Texas

Vanguard Brokers Sale of 360-Unit Apartment Property in Wichita Falls, Texas

by Alex Tostado February 8, 2019

WICHITA FALLS, TEXAS — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Arbor Creek Apartments, a 360-unit multifamily property in Wichita Falls, about 140 miles northwest of Dallas. The Class B community, which was 94 percent occupied at the time of sale, was built in phases in 1977 and 1980. Floorplans feature one-, two- and three-bedroom units and amenities include a pool and a fitness center. Jordan Cortez of Vanguard marketed the property on behalf of the seller, Maven Management, and procured the undisclosed buyer.

February 8, 2019

Acquisitions Multifamily Texas

HFF Negotiates Sale of 164-Unit Multifamily Community in Southwest Houston

by Alex Tostado February 8, 2019

HOUSTON — HFF has negotiated the sale of Vanderbilt Court, a 164-unit multifamily community in southwest Houston. Built in 1983, the property offers one- and two-bedroom units averaging 835 square feet. Amenities include two pools, a fitness center, clubhouse, business center and outdoor dining space. Joey Rippel and Chris Young of HFF represented the seller, Virginia-based 37th Parallel Properties, and procured the buyer, Indus Management Group.

February 8, 2019

Industrial Leasing Activity Texas

NAI Partners Secures 15,000 SF Industrial Lease in Metro Houston

by Alex Tostado February 8, 2019

MISSOURI CITY, TEXAS — NAI Partners has secured a 15,000-square-foot industrial lease for Gupta Management Co. at 1535 Industrial Drive in Missouri City, a southwestern suburb of Houston. The property is located within a four-building industrial park that is currently under construction. Jake Wilkinson and Darren O’Conor of NAI Partners represented the landlord in the transaction.

February 8, 2019

Market Reports Retail Texas Texas Market Reports

Retail Landlords Aim to Connect on First Swing

by Taylor Williams February 8, 2019

Developers of new retail product in the e-commerce era face an array of roadblocks, from rising land and construction costs to heightened scrutiny from lenders on cash flows. Besides a larger economic downturn, in today’s Darwinian retail environment, nothing makes a new project fizzle or a stabilized center depreciate faster than lost income and occupancy brought on by an un-engaging, uninspiring tenant mix. Consequently, developers are devoting more of their budgets than they have in years past to researching, meeting and analyzing users to ensure they nail their tenant rosters on their first try. This is particularly true for developers whose business models center on long-term holds of their properties. “If we put a problem tenant in a center on day one, we inherit that problem for the term of the lease,” says Anderson Smith, co-founder of Capital Retail Properties, a Houston-based retail firm that holds its developments for the long term. “So it’s very important that we do it right the first time.” Smith says that his firm’s first move when researching a potential tenant is to check out that company’s Instagram account, which provides insight on the retailer’s approach to store build-outs and quality of product or service. …

February 8, 2019

Development Industrial Texas

Airbus, Helisim Break Ground on $40M Helicopter Training Facility in Grand Prairie

by Alex Tostado February 7, 2019

GRAND PRAIRIE, TEXAS — Airbus Helicopters Inc. and France-based Helisim have broken ground on a $40 million helicopter training facility in Grand Prairie, roughly midway between Dallas and Fort Worth. The facility will serve as the new training center for pilot personnel and flight simulations. Completion is slated for later this year. The venture is expected to bring several thousand pilots and maintenance personnel to Grand Prairie every year, sometimes for two weeks or more.

February 7, 2019

Development Office Texas

Ryan, Invest Group to Develop 900,000 SF Office Complex in Frisco

by Alex Tostado February 7, 2019

FRISCO, TEXAS — Minneapolis-based Ryan Cos. and Dubai-based Invest Group Overseas will develop Auspire at The Gate, a 900,000-square-foot office campus that will be located in the northern Dallas metro of Frisco. The office space will be part of a mixed-use development that includes retail space, two multifamily buildings totaling 775 units and a hotel. Avison Young will handle leasing of the office space, which has a construction schedule of 18 to 20 months.

February 7, 2019

Acquisitions Mixed-Use Texas

Braun Enterprises Acquires 195,853 Office, Retail Property in Houston

by Alex Tostado February 7, 2019

HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.

February 7, 2019

Leasing Activity Office Texas

Common Desk Opens 18,085 SF Coworking Office Space in West End of Dallas

by Taylor Williams February 7, 2019

DALLAS — Common Desk has opened an 18,085-square-foot coworking office space at Factory Six03, a warehouse-turned-office building located at 603 Munger St. in Dallas’ West End neighborhood. The space features 26 private offices, conference rooms, a vinyl record lounge, nap room and a wet bar. The location represents the second collaboration between Common Desk and the landlord, Granite Properties.

February 7, 2019

Features Finance Insight Midwest Northeast Southeast Texas Western

Relationships Should Stand The Test Of Time, Regardless Of The Market

by Jaime Lackey February 6, 2019

Paul Letourneau, manager of commercial lending for Alliant Credit Union, believes the more things change, the more fundamental business practices stay the same. In the lending world, this includes the ability to form and maintain relationships with key sponsors and brokers. As a credit union, how does Alliant compare to other capital sources? Letourneau: Alliant is looking to complement the prospect’s existing lending relationships. Alliant is a national lender and a great option to supplement the geographic and structure constraints of local capital providers. Strong broker engagement helps Alliant as the brokers bring both market and sponsor intelligence that might not be possible to come by otherwise. The broker’s knowledge is key to thriving in all lending environments and markets. There has been some recent volatility within the markets, so it is more important than ever to make informed decisions, which involves working with experienced and knowledgeable brokers as intermediaries for our clients. How can a disciplined lender remain flexible and accommodating for today’s borrowing needs? Letourneau: Today’s borrowing needs are not much different than they were in the past. Borrowers who need flexibility look to capital providers that can accommodate them. Whether it is interest-only, short-term bridge, flexible pre-payment penalties, longer term fixed rates, floating rates or …

February 6, 2019

quote from Paul Woodworth, Head of Agency Lending, SunTrust

Features Finance Insight Midwest Northeast Southeast Texas Western

2019 Will Require Creativity, Flexibility, Discipline

by Jaime Lackey February 6, 2019

Paul Woodworth, head of agency lending for SunTrust, believes a lot of focus will remain on multifamily in 2019, but that doesn’t mean that multifamily deals will be a piece of cake. Instead, he predicts some ingenuity will be required on the part of the lender in order to keep momentum strong following an active 2018. What are the best ways lenders can work with developers to increase our nation’s affordable housing supply? Woodworth: Lenders should play a consultative and collaborative role. A financial institution has a unique opportunity to leverage its public-private relationships, bringing an array of resources to the table, including foundations, as well as public and private subsidy sources. It is also critical for a lender to bring multiple solutions to fill the capital stack. This could include construction or bridge financing, LIHTC equity and permanent lending solutions. Furthermore, banks have a desire and an obligation to serve their communities. Active — and creative — participation in delivering quality affordable housing plays a critical role in the sustainability of the communities we serve. Where is SunTrust’s sweet spot right now in terms of multifamily activity? Woodworth: SunTrust’s sweet spot is primarily focused in affordable housing, conventional multifamily — …

February 6, 2019

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