DALLAS — Bright Force Holding, an investment group led by executives of Dallas-based hotel developer NewCrestImage, has acquired American Bank, N.A., a community bank located with roughly $55 million in assets. American Bank was established in 1974 under a different name and currently operates a single location in north Dallas. NewCrestImage operates a portfolio of 28 hotel properties. The deal closed on Friday, March 8.
MCKINNEY, TEXAS — On Tuesday, March 12, Houston-based Sentinel Capital will break ground on Phase I of McKinney National Business Park, an industrial project located approximately 30 miles north of Dallas. Phase I, which is expected to be complete during the third quarter, will deliver 75,250 square feet across two buildings. McKinney National Business Park will ultimately span 114-acres and be able to accommodate more than 1 million square feet of space. Lee & Associates will handle leasing of the project.
HUMBLE, TEXAS — JLL has brokered the sale of Kindred Humble, a 55,646-square-foot rehabilitation facility located near the Memorial Hermann Northeast Hospital campus in Humble, located about 20 miles north of downtown Houston. The freestanding property offers 46 beds for inpatient care. Steve Leathers, Mindy Berman, Brian Bacharach and Anthony Sardo of JLL represented the seller in the transaction. Other terms of sale were not released.
DALLAS — Lee & Associates has negotiated a 54,141-square-foot industrial lease at 11567 Hillguard Road in Dallas. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, GLP, in the lease negotiations. Transwestern represented the tenant, Consolidated Electrical Distributors Inc., an Irving-based electrical supply distributor with more than 600 locations across the United States.
SAN ANTONIO — Dallas-based Rainier Realty Investments LP has purchased HEB Crossing, a 150,582-square-foot retail power center in northwest San Antonio. Shadow-anchored by a 182,000-square-foot H-E-B grocery store, the property was fully leased at the time of sale to anchor tenants Conn’s HomePlus and Academy Sports + Outdoors, as well as smaller users like Starbucks, Chase Bank and H&R Block. Rainier acquired the asset via a joint venture with an affiliate of Continuum Investments LLC. The seller was not disclosed. Metropolitan Capital Advisors arranged acquisition financing for the transaction.
DALLAS — Greysteel has arranged the sale of Meadows at Ferguson, a 264-unit affordable housing property in northeast Dallas. The garden-style community was built in 1983 and features one, two- and three-bedroom units averaging 723 square feet per unit. Communal amenities include two pools, a business center, picnic area, a playground and onsite laundry services. Doug Banerjee, Boyan Radic, Andrew Mueller, Daniel Hartnett and Scott Simon of Greysteel represented the seller in the transaction and arranged acquisition financing for the buyer. Both parties requested anonymity.
SAN ANTONIO — Sterling Real Estate Partners, which has offices in Scottsdale and Los Angeles, has acquired Sierra Ridge Apartments, a 230-unit multifamily community in San Antonio. The property was built in 1981 and was 94 percent occupied at the time of sale. The new ownership plans to upgrade the property’s unit interiors and amenity spaces, which include a pool, resident clubhouse and an outdoor grilling area. The seller was not disclosed. Walker & Dunlop provided an undisclosed amount of acquisition financing for the deal.
EL PASO, TEXAS — Blue Road Investments LLC, a newly formed industrial real estate firm based in Dallas, has purchased an 80,000-square-foot distribution facility located at 9494 Escobar Drive in El Paso. The property, which represents Blue Road’s first acquisition, was 100 percent leased at the time of sale to Siemens and Forward Air. Will Brown and Adin Brown, SIOR designees with El Paso-based Sonny Brown Associates LLC, brokered the transaction and will handle leasing and management of the facility. The seller was not disclosed.
DENISON, TEXAS — N3 Real Estate has acquired three pieces of land in the North Texas city of Denison for the development of a retail strip center that will offer between 5,000 and 8,000 square feet of space. The site is located near Gateway Village, a mixed-use destination owned by Covenant Development that features residences and multiple retail and restaurant uses, including a HeyDay entertainment center. N3 is also developing a 7,250-square-foot strip center in Lawton, Okla., that will be anchored by a Tropical Smoothie.
The DFW industrial market has enjoyed unprecedented growth over this seven-year development cycle. The market has added approximately 118 million square feet of industrial inventory over that period and absorbed 143 million square feet. Population growth in the Dallas-Fort Worth (DFW) metroplex, the state of Texas and the south-central U.S. region, as well as growth in e-commerce, are the primary tailwinds propelling this extraordinary growth. Ever since Hillwood broke ground on AllianceTexas in the late 1980s, putting north Fort Worth on the radar of industrial users, the expansion in the Fort Worth industrial market has been an ever-increasing part of the overall DFW industrial market’s growth. However, the Fort Worth industrial market’s growth is really accelerating now based on the lack of available developable industrial sites in Dallas and the Mid-Cities. Further, when users and developers compare Fort Worth and southeast Dallas, the two areas with available industrial spaces and developable industrial land, Fort Worth’s advantages with regard to infrastructure, amenities, and most importantly, labor, stand out. As the area reaches peak employment, and with labor cost being the highest percentage of a user’s overall operational cost, the workforce factor has become the most important site selection criterion for users …