FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Town & Country Self-Storage, a 204-unit facility in Forney, located east of Dallas. The facility spans 20,311 net rentable square feet. Roger Hendricks of Marcus & Millichap represented the seller, a private investor, in the transaction. Hendricks also procured the buyer, a limited liability company. Both parties requested anonymity.
RICHARDSON, TEXAS — Heavenrich & Co. has arranged the sale of The Plaza at Richardson, a 124-bed skilled nursing and memory care facility in Richardson, a northeastern suburb of Dallas. O&M Investments acquired the property for $6 million, or about $58,000 per operational bed. The previous owners recently converted a wing of the facility, which was built in 2006 and upgraded in 2010, to skilled memory care. The Plaza at Richardson was 83 percent occupied at the time of the sale. Heavenrich represented the seller, StoneGate Senior Living, in the transaction.
Commercial leases typically contain standard protections for landlords that may be potential pitfalls for tenants seeking to assign or transfer interests in a lease. A lease recapture provision permits a landlord to terminate a lease and “recapture” the leased premises when the tenant requests landlord’s consent to assign, sublease or transfer the lease. These recapture rights, which are frequently overlooked, can actually have shocking results for tenants. In order to assign a lease, the landlord’s consent is required. The Texas Property Code provides that leases, unlike certain other commercial contracts, are not assignable without a landlord’s prior written consent. Many leases enlarge the obligation to get consent by expressly preventing the tenant from selling or changing ownership interests in the tenant without landlord’s consent. These provisions can frustrate tenants in their efforts to expand, increase capital, perform corporate restructuring or to sell equity or assets of their companies. In some cases, the language is so broad that it could be construed to prevent certain collateral assignments that are ancillary to tenant financing. Negotiating Strategies Savvy commercial tenants carefully negotiate assignment and transfer language to include flexibility for future changes in the company. Brokers will often request that landlords consent to …
BAYTOWN, TEXAS — Fidelis Realty Partners has begun the redevelopment of the San Jacinto Mall, a 1.1 million-square-foot shopping and dining center that opened in 1981. Fidelis, which acquired the mall in 2015 from Triyar Retail Group, is demolishing one of the anchor stores that was previously occupied by Sears as part of the initial phase of the redevelopment. According to local media sources, Fidelis will ultimately reposition the mall into a 1 million-square-foot, open-air center that will be branded San Jacinto Marketplace.
GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.
CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent occupied.
CORPUS CHRISTI, TEXAS — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased assets, has negotiated the $4 million sale of a single-tenant office building in Corpus Christi. The Texas Department of Family & Protective Services occupies the 51,307-square-foot property and has less than a year remaining on its lease. Brian Corriston of Stan Johnson Co. represented the seller, a Texas-based developer, in the transaction. The buyer was a group of individual investors from the Midwest that acquired the asset in an off-market transaction.
TOMBALL, TEXAS — Locally based investment and brokerage firm Finial Group has arranged the sale of an 11,200-square-foot industrial building in Tomball, a northern suburb of Houston. Doc Perrier and Gerald Leveritt of Finial Group represented the buyer, Reliant Pest Management, in the transaction. A.J. Williams and Travis Land of NAI Partners represented the seller, Nelson Protector Services LLC.
HUMBLE, TEXAS — Dallas-based GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project in the northern Houston suburb of Humble. Situated on 17 acres, the community will offer one-, two- and three-bedroom units ranging in size from 560 to 1,616 square feet. Units will feature nine-foot ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets and stainless steel appliances. Amenities will include a club area with flat-screen TVs, a private party room, fitness center, pool with a sundeck and cabanas, an onsite spa and a pet park. Completion is slated for the second quarter of 2020. JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. Chris Bergmann Jr. of JLL, along with Anne Vickery & Associates, represented GenCap Partners in the land acquisition.
AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.