ALLEN, TEXAS — Kaizen Development Partners has broken ground on a 145,000-square-foot office facility within the One Bethany at Watters Creek development in Allen for Massachusetts-based tech firm NETSCOUT Systems Inc. During the summer of 2018, NETSCOUT will relocate more than 500 employees to the Class A property, which will serve as its regional research and development office. Balfour Beatty is serving as general contractor on the project, which was designed by BOKA Powell.
SUGAR LAND, TEXAS — TierOne Development has broken ground on a 38,600-square-foot medical office property at 7619 Branford Place in the Houston metro of Sugar Land. Slated for a second-quarter 2018 completion, the Class A building is being developed on a speculative basis. Tim Gregory and Ashley Cassel of Transwestern’s Healthcare Advisory Services team will handle leasing of the property.
HOUSTON — Boyd Commercial has secured a 30,870-square-foot industrial lease at 3801 Yale St. in Houston on behalf of Petro Valve Inc., a Houston-based producer and distributor of valves. Clay Peeples of Boyd Commercial represented the tenant in the lease negotiations. Greg Barra, also of Boyd Commercial, represented the landlord, FR AZ/TX LLC.
TERRELL, TEXAS — Schulman Theatres will develop Film Alley Movie Entertainment Center, a 74,000-square-foot facility that will be located at the corner of Interstate 20 and FM 148 in Terrell, a city approximately 30 miles east of Dallas. The center will feature eight auditoriums, 24 bowling lanes, a 4,500-square-foot arcade and a bar and restaurant. Film Alley will be situated within the 255-acre, master-planned Crossroads at Terrell development. Construction on the property’s infrastructure began in June. The center is scheduled to open in September 2018.
HOUSTON — Boston-based investment firm TA Realty has sold a three-building, 101,635-square-foot portfolio of industrial properties in Houston to ATCAP Partners for an undisclosed price. The portfolio, which is 100 percent leased, consists of 3300 Claymoore Park in Houston’s Northwest industrial submarket, and 9362 Wallisville Road and 9366 Wallisville Road in the Northeast submarket. Rusty Tamlyn and Trent Agnew of HFF represented TA Realty in the transaction.
DALLAS — Lee & Associates has negotiated a 115,000-square-foot industrial lease at 3912 W. Illinois Ave. in Dallas on behalf of Erect-A-Line Inc., a Dallas-based paving company. Nathan Denton and Corbin Blount of Lee & Associates represented the tenant in the lease negotiations, and Ken Wesson and Christine Vasily, also of Lee & Associates, represented the landlord, Illinois Capital Partners. Erect-A-Line plans to relocate from its current 36,000-square-foot facility to its new space in February 2018. The transaction is the largest industrial lease inked in the Oak Cliff submarket this year
TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.
ADDISON, TEXAS — Citadel Partners LLC has secured an 8,603-square-foot office lease at 14901 Quorum Drive in Addison on behalf of Plano-based recruiting firm BG Staffing Inc. Mac Morse and Taylor Dickerson of Citadel Partners represented the tenant in the lease negotiations. Ryan Evanich and Chase Lopez of Stream Realty Partners represented the landlord.
As we turn the page on another successful Manufactured Housing Institute National Congress and Expo, several themes are emerging. From the amount of capital in the market to the changes in the government agencies to continued reforms in financing for chattel, or homes, the industry of manufactured housing heads into the second half of 2017 with substantial momentum, thanks in part to a number of new entrants in the market. A few statistics shared at the conference reveal the interest in the manufactured housing industry as a whole. First, this conference saw the most attendees for a National Congress and Expo since 2007. Second, the first quarter of this year has already seen a 23 percent increase in housing shipments over last year, with year-over-year increases of around 17 percent. There are likely a few reasons for this increase. But above all else, capital is plentiful, fueled by heightened interest in the industry in the private equity and REIT space, as well as low interest rates. With so much capital comes more interest. This interest has led to less ownership by traditional “mom-and-pop” entities and more competition, thus lower cap rates. In some regions, parks trading with sub-5 percent cap …
THE WOODLANDS, TEXAS — Signorelli Co. will develop Vivacity, a 186-acre medical district located within the 1,400-acre, master-planned community of Valley Ranch in northeast Houston. Vivacity will total more than 2.5 million square feet of health, wellness and life science facilities upon completion, a timetable for which has not yet been established. Houston-based healthcare provider CHI St. Luke’s Health was recently announced as the first tenant of the development.
