FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hill, a 136-unit multifamily community located at 6050 Oakland Hills Drive in Fort Worth. The property was built in 1983. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based private investment firm that will implement a capital improvements program to the property’s unit interiors and amenity spaces.
DALLAS — Chicago-based NXT Capital has provided a $61 million loan for the refinancing of an undisclosed, 400-unit multifamily property in Dallas. The community is located in the Dallas Design District and offers amenities such as two pools, a fitness center, resident lounge, business center, game room and bike storage. The borrower and specific loan terms were not disclosed.
TEXAS AND LOUISIANA — Blueprint Healthcare Real Estate Advisors has arranged the $282.5 million sale of 28 skilled nursing facilities in Texas and Louisiana. Blueprint represented the buyer, a joint venture between BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group. The seller was Sabra Health Care REIT Inc. Blueprint collaborated with the joint venture to find local operating partners and tenants for the portfolio of assets. Further details on the names and locations of the properties were not disclosed. KeyBank Real Estate Capital arranged acquisition financing for the deal.
HOUSTON — Local developer BCTS Partners LLC has sold Copper Lakes Shopping Center, a commercial property in west Houston that consists of 16,080 square feet of retail space and 7,000 square feet of office space. Copper Lakes was 91 percent leased at the time of sale to tenants such as Fitness 19, Snowflake Donuts, Homebase Pizza and Hollywood Fashion Nails. Austen Baldridge and Brad Elmore of Houston-based NewQuest Properties represented BCTS Partners, which developed the property in 2007, in the sale. The buyer was Parkway Brothers Investment Inc.
ROYSE CITY, TEXAS — Marcus & Millichap has brokered the sale of a 5,992-square-foot strip retail center in Royse City, located about 45 miles northeast of Dallas. The property was built in 2017 and is leased to Papa John’s, Royse City Urgent Care and Donut Land. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. Bill Jordan, also with Marcus & Millichap, represented the buyer, a private investor.
If you had to sum up the El Paso multifamily market — and to some degree the entire city — in word, it would be “steady.” Though El Paso’s location ensures that impacts of political policies with Mexico can cause immediate disruption in the economy, our commercial real estate markets remain insulated from this activity. Even so, as the city’s jobs and population have grown in tandem with the national economic expansion, El Paso has not yet experienced a true building boom of Class A multifamily product. The city is seeing its renter base become more gentrified, particularly on the west side. In addition, developers in El Paso face the same rising construction costs as builders in other markets. The citywide vacancy rate, which currently stands at about 8 percent, is slowly declining while average asking rents are creeping up. These economic and demographic trends suggest the ceiling for new development of Class A multifamily product in El Paso is quite high. Absorption of new units has remained consistent during this cycle, but as things currently stand, there are only a couple hundred units under construction. Retail Influence Retail frequently follows rooftops, but in El Paso, the two seem to …
HOUSTON — Clay Development & Construction Inc. has broken ground on Kennedy Greens Distribution Center I, a 524,528-square-foot speculative industrial facility that will be located near George Bush Intercontinental Airport on Houston’s north side. The 29.2-acre site on which the facility will be situated is housed within Clay’s 145-acre Kennedy Greens South Business Park and allows for additional expansion of up to 500,000 square feet. The building will be designed as a cross-dock facility with 36-foot clear heights, 60-foot speed bays, 107 dock-high doors, 130-foot truck courts, 300 employee parking spaces and the option of 130 trailer parking spaces. Completion is slated for the fourth quarter. Clay will work with CBRE on marketing and leasing of the property. Trustmark Bank provided construction financing for the project.
THE WOODLANDS, TEXAS — Fort Worth-based Trademark Property Co. has completed the renovation of MARKET STREET — The Woodlands, a 560,000-square-foot shopping and dining destination located about 30 miles north of Houston. The eight-month project focused on the enhancement of common area spaces, including restaurant patios, pedestrian pathways and public restrooms. Landscaping upgrades were also implemented at the open-air property, which originally opened in 2004 and now includes hotel and office uses.
SAN ANTONIO — A partnership between Austin-based CSW Development and San Antonio-based USAA Real Estate will hold a groundbreaking ceremony for La Cantera Heights, a new retail center in northwest San Antonio, on Wednesday, May 1. Construction of the first phase will begin immediately after the event. The current tenant roster, which will include restaurant, fitness and boutique retailers, will be announced at the ceremony. Alamo Architects is designing the project; Metropolitan Construction is serving as the general contractor, and JLL is handling leasing.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Avenue J, a 29,770-square-foot office building in Arlington. The multi-tenant property was built in the 1980s and offers proximity to Interstate 30. Cody Payne and Wayne Bares of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors. Additional terms of sale were not disclosed.
