HOUSTON — SSR Holdings LLC has sold a 46,250-square-foot industrial building located at 1414 Sakowitz St. in Houston. According to LoopNet Inc., the property was built in 1974. Robert McGee and Chase Cribbs of Lee & Associates represented SSR Holdings in the deal. Brandon Wuntch, also of Lee & Associates, represented the buyer, PDFE Vinyl LLC.
FORT WORTH, TEXAS — Caregiver Inc. has signed a 22,511-square-foot office lease at 4800 Overton Plaza in southwest Fort Worth that will serve as the company’s new headquarters. Pat McDowell and David Berzina of JLL represented Caregiver Inc. in the lease negotiations. Kirk Kelly of Transwestern represented the undisclosed landlord.
SACHSE, TEXAS — PMB Capital Investments, a Dallas-based development and investment firm, will develop The Station, a $250 million mixed-use destination that will be located in Sachse, a northeastern suburb of Dallas. The Station will be situated on 119 acres along President George Bush Turnpike between Miles and Merritt roads. Plans currently call for approximately 400,000 square feet of commercial and retail space, as well as 600 apartments and 250 single-family homes. The commercial space will be marketed to restaurant, office and entertainment users. The project will also require significant investment in the surrounding infrastructure as well as improvements to nearby Heritage Park, a 34-acre public space. The park will ultimately feature an amphitheater, a boardwalk, children’s play areas and surrounding nature trails. “We’ve worked with the city for more than a year on a creative financing structure that would ensure each parcel would be ‘shovel-ready’ at the outset and positioned to take advantage of market opportunities as they arise,” says Taylor Baird, partner at PMB Capital. PMB Capital, which acquired the land for the project in October 2018, has partnered with the City of Sachse to fund work on the infrastructure and Heritage Park. Marty Neilon of CBRE represented the …
HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.
RICHARDSON, TEXAS — HFF has arranged construction financing and joint venture equity for a 130,000-square-foot data center in Richardson’s Telecom Corridor. Cullen Aderhold, Jim Curtin and Michael Cosby of HFF closed the capital transactions on behalf of the borrower, KDC Real Estate Development & Investments. Situated at the southeast corner of North Plano Road and East Lookout Drive, the facility will be adjacent to an ONCOR substation and have access to approximately 18 fiber providers within the area. Data center tenants in Richardson’s Telecom Corridor include Cisco, Bank of America, State Farm, TD Ameritrade, LinkedIn/Microsoft and Digital Realty.
BAYTOWN, TEXAS — Adkisson Group Inc. has purchased nearly 225 acres near Baytown and the Port of Houston for the development of a new business park. Parkside Capital sold the land to Adkisson Group for an undisclosed price. The project, Bay 10 Business Park, will be situated on the west side of Grand Parkway south of Interstate 10 East. Adkisson Group will begin permitting and building several 10,000- to 30,000-square-foot freestanding buildings that will offer crane capabilities and acreage for outside storage. Robert McGee, Thomas Leger, Chase Cribbs and Josh Cheatham of Lee & Associates – Houston represented Adkisson Group in the land acquisition and will take on the marketing assignment for Bay 10 Business Park. Davis Adams, Rusty Tamlyn, and Trent Agnew of HFF represented the seller.
EL PASO, TEXAS — NorthMarq Capital has brokered the sale of two multifamily assets totaling 391 units in El Paso. Las Vegas-based MKL Capital Group LLC purchased the 232-unit Indian Springs from Arizona-based Talos Holdings LLC, and a Los Angeles-based private investment firm acquired the 159-unit Desert Peaks from SCP El Paso LLC. Indian Springs offers a business center and fitness center, and Desert Peaks includes a basketball court. Both communities feature pools and dog parks. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq represented the buyers and sellers in both deals.
SAN ANTONIO — JLL has negotiated the sale of 333 Place Apartments, a 48-unit multifamily community located near the Pearl Brewery in San Antonio. The property offers one- and two-bedroom units, as well as a pool and onsite laundry facilities. The buyer, Austin-based Joseph Cos., will implement a capital improvement program to the unit interiors that features smart-home technology and stainless steel appliances. Zar Haro, Moses Siller and Robert Arzola of JLL brokered the deal. The seller was not disclosed.
Retail real estate in Dallas-Fort Worth (DFW) is nearing its cyclical peak, and users that want to continue expanding in the metroplex are being hamstrung by a lack of quality space and surging rents. According to CoStar Group, DFW’s retail vacancy rate currently stands at 4.4 percent, a record low that the research firm expects to hold steady or even improve in the coming years. Rents have grown by more than 3 percent annually over the last five years, and are now 15 percent higher than their pre-recession peaks. Put simply, DFW is a landlord’s market. As such, retailers that have had success in the metroplex over the last decade and want to keep opening new stores should be considering other markets. One of the ideal landing spots for these users lies a mere 200 miles up Interstate 35 in Oklahoma City. According to CoStar, Oklahoma City’s retail vacancy has grown by approximately 100 basis points over the last two years, currently clocking in at 6.1 percent. There is very little new product under construction — less than half a million square feet — but asking rents in Oklahoma City average $14.40 per square foot, compared to $18.89 per square …
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital, the multifamily mortgage banking arm of Enterprise Community Investment Inc., has arranged $49.3 million in acquisition financing for a pair of multifamily assets in Austin. The company arranged a $34.3 million loan for Northwest Hills, a 314-unit community; and a $15 million loan for The Place at Terracina, a 170-unit property. Kevin Bowen of Bellwether placed the loans for the properties, both of which have 51 percent of their units reserved for residents making 80 percent or less of the area median income, through Fannie Mae’s Special Public Purpose program.