Category: Deals & Announcements

Marcus & Millichap arranges sale of triple net lease BioLife in Dallas

Posted on by Mia Goulart

Marcus & Millichap announced the sale a 14,150-square foot net lease property located in Harker Heights, Texas.

Senior Managing Directors Austin Weisenbeck, and Sean R. Sharko, and Associate Daniel Chumbley had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investment group, was secured and represented by Weisenbeck and Sharko. Tim Speck assisted in closing this transaction.

Situated at 875 W Central Texas Expressway in Harker Heights, Texas, this 14,150-square foot BioLife property stands prominently positioned conveniently off U.S. Highway 190, where a substantial flow of 53,619 vehicles per day passes. The property boasts a triple net lease with 14 years remaining and a Takeda Pharmaceuticals guarantee.

Newmark completes sale and financing of 336-unit multifamily asset in Round Rock

Posted on by Mia Goulart

Newmark has completed the sale and financing of The Warner, a 336-unit core multifamily asset located in Round Rock, Texas. The property was 95% occupied at the time of sale and traded from the developer, an affiliate of real estate development and investment firm Stanmore Partners, to Harbor Group International, a global real estate investment manager.

Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction. Executive Managing Directors Henry Stimler, Bill Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Director Daniel Sarsfield of Newmark’s Debt, Equity and Structured Finance team helped arrange the financing on behalf of the buyer.

Built in 2022, The Warner features fully air-conditioned corridors and elevator access to all units. Community amenities include a resort-style pool, gaming and fitness lawns, an expansive clubhouse, private co-working spaces and a 24-hour athletic club. Apartment homes average 901 square feet and feature one-, two- and three-bedroom floorplans.

Located at 2670 S. AW Grimes Boulevard, The Warner boasts a prime location along the Texas Innovation Corridor anchored by Austin’s Silicon Hills and San Antonio’s biotech industry, which has experienced major population and economic growth over the past decade. Additionally, The Warner is proximate to a strong future medical presence, with 730,000 square feet of medical space underway just 15 minutes from the property. Residents further benefit from city-wide connectivity via IH-35, SH-45 and SH-130.

According to Newmark Research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since Q3 of 2021 and well above the long-term average. New supply will also significantly increase, with nearly 550,000 units expected to be delivered in 2023 and an all-time high of nearly 588,000 in 2024.

St. John Properties announces new office project north of Austin

Posted on by Mia Goulart

St. John Properties, Inc. plans to break ground early next spring on a 120,000-square-foot project in Leander that will become the suburban community’s first Class-A office building and the first commercial component of the 116-acre urban, mixed-use Northline development 30 miles from Austin.

The four-story building is designed to earn LEED certification and will offer high-quality finishes, floor-to-ceiling windows, as well as 15,500 square feet of ground floor retail and restaurant space. The floorplates will be able to accommodate tenants that are diverse in size and services. Located at 1157 Main St., the project is scheduled to be completed in the first half of 2025. Perennially listed among the fastest growing cities in the nation, Leander has experienced tremendous residential growth over the last decade, fueling demand for commercial space among retailers and other businesses.

Founded in 1971, St. John Properties is one of the nation’s largest and most successful privately held commercial real estate firms with assets of more than $5 billion across 11 states. The Baltimore-based developer opened a Texas regional office in Austin in 2022.

St. John Properties specializes in multi-tenant buildings designed to serve tenants small to large such as law firms, tech companies and business consultants. Suites offered in the new Northline building will start at 2,000 square feet.

The company frequently builds in suburban areas to be near the residences of business owners, and the Northline project will match the company’s approach to construct office buildings in a walkable, mixed use suburban development.

The start of construction on the new office building will mark a major milestone for Northline, Leander’s new downtown district is slated to include more than five million square feet of office, retail, residential, hotel and civic space as well as a signature park.

Residents will begin moving into Northline’s first apartments and townhomes later this year.

The project also serves as a breakthrough for Leander, which has prioritized attracting more employers and retailers to the community in order to diversify its tax base and provide more employment opportunities to residents closer to home.

Private investment firm picks up Sugar Land office building

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of 77 Sugar Creek, a 143,410-square-foot, Class-A office building in Sugar Land, Texas.

JLL, in conjunction with online commercial real estate auction platform RI Marketplace, represented the seller, CWCapital. InLight Capital purchased the asset for an undisclosed amount.

77 Sugar Creek is positioned on a 6.13-acre site about 20 miles SW of Houston’s CBD. Located directly off of Highway 59 near its intersection with Highway 90, the office building has convenient access to the entire Houston metropolitan area. As one of Houston’s most desired residential suburbs, Sugar Land also features an abundant amenity base of nearby hotels, restaurants and retailers.

Renovated in 2018, 77 Sugar Creek has six stories of office space featuring floor-to-ceiling windows and high-quality common areas. The property is currently 66.3% leased as of August 2023.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Rick Goings and Senior Managing Directors Marty Hogan and Will Sledge.

San Antonio retail center changes hands to Property Commerce

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Terrell Plaza, a 107,884-square-foot retail center located in San Antonio, Texas.

JLL represented the seller, SITE Centers Corp., and Property Commerce Dividend Fund acquired the asset.

Shadow anchored by Target, Terrel Plaza was built in 1986 and renovated in 2012. The shopping center is 96% occupied with an exceptional lineup of national retailers, including Ross Dress for Less, Dollar Tree, Five Below, Popshelf, Sherwin Williams and Sports Clips, as well as a Whataburger and Valero as outparcels. Terrell Plaza is ideally located on Austin Hwy near some of the city’s most affluent neighborhoods, including Alamo Heights, Olmos Park, Terrel Hills and Oak Park – Northwood.

The demographics surrounding Terrell Plaza are outstanding. Within a three-mile radius is a population of approximately 90,128, an average household income of $110,716 and a consumer spending power of almost $10 billion. Nearby economic drivers include The Pearl Brewery and Fort Sam Houston. Additionally, the property is easily accessible to I-410, I-35 and Austin Highway.

The property features a weighted average tenure of 8.7 years and a weighted average remaining lease term of 5.6 years. Terrell Plaza presented the buyer with an opportunity for rent growth as there is very little vacant retail supply in the area.  According to CoStar and JLL Research, the Austin Highway / Broadway corridor is comprised of 1.8 million square feet of retail and is currently 97.2% leased. The corridor has remained strong over the last ten years with the low point for occupancy hit 96.6% in Q1 2021.

The JLL Retail Capital Markets team was led by Senior Managing Directors Ryan West and Chris Gerard, Senior Director John Indelli, Associate Whitney Snell and Analysts Ryan Olive and Clay Anderson.

Colliers closes $16.5 million Fannie Mae loan for The Chandler in Grand Prairie

Posted on by Mia Goulart

The Colliers Dallas debt and structured finance team of Robert Siddall, William Givens, Shawn Givens, and Ken Higgins closed a $16.5 million Fannie Mae loan for the acquisition financing of The Chandler in Grand Prairie, Texas, with their long-term client David Lilley and Reap Capital LLC. 

The market-rate property features 164 units. The loan was arranged through Colliers Mortgage and carries a five-year term and 35-year amortization.