Texas

Michael Klein Lending Freedom Financial Funds

In Spite of Higher Capital Costs, Successful Deals Can Still be Achieved with Diligence and Solid Underwriting

by Sarah Daniels February 7, 2023

Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …

February 7, 2023

Industrial Leasing Activity Texas

Careismatic Brands Signs 1 MSF Industrial Lease in Southwest Dallas

by Taylor Williams February 6, 2023

DALLAS — Careismatic Brands, a California-based designer and distributor of apparel, footwear and accessories, has signed a 1 million-square-foot industrial lease at I-20 Logistics Park in southwest Dallas. The newly built facility offers 40-foot clear heights, 170 dock-high doors and 246 trailer parking stalls. Nathan Lawrence and Krista Raymond of KBC Advisors represented the landlord, a partnership between Ares Development and Archway Properties, in the lease negotiations. Jim Hazard and Brad Struck of Cresa represented Careismatic Brands.

February 6, 2023

Industrial Leasing Activity Texas

Partners Negotiates 116,176 SF Industrial Lease in Schertz, Texas

by Taylor Williams February 6, 2023

SCHERTZ, TEXAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has negotiated a 116,176-square-foot industrial lease in Schertz, a northeastern suburb of San Antonio. According to LoopNet Inc., the property at 9870 Doer Lane totals 307,000 square feet and features 32-foot clear heights. John Colgalzier of Partners represented the landlord, an entity doing business as Baltisse-Ackerman Schertz, in the lease negotiations. The representative of the tenant, third-party logistics firm Quality Custom Distribution Services, was not disclosed.

February 6, 2023

Acquisitions Office Texas

CapRidge Partners Sells 109,473 SF Office Building in Houston’s Energy Corridor

by Taylor Williams February 6, 2023

HOUSTON — Austin-based investment firm CapRidge Partners has sold a 109,473-square-foot office building in Houston’s Energy Corridor. The six-story building, which was renovated in 2021 and was roughly 60 percent leased at the time of sale, sits on a 3.7-acre site at 12012 Wickchester Lane. Marty Hogan and Kevin McConn of JLL represented CapRidge Partners in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

February 6, 2023

Acquisitions Data Centers Industrial Texas

Hilco Real Estate Brokers Bankruptcy Sale of 48,980 SF Data Center in Fort Worth

by Taylor Williams February 6, 2023

FORT WORTH, TEXAS — Hilco Real Estate has brokered the bankruptcy sale of a 48,980-square-foot data center located along U.S. Highway 287 in Fort Worth. Built in 2018 as an industrial flex property and recently repositioned to support data center usage, the facility features 18- to 26-foot clear heights, 22 drive-in doors and office space. The site includes 6.5 acres for future expansion. The facility was leased to an undisclosed trucking company at the time of sale. The buyer and seller were not disclosed.

February 6, 2023

Acquisitions Retail Texas

Hunington Properties Arranges Sale of 12,100 SF Retail Building in San Antonio

by Taylor Williams February 6, 2023

SAN ANTONIO — Austin-based brokerage firm Hunington Properties has arranged the sale of a 12,100-square-foot retail building in San Antonio. The building was constructed in 2021 and was fully leased to Action Behavior Center at the time of sale. Gigi Gomel of Hunington Properties represented the seller, a Houston-based limited liability company, in the transaction. Luis Garza of Transwestern represented the Alaska-based buyer. The sales price was not disclosed, but the deal traded at a cap rate of 5 percent.

February 6, 2023

Development Multifamily Texas

Sueba USA to Develop 292-Unit Multifamily Project in West Houston

by Taylor Williams February 3, 2023

HOUSTON — Locally based developer Sueba USA will build San Paseo, a 292-unit multifamily project that will be located just off Grand Parkway in West Houston. The community will offer 272 apartments in studio, one-, two- and three-bedroom floor plans, as well as 20 townhomes. Apartments will range in size 496 to 2,088 square feet and will feature stainless steel appliances, tile backsplashes and full-size washers and dryers. Private patios/balconies will also be available in select units. Townhomes will come in three-bedroom formats and will feature attached garages. Amenities will include a pool, spa, fitness center and an internet café. Construction will begin later this year, with preleasing set to commence in March 2024.

February 3, 2023

Industrial Leasing Activity Texas

Finial Group Negotiates 244,550 SF Industrial Lease in North Houston

by Taylor Williams February 3, 2023

HOUSTON — Locally based brokerage firm Finial Group has negotiated a 244,550-square-foot industrial lease at 121 Esplanade Blvd. in North Houston. The tenant, Maxam Tire North America, a global distributor of specialty tires, plans to occupy the entirety of the facility. Jack Gaffney and William Alcorn of Finial Group represented Maxam Tire in the lease negotiations. Richard Quarles, Joseph Berwick and Eliza Klein of JLL represented the landlord, Pennsylvania-based Equus Capital Partners.

February 3, 2023

Industrial Leasing Activity Texas

UPS Supply Chain Solutions Signs 175,562 SF Industrial Lease in Schertz, Texas

by Taylor Williams February 3, 2023

SCHERTZ, TEXAS — UPS Supply Chain Solutions has signed a 175,562-square-foot lease at Enterprise Industrial Park in Schertz, a northeastern suburb of San Antonio. John Colglazier, Carlos Marquez and Kyle Kennan of Partners represented the landlord, institutional investment firm BentallGreenOak, in the lease negotiations. Dallas-based brokerage firm ESRP represented the tenant, which will occupy the entirety of Building VII.

February 3, 2023

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 162-Unit Self-Storage Facility in Athens, Texas

by Taylor Williams February 3, 2023

ATHENS, TEXAS — Self-storage brokerage firm Versal has arranged the sale of West Loop Storage, a 162-unit facility in Athens, about 70 miles southeast of Dallas. The property, which includes a 2.6-acre parcel for future expansion, was built in 2013 and totals 29,000 net rentable square feet of non-climate-controlled space. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller and procured the buyer, both of which were Texas-based limited liability companies, in the transaction.

February 3, 2023

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