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Canadian Equity Firm Splurges in Texas

24 Aug 2015, 2:04 pm

By Liviu Oltean, Associate Editor

Private equity firm Dalfen America Corp. (DAC) has been on a shopping spree in the Lone Star State. The firm announced  last week that it has closed on a three-building industrial portfolio in Houston only two months after acquiring another industrial portfolio in McAllen, Texas.



DAC’s newest acquisition consists of two warehouses and one office building totaling 201,000 square feet. The assets are located two miles from Union Pacific’s Englewood and Settagast Intermodal terminals and offer quick access to I-10 and I-620. According to the announcement, Joseph Smith of CBRE represented Lockwood International in the sale leaseback transaction to DAC.

The two deals amount to almost one million square feet of industrial space acquired by the firm in the region over the past two months.

“Both people and businesses continue to flock to Texas in droves. Even with the decline in the energy sector, we believe that the state’s economy is sufficiently diverse and will remain one of the nation’s top performing markets for the foreseeable future,” Sean Dalfen, president & CIO, said in a prepared statement.

Hartman XX Hearts Houston with New Office Acquisition

21 Aug 2015, 7:13 pm

By Liviu Oltean, Associate Editor

An affiliate of Hartman Short Term Income Properties XX Inc. (Hartman XX) purchased a 158,451-square-foot office building located in west Houston. Dubbed Ashford Crossing II, the office building was developed in 1983 and was 87 percent leased at the time of the acquisition. Tenants include Rignet, RAC and Rolls-Royce Commercial Marine.

Ashford Crossing II

Ashford Crossing II

Due to its proximity to the Energy Corridor and the Westchase submarket, the six-story office building offers access to a bevvy of retail establishments including Town and County Village, City Centre and Memorial City Mall.

“Ashford Crossing II provides Hartman XX the ability to purchase a quality asset in a great submarket at below replacement cost and provide the fund great upside potential by leasing the remaining vacant space and rolling the existing tenants to market rates,” Al Hartman, CEO of Hartman XX, said in a prepared statement.

Dan Miller and Marty Hogan of HFF represented the seller, while Dave Wheeler, Julian Kwok and Russell Truman represented the buyer.

Image courtesy of HFF

KB Home Flourishes in Magnolia

18 Aug 2015, 4:04 pm

By Liviu Oltean, Associate Editor

Major homebuilder KB Home recently announced the opening of a new residential community in Houston.

KB HomeDubbed Cimarron Creek in Magnolia, the single-family community is located at 8711 Cimarron Falls Court in Magnolia, Texas. Buyers will be able to choose homes with floor plans that range in size from 2,130 to 3,656 square feet, with as many as five bedrooms and four bathrooms.

According to the announcement, amenities include a recreation center, a swimming pool, a playground and the Lake Windcrest Gold Course. Similar to all KB homes, the residences in the community are ENERGY STAR® certified and have water- and energy-saving features built in.

Due to it being minutes away from U.S. Highway 45, the community also offers easy access to downtown Houston, The Woodlands Mall and The Cynthia Woods Mitchell Pavilion.

With more than six decades of experience  and almost 40 communities in the Houston area alone, KB Home has distinguished itself as a Fortune 1000 company and an ENERGY STAR Partner of the Year Sustained Excellence Award winner for five consecutive years.

California Investor Finds Value-Added Gem in Houston

29 Jul 2015, 3:36 pm

By Liviu Oltean, Associate Editor

After screening several hundred properties, a Santa Rosa, Calif.-based investor believes to have found the perfect value-added apartment community in Houston.

Praxis Residential Inc. is now the new owner of the Carriage Place Apartments, a 276-unit multifamily community located within the Bammel submarket at 505 Wells Fargo Drive.

Carriage Place Apartments

Carriage Place Apartments

The property features 156 one-bedroom units and 120 two-bedroom units, their size ranging between 587 and 1,283 square feet. Praxis plans to invest almost $2.5 million in capital improvements. According to Yardi Matrix data, the 37-year old building was acquired from The Lynd Co., which purchased the property back in 2005.

“This is a true value-added play, ideal for repositioning it to be more in line with the surrounding Class A and B complexes,” Brian Burke, president of Praxis Residential, said in a prepared statement. “We’ve had tremendous success employing this strategy with similar properties in the Houston area and this property holds promise for substantial untapped value. We foresee this as a very desirable property for both our residents and investors.”

Richland Cos. Finds New Headquarters

23 Jul 2015, 2:05 pm

By Liviu Oltean, Associate Editor

The 550 Post Oak office building located in Houston’s West Loop submarket will soon become the headquarters of one of the city’s largest commercial real estate property owners. The Richland Cos. unveiled that it has acquired the building and will be moving its headquarters there after the completion of a $1.5 million renovation plan.

550 Post Oak

550 Post Oak

The 6-story, 53,872-square-foot building sits on the northeast corner of Post Oak Blvd. and Post Oak Park. It features card-key access, on-site management and podium-style parking. Richland not only plans to renovate the exterior of the building, but will also add a gym, on-site car washing services, laundry and dry cleaning pickup, and gourmet food trucks that visit twice per week. The new office is about two miles from the old one, which is located at 1110 N. Post Oak Lane.

“We plan on an elaborate $1.5 million dollar redesign of the exterior of the building adding a new skin and façade designed by Goldman Design and Perry Harrell out of Chicago and Houston, respectively,” Edna Meyer Nelson, president & CEO of The Richland Cos., said in a prepared statement. “We are eager to debut the new exterior once plans are completed. This boutique property is going to become a showcase office building in the heart of Houston’s West Loop submarket.”

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