Texas

Alvarez & Marsal Capital Underway on 204,000 SF Office Redevelopment Project in Plano

by Taylor Williams January 19, 2023

PLANO, TEXAS — California-based Alvarez & Marsal Capital Real Estate is underway on construction of a four-building, 204,000-square-foot office redevelopment project in Plano. Southern Methodist University (SMU) previously occupied the 16-acre site at 5228-5240 Tennyson Parkway, which can support a single or multiple users. Amenities at the new campus, which will be known as ELEVAR, will include a fitness center, conference center and a bistro lounge. Construction is slated for a third-quarter completion. Cushman & Wakefield is marketing the development for lease.

January 19, 2023

Courtyard-by-Marriott-Dallas-Grand-Prairie

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 120-Room Marriott-Branded Hotel in Grand Prairie, Texas

by Taylor Williams January 19, 2023

GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Grand Prairie, a 120-room hotel located roughly midway between Dallas and Fort Worth. The four-story hotel was completed in 2021 and features a pool, fitness center, onsite restaurant and 2,000 square feet of meeting and event space. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Anderson Cos., in the transaction and procured the buyer, MCR Hotels. Pete Felhman of Marcus & Millichap Capital Corp. arranged an undisclosed amount of acquisition financing for the deal.

January 19, 2023

Industrial Loans Northmarq Office Texas

Northmarq Arranges $5.5M Acquisition Loan for Industrial Flex Property in Houston

by Taylor Williams January 19, 2023

HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.

January 19, 2023

Industrial Leasing Activity Texas

Apparel, Accessories Provider Signs 1 MSF Industrial Lease in Wilmer, Texas

by Taylor Williams January 18, 2023

WILMER, TEXAS — An undisclosed American multinational firm that provides apparel, footwear and accessories has signed a 1 million-square-foot industrial lease at Southport Logistics Park in Wilmer, a southern suburb of Dallas. The unnamed tenant will occupy the entirety of Building 3 at the 252-acre development, which is owned by Chicago-based Logistics Property Co. Features of the cross-dock, speculatively built facility include 40-foot clear heights, 354 car parking spaces (expandable to 724) and 164 trailer parking spaces (expandable to 197). Seth Kelly, Dan Estes and Nathan Lawrence of CBRE represented the tenant in the lease negotiations. Kacy Jones and John Hendricks, also with CBRE, represented Logistics Property Co.

January 18, 2023

Acquisitions Industrial Oklahoma Self-Storage Texas

Marcus & Millichap Arranges Sale of 754-Unit Self-Storage Facility in Norman, Oklahoma

by Taylor Williams January 18, 2023

NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Cambridge Mini Storage, a 754-unit self-storage facility in Norman, located south of Oklahoma City. The facility totals 87,700 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the locally based seller in the transaction and procured a Dallas-based private partnership as the buyer. Both parties requested anonymity.

January 18, 2023

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 132-Unit Skilled Nursing Facility in Sherman, Texas

by Taylor Williams January 18, 2023

SHERMAN, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Homestead of Sherman, a 132-bed skilled nursing facility in Sherman, approximately 65 miles north of Dallas. The community spans 39,211 square feet and sits on five acres. A Dallas-based private partnership sold the property to a Fort Worth-based owner-operator for an undisclosed price. Matthew Alley and Ryan Saul of SLIB brokered the deal.

January 18, 2023

Acquisitions Multifamily Texas

SPI Advisory Acquires 120-Unit Park Place Apartments in Hurst, Texas

by Taylor Williams January 18, 2023

HURST, TEXAS — Texas-based investment firm SPI Advisory has acquired Park Place Apartments, a 120-unit multifamily complex located in the northern-central metroplex city of Hurst. Built in 1978, the property offers one- and two-bedroom units and amenities such as a pool, tennis court, basketball court and outdoor grilling and dining areas. The seller and sales price were not disclosed. SPI Advisory plans to implement a value-add program.

January 18, 2023

Leasing Activity Retail Texas

CarSquad Opens 21,000 SF Dealership in Metro Houston

by Taylor Williams January 18, 2023

KATY, TEXAS — CarSquad, a sister brand of Florida-based preowned car dealership Off Lease Only, has opened a 21,000-square-foot lot at the northwest corner of I-10 and U.S. Highway 99 in the western Houston suburb of Katy. The dealership houses an array of cars, trucks, vans and sport utility vehicles and also features kiosks on the sales floor. CarSquad built the facility but leased the land from Smithco. CBRE negotiated the ground lease.

January 18, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sales of Three Dallas-Area Multifamily Properties Totaling 377 Units

by Taylor Williams January 17, 2023

DALLAS, HURST AND ARLINGTON, TEXAS — Marcus & Millichap has brokered the sales of three multifamily properties totaling 377 units in the Dallas area. The properties sold for a combined $36.6 million. Park Place totals 120 units and is located in the northern-central metroplex city of Hurst, while Twenty Oaks comprises 86 units and is located in nearby Arlington. The Francisco, which is situated about five miles from downtown Dallas, totals 171 units. Al Silva and Ford Braly of Marcus & Millichap represented the sellers and buyers, all of which requested anonymity, in all three transactions.

January 17, 2023

Acquisitions Hospitality Texas

Hunter Hotel Advisors Negotiates Sale of Two San Antonio Properties Totaling 277 Rooms

by Taylor Williams January 17, 2023

SAN ANTONIO — Hunter Hotel Advisors has negotiated the sale of two Marriott-branded properties in San Antonio. The Courtyard by Marriott and Fairfield Inn & Suites SeaWorld/Westover Hills feature a combined 277 rooms and are located on the city’s west side. An undisclosed, institutional investment firm sold the hotels to Florida-based IRAS Group for an undisclosed price. David Perrin of Hunter Hotel Advisors represented the seller in the transaction.

January 17, 2023

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