Bolour completes $9.62 million value-add multifamily acquisition in Humble, TX

Northeast Pines apartments
  18839 South Memorial Drive
 Humble, TX

  

Humble, TX –— California-based Bolour Associates Inc. (BOLOUR), a privately-owned real estate investment, development and finance company, has acquired the Northeast Pines apartment community in Humble, Texas for $9.62 million.

 

The company will invest more than $1 million in renovations at the property, including interior, exterior and common area upgrades to attract a rapidly growing local renter base.

Mark Bolour

 

Robert Su of Su Real Estate Group represented the property seller, a private investor, in the transaction

 

Located at 18839 S. Memorial Dr., Northeast Pines totals 136 units across 12 buildings in the Lake Houston area of metro Houston. It is visible from the Interstate 69 Eastex Freeway and is a 20-minute drive from downtown Houston.

 

“Houston is expanding rapidly, and the City of Humble is a prime beneficiary of that growth, thanks to its low cost of living and a local population where almost one half of the residents are renters,” said BOLOUR CEO Mark Bolour.

Robert Su

“There is a lot of demand in this pocket of Texas and we expect that demand to remain high. 

"At Northeast Pines, we will leverage our experienced property management and renovation teams to create a new, high-quality living experience for the residents of the area.”

 

BOLOUR will renovate all Northeast Pines units with open concept kitchens, new countertops, refaced cabinetry, modern energy efficient appliances, re-tiled bathrooms and wood flooring.

 

 To discuss, please contact BOLOUR Acquisitions Manager Kevin Saghian at 323.677.0550.

 

  

CONTACT:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

BolourAssociates.com.

 

MC Companies Purchases 648 Units with Fully Funded Katy 2 Opportunity Fund LP in Katy, TX

 

Ken McElroy

KATY, TX – Bolstered by historic multifamily market performance, MC Companies has fully funded its Katy 2 Opportunity Fund LP and completed the acquisition of two adjacent multifamily investment properties totaling 648 units in Katy, Texas.

MC Companies will combine and rebrand the properties as The Place at Barker Cypress, following the company’s proven value-add investment strategy and continuing the renovation program begun by the previous owners.

The acquisition was made possible by an equity portion from MC Companies and its investors, and financed with a loan provided by MF1 Capital.

Ross McCallister 

The transaction includes the 384-unit, garden-style Enclave at Cypress Park apartments and the 264-unit, garden-style Paramount Apartments.

The properties are situated adjacent to one another along the Barker Cypress thoroughfare, just north of Interstate 10 and approximately 20 miles west of downtown Houston, near the Energy Corridor.

“Closing this transaction speaks to our success and growth over the last 20 years,” said MC Companies CEO and Co-Founder Ken McElroy. 

“We appreciate this opportunity and are eager to close more deals of this caliber, as we pursue our goal of 25,000 units under ownership.”

CBRE arranged the asset sale and the acquisition financing for the MC Companies deal.

Capital Markets Senior Vice Presidents Clint Duncan and Matt Phillips represented the sellers. Vice Chairman of Debt and Structured Finance Michael Thompson arranged the acquisition financing on behalf of MC Companies.

“MC Companies provided certainty of closing in a very competitive environment, and they performed flawlessly,” said Phillips.

At The Place at Barker Cypress, MC Companies has the opportunity to add value to 328 of the 648 units through upgrades and renovations, as well as complete common area upgrades.

MC Companies founders Ken McElroy and Ross McCallister have been leaders in the multifamily investment industry for over 30 years. The company continues to actively pursue new land for development and existing properties for value-add investment.

 

About MC Companies

 

Clint Duncan

MC Companies is a real estate investment, development, construction and management company specializing in multifamily properties and commercial markets.

Since 2001, MC Companies has transacted on approximately $3.8 billion in multifamily assets.

 

 It currently owns and operates more than 6,500 units in markets

 including Houston, Dallas, San Antonio, Phoenix, Tucson, Flagstaff and Tulsa, operating under a mission of “Sharing the Good Life” with investors, residents and MC Companies employees.

