Texas Real Estate Business

OCT 2017

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

Issue link: http://texasrealestatebusiness.epubxp.com/i/885420

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A U S T I N & C E N T R A L T E X A S SOLD 10 • October 2017 • Texas Real Estate Business www.REBusinessOnline.com D A L L A S & F O R T W O R T H HGI SELLS FIVE APARTMENT PROPERTIES TOTALING 1,192 UNITS DALLAS — Affiliates of Virginia- based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. Affiliates of HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties within that portfo- lio are located in the Dallas area and two are located in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for roughly $295 million, com- pared to a purchase price of approxi- mately $227 million. The company's multifamily portfolio now totals ap- proximately 22,500 units. BRADFORD COMMERCIAL NEGOTIATES 87,780 SF FLEX LEASE GARLAND, TEXAS — Bradford Com- mercial Real Estate Services has nego- tiated an 87,780-square-foot office/ warehouse lease in the Dallas metro of Garland. Kevin Santaularia and Susan Singer of Bradford Commercial represented the landlord, Houston- based Herzstein Investments Inc., in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant, American Builders Con- tractors Supply Co. Inc., a distributor of roofing, siding and window ma- terials. Built in 1991 and situated on roughly six acres at 2660 Market St., the property features three addition- al acres for outdoor storage and will serve as the company's new Dallas hub. DERMODY PROPERTIES COMPLETES 626,439 SF DISTRIBUTION CENTER DALLAS — Nevada-based develop- ment firm Dermody Properties has completed Phase I of Logisticenter at Dallas, a two-building industrial park situated on 61.7 acres at the intersec- tion of Bonnie View Road and Logis- tics Drive in Dallas. Phase I delivered a 626,439-square-foot distribution cen- ter featuring 36-foot clear heights, 111 loading docks, 262 car parking stalls and 136 trailer stalls. The center is also expandable to 1.1 million square feet. MYCON General Contractors han- dled construction of the project. Phase II of the project will center around the development of a 447,457-square-foot industrial building. A timetable for construction of that property has yet to be established. CITYMARK, CAF CAPITAL ACQUIRE 323-UNIT MULTIFAMILY COMMUNITY IN LEWISVILLE LEWISVILLE, TEXAS — A partner- ship between Cleveland-based pri- vate equity firm Citymark Capital and Dallas-based operator CAF Capital Partners has acquired Villas of Vista Ridge, a 323-unit multifamily commu- nity in the Dallas metro of Lewisville. The property is located at 351 State Highway 121 Bypass near a variety of entertainment and retail centers. Amenities include a pool and a fitness center. The seller and sales price were not disclosed. ARCH STREET BROKERS SALE OF 417-UNIT APARTMENT COMMUNITY IN EULESS EULESS, TEXAS — Arch Street Capi- tal Advisors, a Connecticut-based in- vestment advisory firm, has brokered the sale of Suite 2801, a 417-unit apart- ment community in the Dallas metro of Euless. Built in 2013, the Class A property offers a mix of one-, two- and three-bedroom units, as well as amenities such as two pools, a fitness center and a residential clubhouse. Arch Street Capital represented the buyer, a joint venture between an un- disclosed institutional investor and Atlanta-based Cortland Partners, in the transaction. DIG CLOSES SALE OF RETAIL POWER CENTER IN LEWISVILLE LEWISVILLE, TEXAS — Disney Investment Group (DIG) has closed the sale of Lakepointe Towne Crossing, a 196,630-square-foot retail power center located at 709-735 Hebron Parkway in Lewisville. Anchored by retailers such as Ross Dress for Less and Party City and shadow- anchored by a Super Target store, the property was 62 percent leased at the time of sale. DIG represented the seller, Illinois-based Retail Properties of America, in the transaction and procured the undisclosed buyer. HSR, OLYMPUS BREAK GROUND ON PHASE III OF 352-UNIT APARTMENT COMMUNITY IN CARROLLTON CARROLLTON, TEXAS — High Street Residential (HSR) and part- ner Olympus Property have broken ground on Phase III of Union at Car- rollton Square, a 352-unit apartment community located in the Dallas metro of Carrollton. One- and two- bedroom units at the property, which will also feature 4,025 square feet of ground-floor retail space, will range in size from roughly 381 to 1,149 square feet. Amenities will include a business center with multiple confer- ence rooms, a pool, fitness center and multiple courtyard spaces. The first units of Phase III are currently slated for fourth-quarter 2018 occupancy. Phases I and II saw the delivery of a total of 240,062 square feet across three buildings, totaling 311 residen- tial units and 4,658 square feet of ground-floor restaurant space. MEDPROPERTIES HOLDINGS BUYS HARRISON STREET'S HEALTHCARE PORTFOLIO FOR $230 MILLION DALLAS — Dallas-based Med- Properties Holdings has acquired a portfolio of 17 healthcare proper- ties totaling 620,750 square feet from Chicago-based private equity firm Harrison Street. The sale price was approximately $230 million. Seven of the properties are located in Texas: Abilene Surgery Center and Hospital in Abilene; Texas Rehabilitation Hos- pital of Arlington in Arlington; Grand Parkway MOB in Richmond; Wil- liams Way MOB in Richmond; Con- roe Medical Plaza in Conroe; King- wood Medical Plaza in Kingwood; and Lake Granbury Medical Center in Granbury. Following this transaction, MedProperties Holdings' portfolio of healthcare assets comprises about 3.4 million square feet across 20 states. G AVA I L A B L E KIMBALL OAKS Southlake, TX THE COLUMNS Jackson, TN SPROUTS VILLAGE Denton, TX WE KNOW SHOPPING CENTERS. SOLD $1 BILLION SINCE 2012 3131 Turtle Creek Blvd. Suite 1202 Dallas, TX 75219 214.206.3020 disneyig .com PRIMARY TENANTS: Marshalls, PGA Tour Superstore, Tuesday Morning, Bassett Furniture, Verizon Wireless, BJ's Brewhouse, Chiloso's Mexican Bistro, and Red Rock Canyon Grill PRIMARY TENANTS: Best Buy, Ross Dress for Less, Old Navy, Marshalls, rue21, Rack Room Shoes, dressbarn, Books-A-Million, Kohl's (shadow), Home Depot (shadow), and Hobby Lobby (shadow) SOLD SOLD PRIMA RY TENANTS: Sprouts, Pet Supermarket, Domino's Pizza, Hollywood Nails, Aveda, T-Mobile, Starbucks (GL) One- and two-bedroom units at Union at Carrollton Square will range in size from 381 to 1,149 square feet and are slated for fourth-quarter 2018 occupancy.

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