FRISCO, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) will open CUT! by Cinemark, a 10-screen theater that will be located at 6969 U.S. Highway 380 in the northern Dallas suburb of Frisco. The venue will offer original cuisine, a full-service bar with handcrafted cocktails and oversized recliners, as well as patio and lounge space. The opening is scheduled for Thursday, March 7.
DALLAS — Southern Land Co., a Nashville-based developer, has topped off Novē at Knox, a 19-story luxury apartment community in the Knox-Henderson neighborhood of Dallas. The property, which is expected to open in 2020, will consist of 41 junior units, 159 one-bedroom residences, 90 two-bedroom apartments and 16 penthouses. Amenities will include a pool with cabanas, fitness center, a residents’ lounge, dog park, outdoor grilling areas and a 10,000-square-foot private open space that connects to McKinney Avenue. Local architecture firm GDA Architects designed the project.
HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.
HOUSTON — Avenue, a local nonprofit affordable housing developer, has received $3.4 million in project financing for the development of a community resource center in Houston. The property, which will be located at 3527 Irvington Blvd. in the city’s Moody Park area, will feature a health clinic and an early childhood education center. The groundbreaking is slated for the second quarter, and completion is scheduled for early 2020.
HOUSTON — Colliers International has negotiated the sale of a 26,000-square-foot warehouse situated on 2.2 acres at 4303 South Drive in Houston. The property is located within Southbelt Industrial Park on the city’s south side, just outside the Sam Houston Tollway. Christopher Winters and Walter Menuet of Colliers represented the buyer, Glenmorangie LLC, in the sale. Coy Wheeler of Keller Williams Commercial represented the seller, BL Fielder Investments LLC.
KATY, TEXAS — Marcus & Millichap has arranged the sale of a 5,000-square-foot retail property located at 9333 Spring Green Blvd. in the western Houston suburb of Katy. The property is currently leased to Starbucks Coffee and fast casual restaurant chain Salata. James Bell and Watt Harrison of Marcus & Millichap represented the buyer, a limited liability company that acquired the asset via a 1031 exchange. Other terms of sale were not released.
Our borrowers’ favorite question is, “Where should we build next?” As a lender specializing in financing Texas apartment communities, it’s hard to get the answer wrong. Our state is full of cities adding jobs and people at faster rates than the nation as a whole. As we drill down to help our clients differentiate between “good markets” and “good opportunities,” we focus on several factors including the current rental market, supply and demand and location. When considering these factors, the city of Arlington stands out as an overlooked “good opportunity.” It’s surprising how little attention this city of 400,000 in the middle of the metroplex has received from multifamily developers in recent years. Even as home to an ever-expanding General Motors assembly plant, one of the state’s largest universities, an entertainment district featuring two $1 billion stadiums, an extensive highway system, easy access to Dallas-Fort Worth (DFW) International Airport and a pro-growth local government, we haven’t worked with a developer yet that had Arlington on its list before we talked. Yet the selling points are obvious. Current Rental Market Overall, market-rate properties in Arlington show steady occupancy at 93 percent with average rents of $1.20 per square foot and annual …
DALLAS AND FORT WORTH, TEXAS — The data center market of Dallas-Fort Worth (DFW) continued its impressive run in 2018, absorbing 40.2 megawatts of space, according to a recent report from JLL. As a general rule with data centers, every 150 watts of absorption is equivalent to one square foot of regular absorption. That figure puts the market third in 2018 absorption behind Phoenix and Northern Virginia. DFW’s inventory of data center product is expected to grow in 2019, with approximately 190,000 square feet of new space under construction and an additional 1.1 million square feet planned, per the report. The volume of planned new construction in DFW exceeds that of all other American markets, including Northern Virginia, the largest data center market in the country.
PEARLAND, TEXAS — Goldman Sachs Asset Management (GSAM) Private Real Estate has acquired Retreat at Shadow Creek Ranch, a 370-unit multifamily community located in the southwestern Houston suburb of Pearland. Built in 2013, the property is situated near Texas Medical Center and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, game room, media room, dog park and a playground. GSAM plans to implement a value-add program to upgrade unit interior’s kitchens and bathrooms, as well as the property’s common areas. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Inland Private Capital Corp., in the transaction.
LEAGUE CITY, TEXAS — NorthMarq Capital has arranged acquisition financing for Harbor Walk and The Shore, two multifamily properties totaling 312 units in the southeastern Houston suburb of League City. The balance sheet loan, which was provided by a balance sheet lender, featured a five-year term and interest-only payments. Warren Hitchcock of NorthMarq arranged the financing on behalf of the undisclosed, Houston-based borrower.