital Lending. The loan featured a 12-year term and a 30-year amortization schedule.
EL PASO, TEXAS — RM Adviser, a subsidiary of RealtyMogul, has acquired two apartment communities in El Paso. The property names and unit counts were not disclosed, but the communities both feature pools, outdoor grilling areas and resident clubhouses. RM Adviser will implement value-add programs at both properties, with a focus on reducing water consumption, upgrading unit interiors and enhancing amenity spaces, including the addition of a playground and outdoor lounge with gazebos.
HARLINGEN, TEXAS — Ensign Group, a publicly traded seniors housing owner-operator, has purchased Golden Palms Rehabilitation and Retirement, a community located near the Mexico border in Harlingen. The property features 92 independent living units, as well as a 60-bed skilled nursing division and a 38-bed assisted living center. Keystone Care LLC, an affiliate of Ensign, will assume operations of the facility.
DALLAS — Lucid Energy Group, which operates in the midstream space of the natural gas industry, has signed a 16,701-square-foot office lease expansion at Citymark at Katy Trail in Uptown Dallas. The lease effectively doubles the size of Lucid’s current headquarters space to 34,585 square feet. The firm now occupies two full floors at the building, which is located at 3100 McKinnon St. Richmond Collinsworth and Melanie Hughes of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Andy Leather of JLL represented the tenant.
Lenders and borrowers alike have come to recognize some fundamental truths of the retail financing market in the e-commerce era: Most big box users need to right-size their store footprints and prototypes; new construction in urban settings needs food and entertainment components; and friendly loan terms are increasingly predicated on the sponsor’s track record. In Texas, direct lenders of all types have remained active in the retail arena, with certain capital sources aligning themselves with specific sub-types of the asset class. For example, CMBS lenders often focus on stabilized properties with cash flow concerns, whereas regional banks might be better bets for new construction or redevelopment deals in high-growth markets. Properties distressed by tenant turnover or rent roll uncertainty can appeal to debt funds, and life companies seem to have a soft spot for grocery-anchored product. “The biggest point of optimism for the property type in 2019 lies in the fact that lenders are still lending on retail,” says Chad Owens, vice president in NorthMarq Capital’s Houston office. “Specifically among smaller life insurance companies, CMBS lenders and banks, retail is still a big part of their businesses.” Owens says that in Texas and beyond, there is ample capital available for …
THE WOODLANDS, TEXAS — The Howard Hughes Corp. has topped off Two Lakes Edge, a 386-unit multifamily project located within its Hughes Landing development in The Woodlands, about 30 miles north of Houston. Units at the property will come in studio, one-, two- and three-bedroom configurations and average 997 square feet. Amenities will include a sports lounge, coworking space, individual storage units, fitness center and a pool. Residents will also have access to bikes and kayaks at no cost. Completion is slated for spring 2020, with preleasing scheduled to begin by year’s end.
AUSTIN, TEXAS — A joint venture between EverWest Real Estate Investors, George Oliver Cos. and WHI Real Estate Partners has sold UpCycle, an 81,660-square-foot office building located on Sixth Street in East Austin. The property was completed in 2018 as an adaptive reuse project and is fully leased to Texas-based grocer H-E-B. Amenities include patio space, collaborative areas, a coffee bar, fitness center and conference space. Drew Fuller, Kelsey Roop Shebay, Coler Yoakam and Michael George of HFF represented the joint venture in the transaction. The buyer was not disclosed.