Matt Phillips 

For more information,  please visit www.mccompanies.com.

 

Michael Thompson

CONTACT:

Stacey Hershauer

stacey@focusaz.com

480.600.0195

 

The Waffle Experience signs 2,400-SF lease for first location in Los Angeles Area at Conejo Gateway Plaza in Newbury Park, CA

Shauna Mattis

 

LOS ANGELES, CA – JLL announced The Waffle Experience has signed a new lease for 2,400 square feet of space at Conejo Gateway Plaza, a 60,000-square-foot retail center located at 727 N. Wendy Drive in Newbury Park, California.  The Waffle Experience is now open, the first outside of the Sacramento area.

 Alex Otto 

JLL’s Shauna Mattis and Alex Otto represented the landlord, DH Holdings, in the lease.  The Waffle Experience was represented by Shaun Kennedy of FGP Commercial Leasing.

"After a lull in 2020, retail tenants are out in force looking for space, whether a newer concept like The Waffle Experience opening its first location in the LA area or a well-capitalized brand looking to grow," said Shauna Mattis, JLL Executive Vice President.

Shaun Kennedy

"As we return to normalcy, we expect to see more tours and more leasing being signed in all categories, from restaurants to discounters to entertainment concepts.”

Currently, The Waffle Experience has three locations, all in the Sacramento area.  In addition to Conejo Gateway Plaza the restaurant also plans to open in the Atlanta area.in the coming months.

         Conejo Gateway Plaza, 727 North Wendy Drive

                           Newbury Park, CA

Ideally located in the dynamic West Thousand Oaks community of Newbury Park, Conejo Gateway Plaza is adjacent to the US-101 Freeway, providing convenient access to neighboring communities and the affluent of Dos Vientos Ranch.

 DH Holdings is currently developing a beautiful entertainment area in the Center that will transform Conejo Gateway into a social hub for the community.

 CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

JLL Capital Markets closes sale and arranges acquisition financing of retail asset anchored by Target and H-E-B in Odessa, TX

 

Winwood Town Center is situated on 40.43 acres
 at 3801-3915 East 42nd Street at the epicenter
of one of Odessa’s busiest intersections,
42nd Street and Grandview Avenue,
exposing the center to more than
65,000 vehicles per day.

 

Chris Gerard

DALLAS, TX – JLL Capital Markets announced it has closed the sale of and arranged acquisition financing for Winwood Town Center, a fully leased 365,559-square-foot regional shopping center anchored by Target and H-E-B in the west Texas community of Odessa, Texas.

 JLL orchestrated this off-market opportunity on behalf of the seller, Brixmor Property Group. Fidelis Realty Partners LLC acquired the asset.

 

 Additionally, working on behalf of the new owner, JLL arranged the 10-year acquisition loan with Frost Bank.

 

 Ryan Shore 

Completed between 1987 and 2002, Winwood Town Center is home to a mix of national tenants, including a rare Target lease, H-E-B, Ross Dress for Less, dd’s Discounts, Office Depot and Michaels.

Additionally, the asset includes ground leases to Chick-fil-A, Taco Bell, BBVA and Jack in the Box.

 

Winwood Town Center is situated on 40.43 acres at 3801-3915 East 42nd St. at the epicenter of one of Odessa’s busiest intersections, 42nd Street and Grandview Avenue, exposing the center to more than 65,000 vehicles per day.

 

Barry Brown

Odessa is in Texas’ Permian Basin and part of the Midland-Odessa MSA, one of the fastest-growing regions in the United States over the past five years with more than 33 percent population growth.

The center draws from an expanded trade area that includes more than 158,000 residents. 

 

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Chris Gerard, Ryan Shore and Barry Brown. 

 

The JLL Capital Markets Debt Placement team included Senior Managing Directors Colby Mueck and Ryan West and Senior Director Clint Coe. 

