Texas

Buchanan Street Partners Acquires Tollway Plaza in Dallas

by Haisten Willis November 13, 2015

DALLAS — Buchanan Street Partners has acquired Tollway Plaza, an office property located at 15950 and 16000 N. Dallas Parkway in Dallas. This is Buchanan Street’s third purchase in the greater Dallas area this year. Tollway Plaza is a LEED-certified property consisting of two eight-story buildings totaling 370,073 square feet. Onsite amenities include a fitness center, conference facility and café. Buchanan Street is planning upgrades to Tollway Plaza’s campus lobbies, elevators and restrooms to match the design of the property exteriors. Tollway Plaza is located in the Dallas North Tollway submarket and was 95 percent leased at the time of the sale to tenants such as Travis Wolff LLP, Axxess Technology Solutions, HQ Global and Stewart Title. Tommy Nelson, Shannon Brown and Kenzie Killgore of CBRE will handle leasing for Tollway Plaza. HFF’s Dallas investment sales team represented the seller, which was unnamed. Buchanan Street Partners represented itself.

November 13, 2015

Cohen Financial Secures $6M Refinancing Loan for Self-Storage Portfolio

by Haisten Willis November 13, 2015

LUFKIN, TEXAS — Cohen Financial has secured a $6 million loan to refinance a portfolio of five self-storage facilities located in the east Texas city of Lufkin. The portfolio consists of 1,719 units spanning 264,040 square feet. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas, and all of the storage facilities are within a six-mile radius. Kenneth Fox of Cohen Financial’s San Francisco office originated the fixed-rate loan through Symetra Insurance Co. A San Francisco Bay-area investor/owner group is the borrower.

November 13, 2015

Loans Multifamily Texas

BMC Capital Provides Trio of Loans in Metro Dallas, Houston and Beaumont

by Haisten Willis November 13, 2015

GARLAND, KATY AND BEAUMONT, TEXAS — BMC Capital has provided loans in the Texas cities of Garland, Katy and Beaumont totaling $8.2 million. In the first transaction, Tony Talamas of BMC Capital’s Houston office arranged a $1.7 million loan for the purchase of a 50-unit, garden-style multifamily property built in 1959 in Garland. The loan featured a 20-year term with 4.2 percent interest for five years, a 30-year amortization schedule and a step-down pre-payment premium. The non-recourse loan also featured one year of interest-only payments while the new owner makes upgrades and implements repairs/renovations to the property. The loan was arranged through one of BMC Capital’s correspondent agency relationships under the Freddie Mac Small Balance program. In the second transaction, Talamas arranged $4.5 million loan for the refinancing of an unanchored, multi-tenant retail strip center in Katy. The property was 57 percent occupied and 70 percent leased at the time of application. Talamas arranged a permanent loan with one of BMC Capital’s correspondent credit union relationships. The loan featured a five-year, fixed-rate term with 4.8 percent interest, 25-year amortization schedule and no pre-payment penalty. In the third transaction, Talamas arranged a $2 million loan for the purchase of a multifamily property …

November 13, 2015

Mixed-Use Retail Texas

CBRE Global Investors Fund Acquires Mixed-Use Center in Dallas

by Haisten Willis November 13, 2015

DALLAS — A fund sponsored by CBRE Global Investors has acquired Mockingbird Station, a Class A mixed-use lifestyle center in Dallas totaling 560,468 square feet. The development includes retail space, an office tower and luxury loft-style apartments. Located at 5307, 5321 and 5331 E. Mockingbird Lane, the property sits just north of downtown. The development is built around Mockingbird Station, a stop for the DART light rail system serving the Dallas-Fort Worth area, and is also located directly off I-75. Mockingbird Station includes a 10-story, 148,878-square-foot office tower that is 94 percent occupied, as well as an adjacent parking garage containing 177 spaces. The 197,367-square-foot retail component, which is 92 percent occupied, includes restaurants, an eight-screen movie theater, a comedy club and several retailers. Mockingbird Station also includes 211 apartments, which are 96.7 percent occupied. The team is planning upgrades to select components throughout the units, which include the installation of updated solid surface countertops, tile backsplashes, premium fixtures and washer/dryers. The team is also planning to upgrade the property’s entranceway, leasing office and amenities.

