Texas

First Advisors Breaks Ground on Apartment Project in Port Arthur, Texas

by Taylor Williams February 5, 2018

PORT ARTHUR, TEXAS — First Advisors Inc. has broken ground on The Reserve at Pinewood Village, an apartment project that will be located along State Highway 365 in Port Arthur, about 90 miles east of Houston. The first phase of the project, which is slated for a late fall completion, will deliver 190 units. Construction of all units is scheduled for completion by summer 2019. Amenities will include a clubhouse, fitness center, pool, dog park and nature trails. Houston-based Davis-Penn Mortgage Co. provided construction and permanent financing for the project.

February 5, 2018

Topgolf Opens 65,000 SF Venue in El Paso

by Taylor Williams February 5, 2018

EL PASO — Dallas-based Topgolf has opened a 65,000-square-foot, three-level venue in the Mesa Hills neighborhood on El Paso’s north side. The El Paso venue is the company’s 10th in Texas and its 52nd in the country, including facilities opening soon in markets such as Albuquerque, Columbus, Miami, Pittsburgh and St. Louis. More than 500 full- and part-time employees were hired in advance of the opening.

February 5, 2018

Loans Multifamily Texas

LMI Capital Closes $37M Refinancing for 800-Unit Apartment Complex in Houston

by Taylor Williams February 5, 2018

HOUSTON — LMI Capital has closed a $37 million loan to refinance an 800-unit apartment complex in the Galleria area of Houston. The loan features a 10-year term, fixed interest rate and three years of interest-only payments. Brandon Brown of LMI Capital placed the loan through one of the firm’s agency relationships. The borrower and property name were not disclosed.

February 5, 2018

Loans Multifamily Texas

Dougherty Arranges $5.1M Acquisition Loan for 106-Unit Apartment Asset in Dallas

by Taylor Williams February 5, 2018

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged a $5.1 million Fannie Mae loan for the acquisition of Wynnewood Gardens, a 106-unit multifamily asset in south Dallas. The pet-friendly property offers a pool, clubroom and picnic and grilling areas. Dougherty secured the 12-year loan through a partnership with Old Capital Lending on behalf of the borrowers, E.J. Wynnewood LLC and PLB Wynnewood LLC.

February 5, 2018

Conference Coverage Features Office Texas Texas & Oklahoma Feature Archive

Recovery of Houston Office Market Still Distant, Say InterFace Panelists

by Taylor Williams February 5, 2018

HOUSTON — If patience is a virtue, then developers and brokers in Houston’s office market are poised to become a bit more saintly. For the past three years, the story of the market has been a painful coinciding of sluggish oil prices hurting Houston’s largest tenants, while deliveries of new office spaces are at a peak. According to CoStar Group, more than 5 million square feet of office space has been delivered in Houston during each of the past three years. The nosedive that oil prices took beginning in early 2015 set rising vacancy in motion, leading to an 11-quarter streak of negative absorption. And while the price of oil has risen substantially to start the new year — increasing by roughly $10 to its current price of $65 per barrel over the last two months — that won’t force an overnight recovery in this struggling niche. This one-two punch has players in the space wondering when the market might finally begin to display sound fundamentals. According to panelists at the InterFace Houston Office Forecast, that’s not likely to happen before 2020. The event was held Thursday, Feb. 1 at the Royal Sonesta hotel in Houston. Approximately 150 industry professionals attended the …

February 5, 2018

Retail Texas

Rainier, CIL2 Acquire 380,600 SF Retail Power Center in Corpus Christi

by Taylor Williams February 2, 2018

CORPUS CHRISTI, TEXAS — Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos., has acquired Moore Plaza, a 380,600-square-foot retail power center in Corpus Christi. The company purchased the big box center in a joint venture with CIL2 LLC, an institutional investment platform managed by Continuum Investments Ltd. The Class A center was 99 percent leased at the time of sale to national retailers such as Hobby Lobby, Stein Mart, Office Depot/Office Max, Old Navy and Party City. Metropolitan Capital Advisors arranged an undisclosed amount of acquisition financing for the transaction, which marks Rainier’s fourth investment in a retail power center over the past six months.

February 2, 2018

Multifamily Student Housing Texas

SRE Purchases 384-Bed Student Housing Property Near Sam Houston State University

by Taylor Williams February 2, 2018

HUNTSVILLE, TEXAS — Saban Real Estate (SRE) has purchased Midtown Sam Houston, a 384-bed student housing property in Huntsville that serves Sam Houston State University students. The pet-friendly property offers two- and four-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Will Baker and William Shell of Walker & Dunlop provided an undisclosed amount of Fannie Mae financing for the acquisition. Chris Epp and Chris Bancroft of FourPoint Student Housing Investments represented the seller in the deal. SRE’s student housing portfolio now exceeds 20,000 beds across 17 university markets.

February 2, 2018

Retail Texas

Entertainment Concept Glowzone to Open 46,039 SF Center in Metro Dallas

by Taylor Williams February 2, 2018

LEWISVILLE, TEXAS — Glowzone, an entertainment concept that offers laser tag, mini golf, rock climbing and bumper cars, will open a 46,039-square-foot center at Lakepointe Crossing in the northern Dallas metro of Lewisville. Glowzone, which has centers in California and Nevada and will soon enter the Houston market, joins tenants such as Academy Sports + Outdoors, home décor store At Home and furniture retailer Conn’s. Weitzman, which manages Lakepointe Crossing, represented the landlord in the lease negotiations. Colliers International represented Glowzone. The center is expected to open in October.

February 2, 2018

Retail Texas

HSM Breaks Ground on 24,000 SF Retail Center in Frisco

by Taylor Williams February 2, 2018

FRISCO, TEXAS — The project development team of Dallas-based Henry S. Miller Co. Inc. (HSM) has broken ground on Main Street Crossing, a 24,000-square-foot retail center that will be located in the northern Dallas metro of Frisco. The property is being built on a speculative basis. Phase II of construction may begin once the space delivered in Phase I is 80 to 85 percent leased.

February 2, 2018

Retail Texas

Marcus & Millichap Arranges Sale of 22,000 SF Retail Center in Greater Houston

by Taylor Williams February 2, 2018

THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of YX Plaza, a 22,000-square-foot retail center located at 16103 W. York Road in The Woodlands. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a partnership. Newman also procured and represented the buyer, a limited liability company. Both parties requested anonymity.

February 2, 2018

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