Category: News & Market Reports

Bradford Commercial, Lincoln Property Team up on Two Industrial Leases Near DFW Airport

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E&A TransPros Inc., an Illinois-based logistics firm, has landed in 19,643 square feet of industrial space, expanding at a new location closer to Dallas/Fort Worth International Airport. The firm is settling into Prologis’ Hanover 4 at 801 Hanover Drive in Grapevine, Texas. E&A has relocated from Carrollton to a project that’s less than four miles from the airport’s northern entrance. “Being close to the airport was crucial for E&A. There weren’t a lot of options that met our client’s criteria,” said Joe Santaularia, first vice president of Dallas-based Bradford Commercial Real Estate Services. Santaularia and Brock Wilson, senior vice president and managing partner with Bradford Commercial Real Estate Services, represented the tenant. Gil Stroube of Lincoln Property Co. represented the landlord. E&A had been searching the DFW Airport submarket for the past year, seeking distribution center space with ample dock doors. The pandemic sidelined the hunt until a few months ago. “We started looking again and before long we came across this vacancy,” Santaularia said. “The airport submarket is really tight for spaces below 70,000 square feet.” E&A signed a long-term lease and was quickly up and running at its new location. The 151,335-square-foot building is one of three in the Prologis project, situated close to the TX 114-121 junction. Additionally, Sector 5 Digital LLC has renewed 8,515 square feet of flex office space in Centreport Place II, 4300 Amon Carter Boulevard, Fort Worth. Jim Ferris, vice president of Bradford Commercial Real Estate Services, represented the tenant. Michael Pienado of Lincoln Property Co. represented the landlord, Columbia Texas Amon Carter Industrial LP.

Casoro Group CIO Earns Top Commercial Real Estate Award

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GlobeSt. Real Estate Forum Names Casoro’s Chief Investment Officer, Chi Hathiramani in Fifty Under 40 in the Commercial Real Estate Industry

AUSTIN, TEXAS, October 12, 2020 – Casoro Group’s Chief Investment Officer, Chi Hathiramani has been recognized nationally as a remarkable leader within commercial real estate in GlobeSt Real Estate Forum’s Fifty Under 40 in 2020. The criteria sought out talented, young professionals who have a solid track record of noteworthy transaction volume and significant contributions to their company’s overall success. Hathiramani, who recently was named Casoro Group’s CIO in December, leads the firm’s investment strategy, acquisitions, asset management, capital raising, and investor relations teams. Over the last 15 years, he has participated in $2+
billion in multifamily, office, student housing, and retail transactions. Most recently, Hathiramani participated in the $165M acquisition of a 1,070 multifamily portfolio in Dallas. Through Chi’s work as a Board Member of Chinmaya Mission and through Casoro Group’s vision to provide Better Homes for Better Lives, Chi is reaching his lifetime goal to serve others on a higher level. He desires to truly provide value to people’s lives by understanding what motivates and drives people to live a better life,
what’s preventing them from achieving that, and finding solutions to close that divide. Another way Chi is accomplishing this goal is through Casoro Group’s new social impact program. The program’s objective is to close the generational wealth gap and create diversity in the commercial real estate industry by bringing commercial real estate education, experience, and opportunities to minority students. Casoro Group is an award-winning multifamily-focused real estate investment firm with a mission to provide Better Homes for Better Lives. Casoro seeks multifamily investment opportunities in the U.S. Sunbelt region for its family office, high-net-worth, and institutional clients. As a vertically-integrated real estate investment firm and parent company of CLEAR Property Management and Upside Avenue multifamily REIT, Casoro is in a position to create opportunities for investors to enjoy all the benefits of multifamily real estate ownership.

