Texas

Weitzman Brokers Sale of 13,454 SF Retail Center in Houston

by Taylor Williams July 3, 2019

HOUSTON — Weitzman has brokered the sale of West Oaks Centre, a 13,454- square-foot retail center located at the intersection of Highway 6 and Westheimer Road in Houston. The center is located across from West Oaks Mall, which is being redeveloped, and is leased to internet-resistant tenants in the services and health and beauty sectors. An Austin-based investment firm purchased the asset from a Houston-based limited partnership. Evan Altemus and Brett Levinson of Weitzman handled the transaction.

July 3, 2019

Loans Multifamily Texas

Greystone Provides $8.9M Green Loan for Refinancing of Apartment Complex in Metro Austin

by Taylor Williams July 3, 2019

GEORGETOWN, TEXAS — Greystone has provided an $8.9 million Fannie Mae Green Rewards loan for the refinancing of The Rail at Georgetown, a 113-unit apartment complex in Georgetown, a northern suburb of Austin. The property offers one- and two-bedroom units and amenities such as a playground, pet play area and onsite laundry facilities. D.J. Elefant of Greystone provided the loan, which was structured with a 10-year term and three years of interest-only payments, to The Rail at Georgetown LLC. The borrower will use a portion of the proceeds to implement water- and energy-saving measures.

July 3, 2019

Development Mixed-Use Texas

Allen City Council Approves Zoning District for Howard Hughes Corp.’s 261-Acre Mixed-Use Project

by Taylor Williams July 2, 2019

ALLEN, TEXAS — The Allen City Council has approved a zoning proposal for Monarch City, a 261-acre mixed-use project by The Howard Hughes Corp. that will be developed on the northeastern outskirts of Dallas. According to the minutes from the council meeting, the council adopted an ordinance that establishes a “planned development zoning district with a base zoning of mixed-use.” The development will be located near State Highways 121 and 75 and currently calls for more than 10 million square feet of commercial and residential space, including office, retail, multifamily and hospitality uses. Omniplan is designing the project and JLL is marketing and leasing it on behalf of Howard Hughes Corp.

July 2, 2019

Loans Office Texas

Square Mile Provides $46M Loan for Refinancing of Houston Office Building

by Taylor Williams July 2, 2019

HOUSTON — Square Mile Capital Management LLC has provided a $46 million loan for the refinancing of 1885 St. James Place, a 165,000-square-foot office building located in the Galleria/Uptown area of Houston. The borrower, Mission Cos., an owner-operator that manages about 1 million square feet of office and medical space throughout Houston, developed the Class A property in 2016. John Ream of JLL placed the loan, a portion of which will be used to fund leasing costs.

July 2, 2019

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 276-Unit Multifamily Asset in Houston

by Taylor Williams July 2, 2019

HOUSTON — Berkadia has arranged the sale of Vargos on the Lake, a 276-unit multifamily asset in Houston. Built in 2015, the property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Communal amenities include a coffee bar, fitness studio, conference room and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller and developer, Hunington Properties Inc., in the transaction. Cutt Ableson of Berkadia secured acquisition financing through an undisclosed lender on behalf of the buyer, Boston-based Berkshire Residential Investments.

July 2, 2019

Development Multifamily Texas

Daniel Corp. Breaks Ground on 264-Unit Apartment Project in South Austin

by Taylor Williams July 2, 2019

AUSTIN, TEXAS — Daniel Corp., a Birmingham, Ala.-based full-service real estate firm, has broken ground on a 264-unit multifamily project located near McKinney Falls State Park in south Austin. Units at the property will feature granite countertops and stainless steel appliances, and amenities will include a clubhouse, pool, fitness center and a nature trail. Completion is slated for late 2020. Daniel Corp. also recently sold Brezza, a 330-unit community that is also located in south Austin that it delivered in 2017

July 2, 2019

Acquisitions Industrial Office Texas

Bradford Brokers Sale of 14,250 SF Flex Property in Arlington

by Taylor Williams July 2, 2019

ARLINGTON, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of a 14,250-square-foot office/warehouse property located at 1901 Southeast Parkway in Arlington. The flex property currently has 1,300 square feet available for lease. Shane Benner and Nick Talley of Bradford Commercial represented the seller, which developed the asset in 1985, in the transaction. Nathan Vasseur of Vasseur Commercial Real Estate Services represented the buyer. Both parties were private investors

July 2, 2019

Features Industrial 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

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