Texas

Low Retail Inventory Sustains Sales Prices in Dallas, Austin

by Taylor Williams June 25, 2021

By Taylor Williams The combination of a flight by investors to highly targeted segments of the physical retail market and a lack of new development in 2020 is keeping prices high for select properties in some of Texas’ biggest markets. Retail investment sales brokers in Dallas and Austin say that for specific subtypes of well-located properties — such as single-tenant, net-leased (STNL) assets and multi-tenant strip centers with essential businesses — there simply aren’t enough of these deals being brought market to go around. These supply constraints ensure that pricing continues to rise and cap rates continue to compress for these in-demand assets. According to data provided by CoStar Group and Real Capital Analytics (RCA), Dallas-Fort Worth (DFW) was a top 10 market in 2020 in terms of average retail sales price growth. Although total transaction volume was, unsurprisingly, down for the year, the metroplex saw an average price of $396 per square foot for single-tenant retail assets, a year-over-year increase of 5 percent. The average sales price for multi-tenant retail properties rose 6 percent to $329 per square foot over the course of the year. The data from CoStar and RCA for Austin also illustrates more muted sales price …

June 25, 2021

Company News Texas

Former CBRE Occupier Services Team in Dallas Joins Colliers

by Taylor Williams June 24, 2021

DALLAS — A Dallas-based occupier services team that consists of Steve Rigby, Baron Aldrine, Mike Kay, Peter Danna and Mike Cleary has joined Colliers International from CBRE. Between its various members, the team brings several decades’ worth of industry experience to the table. “Colliers promotes an entrepreneurial and nimble culture that will provide our team the flexibility to tailor customized solutions for our clients,” said Steve Rigby. “Its global brand combined with a powerful platform and a broker-focused leadership team provides the ideal environment for our team to excel.”

June 24, 2021

Acquisitions Multifamily Texas

ShainRealty Capital Acquires Reflections at Highpoint Apartments in Dallas for $46.3M

by Taylor Williams June 24, 2021

DALLAS — Los Angeles-based investment firm ShainRealty Capital has acquired Reflections at Highpoint, a 373-unit apartment community in the Northwood Heights area of Dallas. The sales price was $46.3 million. Built in 1986, the property features one-, two- and three-bedroom units and amenities such as four pools, a fitness center, spa, package lockers and community gardens. Doug Banerjee, Andrew Mueller, Jack Stone and Hugo Reisenbichler of Greysteel represented ShainRealty and the undisclosed seller in the transaction. New York-based Arbor Realty Trust provided $40.6 million in acquisition financing to ShainRealty, which will implement a $2.3 million capital improvement program.

June 24, 2021

Acquisitions Industrial Self-Storage Texas

JLL Brokers Sale of 426-Unit Springwood Self Storage Facility in Austin

by Taylor Williams June 24, 2021

AUSTIN, TEXAS — JLL has brokered the sale of Springwood Self Storage, a 426-unit facility located at 9206 Anderson Mill Road on Austin’s north side. The three-story building was completed in 2017. All units are climate-controlled. Brian Somoza and Steve Mellon of JLL represented the seller, an entity doing business as Springwood Self Storage LLC, in the transaction. Wasatch Storage Partners purchased the asset for an undisclosed price.

June 24, 2021

Acquisitions Office Texas

Patrinely Group, USAA Sell 128,990 SF Office Building in North Austin

by Taylor Williams June 24, 2021

AUSTIN, TEXAS — A joint venture between Patrinely Group and USAA Real Estate has sold Aspen Lake Three, a 128,990-square-foot office building in North Austin’s Lakeline neighborhood. Completed in May, the four-story building was fully preleased to Q2 Holdings, a provider of cloud-based software for the banking industry, at the time of sale. The buyer and sales price were not disclosed.

June 24, 2021

Industrial Leasing Activity Texas

Henry S. Miller Negotiates 36,616 SF Industrial Lease in Haltom City, Texas

by Taylor Williams June 24, 2021

HALTOM CITY, TEXAS — Henry S. Miller Brokerage has negotiated a 36,616-square-foot industrial lease in Haltom City, a suburb of Fort Worth. Dan Spika and Scott Axelrod of Henry S. Miller represented the tenant, Chicago-based L & W Supply Corp., in the lease negotiations. The representative of the landlord, Fort Worth-based Key Partners Ltd., was not disclosed.

June 24, 2021

Acquisitions Hospitality Texas

Ohana Real Estate Buys 491-Room Hyatt Regency Lost Pines Resort & Spa Near Austin

by Taylor Williams June 23, 2021

BASTROP, TEXAS — Redwood City, Calif.-based Ohana Real Estate Investors has purchased the 491-room Hyatt Regency Lost Pines Resort & Spa in Bastrop, an eastern suburb of Austin. The seller was an affiliate of Hyatt Hotels Corp. According to hotelbusiness.com, which tracks the hospitality industry, the sales price was $275 million. The 650-acre property features more than 36,000 square feet of indoor meeting space and 276,000 square feet of outdoor amenity space that includes a golf course, water park, amphitheater and an equestrian facility. In addition, the property adjoins the 1,100-acre McKinney Roughs Nature National Park. The deal follows Ohana’s acquisition of the 496-room La Cantera Resort & Spa in San Antonio.

June 23, 2021

Loans Office Texas

Barings Provides Loan for Refinancing of 504,750 SF Office Tower in Dallas

by Taylor Williams June 23, 2021

DALLAS — Barings Real Estate has provided a loan for the refinancing of PwC Tower at Park District, a 504,750-square-foot office tower in Uptown Dallas. The amount of the loan was not disclosed, but the Dallas Morning News reports that it was $225 million. Built in 2018, the building consists of 20 stories of office space above a four-story parking garage. Onsite amenities include three restaurants, a tenant lounge, conference center and a 7,000-square-foot health club. Jim Curtin of JLL arranged the loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, MetLife Investment Management. PwC Tower at Park District, which bears the name of its anchor tenant, PricewaterhouseCoopers, was approximately 93 percent leased at the time of the loan closing.

June 23, 2021

Acquisitions Multifamily Texas

Embrey, Carlyle Group Sell 285-Unit Domain at Founders Parc Apartments in Metro Dallas

by Taylor Williams June 23, 2021

EULESS, TEXAS — San Antonio-based developer Embrey Partners LLC and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D.C., have sold Domain at Founders Parc, a 285-unit apartment community located near Dallas-Fort Worth International Airport in Euless. Units feature custom cabinetry, wood-style flooring, stainless steel appliances, ceramic and tile backsplashes and full-size washers and dryers. Amenities include a pool with cabanas, fitness center with a spin studio, cyber and resident lounges, coffee bar, game room, conference rooms, pet park and spa, bike wash and repair shop, fire pits and an outdoor kitchen. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer, Tampa-based multifamily investment firm American Landmark, in the transaction.

June 23, 2021

Acquisitions Retail Texas

2GR Equity, Tarantino Acquire 195,000 SF Retail Power Center in League City, Texas

by Taylor Williams June 23, 2021

LEAGUE CITY, TEXAS — A joint venture between metro Dallas-based 2GR Equity LLC and Houston-based Tarantino Properties has acquired League City Towne Center, a 195,000-square-foot retail power center in League City. The property sits on 31.5 acres at the southeast quadrant of Interstate 45 and FM 646 on the outskirts of Houston. Shadow-anchored by Home Depot and Target, League City Towne Center was 96 percent leased at the time of sale.

June 23, 2021

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