Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village of Rowlett, a 249-unit, transit-oriented, mixed-use residential and retail development in Rowlett, Texas.

“Rowlett is the eighth-fastest growing city in the country, and Village of Rowlett is one of the city’s just five Class A multifamily assets,” said Drew Kile, IPA senior managing director. Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond represented the seller, Catalyst Urban Development, and procured the buyer, Buchanan Street Partners. “Built in 2018, the property has been resilient through years of high supply and as deliveries leveled off, the location has proven to be the best in the submarket,” added Tumminello. “The market placed a premium on that aspect of the opportunity and the advantages it can provide long term.”

Located on President George Bush Turnpike in Rowlett’s downtown district, Village of Rowlett is within walking distance of a Dallas Area Rapid Transit station and 20 minutes from Downtown Dallas. Major employers in the Dallas-Fort Worth area include JPMorgan Chase, Uber Technologies, Allstate Insurance, Keurig Dr. Pepper and Reata Pharmaceuticals. The property has 16,588 square feet of retail, 13 live-work units, and 27 townhomes. Select units have 20-foot vaulted ceilings, covered patios and enclosed yards. Outdoor amenities include a swimming pool with sun deck, a pet park, and an urban community garden.

“IPA covers every submarket in the Metroplex and all markets in Texas with one multifamily team and this was an important factor in the completion of this closing,” added Balthrope.

RMR Mortgage Trust has announced the closing of a $27.4 million first mortgage floating-rate bridge loan to refinance 500 N. Central Expressway in Plano, Texas, a five-story, 237,000 square foot, multi-tenant office property. RMRM’s manager, Tremont Realty Capital, was introduced to the transaction by Jones Lang LaSalle Incorporated, which advised the sponsor, MoxieBridge.

An initial advance of approximately $24.6 million was funded at closing with future advances of up to $2.8 million available for tenant improvements, leasing commissions and capital expenditures. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements.

Tom Lorenzini, President of RMRM, made the following statement:

“We continue to expand and diversify RMRM’s portfolio with the closing of this first mortgage whole loan. This loan fits squarely within our principal investment objective of investing in high quality loans secured by middle market and transitional commercial real estate supported by well capitalized sponsors and cash-flowing properties. RMRM is well positioned for continued portfolio growth with numerous attractive opportunities in our pipeline and ample liquidity available for investment.”

Erika Ashley Elite Dog Grooming, LLC leased 2,158 square feet at 6505 W. Park Blvd in Plano, TX. Kat Morrison represented the landlord, Hartman Income REIT. 

Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today that they represented Clarion Partners and a real estate fund advised by Crow Holdings Capital in the execution of a 20-year, approximately 1,000,000-square-foot build-to-suit lease for HomeGoods, which is part of The TJX Companies, Inc. family of brands and a national off- price home fashions retailer, at Carter Park East in Fort Worth, Texas.

Carter Park East is a 556-acre, multi-phase, master-planned, industrial development capable of delivering over six million square feet. The project is located south of I-20 and east of I-35 in the South Fort Worth submarket. Rob Riner Companies is the lead developer responsible for this build-to-suit project and all phases of planned speculative construction.

Rob Riner, who has been developing industrial buildings in South Fort Worth for more than a decade, said, “Carter Park East is a vision that started fifteen years ago. To witness that vision become real has been something special. We were long-term believers in this submarket and were confident that, with time, Carter Park East would become one of the premiere industrial parks in DFW. This lease goes a long way toward achieving that reality.”

The HomeGoods’ building will encompass approximately 100 acres of land and approximately 1,000,000 square feet under-roof. This facility will serve as a regional distribution center for HomeGoods and its sister brand, Homesense.

Andy Lowe, Managing Director at Clarion Partners, said, “We’re very excited to welcome HomeGoods as the first tenant at Carter Park East. We’re proud to work with HomeGoods to support their operations throughout the region.”

Michael Balcom, Director at Crow Holdings Capital, added, “We are grateful for all parties involved in this transaction, especially the team at HomeGoods and our advocacy within the City of Fort Worth. This facility will provide tremendous economic benefit for surrounding area, including jobs and tax revenue, for years to come.”

In addition to the HomeGoods build-to-suit, an initial speculative phase of Carter Park East, inclusive of one 549,780-square-foot building and a second 323,570-square-foot building, is under construction to deliver fourth quarter 2021. Both buildings are currently available for lease.

Seth Koschak, Managing Director and Partner at Stream, said, “South Fort Worth has emerged as a primary submarket in DFW with over 4 million square feet delivered since 2017 and another 4.5 million square feet currently under construction. Having a brand like HomeGoods make this level of commitment speaks volumes to the City of Fort Worth, our community, and the South Fort Worth industrial submarket. We feel very fortunate to have HomeGoods as our lead tenant at Carter Park East.”

Stream’s Koschak, Jeff Rein, and Forrest Cook represented the landlord and Tony Kepano and Nathan Lawrence with CBRE represented the tenant in the transaction.