Category: Deals & Announcements

Huffines Communities Breaks Ground on Mesquite’s Largest Planned Community

Posted on by Sarah

A groundbreaking ceremony was held Wednesday for the newest Huffines Signature Community™, Solterra, in Mesquite. Developer Huffines Communities commemorated the project milestone with Mesquite Mayor Bruce Archer, members of the Mesquite City Council and many others from the real estate and builder community, celebrating the largest development in the city’s history, with 3,900 new homes and 300 townhomes on 1,530 acres upon project completion. Solterra is expected to have a tax value of more than $1.6 billion with the first phase of development delivering 787 lots in the fourth quarter of 2022.

Located just 11 miles from the Dallas central business district, new homes in this community will start from $280,000 and range up to the high $500,000s, averaging 1,200 – 6,000-square-feet. Huffines Communities has taken care to protect the property’s legacy with 560 acres of open space, preserving pecan groves, orchards and pastures that were a part of the original Lucas Farms. The farm famously provided fresh meats and produce for Lucas B&B Café, the Fathion P. Lucas family restaurant which opened in downtown Dallas in 1911. The family purchased the property to supply the restaurant with farm fresh food, thus being one of the first farm-to-market restaurants.

“We are celebrating the building of homes and the building of relationships with Huffines Communities and others,” said Mayor Archer. “These houses will be a place for families to live and create relationships in the Mesquite community with new neighbors and new friends for generations.”

“We’re thrilled to celebrate this groundbreaking in a market still seeing massive growth,” said Phillip Huffines, co-owner at Huffines Communities. “We have worked with the City of Mesquite and other leaders on public/private partnership efforts for several years to bring this dream to fruition, marking one of our largest projects to date. Everyone involved has worked hard to develop a sustainable, one-of-kind community experience and lifestyle complete with over-the-top outdoor amenities and economic benefits for the city.”

Like other Huffines’ Signature Communities, Solterra features an abundance of first-class amenities with a grand entryway greeting visitors entering the community. In fact, the team from HGTV’s popular Treehouse Masters show will design and construct a special treehouse park just for the community from Nelson Treehouse.

Huffines Communities took care to protect and restore the site’s pecan groves, orchards and pasture areas and features a promenade park located in the median. Fun amenities were added for the children and families, including a fishing hut called “The Catfish Hole,” where kids and adults can feed fish in a covered enclosed space, rain or shine, and fish from the wraparound deck directly over the community’s new 30-acre lake. Residents can also enjoy swimming, kayaking and paddle boarding in the community lake. Countless other amenities abound such as community playgrounds, a large dog park, beer garden, food truck park, event lawn and space for a craft fair/farmer market esplanade.

The community’s resort-style pool complex will include an adult pool, an Olympic-sized lap pool, a pool with slides, a kid’s pool with splash pads and a large sand beach with direct access to the lake complete with 14 miles of bike and hiking trails that connect to the regional trail system. A grand amenity center includes a coffee shop, communal gathering rooms with lounge seating and TVs and offices with covered balconies and direct access to the pools and fitness center. The world-class fitness facility spans more than 4,000 square feet and will have state-of-the-art equipment, including cardio machines, weight training, aerobics rooms, bathrooms and locker space. Solterra also has plans for a restaurant within the amenity complex where families inside and outside the community can gather.

Thirteen prominent home builders are under contract and will start building their first homes during spring 2023. Builders in the first phase are: Cadence, CastleRock, Chesmar, David Weekley, FirstTexas, Gehan, Highland, HistoryMaker, Impression, MHI, Lennar, Shaddock and TriPointe Homes.

Solterra is located on Cartwright Road, just 2 miles east of Interstate 635. The development is within immediate proximity to three elementary schools, two middle schools, and two high schools either on-site or on Solterra’s borders. Vanguard High School, Mesquite’s first “choice” high school, has opened for the 2021-2022 school year.

Huffines Communities has engaged LJA Engineers to design and plan the new community.

Huffines Communities has nine active communities under development in the North Texas region and most of the homes in these communities start in the $300,000s-$800,000s. Each community is thoughtfully designed to facilitate interaction amongst neighbors and connect people within the neighborhood.

Life Science is on the Rise in Chicago. But How Does the Market Compare to Others Across the U.S.?

Posted on by Sarah

Not as flashy as other sectors, but life science mustn’t be overlooked when considering new opportunities. The sector has continued to gain traction in recent years, and Chicago has been highlighted as one of the best markets for this kind of venture.

