Texas

Ryman to Develop $120M Expansion of Gaylord Texan Resort

by Haisten Willis January 21, 2016

GRAPEVINE, TEXAS — Ryman Hospitality Properties will develop a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine, a suburb of Dallas. The expansion will add 300 rooms to the resort’s 1,511-room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest non-gaming convention center hotel in the United States, behind Gaylord Opryland Resort and Convention Center in Nashville and ahead of Gaylord National Resort and Convention Center near Washington, D.C. The meeting space addition for Gaylord Texan includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and wrap up during the second quarter of 2018. The project also includes a $5 million expansion of the property’s pool complex, which is expected to be complete for the 2016 summer season. The city of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a 10-year period upon the completion of the expansion. In 2007, the company announced plans to expand …

January 21, 2016

NAI Partners Arranges Sale of 67.5 Acres of Industrial Land in Houston

by Haisten Willis January 21, 2016

HOUSTON — NAI Partners represented S/C Management 87 Ltd. in the sale of 67.5 acres of industrial land located on Mesa Drive between Little York Road and Tidwell Road in Houston. John Ferruzzo and Chris Kugle of NAI Partners represented the seller during the negotiations with the buyer, Jaikrishna Patel.

January 21, 2016

marcus-millichap-red-roof-inn-dallas-airport

Hospitality Texas

M&M Arranges Sale of 156-Room Hospitality Property in Irving

by Haisten Willis January 21, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Red Roof Inn Dallas DFW Airport North, a 156-room hospitality property located in Irving. Steve Swenholt, Jake Gaddy, Chris Gomes and Allan Miller of Marcus & Millichap’s Austin, Dallas and San Antonio offices, respectively, marketed the property on behalf of the seller, an individual/personal trust. Gomes and Miller secured and represented the buyer, a limited liability company. Red Roof Inn Dallas DFW Airport North is located at 8150 Esters Blvd., less than one mile east of the Dallas/Fort Worth International Airport. Built in 1985, the hotel offers amenities such as shuttle service, a conference room, coin-operated laundry facility and elevators.

January 21, 2016

Industrial Texas

Stream Realty Negotiates Sale of Industrial Property in Metro Dallas

by Haisten Willis January 21, 2016

ARLINGTON, TEXAS — CheckerProp Acquisitions purchased an 81,400-square-foot industrial property from Tamarack Associates LLC located at 700 106th St. in Arlington. Luke Davis and Matthew Dornak with Stream Realty Partners represented the seller in the transaction. Eric Crutchfield with Stream represented the buyer.

January 21, 2016

Office Texas

Transwestern Brokers Sale of Office Property in Plano

by Haisten Willis January 21, 2016

PLANO, TEXAS — Transwestern has brokered the sale of Plano Parkway Business Center in Plano to a buyer represented by SVN/Trinity Advisors. The property, located at 2701 W. Plano Parkway, was built in 1998 and consists of 113,299 square feet of office space. Transwestern’s Steve Simon, Steve Rowland, Henry Knapek and Justin Miller represented the seller, Transwestern Investment Management/State Farm. Steve Fithian of SVN/Trinity Advisors represented the buyer.

January 21, 2016

Loans Retail Texas

HFF Secures $247.5M Refinancing of Retail Portfolio in Houston, Dallas and San Antonio

by Haisten Willis January 20, 2016

HOUSTON, DALLAS AND SAN ANTONIO — HFF has arranged a $247.5 million refinancing for a retail portfolio totaling 20 properties and 2.1 million square feet in Houston, Dallas and San Antonio. HFF worked on behalf of the borrower, Global Fund Investments, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to refinance existing debt and recapitalize the properties. The portfolio is 95 percent leased to 414 tenants, including H-E-B, Kroger, Kohl’s, LA Fitness, Petco, Golfsmith, 24 Hour Fitness, Starbucks and T.J. Maxx. Twelve of the retail centers are in Houston or Houston-area suburbs. The Dallas-Fort Worth area houses seven of the portfolio properties, and one of the retail centers is located in San Antonio. Mike Tepedino, Michael Gigliotti and Cameron Cureton led HFF’s debt placement team.

