Texas

Richland Acquires 74,462 SF Industrial Property in Houston

by Taylor Williams January 17, 2018

HOUSTON — The Richland Cos. has acquired 8100 Westpark, a 74,462-square-foot industrial property situated on 3.9 acres in Houston. The property offers access to the Sam Houston Tollway and Southwest Freeway, and features 18-foot clear heights, nine rear-load, dock-high doors and semi-dock and grade-level loading bays. The property, which marks Richland’s 15th acquisition in Houston, was 100 percent leased at the time of sale to tenants such as Hoffer Furniture, Pak Man Supply and DragoArt Tattoo Supply.

January 17, 2018

Lee & Associates Negotiates 49,280 SF Industrial Lease in Arlington

by Taylor Williams January 17, 2018

ARLINGTON, TEXAS — Lee & Associates has negotiated a 49,280-square-foot industrial lease at 2023 Exchange Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, GLP, a provider of global logistics solutions, in the lease negotiations. Conrad Madsen and Greg Nelson of Paladin Partners represented the tenant, Prestige Autotech Corp. a California-based provider of automotive wheels.

January 17, 2018

Retail Texas

TREK Brokers Sale of 8,200 SF Retail Center in North Austin

by Taylor Williams January 17, 2018

AUSTIN, TEXAS — TREK Investment Group has brokered the sale of Tech Ridge Center, an 8,200-square-foot retail center in north Austin. Built in 2017, the Class A center was 100 percent leased at the time of sale to Orangetheory Fitness, Smoothie King and Mattress One. Parker Carroll of TREK represented the undisclosed buyer in the transaction. Other terms of sale were not released.

January 17, 2018

Retail Texas

CBRE Arranges Sale of 243,337 SF Macy’s at West Oaks Mall in Houston

by Taylor Williams January 16, 2018

HOUSTON — CBRE has arranged the sale of Macy’s at West Oaks Mall, a 243,337-square-foot retail property situated on 18 acres at the corner of Westheimer Boulevard and State Highway 6 in Houston. 1st Emporium Inc., the retail division of digital investment firm Mehta Investments, purchased the two-building asset from Macy’s Holdings for an undisclosed price. The buyer, which also purchased the remainder of the mall in 2017, plans to redevelop the space into a department store that will be branded The Outlet at West Oaks. That store, which will specialize within clothing and home goods, is expected to open in the next six months. The first committed retailer to join The Outlet at West Oaks will be Formal Gallery, a formal dress shop. Brian Ashby and Sydney Dixon of CBRE represented Macy’s Holdings in the transaction.

January 16, 2018

Hospitality Texas

Arch-Con Breaks Ground on 170-Room SpringHill Suites Hotel in Fort Worth

by Taylor Williams January 16, 2018

FORT WORTH, TEXAS — General contractor Arch-Con Construction, in collaboration with developer Oldham Goodwin Group LLC, has broken ground on a 170-room SpringHill Suites hotel in Fort Worth. The hotel will be located at the site of the recently demolished Wells Fargo Building near Fort Worth’s historic Stockyards area. Designed by Atlanta-based architecture firm Niles Bolton Associates and Dallas-based interior design firm Studio 11 Design, the property will total 133,000 square feet and feature a rooftop restaurant, first-floor wine bar, pool and three ballrooms. Completion is slated for early 2019.

January 16, 2018

Multifamily Texas

Caldwell Cos. to Develop 330-Unit Apartment Community in Metro Houston

by Taylor Williams January 16, 2018

SPRING, TEXAS — Caldwell Cos. will develop Lakeview Oaks, a 330-unit multifamily community at the corner of Gosling Road and FM 2920 in the northern Houston metro of Spring. The Class A property will be situated adjacent to the site of a new H-E-B grocery store. Community amenities will include a resort-style pool, community center, coffee bar and a fitness center. Construction is expected to begin early this year with units becoming available for occupancy in 2019.

January 16, 2018

Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 496-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams January 16, 2018

FRISCO, TEXAS — Marcus & Millichap has brokered the sale of Storage Solutions of Frisco, a 496-unit self-storage facility located at 6707 Eldorado Parkway in the northern Dallas metro of Frisco. The property, which consists of 212 climate-controlled units and 280 non-climate drive-up units, features perimeter fencing, personalized keypad entry and fire protection systems. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, and secured the buyer, an undisclosed corporation.

January 16, 2018

Multifamily Texas

Orion Acquires 199-Unit, Value-Add Apartment Community in Austin

by Taylor Williams January 16, 2018

AUSTIN, TEXAS — Los Angeles-based Orion Real Estate Partners has acquired Triple Crown 2 Apartments, a 199-unit, value-add multifamily community in Austin. Built in 1973, the property is located at 1212 Westheimer Drive, approximately 4.5 miles from the University of Texas at Austin and 5.5 miles from downtown. CBRE arranged a 10-year acquisition loan through Fannie Mae’s Green Financing program on behalf of Orion for the transaction.

January 16, 2018

Loans Multifamily Texas

Berkadia Secures $41M in Refinancing for 381-Unit Apartment Property in Fort Worth

by Taylor Williams January 15, 2018

FORT WORTH, TEXAS — Berkadia has secured a $41 million loan for the refinancing of Mansions at Timberland, a 381-unit multifamily property located at 11401 N. Riverside Drive in Fort Worth. The property features a mix of one- and two-bedroom units and amenities such as a saltwater pool, outdoor grilling areas, business center and a fitness center. Stewart Campbell of Berkadia secured the Fannie Mae loan, which features a 75 percent loan-to-value (LTV) ratio and a 30-year amortization schedule, on behalf of the borrower, Mansions at Timberland LP.

January 15, 2018

Multifamily Texas

S2 Capital Purchases 332-Unit Apartment Community in Fort Worth

by Taylor Williams January 15, 2018

FORT WORTH, TEXAS — Addison, Texas-based investment firm S2 Capital LLC has purchased Oakland Hills Apartments, a 332-unit multifamily community located at 807 Heights Drive in east Fort Worth. The property offers one-, two- and three-bedroom units and amenities such as a pool, grilling areas and on-site laundry facilities. Mark Brandenburg of JLL arranged acquisition financing for the sale through Benefit Street Partners, a New York-based asset management firm.

January 15, 2018

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