HOUSTON — Khaadi, a women’s apparel retailer based in Pakistan, has opened a 4,700-square-foot store at Houston’s Galleria Mall. The store will be the second in the United States for the brand, with the other being located in Tysons, Va. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Khaadi, which is also in talks to open stores in the New York City and Chicago areas, in lease negotiations. Simon Property Group owns the mall.
AUSTIN, TEXAS — JLL has arranged a $430 million CMBS loan for the refinancing of Fairmont Austin, a 37-story luxury hotel tower located at 101 Red River St. in downtown Austin. The borrower, San Diego-based developer Manchester Financial Group, used the five-year, fixed-rate loan to replace a $300 million senior loan and $125 million of mezzanine debt, which Berkadia arranged in 2019. Spanning 1.4 million square feet, Fairmont Austin features 1,048 guestrooms and suites, nearly 140,000 square feet of meeting space, a full-service spa, five dining options, an outdoor resort-style pool deck on the seventh floor and a pedestrian walkway connected to the Austin Convention Center. The hotel is currently the fifth-tallest building in Austin, according to JLL. Manchester Financial Group delivered the Fairmont Austin in 2018. In addition to its direct connection to the convention center, the building is near Lady Bird Lake and the city’s premier neighborhoods including the Rainey Street District and East Austin. Tim Wright, Aldon Cole and Olga Walsh of JLL’s capital markets debt advisory team arranged the interest-only loan through Goldman Sachs, which acted as lead manager and sole bookrunner in the transaction. Walsh says the marketing process for the refinancing was “competitive” due …
LUBBOCK, TEXAS — Coldwell Banker has brokered the sale of Dimora Village, a 418-unit multifamily property in the West Texas city of Lubbock. The site is located roughly one mile from the Texas Tech University campus and adjacent to the North Park mixed-use development. Dimora Village consists of 209 separately deeded duplexes. According to Apartments.com, units come in two-, three- and four-bedroom floor plans, and amenities include a pool, basketball court, courtyard and pet play area. Chase Tucker and Taylor Tucker of Coldwell Banker represented the undisclosed seller in the transaction and procured the buyer, Crain Co.
AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.
IRVING, TEXAS — Western Pacific Building Materials has signed a 101,900-square-foot industrial lease at Prologis Freeport Distribution Center Building 2 in Irving. According to LoopNet Inc., the building, which was constructed on 10.6 acres in 1985 and renovated in 1998. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Jeremy Kelly of Stream Realty Partners, along with internal agent Mitchell Pruitt, represented Prologis. The 227,394-square-foot building is now fully leased.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of an 80-room dual-branded hotel in Lancaster, a southern suburb of Dallas. The three-story building houses Sleep Inn & Suites and Mainstay Suites and offers shared amenities such as a pool, fitness center, business center and outdoor picnic area. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based investment firm, in the transaction. The duo also procured the buyer, an out-of-state 1031 exchange investor.
IRVING, TEXAS — Holt Lunsford Commercial has negotiated a 22,601-square-foot office lease in Irving. According to LoopNet Inc., the building at 3660 Regent Blvd. was constructed in 2000 and totals 158,728 square feet. John Dickenson and Paul Hernandez of Holt Lunsford Commercial represented the landlord, Houston-based investment firm Wedge Group, in the lease negotiations. Brendan Kelley of Avison Young and Mike McElwee of Hughes Marino represented the tenant, Power Home Remodeling Group.
NEW YORK CITY AND DALLAS — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue operations under their original names. HBC will fund the purchase through a combination of equity from new and existing shareholders. Notably, both Amazon and Salesforce will be shareholders in the new company upon closing, with the Seattle-based e-commerce giant also expected to take on a consultative role. According to CNN, the two companies have been discussing a merger for several years. The Atlanta-based news network also reports that Saks currently operates 39 stores, while Neiman Marcus, which filed for Chapter 11 bankruptcy in 2020, operates 36 stores. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” says …
FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.
HOUSTON — Hamilton Point Investments, a real estate private equity firm based in Connecticut, has acquired a portfolio of four apartment communities in the Houston area for $195 million. The portfolio totals 1,174 units and consists of Prose Champions in Houston (360 units); Prose Copperfield in Houston (361 units); Prose Cypress Creek in Cypress (240 units); and Prose Franz in Katy (213 units). The properties were all constructed within the last three years. The seller was not disclosed, but Prose is the workforce housing brand of Alliance Residential. No third-party brokers were involved in the transaction.