CBRE announced that F. Scott Taylor has joined the company as director and leader of CBRE’s Texas property tax practice for Valuation & Advisory Services (VAS), based in Dallas.
In this newly created role, Taylor will be responsible for developing, leading and managing the Texas property tax practice and a growing number of property tax specialists. He will report to Micah Beck, senior managing director.
“We are thrilled for Scott to join our growing national property tax practice. We wanted an excellent leader to help develop our Texas practice and have great confidence that Scott will leverage our industry leading resources to build a best-in-class Texas property tax practice,” said Mark Whitney, national director, Property and Transaction Tax Services, CBRE.
“Adding tax advisory to our extensive list of valuation services in Texas dovetails perfectly with our core business and will allow us to continue to create great outcomes for our clients. Securing a seasoned, respected and talented leader was essential to this expansion of services and we are confident that Scott is the perfect cornerstone for this rapidly growing practice,” said Beck.
SALES
Venture Commercial Real Estate’s Investment Sales team has completed the sale of an 8,700 square-foot multi-tenant retail center located at 5040 State Highway 121 in Lewisville.
Tenants in the center, which sits adjacent to the 400+ acre Grandscape development and along the dynamic State Highway 121 corridor, include T-Mobile, Chipotle, Burgerim, and Texas Direct Auto.
John Zikos, Jonathan Cooper and Don Miller of Venture’s Investment Sales team represented the seller, Dave Carter with NDC Holdings. The buyer, a local family trust, had no broker representation.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale of The Ranch at Fossil Creek, a 274-unit multifamily property in north Fort Worth.
“Built in 2002, The Ranch at Fossil Creek is a low-density asset that benefits from a strategic location in an area with a scarcity of new multifamily product,” said Will Balthrope, executive director. “The acquisition provides new ownership with an opportunity to add value by upgrading the interiors.”
Balthrope, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, Beachwold Residential, and procured the buyer, CAF Capital Partners.
“The community’s prime location will get a further boost this year with the completion of the Interstate 35W highway construction,” said Tumminello.
CBRE Capital Markets’ National Senior Housing team has arranged the sale and financing of Continuing Care Retirement Communities (CCRC), a six-property portfolio comprised of 1,104 units in the North Texas area. .
Lisa Widmier, executive vice president of CBRE Capital Markets’ National Senior Housing team, represented Life Care Services (LCS), the third largest manager of rental senior living and continuing care retirement communities in the U.S. LCS held a lease-hold interest in the communities owned by Fortress Investment Group. The communities were acquired by a joint venture between LCS and Aspect Investment Partners—a global investment advisory firm headquartered in Dubai, UAE. The joint venture bought the portfolio from Fortress Investment group.
Imran Ahmed, executive vice president of CBRE Capital Advisors, represented the joint buyer, Aspect Investment Partners.
Aron Will, vice chairman of CBRE Capital Markets’ National Senior Housing team, arranged the acquisition financing on behalf of joint venture between LCS and Aspect Investment Partners. CBRE secured $120.2 million in loan proceeds for the portfolio. CBRE, through its Freddie Mac Seller Servicer direct lending program, provided financing for two of the six assets by securing a $39.2 million, 10-year, fixed rate loan with 72 months of interest only. For the remaining four assets in the portfolio, CBRE secured an $81 million, non-recourse, five-year, floating rate loan with 36 months of interest only from a pair of national banks.
“Middle Eastern capital sources are increasingly showing interest in the U.S. senior housing market and the interest is likely to grow in 2018,” said Widmier. “This transaction was as complex as it can get. It involved lease termination, formation of a new joint venture between global partners, Sharia compliance, foreign equity source, and a combination of agency and private lending sources.”
The communities range from 153 units to 267 units each and are approximately 35 years old. The property addresses in the portfolio include:
Parkwood Healthcare, 2600 Parkview Lane, Bedford 76022; Parkwood Retirement Community, 2700 Parkview Lane, Bedford 76022; Monticello West, 5114 McKinney Avenue, Dallas, 75205; Autumn Leaves, 1010 Emerald Isle Drive, Dallas, 75218; Signature Pointe on the Lake, 14655 Preston Road, Dallas 75254; and Walnut Place, 5515 Glen Lakes Drive, Dallas 75231.
A large part of the portfolio is comprised of skilled nursing with 37 percent Skilled Nursing (SNF) units, 24 percent Assisted Living (AL) units, 28 percent Independent Living (IL) units and 11 percent Memory Care (MC) units. LCS will continue to manage the Communities post transaction.
LEASE
Facility Response Group Inc. has renewed 6,000 square feet of industrial flex space in Trinity West Business Park A, 2550 114th St., Grand Prairie. Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Jim Ferris, vice president, represented the landlord, OMO Investment Co. Trust, in the direct deal.