TOMBALL, TEXAS — A joint venture between locally based full-service real estate firm The J. Beard Real Estate Co. and Outlier Capital LLC has purchased Tomball Town Center, a 141,450-square-foot shopping center located in the northern outskirts of Houston. Kroger anchors the center, which was built on 14.1 acres in 2004. David Disney and Adam Crockett with Dallas-based Disney Investment Group represented the sellers, Illinois-based shopping center REIT InvenTrust Properties and a fund advised by Crow Holdings Capital, in the transaction. Morgan Stanley provided acquisition financing. Tomball Town Center was 98 percent leased at the time of sale.
MISSOURI CITY, TEXAS — KM Realty Investment Trust Inc., a locally based private investment firm, has unveiled plans for the redevelopment of Township Square, a 67,000-square-foot shopping center located in the southwestern Houston suburb of Missouri City. Houston-based Identity Architects is designing the project, which will upgrade the façade and landscaping of the 1980s-era property. The redevelopment is scheduled to begin in late fall and, tentatively, to be complete in the first quarter of next year. Tenants, which include Old Hickory Inn BBQ, Codemark Financial and Sugar’s Cajun Cuisine & Bar, will remain open during construction.
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Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment
The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …
HOUSTON — Host Hotels & Resorts Inc., a Maryland-based hospitality REIT, has purchased the former Hotel Alessandra, a 223-room shuttered property in downtown Houston, for $65 million. According to the Houston Chronicle, locally based firm Midway originally developed the hotel and completed it in 2017. Prior to closing, Hotel Alessandra featured a pool, spa and food and beverage concepts. Host Hotels & Resorts disclosed the purchase as part of its second-quarter earnings report but did not share plans for the future of the property.
OKLAHOMA CITY — Tulsa-based investment firm Vesta Capital has acquired Esplanade by the Lake, Mansion West, Salem West and Wedgewood Village in Oklahoma City. The four multifamily properties total approximately 550 units. According to Apartments.com, Esplanade by the Lake was built in 1976 and totals 136 units; Mansion West was completed in 1984 and offers 78 units; Salem West was constructed in 1970 and consists of 34 units; and Wedgewood Village was built in 1974 and features 301 units. The sellers were not disclosed.
ADDISON, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Addison Station, a 12-story office building that will be located on the northern outskirts of Dallas. The transit-served building will span between 250,000 and 350,000 square feet and will feature an 8,000-square-foot rooftop amenity deck, an indoor/outdoor tenant lounge, fitness center and a conference center. Construction is scheduled to begin later this year. Colliers International is marketing the project for lease.
SAN ANTONIO — The University of Texas at San Antonio (UTSA) has opened the Roadrunner Athletics Center of Excellence, a $40.4 million facility that occupies more than 10 acres on the school’s main campus. The facility, named for the school mascot, features multiple practice fields, academic study spaces, a sports medicine center, strength and conditioning rooms, a lounge and office space for coaches and administrators. Kansas City-based Populous and locally based firm Marmon Mok Architecture led the design of the 95,000-square-foot facility. Joeris General Contractors and Project Control handled construction.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Uptown at Cole Park, a 179-unit apartment community in Uptown Dallas. Built in 2016, the property features one- and two-bedroom units that are furnished with quartz countertops, custom cabinets, stainless steel appliances and private balconies. Amenities include a pool, fitness center, dog park and package lockers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of IPA represented the seller, The Ergas Group, and procured the buyer, Heritage Capital Group.
AUSTIN, TEXAS — Chatham Lodging Trust (NYSE: CDLT) has acquired two Marriott-branded hotels totaling 269 rooms near The Domain in North Austin for $71.2 million, or approximately $265,000 per room. The purchased hotels include the 132-room Residence Inn Austin Domain that opened in July 2016 and the 137-room TownePlace Suites by Marriott that opened in June 2021. Island Hospitality Management will manage the hotels. The seller(s) was not disclosed.
IRVING, TEXAS — Bellomy & Co. has negotiated the sale of a 609-unit self-storage facility in Irving that is operated by Pennsylvania-based REIT CubeSmart. The property features 66,698 net rentable square feet and was 97 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based entity doing business as 3450 Willow Creek LLC, and procured the buyer, New York-based Andover Properties.