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AcquisitionsMultifamilyTexas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

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IndustrialLeasing ActivityTexas

CBRE Negotiates 73,142 SF Industrial Lease in San Antonio

by Taylor Williams

SAN ANTONIO — CBRE has negotiated a 73,142-square-foot industrial lease at 4829 Eisenhauer Road in San Antonio. Josh Aguilar and Rob Burlingame of CBRE represented the tenant, Millennium Distribution, a supply chain operator that serves the food and sanitation industries. Ty Bragg of Cavender & Hill represented the landlord, EastGroup Properties Inc. Millennium Distribution will assume occupancy of the space in May.

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IndustrialLeasing ActivityTexas

Agricultural Distributor Relocates Headquarters from Minneapolis to 40,000 SF Space in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Mid-States Distributing Co. Inc., which serves the agriculture industry, will relocate its corporate headquarters from Minneapolis to a 40,000-square-foot space within Mercantile Center in Fort Worth. More than 100 employees will work at the property, which Mid-States Distributing purchased from the American Paint Horse Association (APHA). Colt Power of NAI Robert Lynn represented both parties in the sale.

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AcquisitionsMultifamilyStudent HousingTexas

Joint Venture Acquires Two Student Housing Communities Totaling 1,016 Beds in Texas

by Taylor Williams

AUSTIN AND LUBBOCK, TEXAS — A joint venture between TEXLA Housing Partners, Southeast Apartment Investors and a private real estate fund advised by Crow Holdings Capital has acquired two student housing communities in Texas. The joint venture acquired Thrive Lubbock, a 744-bed community located near Texas Tech University in Lubbock; and 21 Pearl, a 272-bed community located near the University of Texas at Austin. An affiliate of TEXLA will operate the communities, both of which will undergo multi-million dollar interior and exterior upgrades.

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HealthcareLoansTexas

HFF Arranges Refinancing of 130,959 SF Hospital in Tulsa

by Taylor Williams

TULSA, OKLA. — HFF has arranged the refinancing of a 130,959-square-foot healthcare property in Oklahoma that is fully leased to Tulsa Spine & Specialty Hospital. The property was built in 2002 on 11.5 acres. Zack Holderman, Jason Bond and Elliott Throne of HFF arranged the fixed-rate financing through a national bank on behalf of an undisclosed borrower. The loan was executed in conjunction with the refinancing of a 60,800-square-foot medical office building in Wauwatosa, Wis.

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DevelopmentOfficeTexas

KDC to Develop 100,000 SF Office Campus in McKinney for Building Supplies Distributor

by Taylor Williams

MCKINNEY, TEXAS — KDC will develop a 100,000-square-foot office campus in the northern Dallas metro of McKinney for SRS Distribution Inc., a wholesale provider of roofing and building products. The campus will be situated on 4.2 acres within Hub 121, a 22-acre mixed-use development. According to the incentive agreement signed with the McKinney Economic Development Corp., the move will aim to create more than 150 new jobs over the next 10 years.

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DevelopmentHealthcareTexas

The Beck Group Tops Off 40,000 SF Medical Center in Bastrop, Texas

by Taylor Williams

BASTROP, TEXAS — The Beck Group, an architecture and construction firm with offices around the country, has topped off Ascension Seton Bastrop Hospital, a 40,000-square-foot medical center in Bastrop, about 35 miles east of Austin. Situated on 32 acres adjacent to Highway 71, the property will offer a full emergency center with inpatient beds on the first floor and medical office space on the second floor. Completion is slated for June.

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AcquisitionsCompany NewsIllinoisMidwestTexasTop Stories

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

by Alex Tostado

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …

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LoansOfficeTexas

EverWest Arranges $63M Loan for Refinancing of Metro Dallas Office Complex

by Taylor Williams

ADDISON, TEXAS — Denver-based EverWest Real Estate Investors has arranged a $63 million loan for the refinancing of The Colonnade, a 1 million-square-foot office complex in the northern Dallas metro of Addison. The Class A property, which is owned by New York-based Fortis Property Group, was built in phases between 1983 and 1998, with $32.5 million in renovations completed between 2015 and 2017. The Colonnade’s tenants roster includes Hilton, United Surgical Partners and Zurich American Insurance. Property amenities include a fitness center with locker rooms, a retail store, conference center and an eight-story parking garage. Tom McCahill, Joe Chickey and Zi Chong of EverWest placed the five-year loan through UBS.

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