DALLAS — Bradford Commercial Real Estate Services has launched an $8 million renovation of Meadow Park Tower, a 16-story office building in North Dallas. The project will deliver an overhaul of HVAC systems and updates to the amenity and common areas, including the addition of new outdoor spaces and activities. The plan also calls for three office suites to be upgraded. Bradford acquired the building, which is currently 89 percent leased, about nine months ago and operates its headquarters office from the 11th floor. Completion of the renovation is slated for the first quarter of next year.
EDINBURG, TEXAS — Coldwell Banker Commercial has arranged the sale of a 61,000-square-foot medical office building in the Rio Grande Valley city of Edinburg. The three-story property was built on three acres in 2003 within Cornerstone Medical Park. Daniel Galvan and Michael Pacheco of Coldwell Banker Commercial represented the buyer and seller, both of which requested anonymity, in the transaction. The building was 99 percent leased at the time of sale.
By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift marketwide occupancy levels. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs, inflation — may lead to a slowdown. On the positive side, retailer, developer and investor interest remains at extremely high levels, since retail real estate is a long-term game that factors in short-term concerns. The retail market also bolstered by robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that benefits from rising energy prices. …
By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift occupancy levels marketwide. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs and inflation — may lead to a slowdown. On the positive side, tenant, developer and investor interest remains extremely high since retail real estate is a long-term game that factors in short-term concerns. The retail market also benefits from several positive influences, including robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that is bolstered …
FORT WORTH, TEXAS — Richmond, Va.-based investment firm 37th Parallel Properties has purchased Heights at Cityview, a 344-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units with an average size of 984 square feet and amenities such as a pool, fitness center, clubhouse and a putting green. Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of floating-rate agency financing for the acquisition.
SAN ANTONIO — Dallas-based RightQuest Residential has broken ground on Paloma San Antonio, a 264-unit multifamily project that will be located on a 13-acre site on The Alamo City’s east side. Units will come in one- and two-bedroom formats, and amenities will include a pool, fitness center, business center, outdoor grilling stations, package lockers and a dog park. Cross Architects designed the project, and Houston-based Nations Construction is serving as the general contractor. Veritex Community Bank provided construction financing. The first units will be available for occupancy in fall 2023.
WACO, HOUSTON AND FORT WORTH, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities totaling 704 licensed beds in Waco, Houston and Fort Worth. A national owner acquired the properties for $28 million and plans to lease the facilities out to multiple operators. Blueprint marketed the properties, which were all built in the 1960s, on behalf of a court-appointed receiver.
COPPELL, TEXAS — McLaren Automotive has opened a 31,000-square-foot office and showroom at 1405 S. Belt Line Road in the central metroplex city of Coppell. The space will house the North American operations of McLaren’s sports car division, which the British luxury auto manufacturer has relocated from New York. Dallas-based Merriman Anderson Architects designed the space, which also features a training center and workshop.
SAN ANTONIO — Northmarq has brokered the sale of Judson Meadows, a 28-unit apartment complex in San Antonio. The property was built in 2007 and offers a playground, dog park and outdoor picnic areas. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.
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How to Maintain Multifamily Investment Momentum in the Face of Rising Interest Rates
By Melissa Jahnke, associate director of operations, Walker & Dunlop The Federal Reserve raised interest rates by 75 basis points in June and then another 75 basis points in July, sending shockwaves across the commercial real estate industry. Fortunately, there are opportunities and solutions to bypass these potential roadblocks. Specifically, investors in a segment of multifamily housing known as small balance lending (SBL), encompassing five- to 150-unit properties, have several options to realize their aspirations for financing multifamily portfolios. View a higher resolution version of the timeline above here. During a recent webcast “Financing Amid Rising Rates: Best Approaches for $1M-$15M Multifamily Loans,” Walker & Dunlop’s market experts spoke about navigating today’s financing landscape. The expert panel included Allison Williams, senior vice president and chief production officer; Allison Herrera, senior director of SBL; and Tim Cotter, director of capital markets. These experienced professionals have found ways to make deals happen in a wide variety of financing environments and have shared their perspectives and guidance. If you are an owner of five- to 150-unit properties that require loans between $1 million to $15 million, the following will help you navigate today’s financial environment and build your momentum. Step 1: Consider the …