NORMAN, OKLA. — Old Capital has secured a $2.8 million loan for the purchase of Country Village Apartments in Norman. The 20-year loan includes a 4.5 percent interest rate and a 30-year amortization schedule. Texas-based buyers acquired the 100-unit, semi-stabilized property at an 80 percent loan-to-value ratio.
BEAUMONT, TEXAS — UT Physicians has leased 12,000 square feet for a retail health center at Gateway Shopping Center in Beaumont. The property is located at the intersection of Stagg Drive and College Street. Nelson Spitz represented the landlord, Lombard Texas Holdings, and Mark Davis of Davis Commercial Real Estate represented UT Physicians. UT Physicians is the clinical practice of The University of Texas Medical School in Houston.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Forty Oaks Shopping Center, a 37,500-square-foot retail property located in Fort Worth. Blake Burnett and Chance Hales of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Lisa Estrada, also of Marcus & Millichap, procured the buyer, an individual/personal trust. Forty Oaks Shopping Center is located at 5405-5425 E. Lancaster Ave., just off Grandview Drive. Built in 1958, the asset is situated on 3.5 acres near Loop 820 and I-30. Family Dollar anchors the shopping center, which was 100 percent leased at the time of sale.
Although Houston’s local economy is not exclusively dependent on oil and gas, re-energizing this sector will be key to a multifamily rebound in the area. Since the downturn in oil prices over the last two years, Houston’s multifamily market has been one of the most impacted victims of the area’s economic slowdown. Oil and gas is estimated to represent about one-fifth of Houston’s economy. This does not include construction and other new development that depends on the oil and gas industry. The Houston market’s annual rent growth rate is well below the national average of 4.1 percent, according to Axiometrics’ Houston-area Market Performance Survey. From the fourth quarter of 2015 to the first quarter of 2016, the annual growth rate in Houston’s multifamily sector was only 0.8 percent. The annual effective rent growth in the area is forecast to be 2.4 percent in 2017 and is expected to average 3.6 percent from 2018 to 2020. According to the Bureau of Labor Statistics, job growth in the Houston metro area was 0.3 percent in April 2016, reflecting 10,000 jobs added during the preceding 12-month period. The metro job growth figure was below the national number of 1.9 percent. Limited Demand On …
FORT WORTH, TEXAS — Fort Worth-based Fort Capital, the development company behind the city’s new River District, has begun construction on a 16,500-square-foot headquarters building located at 105 Nursery Lane. Slated for completion in February 2017, it is the first non-residential property to break ground in the riverside entertainment and housing district located off White Settlement Road. Previously located at 1000 Foch St., Fort Capital’s new location will house the company’s full-time employees and allow for future growth. In addition to housing Fort Capital, the Class A facility will offer between seven and 10 additional office spaces, 92 percent of which have already been leased to RRIG Energy, Jetstream Oil & Gas, Flynn & Watson Architects, Tilden Capital LP, Blackwing Capital and Panther City Disposal. Chris Powers founded Fort Capital in 2010.
SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged the $54 million refinancing of Brass Professional Center, a 728,059-square-foot office space located near the intersection of Loop 410 and Callaghan Road in San Antonio. NorthMarq arranged financing for the undisclosed borrower through a New York-based bridge lender.
MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …
GRAND PRAIRIE, TEXAS — United Development Co. has begun redevelopment of the former UA Theater Grand Prairie 10, transforming it into a 60,000-square-foot retail center featuring Starbucks, R Taco and Panera. UDC acquired the site, located on the southeast corner of Westchester Parkway and Carrier Parkway, in March 2015. Sean Strull of Falcon Realty Advisors brokered the transaction. The first tenant will open for business in fall 2016.
EL PASO, TEXAS — CBRE has brokered a 20,000-square-foot expansion lease at Merchant Industrial for JICHASA, a logistics services firm. The expansion brings the multi-tenant industrial park in El Paso to 75 percent occupancy. Additionally, a retail chain has signed a short-term, 40,200-square-foot lease for temporary storage. Merchant Industrial is a 245,473-square-foot industrial park located at 7155, 7157, 7177 and 7189 Merchant Ave. The project is part of a larger industrial portfolio owned and managed by Phoenix-based ViaWest Group. Arturo De la Mora of CBRE’s industrial and logistics division represents the landlord and is marketing the remaining 60,600 square feet of vacancy.
SAN MARCOS, TEXAS — Steve Whitehead and Lee Weaver of NorthMarq Capital have arranged acquisition financing for Villagio Apartments, a 492-unit student housing property located at 1850 Aquarena Springs Drive in San Marcos. The financing was structured with a seven-year term with one year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
