FOREST HILLS, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Forest Hills Village, a 69,651-square-foot retail center located on the southern outskirts of Fort Worth. Anchored by a Foodland Markets grocery store, the property was 100 percent occupied at the time of sale. Jennifer Pierson of STRIVE represented the seller, a California-based investor, in the deal. A Dallas-area investor acquired the asset for an undisclosed price.
Seniors housing seemed to rule the roost among attendees at MBA’s CREF 2019. Mark Gould, national production manager at M&T Realty Capital Corporation, thinks he knows why. The obvious answer would be the aging Boomer population, which will continue to require additional services for some time. However, Gould believes it’s more than demographics. He asserts that a tangible evolution has taken place among seniors housing operators that has made these dwellings more attractive to the elderly and their children. As demand shifts, opportunity abounds. Gould believes construction and permanent financing will remain active as these operators continue to perfect their communities. Watch the video for more insights on seniors housing finance from Gould.
DALLAS — Local investment firm SkyWalker Property Partners has purchased a 227,891-square-foot office building located at 8151 LBJ Freeway in Dallas. The property was built in 1981 on 3.4 acres. Gary Walker and Clint Holland of SkyWalker represented the buyer of record, which plans to invest $500,000 in capital improvements to the eight-story, Class B building. HFF represented the seller, Credit Union of Texas, which formerly housed its headquarters in the building and has leased back 110,876 square feet of space.
HOUSTON AND WEBSTER, TEXAS — NAI Partners’ Investment Fund II has acquired two commercial assets totaling 215,835 square feet in the Houston area, bringing the fund to full deployment. Leghorn Service Center is a 66,530-square-foot industrial building in northwest Houston, and Clear Lake Business Center is a 149,305-square-foot flex property in the southeastern suburb of Webster. Andrew Pappas, Adam Hawkins, and John Nolan of NAI Partners’ negotiated and closed the deals. The seller was Berkeley Properties.
FRISCO, TEXAS — Orlando-based Simply Self Storage has opened a 733-unit facility at 4740 4th Army Drive in the northern Dallas suburb of Frisco. The Class A property, construction of which began in August 2017 and lasted about a year, offers 82,850 square feet of net rentable space. The facility offers a mix of climate-controlled and interior storage units, as well as exterior, drive-up units.
HARLINGEN, TEXAS — JLL has negotiated the sale of Stoneleigh Harlingen, a 180-unit multifamily community in the Rio Grande Valley city of Harlingen. Built in 2006, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Seneca Investments, in the transaction. Leuven Group acquired the asset for an undisclosed price.
SAN ANTONIO — HR Construction is nearing completion of upgrades to the 1,002 guest resort suites at the JW Marriott San Antonio Hill Country Resort & Spa. Rooms at the property, which opened in 2010 as the largest JW Marriott resort in the world, feature new furnishings and light fixtures, as well as redesigned bathrooms and 65-inch TVs. Seifert Murphy handled design of the project, which is slated to be fully complete in early March.
HOUSTON — The Home Depot has signed a 20-year industrial lease at Grand National Business Park, an industrial center in Houston that was developed by Hines. The Houston Chronicle reports that the Atlanta-based home goods chain will occupy 770,640 square feet of cross-dock space at the property, which is located near George Bush Intercontinental Airport, as part of a larger investment in its supply chain management.
SUGAR LAND, TEXAS — Berkadia has negotiated the sale of Stella at Riverstone, a 351-unit multifamily community located in the southwestern suburb of Sugar Land. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, granite and quartz countertops and washers and dryers. Amenities include a pool, fitness center, business center, resident lounge and a conference room. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential, in the transaction. The buyer was Florida-based Cardone Capital.
FORT WORTH, TEXAS — Local development firm Jackson-Shaw has begun construction of a 252-room AC Hotel by Marriott in downtown Fort Worth. The 16-story property, which will be the first hotel of this brand in Fort Worth, will feature a communal space with a full bar, 24-hour wellness center and a full-service restaurant. The opening is slated for fall 2020.