HOUSTON — Local investment firm TriArc Properties has purchased Smart Living at Stuebner Airline, a 112-unit apartment property in north Houston. Built in 2015, the community features one- and two-bedroom units and amenities such as a fitness center, resident clubhouse, business center and an outdoor grilling area. Cortney Cole of HFF placed a five-year, floating-rate acquisition loan through Veritex Community Bank on behalf of TriArc Properties.
HOUSTON — EDGE Realty Capital Markets has negotiated the sale of I-10 & Haden Shopping Center, a 15,605-square-foot retail center located at 13740 East Freeway in Houston. The center was fully leased at the time of sale to tenants such as Verizon Wireless and Batteries + Bulbs. Burdette Huffman and Josh Jacobs of EDGE Realty represented the seller, I-10 & Haden Ltd., in the transaction. Nathan Wang of Citadel Venture Holdings represented the buyer, SBTC Properties LLC.
Jeff Weidell, president of NorthMarq, recognizes there is still plenty of money out there to sustain activity levels in 2019. He also recognizes, however, that lenders are becoming prudent in this extra-long real estate cycle. This has caused borrowers to flex their creative muscles as they fund their projects in the interim period between redevelopment and sale. Weidell notes that bridge financing is extremely active and popular, with many borrowers doing what they can to leverage the entire capital stack as we wait to see where this market is headed. Watch the video for more insights from Weidell about what 2019 will bring to the commercial real estate lending landscape.
SAN ANTONIO — The San Antonio retail market has maintained an occupancy rate of 95 percent or higher for the past three years, clocking in at 95.1 percent as of the first quarter of 2019, according to a recent report from NAI Partners.With just 1.7 million square feet of new retail space under construction, roughly half of which is preleased, San Antonio’s tight occupancy is paving the way for stronger rent growth. According to the report, the city’s average asking rent has risen by 13 percent over the past 12 months on a triple-net basis, increasing from $14.37 per square foot to $16.24 per square foot.
DALLAS — JP Morgan Chase has signed a 41,906-square-foot office lease renewal at Preston Commons, a three-building office park located in the University Park area of Dallas. The 427,799-square-foot property, which is owned by California-based KBS, features an outdoor patio, fitness center and an onsite restaurant and bar. Russell Cosby and Torrey Littlejohn of JLL represented JP Morgan Chase in the lease negotiations.
SAN ANTONIO — SRS Real Estate Partners has arranged the $3.2 million sale of a 17,633-square-foot freestanding retail property in San Antonio. The property was built in 1980 and is leased to Bank of America, which recently extended its triple-net lease term by seven years. Patrick Luther, Matthew Mousavi and Chris Edwards of SRS represented the seller, an affiliate of New York-based The Feil Organization. The buyer, a private investor, acquired the property at a 6.4 percent cap rate.
DALLAS — Holt Lunsford Commercial has negotiated a 13,440-square-foot industrial lease renewal at 10990 Petal St. in Dallas. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Rialto Capital Management, in the lease negotiations. The representative of the tenant, Ferguson Fire & Fabrication, was not disclosed.
SUGAR LAND, TEXAS — Houston-based Baker Katz has brokered the sale of a 3,700-square-foot retail asset in Sugar Land, a southwestern suburb of Houston. Lunden McGill of Baker Katz represented the seller and former occupant of the building, Amegy Bank. Barkley Peschel of Colliers International represented the buyer, a private investor. Other terms of sale were not disclosed.
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Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M
MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …
ARLINGTON, TEXAS — Weitzman’s management division will soon begin the redevelopment of Fielder Plaza, a 157,575-square-foot retail center in Arlington. The project will include a remodeling of the interior of the 52,000-square-foot anchor space occupied by grocer Tom Thumb, as well as a complete remodeling of the property’s exterior elements. The center, which is home to other tenants such as CVS, Starbucks, Pet Supermarket, Mathnasium, Edible Arrangements and Batteries Plus, opened in 1978. The architect for the remodel is Hodges & Associates.