CIBOLO, TEXAS — Developer WholeLife Traditions has received a $55 million tax-exempt bond from the Bexar County Commission for a new active adult living community in Cibolo, a suburb of San Antonio approximately 20 miles northeast of downtown. Samarian Housing, a 501(c)3 non-profit organization, will own the 154-unit development. Plans include landscaping, sidewalks and streetlights to create the feel of a neighborhood, as well as a WholeLife club facility for gatherings, events, a fitness center, pool and game room.
Texas
HOUSTON — The Mansour Group of Marcus & Millichap has brokered the sale of an LA Fitness facility in Houston for $12 million. The 45,000-square-foot property is located at 9633 Westheimer Road, in close proximity to Walmart, Home Depot, Target, Kroger and PetSmart, among other retailers. Alvin Mansour of the Mansour Group represented the seller, a major national REIT, in the transaction. Another institutional REIT was the buyer.
FLOWER MOUND, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 25,000-square-foot industrial asset in Flower Mound, a suburb approximately 23 miles north of Fort Worth. Located at 1000 Spinks Road, the freestanding warehouse facility features seven grade-level doors and two dock doors. Dan Spika of Henry S. Miller represented the seller, Creative Wood Concepts Inc. Todd Weaver of Weaver Commercial represented the buyer, Solinski Enterprises RE.
HOUSTON — Panoptic Realty Group has closed the sale of a 16,000-square-foot flex building in Houston’s Energy Corridor for $1.6 million. Located at 17555 Groeschke Road, the facility includes both office and warehouse space. The buyer was Monarch Pools LLC, a builder of large-scale swimming pools. The seller was Mustang Laser LLC. Michael Blount Jr. of Panoptic represented both the buyer and seller in the transaction.
THE COLONY, TEXAS — ARA has brokered the sale of Bristol Oaks, a 304-unit, Class A multifamily property in The Colony, a suburb of Dallas approximately 25 miles north of downtown. The community, which includes one-, two- and three-bedroom units plus amenities such as a putting green, playground area and resort-style pool, was 93.5 percent occupied at the time of the sale. Built in 1998, the property is located at 4777 Memorial Drive. Brian O’Boyle Sr., Brian O’Boyle Jr. and Brian Murphy of ARA marketed the asset on behalf of the seller, The Pinnacle Family of Companies. Cortland Partners, an Atlanta-based real estate investment firm, purchased Bristol Oaks.
CIBOLO, TEXAS — Blakeley Commercial Real Estate (BCRE) has brokered the sale of 23.9 acres in Cibolo, a northeastern suburb of San Antonio, to Walmart. The buyer plans to construct a new 189,000-square-foot Walmart Supercenter on the land. The project will break ground in the next few weeks. Lynn Blakeley of BCRE represented the undisclosed seller in the transaction.
HOUSTON — National apartment developer and operator Mill Creek Residential plans to break ground on Premier Medical Center, a 265-unit multifamily property within the Texas Medical Center (TMC) complex, in the next month. The studio, one- and two-bedroom apartments will be built around a concrete parking garage and offer easy access to the MD Anderson Cancer Center and the 51 other medical, academic and research institutions within the TMC, which employ more than 92,000 people. The first move-ins at Premier are expected in April 2015. Mill Creek Residential currently has two other multifamily communities under construction in Houston, Sola Uptown River Oaks and Astor Tanglewood.
ARLINGTON, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 60,812 square feet of industrial space in Arlington for Masco Corp., a manufacturer of household products such as cabinetry, windows and faucets. The warehouse property is located at 841 N. Great Southwest Parkway, approximately 15 miles west of downtown Dallas. Nathan Denton of Lee & Associates represented the tenant in the negotiations, while landlord Prologis was represented internally by Cody Riles.
The North Texas industrial real estate market is hot, both in terms of development and leasing. The Dallas/Fort Worth Metroplex has seen a reduction in vacancy rates to just under 8 percent (which is an historic low), approximately 3.55 million square feet of positive net absorption and 6.4 million square feet of industrial space under construction as of the end of the second quarter of 2013. Add to these encouraging numbers the Bureau of Economic Analysis’ estimates of annualized U.S. GDP growth of approximately 2.4 percent for 2013, and the outlook is even sunnier. According to the Census Bureau, Dallas/Fort Worth is the largest metropolitan statistical area in Texas and fourth largest in the U.S. Demographics remain strong regarding a skilled labor pool and explosive population growth in the coming years, and at an unemployment rate of 6 percent, the Dallas/Fort Worth Metroplex is below both the U.S. and Texas average unemployment rate. Such statistics have Dallas/Fort Worth poised to continue to be an attractive location for industrial users and tenants. E-tailing is Here to Stay One key macroeconomic trend affecting industrial real estate in the Dallas/Fort Worth market — as well as that of the nation — is the …
CORPUS CHRISTI, TEXAS — Colliers International has brokered the sale of the Bank of America Tower, a 350,000-square-foot office property in the central business district of Corpus Christi. The 12-story, Class A building is located at 500 N. Shoreline Blvd. Features include a two-story atrium and detached parking garage. David Carter and Martin O’Malley of Colliers represented the seller, Lake Street Corpus Christi Holdings Inc., in the transaction.