Despite turmoil in the public markets, a slowdown in VC funding and volatility in interest rates, Chicago remains well-positioned for future growth, according to a recent report by Newmark.

Still an emerging life science market compared to others across the U.S., Chicago is home to 11 research universities and several hospital systems as well as pharmaceutical and medical device companies including Abbott Labs, Abbvie, Baxter, Hospira (Pfizer), Tempus, Akorn, Fresenius Kabi, Astellas Pharma, and Horizon Therapeutics.

Leasing has remained strong throughout 2022, based on the report, and many tenants have expanded existing leases like Portal Innovations, a life science investment and incubation company, or signed new ones. And a major plus? Challenges that continue to affect tenant demand for conventional office do not exist for laboratory product—life science landlords can rely on research and development being done onsite and not remotely.

And with new leases comes more jobs. Life science job growth in Chicago continues to be strong, with the number of data and medical scientist roles increasing the most. In fact, Newmark said the number of recent graduate degrees being earned for biological and biomedical sciences has doubled in the last 15 years.

Market Stats:

Market Size: 1,527,910 SF
Rent: $35-$60 PSF
Vacancy Rate: 12%
Under Construction: 543,454 SF
Proposed: 1,950,000 SF
1H22 Venture Capital Funding: $326M
12-Month Sales Volume: $131M
Compared to Texas, another major player in the sector, Chicago sits just below Austin in terms of market size, 1.5 million square feet versus 1.6 million square feet, respectively.

Austin’s market has continued to benefit from demographic tailwinds, based on the report, with life science employment expanding nearly 74% in the last few years and expected to grow at 6.5% through 2025. Life science VC funding for healthcare and life science companies has also reportedly increased 47.8% year-over-year in 1H2022, making it among the top performing cluster markets.

The Innovation District seems to be the heartbeat the area’s sector, along with the Dell Medical School at the University of Texas at Austin. Recent developments include Parmer Labs, delivering 100,000 square feet of lab and office space in 2023, as well as the conversion of the Highland Mall into the ACC Bioscience Incubator.

To widen the lens even further, Chicago and Austin, though growing rapidly, have significantly smaller markets when compared to Houston’s 8,034,643 square feet, Philadelphia’s 11,685,611 square feet, or Maryland’s 17,259,502 square feet. The same, too, could be said for Boston, San Francisco, San Diego and Raleigh/Durham—the largest life science markets in the U.S, making up over 93 million square feet of GMP space with a future construction and renovation pipeline of 33.2 million square feet.

Midway Unveils Plans for “Watermark” Mixed-use Development in West Houston

Posted on by Sarah

Midway, the privately owned, fully integrated real estate investment, development and management firm, announced plans to redevelop the former ConocoPhillips’ corporate headquarters site into Watermark District at Woodcreek. Watermark will become a vibrant mixed-use destination surrounded by waterfront views and outdoor walkways. Conveniently located just north of I-10 at Dairy Ashford and North Eldridge Parkway in the Woodcreek development, the site was originally designed in 1978 for Conoco by renowned architect Kevin Roche to resemble a Japanese fishing village, with 16 three-story office pavilions connected by bridges above ponds and grassy areas. To preserve the land’s elaborate history and minimize carbon impact, Midway plans to repurpose a portion of the 70-acre site’s existing infrastructure to introduce dynamic new Class-A office and multifamily, high-end retail and restaurants, and boutique hotel opportunities to the West Houston corridor.

Maintaining the high standard of quality for Watermark that it upholds across its portfolio of mixed-use destinations—from CITYCENTRE and Century Square to Memorial Green and the future East River development—Midway plans to repurpose portions of the property’s existing 1.3 million square feet of office space while still preserving the low-rise, low-density work environment that the post-pandemic workforce is increasingly seeking for its countless benefits. Upon completion, Watermark’s 650,000 square feet of future-oriented, Class-A office space will offer people an abundance of natural light, flexible floorplans and direct access to surrounding mixed-use amenities. A repurposed innovation hub will further attract cutting-edge companies to the city’s renowned corridor.

Ensuring the district remains vibrant and lively beyond working hours, Midway is also planning to repurpose existing buildings to create luxury multifamily apartments and a boutique hotel with high-end accommodations for both short business trips and extended stays. A variety of chef-driven restaurants, cafes and bars with waterfront views will provide ample opportunities for business lunches, family dinners and happy hours alike.

