DALLAS — Florida-based hospitality REIT Chatham Lodging Trust (NYSE: CLDT) has acquired the 167-room Courtyard by Marriott Downtown Dallas for $49 million. The 12-story hotel, which opened in September, features 3,500 square feet of meeting space and a rooftop restaurant and bar. Island Hospitality Management will manage the property, the seller of which was not disclosed.
SAN ANTONIO — Missouri-based self-storage owner-operator StorageMart has purchased a facility located on Braun Road in northwest San Antonio. The property totals 72,000 square feet of net rentable space across 500 units, 212 of which are climate-controlled. The property also offers 23 parking spaces for rent. The new ownership will upgrade the facility’s security systems and fencing. The seller was not disclosed.
MIDLAND, TEXAS — Minneapolis-based general contractor Adolfson & Peterson Construction (AP) has delivered a new, 70,000-square-foot regional office for oil and gas firm Apache Corp. in the West Texas city of Midland. Designed by Kirksey Architecture, the property offers amenities such as a cafeteria, fitness center, childcare center, meeting space and a health clinic. Construction began in July 2017.
PLANO, TEXAS — Coworking firm Spaces, which was founded in Amsterdam, will open a 31,152-square-foot space at West Plano Village on the northern outskirts of Dallas. The space is scheduled to open in late summer 2019. Fults Commercial and Weitzman, the latter of which manages the retail and office space at West Plano Village, handled lease negotiations for the landlord. CBRE represented Spaces.
FRISCO, TEXAS — The PGA of America will move its headquarters from South Florida’s Palm Beach County to Frisco, where it will anchor a 600-acre, mixed-use development. The organization’s initial investment in the northern Dallas suburb will exceed $500 million, while the overall economic impact of the move will exceed $2.5 billion over the next 20 years. The PGA’s new headquarters will include two championship golf courses, a short course and practice areas totaling 45 holes, as well as a clubhouse, Class A office space, 500-room Omni Hotel, 127,000-square-foot conference center and a retail village. A joint venture between Omni Hotels & Resorts, Stillwater Capital and Woods Capital will purchase the land and construct the hotel, conference center, retail space and golf courses. The golf courses are expected to open in summer 2022. The hotel, convention center and other facilities are expected to open within six months of that date.
WILMER, TEXAS — Chicago-based Logistics Property Co. LLC (LPC) has purchased Southport Logistics Park, a 252-acre industrial park located in the southern Dallas suburb of Wilmer. The site, which is located one mile from Interstate 45 and the Union Pacific Intermodal, currently houses 1.5 million square feet across two buildings. LPC intends to expand the park to ultimately feature more than 8.6 million square feet of Class A space. CBRE will market the project for lease.
LEWISVILLE, TEXAS — Dallas-based Leon Capital Group will develop Lakeyard District, a 364-unit multifamily community that will be located in the northern Dallas metro of Lewisville. Situated on 15.2 acres, the Class A property will offer one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, dog park and TV lounges. LG Wade is the general contractor for the project and BGO Architects is handling design. Preleasing is expected to begin in August. The first units are slated for a November 2019 delivery.
HOUSTON — Houston-based Q10 KDH has arranged a $26.1 million non-recourse loan for a portfolio of single-tenant office buildings located across Texas. The portfolio consists of 20 assets totaling 295,104 square feet across 18 markets. Proceeds were used for both acquisitions of new properties and refinancing of existing assets in the undisclosed borrower’s portfolio. Emily Zarcaro of Q10 KDH arranged the 10-year, fixed-rate loan, which included five years of interest-only payments, through Silverpeak Argentic. The names of the properties were not disclosed.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments, a 54-unit multifamily community in Fort Worth. The property was built in 1960 and is located near Texas Christian University, the Fort Worth Botanical Gardens and Fort Worth Zoo. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon, Jack Stone and Moises Maldonado of Greysteel represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
Like most major cities, Houston has had its fair share of market cycles. However, this most recent decline in the local economy’s growth rate that was caused by a steep drop of oil prices put a heightened level of stress on the Houston office market. Fortunately, the energy sector has turned the corner, and, paired with the ever-diversifying economic base, the Houston economy is buzzing again. As such, Houston’s population and job growth have translated into early signs of improvement in office market fundamentals. The metro’s employment base, which is currently seeing some of the highest employment numbers in history, is growing at more than twice the national rate. This rapid rate of expansion has provided the office market with much-needed positive momentum as we look toward the new year. Improving Fundamentals The much-anticipated turnaround in the office market is here. Asking rents, occupancy rates and absorption are all increasing across the metro area and across all building classifications. In the third quarter of 2018, the office market posted approximately 1.1 million square feet of positive net absorption. This is a significant improvement compared to the negative net absorption of roughly 1.1 million square feet in the first quarter of …
