Cresa represents Careismatic Brands in its new 1,014,254-square-foot industrial lease in Dallas

Cresa’s Jim Hazard, SIOR and Brad Struck, SIOR, represented California-based Careismatic Brands in its 1,014,254-square-foot, full building lease at I-20 Logistics Park located at 35550 LBJ Freeway in Dallas. This is a consolidation of multiple warehouses across the country.

The new distribution facility features 40-foot clear ceiling height, 170 dock-high doors and trailer parking for 246. Most notably, the logistics park has direct access to I-20 and is conveniently accessible to I-35E, I-45 and the second-largest FedEx Ground facility in the U.S.

Careismatic Brands is a leading designer, marketer and distributor of high-quality uniforms, footwear, and accessories to retailers distributing its products globally into more than 50 countries. Careismatic Brands manages operations through its centralized distribution center in Dallas, with a global sourcing model. 

The developer, Ares, and Archway Properties, was represented by KBC’s Nathan Lawrence and Krista Raymond. 

Silver Star Properties completes sale of 17.2 acres in Fort Worth

Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX. Inc. announces the disposition of 17.2 acres of land located at 820 North Business Park in Fort Worth.

The 820 North Business Park property, also known as Longhorn Business Park, was initially purchased by Silver Star Properties in 2009. Following the purchase, Silver Star Properties held the land for 10 years before selling two of the nine parcels totaling 9.9 acres in 2019 to Champion Realty Advisors.

In 2020, Silver Star Properties completed plans to develop two traditional warehouse/flex buildings on the remaining seven parcels of land to meet the increasing demand for logistics in the DFW area. Primely located just off Interstate 820 and conveniently positioned two miles from the Fort Worth Meacham Airport, the property poses significant potential for return once complete.

Investor picks up Class B office building in Houston’s Energy Corridor

JLL Capital Markets announced today that it has closed the sale of 12012 Wickchester, a 109,473-square-foot, Class B office building in Houston’s Energy Corridor.

JLL marketed the property on behalf of the seller, CapRidge Partners, LLC, and procured the buyer, Woodside.

12012 Wickchester is located directly north of the Katy Freeway between Kirkwood Rd. and N. Eldridge Pkwy in West Houston. The 3.7-acre site is positioned in the heart of the Energy Corridor, Houston’s third largest employment center boasting many 500 companies and multi-national energy companies as well as proximity to some of the city’s wealthiest executive neighborhoods in the Memorial Villages. In addition, the property is close to a significant amenity base highlighted by Town & Country Village, CITYCENTRE and Memorial City.

Renovated in 2021, 12012 Wickchester offers six stories of office space with an on-site deli and a 3.5/1,000 structured parking garage. The building caters to smaller multi-suite floorplans and excels by providing tenants with a Class A Energy Corridor location. The property was 61% leased to a diversified stable of tenants at time of sale.

The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Managing Directors Marty Hogan and Kevin McConn.

ACRE closes on $111 million loans for newly-built multifamily properties in Pflugerville

ACRE, a global real estate private equity firm, today announced it has finalized two loans totaling $111 million with TerraCap Management, LLC (TerraCap), to support two multifamily properties in Pflugerville, Texas. 

Issued through ACRE’s debt fund ‘ACRE Credit I,’ the loans will aid in TerraCap’s purchase of newly-built properties ‘The Dalton’ and ‘The Beacon at Pfluger Farm’, comprising 350 and 258 units, respectively. Executed in January, the three-year agreement includes options for two single-year extensions. 

Newmark’s Matthew Williams and Kyle Schlitt served as debt brokers for the deal. 

TerraCap is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South, and West Mountain regions of the U.S.

Located at 2209 West Pflugerville Parkway, The Dalton was completed in 2021 and features a range of one-, two-, and three-bedroom rental units. The unit interiors feature tasteful faux wood flooring; stainless steel appliances; farmhouse kitchen sinks; granite countertops; tile backsplashes; contemporary custom cabinetry; custom lighting; and walk-in closets. 

