Wealth, abundance, prosperity, and substantiality are our ‘gold,’
says Douglas Elliman’s Arthur Greenstein.

We hear about it every day – the interest rate is going up, supply issues, backed-up permit offices, and the pending recession. A lot of what you read might be clickbait, the doom, and gloom that draws our ever-inquisitive attention to the story at hand. The media faces the challenge of keeping readers gripped to the story while being informative about every market and submarket in the country. Writers often must choose between macro and microeconomics to share a more transparent look into what’s going on specifically in our state and even deeper for a more augmented look into our city.

We are not in good shape; WE ARE IN GREAT SHAPE!

According to the US Bureau of Economic Analysis, Texas is the 9th largest economy in the world. We’re the second biggest economy in the U.S., and our exports are higher than New York and California combined. Commercial real estate sales in Dallas Fort Worth are the highest in the country, almost equaling Los Angeles and Atlanta combined.

Texas, and specifically Dallas, is not just in good shape; it’s in great shape! Let’s dive into a few of the main reasons why…

Click to read more at www.dmagazine.com.

Pensam has closed on a $7.6 million preferred equity investment for the recapitalization of The Elise, a 341-unit apartment community located in Dallas, Texas. In connection with the transaction, the sponsor, Windmass Capital, arranged senior financing with a senior mortgage lender and sought out Pensam’s preferred equity solution to provide incremental capital to support the refinancing.

“With the rapid increase in interest rates, proceeds from senior loans have been dramatically compressed, making Pensam’s various capital and lending solutions a vital source of financing for multifamily owners,” said Pensam Head of Capital Markets and Lending Ray Cleeman. “In this transaction, Pensam was able to increase total loan proceeds up to 75% of the capital stack, a significant increase above the senior loan.”

Cleeman also added that, “Pensam has a deep pool of capital ready to deploy for these types of scenarios and are seeing a significant increase in demand for our lending solutions, including both preferred equity and mezzanine loans that go behind other senior lenders including the agencies, commercial banks, life companies and debt funds.”

The Elise was built in 1987 and is located at 1720 John West Road. Renovated units at the property feature granite countertops, new black appliances, subway tile backsplash, faux wood floors, new cabinet faces, upgraded fixtures and hardware, new paint, and resurfaced cabinets. Amenities include a fitness center, resort-style swimming pool, gated access, landscaping, and on-site/on-call maintenance.

Pensam’s investment will support the sponsor’s continuing capital improvements plan to incorporate additional value-add amenities at the property for the enhancement of the resident experience.

CBRE announced the sale of Sunridge II, a 698,880-square-foot Class A+ distribution center, located at 1700 N. Goode Road in Wilmer, Texas. Cohen Asset Management purchased the property from Scannell Properties for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Delivered in 2022, the property is strategically located off I-45 and approximately one mile from the Union Pacific Intermodal Terminal. Built with market-leading specifications, the distribution center features 40-foot clear highs, cross-dock configuration, 138 dock doors, four drive-in ramps and an ESFR sprinkler system. In addition to the distribution space, the property includes 10,000 square feet of office space (making up 1.4% of the total property).

According to CBRE’s Q3 2022 Industrial MarketView, the South Dallas submarket remained the most sought-after area for industrial users across the metroplex with nearly 2.2 million square feet of net absorption in Q3 and 8.4 million square feet year to date (YTD). Despite the 30.2 million square feet of new deliveries in 2022, there has been 27 million square feet of leasing activity, leaving the direct vacancy rate for the metroplex at 4.9%.

JLL Capital Markets announced today that it has closed the sale of a three-property self-storage portfolio totaling 1,743 units in Dallas-Fort Worth.

JLL represented the seller, a joint venture between Harrison Street and Advantage Self Storage, and procured the buyer, HPI.

The facilities are located at 864 E. Belt Line Road in Cedar Hill, 8060 Precinct Line Road in Colleyville and 6818 FM 2499 in Denton. Each property has excellent frontage along a prominent thoroughfare and is located in a dense and affluent trade area. In addition, the immediate area surrounding all three properties have seen a 47% increase in multifamily development and a nearly 20% increase in residential development since 2010, ensuring steady demand for self-storage space.

The portfolio totals 201,850 square feet across the three properties. Features at the Class A, climate-controlled facilities include 24-hour video surveillance systems, security systems, electronic gate access, keypad entry and individual unit locks.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien and Analyst Jake Kinnear.

“The self-storage sector in Dallas-Fort Worth continues to benefit from the area’s strong job growth, job recovery and population growth,” Mellon said.