LONGVIEW, TEXAS — A subsidiary of Fort Worth-based Mitchell Asset Group Inc. (MAG) has closed the sale-leaseback of the M. Roberts Media corporate headquarters and production facilities, two buildings totaling 124,000 square feet in Longview, about 130 miles east of Dallas. Andy Rogers of Kelly Hart & Hallman LLP represented MAG in the transaction. Old Capital Lending arranged acquisition financing for the deal.
SAN ANTONIO — Dallas-based ARCO/Murray has broken ground on an entertainment facility in San Antonio for Chicken N Pickle, a concept that features pickle ball, bocce ball, shuffleboard and other games. The venue will also include an 18,000-square-foot restaurant. Kansas City-based Yeager Architecture is designing the property, a completion date for which was not released.
FORT WORTH, TEXAS — Stream Realty Partners has negotiated a 57,996-square-foot industrial lease at Parc North, a 31-acre industrial development in Fort Worth. Seth Koschak and Forrest Cook of Stream Realty Partners represented the landlord, EastGroup Properties, in the lease negotiations. Brice Wells of CBRE represented the tenant, plumbing supplier Ferguson.
PLANO, TEXAS — Toyota Motor Credit Corp. has signed a 27,133 -square-foot office lease expansion at Legacy Town Center III in Plano. The company now occupies 54,255 square feet at the property, which was built in 2006 and is owned by California-based KBS. Alan Wood and Wade Clark of JLL represented the tenant in the lease negotiations. Jackie Marshall and Alexandra Cullins of CBRE represented the landlord.
SAN MARCOS, TEXAS — Z Modular LLC will construct Cheatham Street Flats, a 175-unit apartment community in the Central Texas city of San Marcos. The five-story property will offer studio, one-, two- and three-bedroom units with rents starting around $700 per month. The property will also house ground-level restaurant space and will be marketed to students at nearby Texas State University.
MIDLAND, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Azure, a 156-unit apartment community in the West Texas city of Midland. The Class A property, which was built in 2015 and was 100 percent occupied at the time of sale, is located near numerous retail and restaurant destinations, as well as employment hubs and parks. Floor plans consist of one-, two- and three-bedroom units, and amenities include a pool, fitness center, business center and a resident clubhouse. Bart Wickard, Brian Murphy and Brian O’Boyle Jr. of NKF represented the seller, Odyssey Residential Holdings LLC, in the sale. The buyer and sales price were not disclosed.
HOUSTON — Three new food and beverage concepts will open at Memorial City, a 265-acre mixed-use development in Houston owned by local firm MetroNational. A 7,000-square-foot space will be built for alcoholic beverage provider Kirby Ice House, with construction beginning this summer and the bar opening in fall 2020. A 5,830-square-foot space will be constructed for burger and milkshake concept Mia’s Table, and a 4,550-square-foot space will be built for Austin-based Torchy’s Tacos. Construction of both of those venues will begin this spring, with openings slated for next spring.
DALLAS — Arbor Realty Trust Inc. (NYSE: ABR) has provided $29.5 million in Fannie Mae acquisition financing for Alexan Riveredge, a 309-unit apartment community in Dallas. Built in 2016, the property offers amenities including a resort-style pool, rooftop lounge, fitness center, jogging trails, business center and a game room. Units feature granite countertops, walk-in closets, washer and dryer connections and private balconies in select residences. Greg Gillam of Arbor Realty Trust originated the loan, which carries a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Baceline Investments LLC, a Denver-based boutique real estate investment firm, has acquired Dakota Plaza, a 21,700-square-foot retail center in Austin, for $4.2 million. The property, which was built in 2006 and is located at 8516 Anderson Mill Road, was acquired in conjunction with shopping centers in Milwaukee, Louisville, Ky., and Maybrook, Ill.
The Austin apartment market is currently experiencing significant growth. Increasing demand is driving more intensive development and developers are addressing tenants’ desire for a better experience. The result is the development of communities that capitalize on space to the fullest extent. Architects are providing extremely detailed designs of common area “living experiences” before properties are constructed. Examples of such designs include the final positioning of equipment in fitness centers, pool/cabana layouts, rooftop lounges and Zen gardens that are thoughtfully and efficiently planned to maximize the effect while being cost-conscious. The importance of garage layouts and identifying necessary parking needed has increased as we become more dependent on ride-sharing services like Uber and Lyft, as well as Lime and Bird scooters to move around the city. Job, Population Growth The key to the success of new developments and long-term investments is the ongoing population and job growth, future projections of which remain extremely positive. Austin enjoys a prime age (25 to 34) rental percentage that reportedly exceeds 30 percent, approximately 44 percent higher than the national average of 20.9 percent. Additionally, we must take into consideration locals opting to move from single-family homes to rental communities in favor of more services …
