Texas

Duke Realty to Develop 433,200 SF Spec Industrial Project in Houston

by Taylor Williams April 10, 2019

HOUSTON — Indianapolis-based REIT Duke Realty (NYSE: DRE) will develop Clay 99 Building 5, a 433,200-square-foot speculative industrial project in Houston. The property, which will be marketed to logistics users, will be situated on 23.7 acres just off Grand Parkway at the intersection of Clay and Peek roads on the city’s northwest side. Building features will include 36-foot clear heights, 190-foot truck courts on both sides, 347 automobile parking spaces and 100 trailer parking spaces. Delivery is slated for February 2020.

April 10, 2019

Brooks-Corner-Shopping-Center-San-Antonio

Acquisitions Retail Texas

REATA, Stonefield Acquire 173,041 SF Shopping Center in San Antonio

by Taylor Williams April 10, 2019

SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.

April 10, 2019

Development Industrial Self-Storage Texas

Jenkins Organization to Develop 728-Unit Self-Storage Facility in Austin

by Taylor Williams April 10, 2019

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage properties, will build a 728-unit facility in the Oak Hill neighborhood of Austin. The company recently closed on the land for the 123,000-square-foot facility and expects to complete the project by September of this year. The facility will offer both climate- and non-climate-controlled units, as well as covered loading zones, gated security entry and electronic security monitoring throughout.

April 10, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 136,553 SF Retail Center in Metro San Antonio

by Taylor Williams April 10, 2019

LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.

April 10, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 228-Unit Apartment Community in Arlington

by Taylor Williams April 10, 2019

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Aspen Woods, a 228-unit apartment community in Arlington. Built in 1976, the property, which has since been rebranded as The District on Collins, primarily offers two- and three-bedroom floor plans with units averaging about 850 square feet. Amenities include a pool, outdoor grilling area, a clubhouse and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based investment firm that will implement a multimillion-dollar renovation program.

April 10, 2019

Loans Multifamily Texas

Mason Joseph Closes $34.1M HUD Construction Loan for Austin Apartment Project

by Taylor Williams April 9, 2019

AUSTIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has closed $34.1 million in construction and permanent financing for Nexus at Goodnight Ranch, a 294-unit apartment project in Austin. Mason Joseph secured the nonrecourse loan through HUD’s 221(d)(4) program, the multifamily industry’s highest-leverage, lowest-cost FHA financing option. The loan, which was arranged on behalf of the developer, privately held multifamily firm Artisan American Corp., also carries an interest rate that is fixed for the initial 21-month construction period and the subsequent 40-year term. Hudson Construction Co. is serving as general contractor for the garden-style project, which will feature Class A furnishings and amenities.

April 9, 2019

Acquisitions Multifamily Texas

JLL Brokers Sale of 240-Unit Apartment Community in San Marcos, Texas

by Taylor Williams April 9, 2019

SAN MARCOS, TEXAS — JLL has brokered the sale of 1271 San Marcos, a 240-unit apartment community located approximately 32 miles south of downtown Austin. The recently built, 11-acre property consists of eight three-story apartment buildings, a resort-style pool, two outdoor grilling stations, a fitness center, outdoor entertainment pavilion and a dog park. Greg Austin and Scott LaMontagne of JLL represented the sellers, Covenant Development and Parkcrest Builders LLC, in the transaction. The buyer was Oregon-based Hayden Properties LLC.

April 9, 2019

Leasing Activity Office Texas

Madison Marquette Negotiates 95,883 SF of Office Leases at Bank of America Center in Downtown Houston

by Taylor Williams April 9, 2019

HOUSTON — Madison Marquette has negotiated 95,883 square feet of lease transactions at Bank of America Center, located at 700 Louisiana St. in downtown Houston. Deal highlights include international law firm Kilpatrick Townsend & Stockton LLP leasing 17,519 square feet; asset management firm Carlson Capital LP renewing its 8,774-square-foot lease; and financial services provider BMO Capital Markets Corp. renewing its 30,275-square-foot lease and taking an additional 7,065 square feet of space. John Spafford and Madeline Gregory represented the landlord, Houston-based M-M Properties, in the lease negotiations.

April 9, 2019

Acquisitions Retail Texas

RPD Catalyst Acquires 79,730 SF Shopping Center in Plano

by Taylor Williams April 9, 2019

PLANO, TEXAS — Los Angeles-based investment firm RPD Catalyst has acquired Preston Creek Shopping Center, a 79,730-square-foot retail property in the northeastern Dallas suburb of Plano. The developer of the center, ASG Realty, sold the center for an undisclosed amount. Chris Harden, Kris Von Hohn and Ryan Duffie of Cushman & Wakefield, along with Samer Keilani and James Hankins of ACR Realty, represented the seller in the transaction. RPD Catalyst was self-represented. Several restaurants, including Pei Wei Asian Diner, Modern Market and Cowboy Chicken, anchor the property, which was completed in 2006.

April 9, 2019

Acquisitions Multifamily Seniors Housing Texas

CBRE Arranges Sale of 76-Bed Skilled Nursing Facility in Texarkana

by Taylor Williams April 9, 2019

TEXARKANA, TEXAS — CBRE has arranged the sale of Waterton Plaza at Cowhorn Creek, a 76-bed skilled nursing facility in Texarkana, located along the Texas-Arkansas border. Daniel Morris of CBRE represented the seller, The Waterton at Cowhorn Creek LLC, in the transaction. The buyer was a partnership between Trinity Healthcare and Live Oak Healthcare, both of which are based in the DFW metroplex.

April 9, 2019

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