 

Colby Mueck

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.

 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

Ryan West

Clint Coe

 

 

CONTACT:

Kimberly Steele

 JLL Manager, Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

Stan Johnson Co. arranges $7.6 million sale of industrial manufacturing facility near Detroit, MI

A 186,443-square-foot industrial building
 located at 18450 15 Mile Road
in Fraser, MI

 

FRASER, MI -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a 186,443-square-foot industrial building located at 18450 15 Mile Road in Fraser, Michigan.

The manufacturing facility is leased to AAM Metal Forming (NYSE: AXL), a leading global tier 1 automotive supplier that designs and produces driveline and drivetrain components and modules, chassis systems and other formed products for the automotive industry.

 ACW Fraser American LLC, a Tucson, Arizona-based institutional investor, was exclusively represented by Asher Wenig of Stan Johnson Company.

Asher Wenig 

Fraser Fifteen LLC, an institutional investor based in Clifton, New Jersey, acquired the asset for $7.6 million. The cap rate was not disclosed.

“I was proud to represent my client in the sale of this attractive asset,” said Wenig, Senior Director and Partner in Stan Johnson Company’s New York office. “They were able to take advantage of a hot industrial net lease market.”

Located in a northern suburb of Detroit, Michigan, the mission-critical facility is situated on 14.35 acres and was recently renovated in 2020.

At the time of sale, there were approximately 15 years remaining on the primary lease term. The lease features an absolute triple net expense structure and provides 2.0 percent annual rent increases during the primary and option terms.

“The offering was well-received by the market, allowing us to generate several offers by many qualified buyers,” Wenig added.

“Combined with this being a mission-critical facility, well below market rents and there being available buildable FAR, this will be an outstanding investment for the buyer for many years to come.”

 CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

www.stanjohnsonco.com.

JLL arranges $296 million refinancing for 321 North Clark Office Tower in Chicago

321 North Clark, a 936,240-SF trophy office tower
in Chicago’s River North submarket.

 

CHICAGO, IL – JLL announced its Capital Markets group  arranged a $296 million refinancing for 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket.

 JLL worked on behalf of the borrower, a joint venture partnership of Hines, American Realty Advisors and Diversified Real Estate Capital, LLC, to secure the five-year, floating-rate loan through Nuveen Real Estate.

Keith Largay

JLL’s Capital Markets team representing the borrower was led by Senior Managing Directors Keith Largay and Danny Kaufman with support from Analyst Michael Halbach.

 “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” Largay noted.

 “The strength of Hines, ARA and Diversified as the borrower in tandem with the quality of 321 N. Clark attracted a truly exceptional amount of interest from the lending community,” Kaufman added.

Daniel A. (Danny) Kaufman 

Situated along the banks of the Chicago River, 321 N. Clark offers a premier riverfront location with immediate access to the financial, entertainment, technology and residential districts of the city.

The property is served by a variety of public transportation options, including a seasonal water taxi and shuttle bus service between the building and Ogilvie and Union train stations; Brown, Green and Orange Line service within a five-minute walk and multiple bus line stops.

 Additionally, 321 N. Clark is just minutes from Interstates 90, 94 and 290 as well as Lakeshore Dr.

 The 35-story office tower was originally built in 1987 and underwent an $85 million renovation in 2019, which positioned the property as a premier destination for today’s tenants.

The updates included re-imagining and renovating the lobby and incorporating a four-tier riverfront restaurant and event space operated by Lettuce Entertain You, modernizing the elevators and cab design and adding an amenity floor featuring a state-of-the-art fitness center and  modern tenant lounge.

321 N. Clark also features a 168-space, on-site parking garage, conference center and bike parking. The property is leased to a diverse and notable tenant roster which includes the American Bar Association and Foley & Lardner.

 For more news, videos and research resources on JLL, please visit our newsroom.

  

 CONTACT:

Kristen Murphy,

 JLL Senior Manager, Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

www.hines.com

  aracapital.com.