AUSTIN, TEXAS — Dallas-based RAMROCK Real Estate LLC has purchased West Creek, a 53,338-square-foot neighborhood retail center situated on 9.3 acres near MoPac Expressway in southwest Austin. Anchored by Gold’s Gym, the property was fully leased at the time of sale to tenants such as Great Clips, Palm Beach Tan, Cypress Grill and West Creek Dental. Chris Gerard, Ryan Shore, Drew Fuller and Josh Villarreal of JLL represented the undisclosed seller in the transaction.
DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of a 38,500-square-foot warehouse located within Lone Star Park in Dallas. The property, which is situated on 1.9 acres and built in 1984, was vacant at the time of sale. Brock Wilson and Joe Santaularia of Bradford Commercial represented the seller, SL4 DFW Industrial LP. Drew Feagin of Stream Realty Partners represented the buyer, First American Exchange Co. Inc.
KILLEEN, TEXAS — Marcus & Millichap has brokered the sale of Clear Creek Rentals Ltd. Mobile Park Home, a 126-site manufactured housing community located in the Central Texas city of Killeen. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The exact sales figure was not disclosed, but the deal closed at a price substantially above the list price.
It’s an exciting time to be living in Lubbock, Texas. The amazing smells of Evie Mae’s Beef Ribs fill the air. McPherson, llano Estacado and English Wineries are producing gold medal wines, on point with anywhere in the country. The Texas Tech men’s basketball team was 30 seconds away from a national championship; the men’s track team won the NCAA Championship; and the Red Raiders’ Meat Judging Team continued its dominant reign. Winning has infected the community culture, translating into a strong local economy. Things are great for the local consumer, but how is that playing out for multifamily investors? Here, the message is mixed. We will begin by discussing the Lubbock economy as a whole, then the key numbers for the Lubbock multifamily market, followed by a general discussion. Economic Outlook The Lubbock economy continues to perform at record levels. Per the Bureau of Labor Statistics, the city’s unemployment rate in June was 3.2 percent. As amazing as this number is, it actually represents an increase from the unemployment experienced in the two previous months. Over the last 12 months, the Lubbock economy added an estimated 2,000 new jobs. Per the Lubbock National Bank Economic Report, some of the …
KATY, TEXAS —American Landmark, a Tampa-based multifamily owner-operator, has acquired Elan 99 West, a 360-unit multifamily community in Katy, a western suburb of Houston that will be rebranded as Elite 99 West. Built in 2016, the property features one-, two- and three-bedroom units with quartz countertops, washes and dryers, private patios and yards, walk-in closets and wood flooring. Community amenities include a pool with lounge seating, lake with jogging path, fitness center, outdoor kitchen and lounge and a clubhouse. Mitch Sinberg, Matthew Robbins, Robert Falese and Matthew Cullison of Berkadia arranged acquisition financing on behalf of American Landmark, which will implement a $1.3 million capital improvements program. Following this transaction, American Landmark now owns and manages about 28,000 apartments throughout the Southeast and Texas.
DALLAS — CBRE has negotiated the sale of a 14-property, 431,902-square-foot retail portfolio located throughout Texas. The seller was Dallas-based Rainier Cos., which disposed of the assets as part of the sale of a 677,979-square-foot portfolio of 27 retail properties in seven states. The larger portfolio was 92 percent leased at the time of sale. The buyer and sales price were not disclosed. Michael Austry and Jared Aubrey of CBRE handled the transaction.
SAN ANTONIO — Berkadia has arranged the sale of Villas de Santa Fe, a 208-unit multifamily asset located near San Antonio Medical Center on the city’s northwest side. Built in 1982, the property features one- and two-bedroom units with tile floorings, window coverings, pantries, solar screens and washer and dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, picnic area and a sports court. Mike Miller, Will Caruth, Chris Ross and Cody Courtney of Berkadia handled the transaction on behalf of the seller, San Diego-based Comunidad Realty Partners. The buyer was not disclosed.
EL PASO, TEXAS — Locally based shopping center developer River Oaks Properties has broken ground on Eastlake Marketplace, a 252,000-square-foot retail power center that will be located at the corner of Interstate 10 and Eastlake Boulevard in El Paso. The opening is scheduled for late 2020.
HOUSTON — Hillcroft Partners has purchased Stonecreek Plaza, a 63,890-square-foot mixed-use property in Houston that includes warehouse, office and retail space. Jared Pinto of Newcor Commercial Real Estate represented the seller, a private investor, in the transaction. The buyer was self-represented.
DALLAS AND HOUSTON — JLL has entered into an agreement to acquire the Dallas and Houston operations of Peloton Commercial, a leasing and management firm based in Texas. Peloton co-founding partners Joel Pustmueller and T.D. Briggs will join JLL’s Jeff Eckert in leading the integration of the teams. Peloton’s John Myers will assume regional leadership of property management for Dallas-Fort Worth. In May, Cushman & Wakefield acquired the Austin operations of Peloton, which was founded in 2002 and currently leases or manages more than 25 million square feet of commercial space.
