REBusinessOnline

RealtyLink, Oakridge Underway on 190,000 SF Retail Development in Terrell, Texas

TERRELL, TEXAS — A partnership between South Carolina-based RealtyLink and Dallas-based Oakridge Investments is underway on the construction of Crossroads at Terrell, a 190,000-square-foot retail development in Terrell, about 28 miles east of downtown Dallas. The property will be anchored by a 74,000-square-foot Film Alley Movie Entertainment Center that is scheduled to open in 2019. New tenants including Hobby Lobby, Ross Dress for Less, Five Below, Chick-fil-A and Rack Room Shoes are slated …

CBRE Negotiates Sale of 1,331-Unit Multifamily Portfolio in Houston

HOUSTON — CBRE has negotiated the sale of a portfolio of three multifamily communities totaling 1,331 units in Houston. The properties, which had an average overall occupancy of 91 percent at the time of sale, are Westchase Estates, Westchase Grand and Westchase Preserve. Matt Phillips and Clint Duncan of CBRE represented the seller, a partnership between Ascension Commercial Real Estate and Moriah Group, in the transaction. Michael Thompson of CBRE arranged acquisition financing for the deal …

Stratus Properties to Develop 54-Acre Mixed-Use Project in Kingwood, Texas

KINGWOOD, TEXAS — Austin-based Stratus Properties Inc. will develop Kingwood Place, a 54-acre mixed-use project in Kingwood, a 14,000-acre master-planned community located northeast of Houston. The project, which will be anchored by a 103,000-square-foot H-E-B grocery store, will also feature 41,000 square feet of additional retail space and approximately 300 multifamily units. Construction is scheduled to begin in

37th Parallel Acquires 224-Unit Apartment Community in San Antonio

SAN ANTONIO — 37th Parallel Properties, a Virginia-based multifamily investment firm, has acquired Summit of Thousand Oaks, a 224-unit multifamily community in San Antonio. Built in 1983, the property consists of 144 one-bedroom units and 80 two-bedroom apartments. Amenities include a pool and a fitness center. The new ownership will add new retaining walls and landscaping, as well as upgrade the leasing center and unit interiors. Cutt Ableson of Berkadia arranged a Freddie Mac green loan for …

Marcus & Millichap Brokers Sale of 184-Unit Apartment Property in Fort Worth

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Village Creek Townhomes, a 184-unit multifamily property in Fort Worth. The community was built in 1970 and rebuilt in 1994 to offer two-, three- and four-bedroom floor plans. Al Silva of Marcus & Millichap represented the seller, a Dallas-based private investment group, in the transaction. Silva also procured the buyer, a Texas-based partnership. Both parties requested

First Industrial to Develop 345,280 SF Project in Lewisville, Texas

LEWISVILLE, TEXAS — Chicago-based First Industrial Realty Trust Inc. (NYSE: FR) will develop First Park 121, a 345,280-square-foot warehouse/distribution project that will be situated on an 84-acre site in Lewisville, located northwest of Dallas. The groundbreaking of Phase I, which will deliver two rear-load facilities, is scheduled to occur this month. Both buildings will feature 32-foot clear heights, more than 160 auto stalls and ESFR sprinkler systems. Alliance Architects is providing …

Q Investments Refinances 391,091 SF Office Complex in Metro Dallas

RICHARDSON, TEXAS — A subsidiary of Q Real Estate Holdings LP, an affiliate of Fort Worth-based Q Investments LP, has refinanced 2400 Glenville, a 391,091-square-foot office complex located in the northeastern Dallas suburb of Richardson. The property, which is situated on 35 acres, underwent several renovations over the past few years to upgrade its common areas and add a new fitness center. Brian Carlton of HFF arranged the three-year, floating-rate refinancing for the transaction through …

Bellomy Arranges Sale of 483-Unit Self-Storage Facility in Montgomery, Texas

MONTGOMERY, TEXAS — Bellomy & Co. has arranged the sale of AA Climate Controlled Storage, a self-storage facility located in Montgomery, about 50 miles northwest of Houston. Built in 2003, the property consists of 483 units across 58,685 net rentable square feet of climate-controlled space. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based seller in the transaction. The duo also procured the buyer, Katy-based Pinnacle Storage Properties. The sales price …

Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio

SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether …

Global Net Lease Acquires 145,000 SF Office Building in Metro Dallas for $54M

ALLEN, TEXAS — New York-based REIT Global Net Lease (NYSE: GNL) has acquired a 145,000-square-foot office building located in the northern Dallas metro of Allen for $54 million. The Class A property is currently net leased for 12 years to a subsidiary of NetScout Systems Inc., a Massachusetts-based tech firm. GNL acquired the building in conjunction with a 669,000-square-foot industrial facility in Akron, Ohio, which carried a price tag of $21.4