FORT WORTH AND ARLINGTON, TEXAS — Greysteel has arranged the portfolio sale of Ironwood Crossing and Rush Creek Apartments, two multifamily communities in the Dallas-Fort Worth (DFW) metroplex. Ironwood Crossing in Fort Worth totals 280 units, and Rush Creek in Arlington totals 248 units. Both properties were built in 2004 and feature amenities such as pools, fitness centers, business centers and playgrounds. Ari Firoozabadi, Doug Banerjee and John Marshall Doss of Greysteel represented the seller and procured the buyer, both of which requested anonymity.
HOUSTON — The University of Texas Health Science Center at Houston (UTHealth) will open a $125 million, 240-bed mental health hospital within Texas Medical Center in Houston. Designed by Chicago-based Perkins+Will, the facility will be the largest behavioral health academic center in the nation and the first mental health hospital built in Houston in more than three decades. Completion is slated for late 2021.
KINGWOOD, TEXAS — Integrated Senior Lifestyles has opened a 101-unit expansion at its Watercrest at Kingwood seniors housing community, located in the northern Houston suburb of Kingwood. The 145,000-square-foot “Garden Village” project adds 73 independent living and 28 assisted living residences to the existing campus. The expansion also features several common areas and amenities such as multiple outdoor sitting areas, a walking trail, wellness center, libraries, pet park and two new dining venues. Integrated operates 11 seniors housing communities in Texas and Oklahoma.
HOUSTON — CBRE has negotiated a 13,371-square-foot office lease at 3737 Buffalo Speedway in Houston on behalf of The Houston Trust Co., and independent personal trust firm. The space will serve as the company’s new headquarters. Weldon Martin of CBRE represented the tenant in the lease negotiations. Madison Marquette represented the landlord, Houston 3737 Buffalo LP.
From a manufacturing perspective, Oklahoma City has historically been considered a “tertiary market” when stacked against South Central and Midwest power players such as Dallas-Fort Worth (DFW), Houston, Kansas City, San Antonio, Austin and Denver. As large manufacturing users consider multiple markets in the Central United States, Oklahoma City is often included in the initial list but typically fails to make the short list for various reasons. However, as labor costs rise, Oklahoma City may find itself being pushed to the front of the line. Past Misses Oklahoma City’s industrial market totals approximately 108 million square feet, making it a smaller market than DFW, Houston, Kansas City, San Antonio, Austin or Denver. Primarily driven by the oil & gas, aerospace and consumer goods industries, this market’s fundamentals tend to move in lockstep with oil & gas commodity prices. The city has tried to diversify the economy over the past decade and bring in non-oil & gas users. But there is still room for improvement. The metro has seen its share of growth; however, overall industrial construction still pales in comparison to larger markets. Growing Appeal The industrial booms seen in DFW, Houston, Kansas City, San Antonio, Austin and Denver over …
FRISCO, TEXAS — The zoning and planning commission of the Frisco City Council has tentatively approved the development of a 14.6-acre mixed-use project near Dr. Pepper Ballpark, home of the Frisco Roughriders Minor League Baseball team. Plans currently call for a 311-room hotel, three office buildings totaling approximately 344,000 square feet, four retail buildings totaling roughly 116,000 square feet, one retail/restaurant space and two parking garage. According to The Dallas Morning News, Northland Properties, a Canadian firm headed by Dallas Stars owner Tom Gaglardi, will own and operate the hotel. A timeline for construction has not yet been established.
LA PORTE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of Spencer Mini Storage, a 595-unit self-storage facility in La Porte, an eastern suburb of Houston. The property consists of 226 climate-controlled units, 286 non-climate-controlled units and 83 vehicle parking spaces. The majority of the property was built between 1994 and 1999. Dave Knobler and Charles LeClaire of LeClaire Group represented the seller, a California-based family trust, in the transaction. The buyer was not disclosed.
AUSTIN, TEXAS — Avanath Capital Management (ACM), a Texas-based limited liability company, has acquired Blunn Creek Apartments, a 280-unit affordable apartment community in Austin. Built in 2002, the property features a pool, fitness center, business center, playground, resident clubhouse, outdoor picnic areas and onsite laundry facilities. Hunt Real Estate Capital provided a $19.5 million acquisition loan with four years of interest-only payments to ACM, which plans to implement a $2 million value-add program.
HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.
MISSOURI CITY, TEXAS — Davis Commercial has arranged the sale of a 3,000-square-foot office building in Missouri City, a southwestern suburb of Houston. The sale includes the two acres on which the property is situated. The buyer, Bereshith Properties LLC, plans to develop warehouses on the additional land. Ashley Casterlin of Davis Commercial represented the seller, a limited partnership, in the transaction.