January 20, 2016

Alliance-Center-North-hillwood-fort-worth-texas

Industrial Texas

Hillwood to Add 1.8M SF of Speculative Industrial Space at AllianceTexas

by Haisten Willis January 20, 2016

FORT WORTH, TEXAS — Hillwood Properties will construct more than 1.8 million square feet of speculative industrial space at AllianceTexas, the 18,000-acre master-planned, mixed-use development in north Fort Worth. The new space includes two industrial buildings in Alliance Westport and a third facility located in Alliance Center North. Alliance Westport 18 and 19 will be located at the entrance to the BNSF Railway Alliance Intermodal Facility at the intersection of FM 156 and Intermodal Parkway. The larger of the two spec buildings, Westport 18, will span 800,000 square feet, with the ability to expand to 1.3 million square feet, while Westport 19 will total 360,000 square feet. Alliance Center North 15 will span 588,000 square feet, and is located at the interchange of I-35W and Eagle Parkway. All three facilities will offer 360-degree, on-site truck circulation and access to adjacent land for additional car and/or trailer parking expansion opportunities. Construction is slated for completion during the second quarter of 2016.

January 20, 2016

Multifamily Student Housing Texas

Casey Development Secures Sale of Student Housing Property in San Marcos

by Haisten Willis January 20, 2016

SAN MARCOS, TEXAS — Casey Development has completed the sale of Uptown Square Apartments, a 512-bed student housing apartment community located in San Marcos. The buyer, Inland Real Estate Group, is a commercial real estate and finance firm specializing in commercial real estate acquisitions, brokerage, development and management. Developed and constructed in 2015 by Casey Development, Uptown Square is located near Texas State University, the fourth largest public university in Texas. Unit interiors at Uptown include nine-foot ceilings, granite countertops, oversized closets, stainless steel appliances, crown molding and private patios/balconies. Community amenities include a fitness center, clubhouse, study rooms, computer lab, tanning bed, pool, volleyball court and an outdoor kitchen. Occupancy was above 97 percent at the time of the sale.

January 20, 2016

Loans Multifamily Texas

LMI Secures Multifamily Acquisition Loans in Metro Houston

by Haisten Willis January 20, 2016

GALVESTON AND HOUSTON, TEXAS — Jamie Safier of LMI Capital has procured financing for a two-phase complex in Galveston that includes a historic building component. The loan represented 84 percent of the purchase price and featured a five-year fixed term with one year of interest-only payments and no pre-payment restrictions. The borrower was a first-time buyer of commercial properties and plans to use a portion of the proceeds to enhance the property’s interior and exterior appeal. Brandon Brown of LMI originated a second transaction to close a $7 million loan for a garden-style community in west Houston containing nearly 300 units. An agency loan was assumed and closed simultaneously with a supplemental loan that reduced the borrower’s required equity needed for the acquisition.

January 20, 2016

Loans Multifamily Texas

BMC Capital Provides Trio of Loans for Texas Multifamily Properties

by Haisten Willis January 20, 2016

NACOGDOCHES, CORPUS CHRISTI AND TYLER, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans for multifamily properties in Texas. In the first transaction, BMC arranged a $2.2 million loan for the refinancing of Northview Condominiums, a 72-unit multifamily property located in Nacogdoches. The loan featured a 10-year fixed term at 5 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships. In the second transaction, BMC arranged a $3.9 million loan for the purchase of Bordeaux Apartments, a 102-unit multifamily property located in Corpus Christi. The loan featured a 10-year fixed term at 4.7 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships. In the third transaction, BMC arranged a $3.6 million loan for the refinancing of Oxford Pointe Apartments, a 152-unit multifamily property located in Tyler. The loan featured a seven-year fixed term at 3.9 percent interest and a 30-year amortization schedule.

January 20, 2016

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