Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Amy Works January 10, 2017

DALLAS — Greysteel has brokered the sale of Herschel Manor, a multifamily property located at 4107 Herschel Ave. in Dallas. 4107 Herschel LLC sold the property to WHA Yugen Sekinin Jigyou Kumiai LLP for an undisclosed price. Built in 1930, the property total 12 apartments and underwent a renovation and upgrade in 2015 and 2016. Renovations included upgrades to bathrooms and kitchens, installation of granite countertops and designer backsplashes in kitchens, stainless steel appliance packages throughout, upgraded hardware, fixtures and ceiling fans, refinished original hardwood flooring and new interior paint. Exterior renovations included painting the entire façade, new HVAC units and drought-resistant landscaping. The property also features a cookout area, covered parking and an on-site laundry facility.

January 10, 2017

ShowBiz Cinemas Announces Plans for Family Entertainment Center in Oklahoma

by Amy Works January 10, 2017

EDMOND, OKLA. — ShowBiz Cinemas has announced plans to open a new family entertainment center in Edmond, Oklahoma. The development — Bowling, Movies and More — will feature 18 boutique bowling lanes, VIP event space, party rooms, 12 movie auditoriums with wall-to-wall curved screens, a café, full bar and modern arcade center. The Edmond development, scheduled to open by Christmas 2017, will mark the company’s first location outside Texas.

January 10, 2017

Multifamily Texas

Innovative Multi-Family Investments Buys 232-Unit Apartment Community in Bay City for $10M

by Amy Works January 10, 2017

BAY CITY, TEXAS — San Antonio-based Innovative Multi-Family Investments LLC has acquired Shadow Bay Apartments, located at 1700 Baywood Drive in Bay City, for $10 million. Built in 1978 and renovated in 2015, the 167,773-square-foot property features 232 apartments, a clubhouse, swimming pool, grilling courtyard and picnic areas. The buyer will also manage the property. Jim Hurd of Houston Income Properties brokered the transaction. The name of the seller was not released.

January 10, 2017

Retail Texas

EDGE Capital Arranges Sale of 20,988 SF Retail Center in Metro Houston

by Amy Works January 10, 2017

CYPRESS, TEXAS — EDGE Capital has brokered the sale of Rock Creek Plaza, a newly developed shopping center located at 14034 and 14044 Grant Road in Cypress. The unnamed buyer acquired the property for an undisclosed price. Pet Supermarket, Little Caesar’s and 9Round Fitness occupy the two-building, 20,988-square-foot center. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the undisclosed seller, while Mark Kalil of Mark Kalil & Associates represented the buyer.

January 10, 2017

Loans Multifamily Texas

BMC Capital Closes $4.4M Refinancing of Multifamily Property in San Antonio

by Amy Works January 10, 2017

SAN ANTONIO — BMC Capital has closed the $4.4 million cash-out refinancing of a multifamily property located in San Antonio. The 10-year loan features a 5.17 percent fixed interest rate, 75 percent loan-to-cost ratio and a 30-year amortization schedule. The undisclosed borrower will use the loan proceeds for a Class C multifamily property that it has owned for approximately one year.

January 10, 2017

Office Texas

Columbia Property Trust Sells Houston Office Portfolio to Spear Street Capital for $272M

by Amy Works January 9, 2017

HOUSTON — Columbia Property Trust has exited the Houston market with the $272 million sale of its three-property portfolio to Spear Street Capital. Totaling 1.2 million square feet, the assets include 5 Houston Center, a 581,000-square-foot office building at 1401 McKinney St.; Energy Center I, a 332,000-square-foot office building at 585 N. Dairy Ashford Road; and 515 Post Oak Boulevard, a 12-story, 274,000-square-foot office building located in Houston’s Galleria submarket. Atlanta-based Columbia Property Trust will use the proceeds to reinvest in its high-barrier target markets.

January 9, 2017

Multifamily Texas

Joint Venture to Develop 300-Unit Residential Property in Plano

by Amy Works January 9, 2017

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors is developing The Residences at Legacy, a 25-story, 372,734-square-foot residential tower within Legacy Tower Center in Plano. The property will feature 300 apartment units in one-, two- and three-bedroom layouts ranging in size from 661 square feet to more than 3,000 square feet. Additionally, the property will offer more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center, conference rooms, business center, lounge, media room, an entertaining kitchen and bike storage. Outdoor amenities include two pools, courtyards, water features, fire pits, grilling areas and a dog park. Construction in slated to begin this month. Project members include Good Fulton & Farrell as architect, Waldrop + Nichols Studio as interior designer, The Office of James Burnett as landscape architect and Andres Construction as general contractor. Wells Fargo Bank provided construction financing.

January 9, 2017

Multifamily Texas

Bascom Group Buys 280-Unit Apartment Property in San Antonio

by Amy Works January 9, 2017

SAN ANTONIO — The Bascom Group has purchased Redlands Apartments, a Class A apartment community located in San Antonio’s Stone Oak submarket, for an undisclosed price. The property comprises 15 residential buildings, totaling 280 units in a mix of one-, two- and three-bedroom layouts, and a standalone leasing center. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children’s playground, pet park and clubhouse with a business center. De’On Collins, John Brownlee and Charles Halladay of HFF arranged debt financing for the transaction. James D’Argenio provided in-house representation for Bascom Group.

January 9, 2017

Multifamily Texas

Innovative Multi-Family Investments Acquires Two-Property Apartment Portfolio in San Antonio for $11M

by Amy Works January 9, 2017

SAN ANTONIO — Innovative Multi-Family Investments LLC has purchased a two-property multifamily portfolio in San Antonio for $11 million. The portfolio includes the 153-unit Crestwood Apartments, located at 5009 Royalgate Drive, and the 130-unit Whitewood Oaks Apartments, located at 200 Whitewood St. Totaling 205,587 square feet, the properties were built in the 1960s and feature a swimming pool, clubhouse and picnic areas. Innovative Multi-Family Investments will manage the properties. Cody Courtney of Berkadia San Antonio brokered the transaction. The name of the seller was not released.

January 9, 2017

Industrial Office Texas

Cypressbrook Co. Brokers Two Leases in Houston Totaling 19,740 SF

by Amy Works January 9, 2017

HOUSTON — Cypressbrook Co. has arranged two leases in Houston totaling 19,740 square feet. In the first lease, D&M Auto Leasing, a Dallas-Fort Worth-based auto leasing company, leased 14,420 square feet of office space at 4635 Southwest Freeway in Houston from EP Office Holding LP. John Hornbuckle of Cypressbrook Co. represented the landlord, while Kevin Saxe of CBRE represented the tenant in the deal. In the second lease, Houston Custom Metal Works, a prototyping and light production facility, renewed and expanded to 5,500 square feet of warehouse space at 1105-1111 Upland Drive in Houston. Greg Usher of Cypressbrook Co. represented the tenant, while Sandra Wolters of Whitestone REIT represented the landlord, Whitestone Industrial-Office LLC, in the transaction.

January 9, 2017

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