HUMBLE, TEXAS — Lee & Associates has brokered the sale of a 76,202-square-foot warehouse situated on 30 acres at 6750 Bender Road in Humble, a northern suburb of Houston. Mike Spears and Robert McGee of Lee & Associates represented the buyer, 6750 Bender Road Ltd., in the transaction. Houston-based RBIP Transportation LLC purchased the property for an undisclosed price.
BEAUMONT, TEXAS — Griffin-American, a partnership between American Healthcare Investors LLC and Griffin Capital Company LLC, has acquired Pinnacle Beaumont Assisted Living Facility in Beaumont for $19.5 million. Situated on 4.4 acres, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property.
UVALDE, TEXAS — Hunt Capital Partners has closed $9.7 million in low-income housing tax credit (LIHTC) equity financing for the development of Monarch Estates, an affordable seniors housing community in Uvalde, about 100 miles west of San Antonio. Roundstone Development is planning the 80-unit community, which will be the first affordable seniors housing community in the area. The groundbreaking is scheduled for later this month with a July 2019 target completion.
AUSTIN, TEXAS — New York-based Meridian Capital has arranged a $23 million loan for the recapitalization of a 344-unit apartment community in Austin. The community is located north of downtown on Cameron Road and features a pool, spa, on-site laundry and playground. Dov Jeremias and Brian Flax of Meridian arranged the loan, which featured an interest rate that was 200 basis points above the 30-day LIBOR rate, through KeyBank. The sponsor was not disclosed.
DALLAS — Roadtex Transportation Corp., a logistics firm specializing in transit of refrigerated goods, has signed a 27,901-square-foot industrial lease renewal at 10705 King William Drive in Dallas. Ryan Boozer of Stream Realty Partners represented Roadtex in the lease negotiations. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, EastGroup Properties.
HOUSTON — NAI Partners has brokered the sale of a 23,000-square-foot warehouse located at 13735 FM 529 in Houston. The Class B, single-tenant property was built in 2014 and features 28-foot ceiling heights and two grade-level doors. John Ferruzzo, Nick Peterson and Ryan Searle of NAI Partners represented the seller, Southbelt Park Ltd., in the transaction. David Otis of Texas Shoreline Properties represented the buyer, GD Capital LLC.
PLANO, TEXAS — MYCON General Contractors has begun construction of a 20,000-square-foot ambulatory surgery center for local ophthalmology practice Brooks Eye Associates in Plano, a northern suburb of Dallas. Designed by Houston-based Browne McGregor Architects Inc., the facility will include two operation rooms, consultation and diagnostic areas, offices, and a reception area. Completion is slated for January 2019.
ANGLETON, TEXAS — Marcus & Millichap has arranged the sale of Old Ash Square, a 16,000-square-foot shopping center in Angleton, about 45 miles south of downtown Houston. The property was fully leased at the time of sale to tenants such as State Farm Insurance, Alamo Title and USDA. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a local developer, in the transaction. Other terms of sale were not disclosed.
Over the last 15 years, the office market of Fort Worth, as well as that of the metroplex as a whole, has experienced steady growth in both development and absorption of new product. DFW’s office vacancy rate currently sits at 15 percent, according to CoStar Group, indicating the ceiling for new growth has not yet been hit. The traditional drivers of job and population growth have fueled new construction and strong leasing velocity for office properties in Dallas. But in Fort Worth, particularly the downtown area, the growth is more visibly tied to the live-work-play trend embodied by millennials and other young members of the workforce. The health of Fort Worth’s multifamily, restaurant and hotel markets are all contributing to the growth of the office sector. Office developers consider a number of factors when constructing new space. But much like any project, location is key. As Fort Worth’s need for more housing, dining and hotels has grown, the walkability factor in the office sector has only increased in importance. As such, it’s not only the employees that are drawn to properties that are located within walking distance to residential buildings and entertainment destinations. Developers are also coveting these sites. Entertainment …
HOUSTON — Winther Investment, a Houston-based developer, has broken ground on a 215-unit multifamily community in Houston. According to the Houston Chronicle, the company acquired the land for the project in 2013 but delayed construction in 2016 due to soft multifamily demand in the market. Steinberg Dickey Collaborative LLP designed the community, which is slated to be complete by spring 2020.