The building’s suite of on-property amenities includes a resort-style pool and luxury pool house with grilling stations; and a private dog park and grooming area. Additional amenities available to residents comprise an on-site concierge; on-demand Starbucks coffee bar and Bevi sparkling and flavored water dispenser; self-serve wine membership; electric vehicle (EV) chargers; attached and detached garages; and a gated community entrance. 

The Beacon at Pfluger Farm, which was completed in 2022, is located at 1300 Rauscher Drive and offers a selection of rental units ranging from one to three bedrooms. Within each unit, residents will find open-concept floor plans with hardwood-inspired flooring; upscale custom fixtures and cabinetry; stainless steel appliances; granite countertops; dishwashers; and walk-in closets. 

Amenities include a resort-style pool; sunning deck with lounge seating; outdoor gathering area with fireplaces and BBQ stations; fitness studio and cycling room; WiFi-enabled coworking club; and a luxe clubhouse with shuffleboard and billiards. The community also offers pet-friendly units and pet-oriented amenities such as a dog park and washing area. In addition to a gated entrance, residents also have access to standard and EV-compatible garage parking options. 

Located in the suburbs of Austin, Pflugerville is home to an array of public and private schools, golf courses and country clubs, restaurants, and marinas. With convenient access to State Highways 130 and 45, residents enjoy an easy commute to Downtown Austin. 

Trez Capital announces the portfolio sale of two major projects in Texas

Trez Capital is proud to announce the dual sale from its Trez Opportunity Funds (TOF) #4 and TOF #5 of The Beacon and The Dalton, located in the Austin region of Texas, as a portfolio to a single purchaser at a price exceeding initial sale expectations and providing investors with returns higher than the original proforma. Both projects are highly sought-after Austin multi-family communities that serve an undersupplied housing market. 

Trez Capital’s Equity Investment Program partners with experienced developers in markets with strong population, job and gross domestic product (GDP) growth. The sale of both projects speaks to the continued growth and unwavering demand in Texas. 

Both projects are in TOF #4 and TOF #5. After the sale of the remaining investments held by each TOF #4 and TOF #5, the Internal Rate of Return (IRR) on these funds are projected to be between 30% and 40%, which is well in excess of the projected IRRs of approximately 15% at the time of underwriting. There are several existing projects still performing in these TOFs, which will provide additional income to investors upon sale.

The Beacon and The Dalton are the fourth and fifth projects that Trez Capital has built in partnership with Thompson Realty Capital, which has over 25 years of experience in acquisitions, development, and property management of multi-family, office, and single-family residential projects. 

The Beacon contains 258 dwelling units, and The Dalton contains 350 dwelling units. Collectively, these two projects add more than 600 high-quality residential units to a booming region in Austin that needs more housing supply. The projects will also offer the communities attractive amenities. 

Trez Capital continues to invest in high-quality development opportunities across North America, particularly in the Sunbelt states such as Texas, Arizona and Florida, for the TOF series and Trez Capital Private Real Estate Fund Trust (TPREF). 

$63 million in financing secured for multifamily development in Dallas-Fort Worth area

Anthem Development, a Dallas-based multifamily developer and Nova Capital, a Los Angeles-based real estate capital advisory firm, successfully closed on a $63 million of joint venture equity and debt for the acquisition and development of Lofts iThirty, a planned 340-unit luxury multifamily property located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, Texas, one of the most active submarkets in the Dallas-Fort Worth metroplex. 

Nova Capital was exclusively engaged on behalf of the sponsor, Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground this month with completion scheduled for 2025. The firm ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management and a debt facility with Bank OZK.

Lofts iThirty will feature five, four-story buildings with community amenities including two resort style pools, pet spa, pet park, game room, coffee bar, remote work lounge, outdoor kitchens, two 24-hour fitness centers totaling over 3,500 square feet, elevator access, and climate-controlled corridors and more. 

The community is conveniently located adjacent to Interstate 30, providing residents with convenient access to neighboring communities. Additionally, Lofts iThirty is designed to be pedestrian-friendly and is within walking distance of a variety of shopping, dining, and entertainment options, and will offer short commutes to major employers.