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Mayfield Properties Buys Big in Texas

March 14, 2013

DALLAS — Mayfield Properties has purchased 14 industrial buildings in North Texas and Houston. The portfolio represents 1.75 million square feet which brings the Dallas-based company’s holdings to 7.5 million feet.

HFF LP provided financing for the acquisition and marketed the buildings sale. Holt Lunsford Commercial will lease and manage the Dallas-area buildings.

The buildings were purchased from Colony Realty of Boston. Mayfield Properties has been in business since 2010 and owns buildings in Texas and Tennessee.

Read Globe St. article >

Dallas Investor Buys North Texas Industrial Properties

March 12, 2013

Dallas-based Mayfield Properties said Monday that it has purchased 14 Texas industrial buildings, including nine in the Dallas area.

The acquisition includes 1.75 million square feet of industrial space, with the largest share of the properties in North Texas.

The rest of the buildings acquired are in Houston.

Holt Lunsford Commercial will lease and manage the Dallas-area buildings.

HFF LP provided financing for the acquisition and marketed the buildings sale.

The buildings were purchased from Colony Realty of Boston. And the Dallas-area properties are located in Grand Prairie, Arlington, Carrollton, Farmers Branch, Irving, Euless and Dallas.

Mayfield Properties has been in business since 2010 and owns buildings in Texas and Tennessee.

Mayfield has acquired 7.5 million square feet of commercial real estate.

Read Dallas News article >

Mayfield Properties Acquires 14 Texas Industrial Properties

March 12, 2013

Mayfield Properties has bought 14 Texas industrial buildings, including nine Dallas-area properties.

The Dallas Morning News reported that Dallas-based Mayfield's acquisition includes 1.75 million square feet of industrial space, most of which is in North Texas. The Morning News said that the remainder of the space is in Houston.

Read Dallas Business Journal article >

Mayfield Properties Purchases 13-Property, 1M Sq. Ft. Industrial Portfolio

September 18, 2012

Mayfield Properties purchased a 13-property, 1M SF industrial portfolio. The 13 properties are in six projects throughout the Houston area and are 98% occupied overall. HFF’s Rusty Tamlyn and Trent Agnew repped seller DCT Industrial Trust. DCT will use the funds for development and acquisition of newer Class-A product.

Read BisNow article >

Two Groups See Industrial Rent Growth

August 25, 2012

Two big-ticket portfolio deals are the latest sign of strength in Houston's industrial real estate market.

Dallas-based Mayfield Properties is diving into Houston with the purchase a 13 properties totaling 1 million square feet from DCT Industrial Trust.

"With the tight Houston market, you're going to see some rent growth," said Jim Jones, who founded the firm with John Jenkins in 2010. They entered the Houston market with a property on Market Street over a year ago.

The DCT portfolio is concentrated in the southwest and far northwest regions of Houston and is 98 percent occupied by 46 tenants. The properties are: Corporate IV, 12603 and 12613 Executive in Stafford; 505 and 525 Julie Rivers Road and 12505 Reed Road in Sugar Land; 4000 Greenbriar; 1240-1270 Silber; Wynnwood Park at 7215 Wynnwood and 7240 Wynnpark; and Willowbrook at 8280 Willow Place North, 13161-13175 Misty Willow Drive, 8270 Willow Place North, and 9305-9323 Millsview Road.

"Houston's pretty much on everybody's radar screen," said Rusty Tamlyn, a broker with HFF who represented DCT Industrial Trust along with Trent Agnew.

The city's strong job growth, moderate industrial development and an industrial occupancy rate of 95 percent have made it attractive to investors, Tamlyn said. He noted that rents are projected to grow 8 percent this year, according to Property and Portfolio Research.

In the second deal, Chicago-based Brennan Investment Group has acquired a nine-building portfolio totaling 338,577 square feet from an out-of-state seller.

The properties, 84 percent leased, are: 3727 Greenbriar (three buildings); 8100 Westpark; 10610-10630 Rockley (two buildings); and SW Business Center, 10335 Landsbury near Stancliff and Kinghurst (three buildings).

The private real estate investment firm is led by Troy MacMane, Tod Greenwood and Allen Crosswell as local partners. The deal is the group's first income producing purchase in Houston, MacMane said. It is constructing a manufacturing building at Windfern and Genard near U.S. 290 and Beltway 8.

The DCT Industrial Trust sale leaves the real estate investment trust with 41 buildings totaling 2.9 million square feet in Houston. The remaining properties are in the northwest and north areas of town.

"We are funding our acquisitions and our development through disposition of our lower growth assets," said Justin Bennett, regional vice president for DCT Industrial Trust.

The company is developing the 267,000-square-foot DCT Northwest 8 Distribution Center in northwest Houston, which is ready for lease. Next month, it will start building another 267,000-square-foot building called DCT Airtex Industrial Center.

