Category: Editorial

CBRE Brokers Sale of Bella Vista Creek Apartments in East Dallas

Posted on by Sarah

CBRE announced the sale of Bella Vista Creek, a 272-unit, Class B multifamily community located at 3402 S. Buckner Boulevard in Dallas. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group led by Patrick and Madeleine Gergen. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle represented the seller. Terms of the transaction were not disclosed. Before purchasing the property, GVA Management already had a significant presence in the Dallas-Fort Worth market as they currently own and manage over 1,200 units in multiple complexes in the area. They made the decision to purchase the property as they look to expand in the metroplex. Constructed in 1985 and 1987, Bella Vista Creek features a mix of one- and two-bedroom units and community amenities including a business center, clubhouse, swimming pool, and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rental income after the LIHTC LURA expires in 2021. “Having sold the property to the current owners, I was able to see the full evolution of the property with the sellers,” said Deuillet. “We’re seeing the level of interest in larger sized multifamily properties exceed pre-COVID levels as investors can take advantage of spending the money now to see an exponential amount of reward in the future.” “Our investors were very pleased with the profits received as a result of this sale,” said Patrick Gergen, CEO of AmeriCan Multifamily Alliance Group. The property was 93 percent occupied at the time of sale.

MAG Capital Partners Purchases Three-Building Industrial Portfolio in Michigan, Texas, and Virginia

Posted on by Sarah

In a sale-leaseback-structured transaction, Fort Worth, Texas-based MAG Capital Partners, LLC, acquired a three-building, 256,258-square-foot industrial manufacturing portfolio that spans about 20 acres across locations in Texas, Michigan and Virginia. The facilities are occupied by Huntington Solutions, a product solutions manufacturer specializing in high-volume standardized packaging, cold chain systems, engineered OEM components and customized construction materials. The seller, Mill Point Capital, is a New York City-based private equity firm that purchased a predecessor of Huntington Solutions in 2016. Huntington Solutions will continue to occupy its facilities at 1323 Moore Street, in Greenville, Michigan; 604 and 606 17th Street, in Radford, Virginia.; and 1278 Highway 71 West, in Bastrop, Texas, under long-term net leases. “Despite headwinds in the general market brought on primarily by COVID and the turbulent election cycle, general manufacturing market fundamentals remain solid,” said MAG Capital Partners Principal Dax T.S. Mitchell. MAG Capital Partners was represented by Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP. Mill Point Capital was represented by J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee with Newmark’s Chicago office.

NAI Partners Arranges Sale of 16.8 Acres in Northwest Houston

Posted on by Sarah

NAI Partners recently arranged the sale of a 16.8-acre site at 5550 Bingle Road in Houston to Trammell Crow Residential (TCR), who recently commenced construction on the site. Allora Northwest Crossing, a 378-unit, three-story, attainable rental housing community is slated to open in the fourth quarter of 2021. The high-quality, lifestyle-focused community features large floor plans, full-size in-unit washers and dryers, stainless steel appliances, fitness center, pool, dog park and a bike room. The premier location in northwest Houston provides convenient access to Northwest Freeway, offering a short commute to Downtown Houston and the Galleria area, and is within a mile of multiple dining, retail and entertainment options. NAI Partners’ Chris Caudill represented the buyer, Maple Bingle Apartments, LP, an affiliate of TCR, while the sellers’ group, led by Claude B. Anello, was represented by NAI Partners’ Clay Pritchett and Zane Carman. Terms of the transaction were not disclosed.

RESOLUTE RE Inks 10 Retail Transactions

Posted on by Sarah

RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Dallas, El Paso, Houston and San Antonio markets. Cool Drinks has subleased 2,555 square feet at 331 E U.S. Highway 377 in Granbury, Texas. Stephanie Jacobs and Mai Nguyen of RESOLUT RE represented the sublessor. Herbalife has leased 1,439 square feet at Woodmont Plaza North (6200 McCart Avenue, Fort Worth). Colin Cannon and Brian Sladek of RESOLUT RE represented the landlord. World Peace Smoke Shop has leased 1,200 square feet at The Village at Sunland Park (929 Sunland Street, El Paso). Chris Duncan of RESOLUT RE represented the landlord. Claiborne Gallagher of RJL Real Estate Consultants represented the tenant. Mike Bros. has leased 900 square feet at Crescent Park Shopping Center (13548 Beechnut, Houston). Jim Thompson and Benny Nguyen of RESOLUT RE represented the landlord. Rogue Prosthetics has leased 4,200 square feet at Gaslight Plaza Shopping Center (1821 W Frank Avenue, Lufkin, Texas). Eric Broussard of RESOLUT RE represented the tenant. John Thomas of Marquette Realty represented the landlord. Bahama Mama has leased 1,400 square feet at Klein Square Shopping Center (16812 Stuebner Airline Road, Spring, Texas). Eric Broussard and Benny Nguyen of RESOLUT RE represented the tenant. Lauren Shepphard of Williamsburg represented the landlord. Tarka Indian Kitchen has leased 2,500 square feet at Citywest Shopping Center (10550 Westheimer Road, Houston). Joaquin Orozco and Benny Nguyen of RESOLUT RE represented the tenant. Kim Bernick of Shop Companies represented the landlord. Hairstylist 360 has leased 1,967 square feet at Crown Meadows Shopping Center (7616 Culebra Road, San Antonio). Aisha Chapa of RESOLUT RE represented the landlord. Jake Islas of DuWest Real Estate represented the tenant. Lucky’s Icehouse has leased 4,375 square feet at 2818 NE Loop 410 in San Antonio. Aisha Chapa of RESOLUT RE represented the landlord. Norm Muller of Century 21 represented the tenant. Nobili Tea has leased 1,750 square feet at Cooper Plaza (11824 Indiana Avenue, Lubbock, Texas). Gavin Fite of RESOLUT RE represented the tenant. Kevin Watt of Westar Commercial Realty represented the landlord.

America’s Best Contacts & Eyeglasses Coming to Denton Crossing Shopping Center

Posted on by Sarah

America’s Best Contacts & Eyeglasses leased a 3,499 square feet space at Denton Crossing Shopping Center at 1400-1800 South Loop 288 in Denton. The Retail Connection’s David Levinson and Jack Weir, negotiated the lease with Dawn Greiner and Ryan Johnson with SRS Real Estate Partners-Southwest, LLC.