GRAND PRAIRIE, TEXAS — Airbus Helicopters Inc. and France-based Helisim have broken ground on a $40 million helicopter training facility in Grand Prairie, roughly midway between Dallas and Fort Worth. The facility will serve as the new training center for pilot personnel and flight simulations. Completion is slated for later this year. The venture is expected to bring several thousand pilots and maintenance personnel to Grand Prairie every year, sometimes for two weeks or more.
FRISCO, TEXAS — Minneapolis-based Ryan Cos. and Dubai-based Invest Group Overseas will develop Auspire at The Gate, a 900,000-square-foot office campus that will be located in the northern Dallas metro of Frisco. The office space will be part of a mixed-use development that includes retail space, two multifamily buildings totaling 775 units and a hotel. Avison Young will handle leasing of the office space, which has a construction schedule of 18 to 20 months.
HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.
DALLAS — Common Desk has opened an 18,085-square-foot coworking office space at Factory Six03, a warehouse-turned-office building located at 603 Munger St. in Dallas’ West End neighborhood. The space features 26 private offices, conference rooms, a vinyl record lounge, nap room and a wet bar. The location represents the second collaboration between Common Desk and the landlord, Granite Properties.
Paul Letourneau, manager of commercial lending for Alliant Credit Union, believes the more things change, the more fundamental business practices stay the same. In the lending world, this includes the ability to form and maintain relationships with key sponsors and brokers. As a credit union, how does Alliant compare to other capital sources? Letourneau: Alliant is looking to complement the prospect’s existing lending relationships. Alliant is a national lender and a great option to supplement the geographic and structure constraints of local capital providers. Strong broker engagement helps Alliant as the brokers bring both market and sponsor intelligence that might not be possible to come by otherwise. The broker’s knowledge is key to thriving in all lending environments and markets. There has been some recent volatility within the markets, so it is more important than ever to make informed decisions, which involves working with experienced and knowledgeable brokers as intermediaries for our clients. How can a disciplined lender remain flexible and accommodating for today’s borrowing needs? Letourneau: Today’s borrowing needs are not much different than they were in the past. Borrowers who need flexibility look to capital providers that can accommodate them. Whether it is interest-only, short-term bridge, flexible pre-payment penalties, longer term fixed rates, floating rates or …
Paul Woodworth, head of agency lending for SunTrust, believes a lot of focus will remain on multifamily in 2019, but that doesn’t mean that multifamily deals will be a piece of cake. Instead, he predicts some ingenuity will be required on the part of the lender in order to keep momentum strong following an active 2018. What are the best ways lenders can work with developers to increase our nation’s affordable housing supply? Woodworth: Lenders should play a consultative and collaborative role. A financial institution has a unique opportunity to leverage its public-private relationships, bringing an array of resources to the table, including foundations, as well as public and private subsidy sources. It is also critical for a lender to bring multiple solutions to fill the capital stack. This could include construction or bridge financing, LIHTC equity and permanent lending solutions. Furthermore, banks have a desire and an obligation to serve their communities. Active — and creative — participation in delivering quality affordable housing plays a critical role in the sustainability of the communities we serve. Where is SunTrust’s sweet spot right now in terms of multifamily activity? Woodworth: SunTrust’s sweet spot is primarily focused in affordable housing, conventional multifamily — …
FRISCO, TEXAS — Dallas-based design/build firm ARCO/Murray has completed an 825-unit self-storage facility in Frisco on behalf of The Jenkins Organization, a Houston-based self-storage development and management firm. The property spans 116,000 square feet and features 5,000 square feet of climate-controlled wine storage and 1,300 square feet of office space.
FORT WORTH, TEXAS — Victory Real Estate Group is underway on construction for Victory Shops at Basswood, a 26-acre retail project at the corner of Blue Mound Road and Basswood Boulevard in Fort Worth. According to site plan, German discount grocer Lidl will be the anchor tenant; other tenants will include Chipotle, Verizon and Starbucks. The Fort Worth Star-Telegram reports that Victory will complete construction of the first buildings early this year.
ROANOKE, TEXAS — Civitas Senior Living and LKP Ventures will develop Harvest Senior Living, an 83-unit assisted living and memory care community in Roanoke, a northern suburb of Fort Worth. The property will be situated on 5.2 acres along State Highway 114, span 67,000 square feet and offer resort-style amenities. The groundbreaking is slated to occur this spring.
GRAPEVINE, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of five office buildings totaling 25,000 square feet in Grapevine, located on the fringe of DFW International Airport. Cody Payne of Marcus & Millichap represented the seller and procured the buyer, an out-of-state private investor, in the transaction. Other terms of sale were not disclosed.