Category: Central/South Texas

JDI Loans closes $6.6M loan for The Granary at Briggs Ranch, San Antonio

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JDI Loans LLC, an affiliate of JDI Realty LLC, closed a $6.65 million bridge loan to Convergence Brass LLC, secured by an 865-acre planned mixed-use development site in San Antonio’s fast-growing western suburbs. The non-recourse loan will be used to pay off the current first mortgage, fund an interest reserve and fund various other pre-development costs before the property’s eventual sale. “While most other lenders have curtailed lending, JDI was able to look past the current pandemic and underwrite to the submarket’s strength and long-term value of the subject residential development,” said Rob Weil, principal, JDI Realty. The city-approved master development plan for the property envisions 2,498 single-family homes and 1,932 apartments in multiple communities around a central town square. “During a time in which nearly all lenders were on the sidelines, JDI was able to understand a complex land development with several private and public stakeholders—and close on an accelerated timeline,” said Ben Bartlett, president and chief operating officer, Convergence Investments, a partner in Convergence Brass. “We’ve now completed three transactions with JDI, and each time they closed quickly without any last-minute surprise modifications. That’s a rarity in the private bridge lending world.”

Colliers Mortgage Closes $40.7 Million HUD 221(D)(4) Loan for The Grassdale At Manor

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The Minneapolis office of Colliers Mortgage, part of Colliers | U.S. recently closed a $40.7 million HUD 221(d)(4)  loan for the new construction financing of The Grassdale at Manor, located in Manor, Texas.  The proposed new construction is a 320-unit market rate multifamily apartment property consisting of ten garden-style buildings that will be two (2) to three (3) stories in height with 90 garage spaces, 79 carport spaces, and 410 surface spaces for a total of 579 parking spaces.  The unit mix will include 156 one-bedroom units, 108 two-bedroom units, and 56 three-bedroom units. The Project is located in an Opportunity Zone and the equity is being contributed through a Qualified Opportunity Fund.  The 40-year term plus construction period, 40-year amortization loan was arranged through a partnership with Old Capital Lending for The Grassdale at Manor, LLC.

NAI Partners San Antonio arranges building purchase for counseling center

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NAI Partners San Antonio recently arranged the purchase of Biltmore on the Corner at 5522 Lone Star Parkway for San Antonio Counseling and Behavioral Center in San Antonio, Texas. This is the third location for San Antonio Counseling and Behavioral Center that NAI Partners has assisted with, and the company’s fifth overall in San Antonio. NAI Partners’ Jorge Martinez represented San Antonio Counseling and Behavioral Center in the transaction. Endura Advisory Group’s Rick Lagrange represented the seller, A&L Development. “As the company continues to grow, I’m glad to be able to partner with San Antonio Counseling and Behavioral Center, whose work is as important as ever,” said Martinez. San Antonio Counseling and Behavioral Center provides psychotherapy for children, adolescents, adults and families by appointment.

RESOLUT RE Closes Eight Texas Retail Leases

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RESOLUT RE recently completed eight retail transactions throughout Texas. The deals were in the Austin, Dallas, Houston and San Antonio metros with a final lease in West Texas. There were two leases in the DFW area. Colin Cannon and Stephanie Jacobs of RESOLUT RE represented the landlord in MKJ Vape’s 1,000-square-foot lease at Westwood Village Center, 215 Sunset Boulevard, Sherman, Texas. Additionally, Spirit Halloween leased 9,945 square feet at the former Advance Auto Parts in Arlington, located at 711 W. Pioneer Parkway in Arlington, Texas. Jacobs and Jeff Lewin of RESOLUT RE represented the landlord. Phil Morris of RESOLUT RE represented the landlord in a deal that saw Dr. Yankelson DDS renew at Cannon West, 6800 Westgate Boulevard in Austin. In Houston, Panamericana Family Clinic renewed their Westwood Village Shopping Center lease (9615 Southwest Freeway); Eric Broussard and Benny Nguyen of RESOLUT RE represented the landlord in that transaction. Among the San Antonio leases, Mr. Lee’s Kitchen leased 2,400 square feet at Old Farm Shopping Center, 10604 Perrin Beitel Road, San Antonio. Aisha Chapa of RESOLUT RE represented the landlord while Carolyn Bustamante of RESOLUT RE represented the tenant. Alavie Pain Management expanded by 783 square feet at Plaza I-35 (12702 Toepperwein Road, San Antonio); David Simmonds of RESOLUT RE represented the landlord and Mason Pollard of Transwestern represented the tenant. Additionally, To-Go-Pizza leased 450 square feet at Shell Station Restaurant, 702 Acme Road, San Antonio. Aisha Chapa of RESOLUT RE represented the landlord. Finally, Hotworx has leased 2,045 square feet at Tuscany Town Center, 4060 Faudree Road in Odessa, Texas. Wes Tune of RESOLUT RE represented the tenant while Valerie Drew of Lone Star Commercial Real Estate represented the landlord.

Koontz Corporation Sells Foster Ridge Distribution Center

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SAN ANTONIO – August 11, 2020. San Antonio-based Koontz Corporation (Koontz) today announced the sale of Foster Ridge Distribution Center—a 327,000 square-foot Class-A distribution facility located near the intersection of Foster Road and IH-10 E—to Exeter Property Group, headquartered in Conshohocken, Pa. Developed by Koontz and completed in October 2019, the industrial facility is located at 6611 Lancer Boulevard in Northeast San Antonio. The building features 32-foot clear height, 75 dock-high overhead doors, four ramps, ample trailer storage, 130-foot truck courts on either side of the building, and an Early Suppression Fast Response (ESFR) Fire Sprinkler System. Designed to accommodate a single large user or multiple smaller tenants. “We planned Foster Ridge Distribution Center to address the increasing demand for state-of-the-art distribution facilities in San Antonio due to the rapid expansion of e-commerce and larger tenants looking to move into our marketplace,” said Koontz Corporation President and CEO Bart Koontz. “With its prime location and state-of-the-art amenities, Foster Ridge will be an ideal facility for a tenant in any number of industries.” Trent Agnew, of Jones Lang LaSalle IP Inc. (JLL) represented Koontz Corporation in the sale. The buyer represented itself. Since its founding in 1997, Koontz Corporation has developed more than 7 million square feet of commercial properties and approximately 1 million square feet of industrial properties. Its portfolio includes office, medical office, industrial, retail, and multi-family developments.

Provender Partners sells grocery distribution centers in St. Louis, San Antonio markets

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Provender Partners today has sold two grocery distribution centers totaling more than 500,000 square feet of space in St. Louis, Missouri, and San Antonio, Texas. Provender purchased both properties in 2019, investing more than $6 million in extensive improvements and renovations to the distribution centers before securing 10-year leases from Dollar General in both locations. With freezer, cooler and dry storage, the properties are part of Dollar General’s new DG Fresh initiative to bring logistics capabilities in-house, seeking further control over its operations as it expands into the fresh and frozen food categories. The St. Louis distribution center is 232,556 square feet and is located at 7101 Hazelwood Ave. in Berkeley, Missouri. The San Antonio center is 267,702 square feet and is located at 5505 Kaepa Court in San Antonio. Both were purchased for nearly $64 million. Guy Ponticello and Robert Gibson of CBRE and Scott Delphey of Food Properties Group represented Provender Partners. The sale is the latest in recent Provender Partner transactions. This year, the company sold a $90 million+ asset in Fort Worth, Texas; leased a 267,000-square-foot building to Dollar General; and added two processing facilities — 220,000 square feet in Illinois and 161,000 square feet in Oakland — to its portfolio.