Midway is slated to modernize the district’s existing 100,000-square-foot wellness/fitness facility and is currently in discussions with several operators. Featuring a full-sized basketball court, an olympic-size saltwater swimming pool and soccer field, the facility will add to the district’s copious wellness offerings, including onsite walking and biking paths, as well as access to Terry Hershey Park’s 12.5-mile network of trails along Buffalo Bayou.

In addition to significantly reducing carbon impact by repurposing a portion of the site’s existing buildings rather than tearing down and starting from scratch, Midway has partnered with U.S.-based cleantech social impact company 374Water to provide a first-of-its-kind onsite, fully integrated sustainable wastewater management system at Watermark. The beyond state-of-the-art system will utilize 374Water’s AirSCWO™ technology to transform wastewater and food wastes generated on property into valuable resources such as clean water, energy and minerals. These recovered resources will then be reused within the district. Additionally, the project is preserving more than 500 existing trees and the surrounding landscape of the site while thoughtfully integrating nature into an active, urban and walkable mixed-use destination. Plans to introduce a new urban grid system will increase connectivity within the community while also showcasing more than 20 acres of green space and nine acres of lakes.

Strategically located along I-10 with Beltway 8 in proximity, Watermark provides easy access to other major thoroughfares including Loop 610, US-59, and I-45. Transit options include a commuter bus service between The Woodlands and the Energy Corridor as well as METRO’s Addicks Park & Ride service to downtown, Kingsland, Addicks, Texas Medical Center and Northwest Transit Center. Future office tenants will join the plethora of global companies with headquarters and campuses in the vicinity, including Shell, BP, Enbridge, Baker Hughes, and ConocoPhillips, among others that office in the Energy Corridor.

Midway has assembled a stellar project team for Watermark including OJB Landscape Architecture, Jacobs and PDR, among others.

Construction is scheduled to commence in the first half of 2023.

Colliers Mortgage Closes Fannie Mae Loan for Prose Horizon in Hutto, Texas

Posted on by Sarah

Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the acquisition financing of Prose Horizon in Hutto, Texas. The 336-unit market rate property was constructed in 2022 and includes 13 three-story buildings, a leasing office, pool, fully equipped fitness center, resident clubhouse, grill area, mail room, playground, and dog park.

The loan carries a 10-year term and was arranged for borrower, SPI Skyview North 336 DE, LLC.

The Jenkins Organization Opens Newest Location, Great Escapes RV Resorts Bryan/College Station

Posted on by Sarah

The Jenkins Organization, a Houston- based real estate investment and development firm specializing in the RV resort and self-storage industries, is pleased to announce the opening of its newest development, Great Escapes RV Resorts Bryan College Station.

Situated on 87 acres just minutes from Texas A&M University, Great Escapes RV Resorts Bryan College Station offers travelers a unique and convenient place to stay while exploring all that Central Texas has to offer. The resort features 334 full hook-up sites with concrete pads, 64 cabins, Wibit, a floating water obstacle course, clubhouse complete with TVs, pool table, foosball, and ping pong, two resort-style pools, pickleball courts, laundry facilities, fitness center, themed activities for the whole family, and much more. Whether in town for a game or just looking to escape the hustle and bustle of everyday life, Great Escapes RV Resorts Bryan College Station has something for everyone.

DWG Capital Partners’ Sale-Leaseback Acquisition Strategy Proven Successful

Posted on by Sarah

DWG Capital Partners, a fully integrated commercial real estate investment and capital markets firm based in Fort Worth, Texas, and Los Angeles, announced its sale of 1317 Business Highway 71 North in Columbus, Texas, for an undisclosed sum. The 35,835-square-foot light industrial facility is fully occupied on a long-term NNN lease by The Theut Company, a division of Denver Glass Interiors (DGI), which is a portfolio company of Dallas-based private equity firm Baymark Partners.

The buyer, a private Oregon-based partnership, and DWG Capital Partners were represented by Simon Miller with Endaxi Capital Partners in the off-market sale.

DWG Capital Partners had acquired the property in a multi-layered sale-leaseback transaction completed in April 2021 with The Theut Company, a 35-year commercial glass installation service provider in the greater Houston area. Soon after, the tenant significantly increased sales through strategic expansion resulting in an increased credit rating and asset enhancement.

“Our Theut Glass sale-leaseback investment has been a great success,” said DWG President Judd Dunning. “DWG Capital Partners’ proven structured finance strategy and investments in property backed by growing American companies positions us to double our commercial real estate portfolio in the next 12 months.”