FRISCO, TEXAS — Dallas-based design/build firm ARCO/Murray has completed an 825-unit self-storage facility in Frisco on behalf of The Jenkins Organization, a Houston-based self-storage development and management firm. The property spans 116,000 square feet and features 5,000 square feet of climate-controlled wine storage and 1,300 square feet of office space.
FORT WORTH, TEXAS — Victory Real Estate Group is underway on construction for Victory Shops at Basswood, a 26-acre retail project at the corner of Blue Mound Road and Basswood Boulevard in Fort Worth. According to site plan, German discount grocer Lidl will be the anchor tenant; other tenants will include Chipotle, Verizon and Starbucks. The Fort Worth Star-Telegram reports that Victory will complete construction of the first buildings early this year.
ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures will develop Harvest Senior Living, an 83-unit assisted living and memory care community in Roanoke, a northern suburb of Fort Worth. The property will be situated on 5.2 acres along State Highway 114, span 67,000 square feet and offer resort-style amenities. The groundbreaking is slated to occur this spring.
GRAPEVINE, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of five office buildings totaling 25,000 square feet in Grapevine, located on the fringe of DFW International Airport. Cody Payne of Marcus & Millichap represented the seller and procured the buyer, an out-of-state private investor, in the transaction. Other terms of sale were not disclosed.
HOUSTON — CBRE has negotiated a 217,800-square-foot industrial lease at 2200 Lauder Road in north Houston. The property was built in 1984 and features 24-foot clear heights. Glynn Mireles of CBRE represented the tenant, concrete supplier Formwork Services & Supply LP, in the lease negotiations. Carlton Anderson of CBRE represented the landlord, Allied Stone Inc.
Chad Thomas Hagwood, senior managing director and regional manager for the Southeast at Hunt Real Estate Capital, closes loans across the nation and sees opportunities in multiple sectors in 2019. While multifamily is still a standout, his scope extends beyond the industry buzzwords common today. Do you think refinancing activity will be as robust as it’s been in the recent past? Hagwood: There is no doubt refinancing will remain very active in 2019. Treasury yields have subsided from north of 3 percent and spreads are still extremely attractive. Many owners intend to hold their properties as opposed to selling. They realize they will have to pay top dollar to find a replacement property, or shell out a portion of their gains to Uncle Sam. It makes a great deal of sense to refinance and cash out versus sell, in many circumstances. What has been Hunt’s most popular loan product as of late? Hagwood: Both the 10- and 12-year fixed-rate conventional products with maximum IO [interest only] have been extremely popular with Hunt’s customers. In my opinion, the level of fixed-rate conventional business will continue to grow well into 2019 and beyond here at Hunt. The fixed-rate offering — compared with adjustable and floating …
HOUSTON — Hines will develop The Preston, a 46-story residential tower in downtown Houston that will feature 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. Amenities will include a pool, cabanas, yoga lawn, fitness center, co-working office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. Construction is slated to begin in March and wrap up during the third quarter of 2022.
HOUSTON — Wood Partners, a local multifamily development and management firm, has broken ground on Alta Washington Avenue, a 204-unit apartment community in Houston. The property will be located near several employment hubs, including the CBD and Greenway Plaza, and will offer one- and two-bedroom floorplans. Amenities will include a pool, fitness center, outdoor grilling areas, game room, business center, dog park and sky lounge. Alta Washington Avenue is expected to open in winter 2020.
KATY, TEXAS — Marcus & Millichap has brokered the sale of West Little York Office Plaza, a 61,500-square-foot business park located in the western Houston suburb of Katy. Built in 2015 on 3.7 acres, the property was 87 percent leased at the time of sale. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a local developer, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity. The sales price was also undisclosed.
AUSTIN, TEXAS — Punch Bowl Social, an entertainment concept that centers on artisanal food and beverages and parlor-style entertainment, will open a 23,038-square-foot venue in the Scarbrough Building, a historic office property in downtown Austin. Britt Morrison and Brett Maze of Weitzman represented the landlord in the lease negotiations. Perren Gasc with DBA Commercial Real Estate LLC and Dan Nesson of Denver-based True North represented Punch Bowl Social. The opening is scheduled for the third quarter of 2019.