Old Three Hundred Capital Lands $27.1M in Acquisition Financing for Cannon Oaks Apartments in Austin

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JLL Capital Markets arranged $27.1 million in acquisition financing for the purchase of Cannon Oaks Apartments, a multi-housing property in Austin. JLL worked on behalf of the borrower, Old Three Hundred Capital, to secure the loan through Prime Finance. ArrowMark Partners was also engaged as a capital partner. Built in 2001, Cannon Oaks Apartments is a 12-building, multi-housing complex with 230 residential units positioned on about 18 acres. The property contains two-, three- and four-bedroom apartments with an average of 1,000 square feet. All units offer washer/dryer connections and covered, outdoor patios or balconies. The complex features a recently renovated resident clubhouse, pool, new fitness center and ample parking. Much of the property recently underwent significant renovations, bringing updated amenities and finishes. Old Three Hundred is utilizing its in-house vertical of affiliate companies to operate and manage the property. Located on William Cannon Drive, a major east-west thoroughfare in South Austin, the property offers convenient access to the city’s best dining, shopping and cultural institutions. It is in close proximity to I-35, Loop 1, downtown Austin, McKinney Falls State Park and Austin Bergstrom International Airport. The JLL Capital Markets team representing the borrower was led by senior directors Marko Kazanjian and Chris McColpin, managing director Rob Hinckley, associate Jackson Finch and analyst Andrew Cohen. Old Three Hundred Capital Partners William Gottfried, Paolo Boero and Nicholas Yarnall represented the company in-house. The ArrowMark team is led by Rob Brown and Nathan Rillstone. “Cannon Oaks Apartments, with newly refreshed amenities, unbeatable greenbelt views and a highly convenient location made for an extremely attractive investment,” said Gottfried. “As the city and region continue to grow, the property is positioned to perform well, and provides a naturally affordable alternative to like-kind assets in the submarket. Marko, Chris and the JLL team worked extremely hard to help facilitate this transaction, and we are excited to work with Prime and ArrowMark on the first of what we believe will be many deals together.”

The Boulder Group Arranges Sale of Net Leased Dallas MSA CVS Pharmacy

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(Wilmette, IL- October 16, 2020) – The Boulder Group, a net leased investment brokerage firm completed the sale of a single-tenant CVS Pharmacy located at 1220 Horizon Road in Rockwall, Texas for $6,200,000. The 11,421 square-foot CVS Pharmacy building is located at the corner of a signalized intersection along Horizon Road (19,600+ VPD) and Ridge Road (25,100+ VPD), which is a primary thoroughfare. The property features a drive-thru pharmacy and is located in a dominant retail corridor with tenants such as Academy Sports and Outdoors, Best Buy, The Home Depot, JC Penney, Kohl’s, Lowe’s Home Improvement, Target, T.J. Maxx, and Walmart Supercenter. Other retailers in the area include Chase Bank, Chili’s Grill & Bar, Culver’s, Dollar Tree, IHOP, and In-N-Out Burger. There are more than 97,000 people living within 5 miles with an average household income in excess of $117,000 annually. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a southwest based real estate firm and the buyer was an east coast based 1031 exchange investor. CVS Pharmacy has more than 19 years remaining on its lease at this location. CVS Pharmacy is the nation’s drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil. “CVS drug store properties with proven operating histories continue to garner significant investor interest,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net leased assets located in tax-free states, like Texas, are at the forefront of 1031 investor’s acquisition criteria.”

About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com

CRE Briefs: Investors Make Way for $2 Billion Master-Planned Community in Celina

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Tomlin Investments has repositioned its company for the future development of the $2 billion master-planned community underway in Celina. Now in its 50th year of operation, the company has been quietly putting together large land swaths in all directions, arranging for infrastructure, and getting them ready for development. “We have the ability to envision the most profitable future land use, then obtain proper zoning and plan for utilities to maximize value,” said Dan Tomlin. “It takes a lot of time and patience. It’s what we did with Lone Star Ranch in the ‘90s and it’s what we’ll do with our next projects.” With construction underway at Green Meadows, initial lots and a $4.5 million amenity center, are scheduled for completion by the end of 2020. The first phase of Green Meadows will include 396 homes from the mid $200s by Castlerock Communities, Gehan Homes, Pacesetter Homes, and Stonehollow Homes. The community will have approximately 4,500 homes at build-out. Ted Wilson, head of Residential Strategies, a market research firm, says Celina has been one of DFW’s fastest-growing areas. “Six years ago, the area was producing under 100 new home starts per year,” said Wilson. “Today, Celina is the fourth most active new home market in DFW with almost 1,500 starts per year. Click to read more at www.dmagazine.com.