The land market in Austin, like the rest of the country, is driven by future expectations throughout the real estate product types from new home construction and apartments to office, retail and industrial development. Therefore, the same underlying fundamentals driving demand for new construction will also drive the demand for land development. Fortunately, Austin, like much of Texas, continues to outperform the nation economically. While the recovery has been sluggish elsewhere, Austin continues to gain economic momentum. Most metro areas throughout the country have yet to recover the employment losses sustained through the Great Recession. Austin with a net job growth of 16,300 in 2011 has now surpassed its pre-recession employment peak of 770,000 in August 2008. Current estimated employment is more than 787,000, according to the Bureau of Labor Statistics. Austin remains attractive to a variety of employers because of its educational infrastructure, young educated workforce, IT infrastructure and concentration of technology industries. While not the lowest cost of living or the lowest cost of doing business it is far and away more affordable than other tech centers such as San Jose, California, Boston and northern Virginia. Consistently ranked high by top economic development, relocation and business consultants, Austin …
HURST — Marcus & Millichap has brokered the sale of the 77-unit Dakota Place, a multifamily property located at 450 E. Hurst Blvd. in Hurst. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties, both limited liability companies, in the transaction. A local bank financed the acquisition of the property, which was 98 percent occupied at the close of escrow.
NORTH RICHLAND HILLS — Woodcrest LP has purchased the 33,000-square-foot Tarrant Parkway Plaza, a shopping center located at the intersection of North Tarrant Parkway and Davis Boulevard in North Richland Hills. Eddie Liebman of The Weitzman Group's Dallas office represented the seller, LNR Partners, in the transaction.
LANCASTER — Dallas-based Hudson Peters Commercial has brokered the sale of a 18,301-square-foot retail center, located at 404 N. Interstate 35 in Lancaster. Michelle Hudson with Hudson Peters Commercial represented the buyer, a local investor, in the transaction. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, Lancaster Venture No. One.
FARMERS BRANCH — Lee & Associates has arranged the sale of a 10,400-square-foot industrial property, located at 13700 Diplomat Dr. in Farmers Branch. Mark Graybill and Donnie Rohde of Lee & Associates' Dallas office represented the seller, Jambros Partners Limited, in the transaction. The buyer was Smooth-On.
GARLAND — Dallas-based BMC Capital has arranged a $1.1 million acquisition and capital improvement loan for a 108-unit multifamily property, located on West Walnut Road in Garland. Barrett Linburg of BMC Capital arranged the loan for the Class C property. Marcus & Millichap brokered the sale of the property.
HOUSTON — California Credit Union has acquired 507, 519 and 523 N. Sam Houston Parkway E. buildings, located in the Sam Houston Plaza Business Park near the intersection of Interstate 45 and Sam Houston Parkway in Houston's Greenspoint submarket. The properties comprise 235,794 square feet of office space. Houston-based Moody Rambin Interests has been retained for property leasing and management services. Ann Woody will oversee the property management of the property and Terri Torregrossa will handle the property's leasing.
FORT WORTH — Homewood Suites by Hilton has opened a new four-story, 90-suite hotel, located at 6350 Overton Ridge Blvd. in Fort Worth. Platinum Hotels owns the hotel and Lodgestar Investments manages it. The new hotel features a fitness center, 24-hour business center, recreational activities and approximately 1,300 square feet of meeting space.
SAN ANGELO — Love Funding has arranged $14.5 million in construction and permanent financing for The Boulevard, a market-rate apartment complex in San Angelo. Chad Ricks of Love Funding's Dallas office arranged the loan through HUD's 221(d)(4) loan insurance program. The apartment project is the latest development for NE Development and will feature a clubhouse, business center and fitness center upon completion.
DALLAS — NorthMarq Capital has secured $3.55 million in first mortgage financing for the 55,411-square-foot Maplewood Retail, located at 2515 Inwood Road in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year, fully amortized loan through StanCorp Mortgage Investors.