Read Houston Chronicle article >

Mayfield Picks Up Houston Industrial Portfolio

August 24, 2012

Mayfield Properties LLC has purchased a 13-property, one million-sf industrial portfolio. The seller was DCT Industrial Trust Inc. The portfolio is 98 percent occupied by 46 tenants. The properties are located in six different industrial projects throughout the Greater Houston area. They are:
  • Corporate IV 12603, 12613 Executive; 79,252 sf; Stafford    Julie Rivers at 505, 525 Julie Rivers Rd. and 12505 Reed Rd.; 219,703 sf; Sugar Land
  • Greenbriar at 4000 Greenbriar; 229,200 sf; Houston
  • Silber at 1240-1270 Silber; 170,880 sf; Houston
  • Wynnwood Park at 7215 Wynnwood and 7240 Wynnpark; 107,406 sf; Houston
  • Willowbrook at 8270 and 8280 Willow Place North, 13161-13175 Misty Willow Dr., and 9305-9323 Millsview Rd; 198,790 sf; Houston

HFF represented the seller.

Read Texas A&M Real Estate Recon article >

Mayfield Acquires 1M-SF Houston Industrial Portfolio

August 24, 2012

HOUSTON - DCT Industrial Trust has sold a 1 million-sf, 13-property industrial portfolio to Mayfield Properties LLC. The portfolio is 99 percent leased.

The properties include:

  • Houston — 4000 Greenbriar (229,200 sf);
  • Houston — 1240-1270 Silber (170,880 sf);
  • Houston — Wynwood Park at 7215 and 7240 Wynnwood (107,406 sf at);
  • Houston — Willowbrook at 8270 and 8280 Willow Place North, 13161-13175 Misty Willow Dr. and 9305-9323 Millsview Rd. (198,790 sf);
  • Stafford — Corporate IV at 12603 & 12613 Executive (79,252 sf); and
  • Sugar Land — Julie Rivers at 505 & 525 Julie Rivers Rd. and 12505 Reed Rd. (219,703-sf);

Read Texas A&M Real Estate Recon article >

EDGE Initiative to Target Brownfields Good Business Move

June 01, 2012

With scores of red tape seemingly behind it, the Economic Development Growth Engine now can focus on what it was formed to do: Recruit new industry and retain existing businesses to grow our local economy.

The group has four main focus areas, one of which is brownfield redevelopment. Brownfields are ugly, lonely homages to once-bustling areas, and a good place to focus economic development efforts. They may be taboo for site selection consultants, but if EDGE can get necessary approvals after testing or remediating sites, then those selectors may take a closer look.

If it sounds far-fetched, the Memphis Defense Depot is a realistic example of success that can be attained from redeveloping brownfields. The former U.S. Army depot site used to be an environmentally hazardous, empty industrial park in an impoverished neighborhood. After years of clean up — and luring big-name tenants like Cargill Inc., Allenberg Cotton Co. and UPS Supply Chain Solutions — the property was sold last year to Mayfield Properties for $35.8 million.

The city of Memphis and Shelby County are now reaping the rewards, as the two governments split the sale proceeds and the property returned to the tax rolls for the first time since the 1940s.

If it can happen at the Depot, why not at the old International Harvester and Firestone plants in Frayser?

EDGE’s president Reid Dulberger says there’s plenty of money, both at the federal and state level, available for brownfield redevelopment, so it seems like a good target for the organization. But it’s not the only one.

EDGE is working with the National Development Council to develop a fund which would provide loans in the $100,000 to $2 million range, for fixed assets, construction or operating capital for small and medium-size businesses. It is honing in on programs that link small businesses. It also is facilitating a five-member rail authority that could coordinate logistical assets.

It recently landed a swanky office address, leasing nearly 5,000 square feet at the Tower at Peabody Place, where it will move to soon. Having an office separate from city and county government is a smart move, especially an office that can impress the business leaders it hopes to pursue.

As a community, we can only hope Dulberger and the EDGE organization find success in their economic development goals. But we think they are off to a great start.

Read Memphis Business Journal article >

San Antonio YMCA Expands Brand With Latest Purchase

January 20, 2012

A fitness facility on the city’s North Central Side has a new owner.

Late last month, the YMCA of Greater San Antonio closed on the purchase of the former Triton Sports Center — a tennis/fitness facility spanning a little over 62,000 square feet at 2263 Thousand Oaks Drive.

The new YMCA property will include all of the fitness amenities that were part of Triton — including 12 tennis courts; three swimming pools, an indoor, outdoor and a children’s pool; and five racquetball courts.

Throughout the purchase process, the club has remained open, according to Sandy Morander, president and CEO of the local YMCA chapter, which acquired the Triton facility out of receivership.