November 13, 2015

Mixed-Use Retail Texas

M&M Arranges Sale of Mixed-Use Development in Colleyville

by Haisten Willis November 13, 2015

COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of The Village at Colleyville, a medical office and multifamily mixed-use building in Colleyville. The property was 100 percent occupied at the time of the sale. Nick Fluellen, Ron Hebert, Bard Hoover, Trey Caldwell and Scott Ogilvie of Marcus & Millichap’s Dallas office procured the buyer, a 1031-exchange investor. Built in 2009, the property is located at 5232 Colleyville Blvd. in Colleyville. The building features 15,000 square feet of medical office space and 30 multifamily units. Colleyville Family Medicine leases the medical office space.

November 13, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

Growing Pains — The History, Revitalization and Relocation to Austin’s CBD

by Haisten Willis November 13, 2015

Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …

November 13, 2015

Mixed-Use Retail Texas

Gables Residential Breaks Ground on Las Colinas Mixed-Use Development

by Haisten Willis November 12, 2015

IRVING, TEXAS — Gables Residential has broken ground on a mixed-use development in the Las Colinas area of Irving. Gables Water Street, located off of John W. Carpenter Freeway (SH 114), will consist of 316 apartment homes in three five-story buildings. Gables Water Street will offer efficiencies along with one-, two-and three-bedroom apartment homes averaging 960 square feet. Interior finishes will include stainless steel appliances, granite countertops, under mount sinks, framed mirrors, tile backsplash and wood-style flooring. Community amenities will include two areas with views of Lake Carolyn, two fitness centers, a business and mail center, game room, pool and outdoor kitchen. Retail tenants will include Olivella’s, Twisted Root Burger, Main Street Bistro and Bakery, Planet Sub and The Londoner Pub. The community will be located one mile from the Irving Music Factory, which is under construction. Comerica Bank, Cadence Bank and the city of Irving provided financing for the project, and WDG is the architect for the development. Water Street is located a block from a DART light rail connection to the central business district and Dallas/Fort Worth International Airport. The mixed-use community also offers its own transit station for the elevated rail system that runs around the Las …

November 12, 2015

Industrial Texas

MiTek to Expand Houston Warehouse to 50,000 SF

by Haisten Willis November 12, 2015

HOUSTON — MiTek is expanding its Houston warehouse to 50,000 square feet to offer more product variety, inventory and fastest order fulfillment rates. MiTek expanded the Houston warehouse to address the needs of local contractors and do-it-yourself customers, where the company has seen increased demand. The warehouse is open and will reach its new full capacity in January of 2016. The expansion is aimed at reducing ship times and heightening customer responsiveness.

November 12, 2015

Loans Multifamily Texas

New York Life Originates Loan for Ascent Victory Park in Uptown Dallas

by Haisten Willis November 12, 2015

DALLAS — New York Life Real Estate Investors has originated construction-to-permanent loan financing for Ascent Victory Park, a 302-unit, Class A apartment complex set to be built in Dallas. The fixed-rate loan has a 10-year term and will be used to finance the construction and leasing of the property. Ascent Victory Park will be located adjacent to the American Airlines Center in the mixed-use Victory Park development in Uptown Dallas. Located less than one mile from the Dallas central business district, the property will offer access to Victory Park and Uptown retail, dining and entertainment amenities, as well as the Katy Trail bike path. John Lippmann of New York Life Real Estate Investors manages the national bridge loan and construction finance program. Andy Scott of HFF’s Dallas office acted as mortgage banker in the transaction.

November 12, 2015

Retail Texas

NOVUS Brokers Land Deals to Make Way for Midlothian Towne Center

by Haisten Willis November 12, 2015

MIDLOTHIAN, TEXAS — Renzo Cella of NOVUS Realty Advisors has negotiated the sale of 31.8 acres on the southeast corner of the Highway 287 Bypass and FM 663 for the development of Midlothian Towne Center. Cella represented the seller in the transaction and helped negotiate the sale to Weber & Co., which plans to develop the 53-acre regional shopping center. Kroger Marketplace will anchor the development and could be joined by other big-box retailers. Construction is slated to begin March 2016 with an estimated completion date in April 2017. The shopping center will also feature an additional 10 pad sites for retailers and restaurants. Midlothian is located in northwest Ellis County. The city has seen a 136 percent increase in population since 2000.

November 12, 2015

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