Category: Deals & Announcements

New industrial park in Fort Worth fully leased; building sells to Dot Foods

Posted on by Mia Goulart

Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced that it sold a 218,000-square-foot industrial warehouse to Dot Foods and fully leased an additional 267,000-square-foot warehouse to Giti Tire USA at a new two-building industrial park in Fort Worth, Texas. Both transactions were finalized before completion of construction, which began in Q2 2022.

OmniCable, which was acquired by Dot Foods in 2019, will occupy Building 2 at the industrial center located at 2201 Stonemont Way off Harmon Road in North Fort Worth. OmniCable approached Stonemont to purchase the building during construction and will use the facility for its expansion into Texas, which is expected to become a key focus market for the company given the continued population and jobs boom occurring across the state.

Stonemont also leased the larger Building 1 to Giti Tire USA, which will move into the facility in November. Giti is a global tire manufacturing and distribution company headquartered in Singapore. Similar to OmniCable, Giti signed a lease for the warehouse well before construction was completed. 

According to CBRE, the Dallas-Fort Worth industrial market saw its 52nd consecutive quarter of positive net absorption in Q3 of this year, with developers delivering more than eight million square feet of new product. The pre-leased rate for development under construction also increased last quarter, from 17.4% to 21.2%. The CBRE report shows the majority of leasing interest comes from 3PLs, manufacturing and wholesale trade users.

Blaine Kelly with CBRE Atlanta represented OmniCable and Dot Foods in the purchase of Building 2. Becky Thompson with Lee & Associates represented Stonemont in the transactions. Clay Balch and David Eseke of Cushman & Wakefield Dallas and Andrew Morrow and Luke Rivera of Cushman & Wakefield Los Angeles represented Giti Tire USA.

Partners Real Estate arranges sale of 12,970-square-foot retail property in San Antonio

Posted on by Mia Goulart

Partners Real Estate (Partners), one of the largest independent commercial real estate firms in Texas, arranged the sale of a 12,970-square-foot retail property located at 2714 West Ave. in San Antonio.

Partners’ Landan Dory represented the seller, HW West Ave LP in the transaction. The buyer was represented by Roxana Tofan.

Newmark facilitates sale of 2.2 million-square-foot mixed-use corporate campus in Dallas-Fort Worth

Posted on by Mia Goulart

Newmark announced the sale of CityLine, a 2.2 million-square-foot mixed-use property comprised of four purpose-built office buildings, occupied by State Farm, 120,000 square feet of retail space and a 42,000-square-foot medical office building in Richardson, Texas.

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, in cooperation with Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White and Divisional Head of International Capital Markets Alex Foshay represented the seller, Mirae Asset Global Investments. Newmark Vice Chairman David Milestone and Directors Josh Francis and Henry Cassiday provided debt capital markets advisory in executing the sale.

The property, located at 1150, 1201, 1250, 1251 and 1415 State Street and 3661 N. Plano Road, in the City of Richardson, at the intersection of US-75 and President George Bush Turnpike, was thoughtfully developed to embody a live-work-play environment. The four office buildings, constructed in 2016, are the focal point of the master-planned, 186-acre suburban development located at the connection of two major Dart Rail Lines. Consisting of eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel and 21 acres of green space and walking trails, the project is the pinnacle of contemporary walkability and desirable amenities.

Dallas-Fort Worth office-using employment continues to remain near historical high at the end of August 2023. The metroplex reported 1.28 million office workers, an increase of 67.6% compared to 2010, and an increase of 21.5% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.

Financing secured for Northwest San Antonio single-family build-to-rent

Posted on by Mia Goulart

JLL has arranged the refinancing for Farm Haus, a 142-unit, single-family, gated built-to-rent community located in San Antonio, Texas.

JLL worked on behalf of the borrower, AHV Communities, to secure the four-year, fixed-rate loan through a life insurance company.

Completed in 2022, the gated community features two-, three and four-bedroom homes with private yards, attached garages, smart home technology, stainless steel appliances, quartz countertops and nine-foot ceilings. Community amenities include a lounge and community conference room, a resort-inspired pool with sun deck and bocce/game court, a 24-hour fitness center, a dog park, BBQ picnic areas and more.

Situated at 8150 W. Hausman Road, the community sits in the coveted Northwest San Antonio market. The property is minutes from Loop 1604 and San Antonio’s medical center, and residents are also just three miles from The University of Texas at San Antonio. Additionally, the location provides easy access to SeaWorld, Fiesta Texas, La Cantera Shopping Center and Historic Downtown San Antonio.

The JLL Capital Markets Debt Advisory team was led by Managing Director Matthew Putterman and Analyst John David Johnson.

Forty-bed inpatient rehabilitation hospital trades in San Antonio

Posted on by Mia Goulart

JLL Capital Markets arranged the sale of PAM Health Warm Springs Rehabilitation Hospital Northeast in San Antonio. JLL Capital Markets also represented the buyer in arranging acquisition financing.

JLL represented the seller, The Sanders Trust, in the sale and placed financing for the buyer, Norvin Healthcare Properties.

The hospital features inpatient rehabilitation and is a joint venture between PAM Health (PAM) and Bexar County-based, University Health. PAM is the fourth largest post-acute care operator in the United States with 65 hospitals nationwide. Completed in 2021, the newly constructed hospital features 40 beds in 38,667 square feet, therapeutic equipment, modern amenities and a comfortable environment to facilitate patients’ recovery from health events such as stroke and brain trauma.

PAM Health Warm Springs Rehabilitation Hospital Northeast is located at 11407 Wayland Way in San Antonio, the 24th largest metro in the United States. The hospital is in the desirable northeast area of San Antonio and is one of three inpatient rehabilitation hospitals operated by PAM in the San Antonio area, ensuring significant market penetration by PAM in serving patients requiring intensive inpatient therapy following discharge from an acute care hospital.

The JLL Capital Markets team was led by Senior Managing Directors Mindy Berman and Brian Bacharach and Director CJ Kodani. The JLL Capital Markets team that raised acquisition financing for the purchaser was Director Anthony Sardo and Managing Director Tim Joyce.

JLL secures $869 million to refinance a 25-asset national Class A bulk industrial portfolio 

Posted on by Mia Goulart

JLL’s Capital Markets group arranged a total of $869 million in financing for a 25-property bulk industrial portfolio totaling 11.4 million square feet in 13 major industrial markets across the U.S.

JLL worked on behalf of the borrower to secure fixed-rate loans from Northwestern Mutual and PGIM Real Estate. The team secured two separate financings of $259 million and $195 million from Northwestern Mutual and a single $415 million loan from PGIM Real Estate.

The portfolio is comprised of newly built, Class A institutional-quality assets that are fully occupied by 42 diverse tenants. The portfolio has an average clear height of 35 feet and an average vintage of 2020.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director John Rose, Associate Ryan Pollack, and Analyst Luke Rogers. The JLL team worked closely with Kevin Westra and Bob Henning with Northwestern Mutual and Paul Geyer with PGIM Real Estate to facilitate the timely loan closings.