COLLEGE STATION, TEXAS — Frisco, Texas-based Brian Schiff & Associates will develop The Langford Retirement Community, a seniors housing property in College Station. Methodist Retirement Communities will operate the property, which will comprise 72 independent living units, 24 assisted living residences and 18 memory support units. Spellman Brady & Co. handled the interior design of the property. A construction timeline for The Langford was not released.
LAKEWAY, TEXAS — NAI Partners has brokered the sale of a 7,119-square-foot office building located at 308 S. Meadowlark St. in Lakeway, a western suburb of Austin. Patrick Hill of NAI Partners represented the buyer in the transaction and negotiated a lease for the building’s new tenant, Claim Consultant Group, which will relocate its headquarters to the property later this year. Scott Studzinski and Grant McConnell of Elevate Growth Partners represented the seller.
AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., and Principal Real Estate Investors have broken ground on the final phase of Crestview Commons in Austin, a project that will add 226 residential units to the state capital’s supply. Phase IV of Crestview Commons, which is located in the city’s North Central submarket, will feature one-, two- and three-bedroom units ranging in size from 525 to 1,451 square feet. Amenities will include a pool, outdoor grilling areas, fitness center, entertainment kitchen, conference room, business center, rooftop club and package lockers. JHP Architecture designed the project, and Andres Construction is serving as general contractor. Amegy Bank provided construction financing. Leasing is scheduled to begin in March 2020.
WILMER, TEXAS — Illinois-based CenterPoint Properties will expand Ace Hardware’s industrial facility in the southern Dallas suburb of Wilmer by 450,000 square feet, essentially doubling the property’s current footprint. CenterPoint expects to begin construction during the second quarter and wrap up about 12 months later. The project will bring about 250 construction jobs to Wilmer, and an additional 70 jobs will be created at the facility, which will serve 300 or so Ace Hardware locations throughout the region.
DALLAS — EastGroup Properties Inc. has acquired Logistics Center 6 and 7, two industrial properties totaling 142,000 square feet in Dallas. The buildings are located within a master-planned park on land owned by Dallas-Fort Worth (DFW) International Airport. EastGroup acquired the buildings in a value-add play for $13 million.
GAINESVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of River Valley Health and Rehabilitation Center, a 116-bed skilled nursing facility in Gainesville, located north of Fort Worth near the Texas-Oklahoma border. The property was built in 1971 and averaged an occupancy rate of approximately 50 percent in 2018. Matthew Alley of SLIB represented the seller, a regional owner-operator, in the transaction. The buyer, a Texas-based owner-operator, plans to renovate the asset to boost occupancy.
SAN ANTONIO — The Multifamily Group, a Dallas-based brokerage firm, has arranged the sale of The Preserve at the Port, a 384-unit apartment community in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, playground and a fitness center. Paul Yazbeck and Will Clarke of The Multifamily Group represented the locally based seller in the transaction and procured the new owner-operator. Both parties requested anonymity.
With a solid healthcare provider as a tenant, everyone wins: Landlords realize draws in traffic to the property, while providers expand their services and reach more patients and consumers enjoy added convenience and generally lower medical costs. The practice of housing healthcare providers in retail locations has become commonplace across the United States. Changing dynamics in healthcare reform, technological advances, demographic shifts and consumer preferences drove this shift. JLL’s recent research report on retail and the new healthcare consumer provides some interesting insights into this growing trend. Provider, Patient Benefits Retail-based healthcare has emerged as an effective means of delivering quality, convenient treatment to millions of consumers, and is becoming a model for healthcare systems to consider when providing services to new and existing patient populations. For healthcare providers, retail locations offer better proximity to patients’ residences and facilities designed to accommodate a higher volume of patients per day. Providers have learned that a visit to the hospital or a medical office can create stress for patients before they even enter the building, so many retail healthcare facilities are designed with a “customer experience” mindset, improving the patient experience with familiarity and convenience. Healthcare consumers have been clear in conveying …
NEWTON, MASS. AND DALLAS — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT (NYSE: SMTA) for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 assets leased to Shopko Stores Inc., a Wisconsin-based general merchandiser that filed for bankruptcy in January. The portfolio also includes three Pilot Travel Centers that are currently owned by Spirit Realty Capital Inc., a Dallas-based net-lease REIT that owns single-tenant retail assets subject to long-term leases. Spirit Realty externally manages SMTA after spinning off the REIT from its holdings last summer. “Ultimately, we concluded that a sale to Hospitality Properties Trust represented the best possible outcome for our shareholders,” said Richard Stockton, lead independent trustee of SMTA, in a statement. “We will continue our work to close the transaction in the coming months and realize cash value for …
FORT WORTH, TEXAS — Mercedes-Benz Financial Services USA LLC, the automotive financing arm of Daimler Financial Services Group, has opened a 200,000-square-foot business center at AllianceTexas in Fort Worth. The facility features amenities such as a fitness center, onsite café, basketball court, jogging trails and outdoor dining areas. Hillwood, the master developer of AllianceTexas, broke ground on the build-to-suit office project in February 2018. Mercedes-Benz Financial Services has maintained a presence at the 26,000-acre development since 2017, and company officials estimate that the opening of this facility will keep about 900 direct or indirect jobs in Fort Worth.