As for improvements to the property, work is already underway on a new parking lot. That project is slated to be completed this spring, Morander says. The YMCA will also begin improvements to the facility’s indoor pool during the first half of 2012.

Counting the new Thousand Oaks facility, the YMCA now has 11 fitness facilities in the greater San Antonio area.

“We look for areas where we are currently not serving — or not serving well — the community,” says Morander.

The amenities of the former Triton facility were certainly a plus as well, says Morander, who adds that the newest YMCA facility will have a “unique place in the market with its family services."

The list of YMCA locations includes a couple of properties that the YMCA purchased and then redeveloped. The center at 3223 St. Mary’s near downtown, and the facility at 5538 Walzem, for example, were originally Albertson’s grocery stores.

“We like being able to take a property that is not being used to its fullest potential to better serve the community,” Morander says.

The ‘Y’

The Thousand Oaks site will also prove a key marketing tool in the re-branding efforts taking place among the YMCA chapters throughout the country — given it will be the first San Antonio facility to boast the new brand.

Going forward, the organization will be known as “The Y” — the very moniker that many people already use in reference to the organization. But now, after more than four decades, the YMCA is embracing “The Y” as its trademarked name.

The new logo is more contemporary and better reflects the vibrancy of the Y and the diversity of the communities it serves, Morander says.

The national organization, Chicago-based YMCA of the USA, began rolling out the new logo in 2010. Individual chapters have until December 2014 to re-brand all of their facilities, Morander explains.

So over the next two years, be on the lookout for other YMCA centers here to become “The Y.”

Stream Realty

It’s a new year and a new assignment for the local office of Stream Realty Partners LP.

Dallas-based Mayfield Properties has tapped Stream Realty to oversee the leasing and management of the Lanark Distribution Center. The property is located at 610 Lanark in Northeast San Antonio.

Jason Schnittger, senior vice president, and Michael Flowers, an associate with Stream Realty, will lead the leasing team. The property is currently 41 percent occupied — with a total of 150,000 square feet of available space.

“We look forward to securing significant leases for our new client,” Schnittger says. “We are excited to increase occupancy in the project.”

Mayfield purchased the property this past spring — the first acquisition in a city that has been on the firm’s radar for some time, according to Jim Jones, a co-founder of Mayfield. Jones spoke with the Business Journal about the acquisition back in May.

“We like the dynamics of the San Antonio market,” Jones said. “We like the mid- to smaller-tenant type market.”

The Lanark distribution center, he added, represented a “good opportunity to acquire a sizeable (piece) of Class B warehouse in San Antonio.”

Speaking of acquisitions, Kim and Peter Tran have purchased a 6,427-square-foot retail center at 6620 FM 78, along the southwest quadrant of FM 78 and Foster Road in Northeast San Antonio. Joe Linsalata of Austin-based Linsalata Realty Services represented the buyer in the deal. Dick McCaleb of RFM Commercial represented the owner. The purchase was financed by Chase Bank of Austin.

Big Numbers

Columbus, Ohio-based DSW Inc., a retailer of shoes and other accessories, recently announced plans to open between 35 and 40 new stores in 2012 — accelerating its original goal of opening 15 to 20 new stores a year.

The majority of new stores are expected to be opened during the second half of 2012, according to Mike MacDonald, president and CEO of DSW. Just days prior to DSW’s announcement, Dollar General announced that it planned to 625 new stores in 2012 — a rollout that would equate to 6,000 new jobs over the coming year.

Read San Antonio Business Journal article >

Memphis, Shelby County to Get Depot Sale Proceeds Soon

January 17, 2012

Andy Ashby
Staff writer- Memphis Business Journal

Memphis and Shelby County should soon be seeing the proceeds of the Memphis Depot Business Park sale from last year.

The Memphis Depot Redevelopment Corp. will vote tomorrow to authorize sending $24.4 million from the sale to the city and county. The city and county will split the money evenly.

The Memphis Depot Redevelopment Corp. is part of the city and county’s Economic Development Growth Engine, an economic development entity which was formed last year.

Mayfield Properties bought 265 acres and 4.2 million square feet of industrial space in Memphis Depot Business Park for $35.8 million on Aug. 5, 2011.

Reid Dulberger, president of EDGE, was quick to give credit to Memphis Depot Redevelopment Corp. president Jim Covington and others.

“It’s just a phenomenal success story,” he said. “These kinds of things are not easy. It was hard, but they made a huge success out of it.”

In addition to this payment to the city and county, which provided initial financing for the depot’s redevelopment, the sale puts the property back on the tax rolls.

Memphis Depot Redevelopment Corp. still owns 85 acres of vacant industrial land and a 60,000-square-foot building at the Depot.

Read Memphis Business Journal article >

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