IRVING, TEXAS — PCCP LLC has provided an $18.1 million senior loan to Stanton Road Capital and Second City Real Estate for the acquisition and leasing of 3660 Regent, a 158,728-suare-foot Class B office building in the Freeport submarket of Dallas. The private seller had owned the building since 2000. The two-story property is located at 3660 Regent Blvd. in Irving and was developed as a build-to-suit for Ford Motor Credit Co., which remains a major tenant. The property is less than a mile from the LBJ/635 Freeway, which offers access to Highway 114 and Highway 121.
Property Type
DALLAS — Marcus & Millichap has arranged the sale of Milano and Lemon Tree, a 32-unit apartment property in Dallas. Milano and Lemon Tree is located at 4710 Munger Ave., approximately one mile from U.S. Highway 75, Greenville Avenue and the Knox/Henderson area. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor in the Dallas market. Crittenden represented the buyer, also a private investor.
IRVING, TEXAS — Synthetic Grass Warehouse Inc. has moved into a 15,000-square -foot distribution space in PS Business Park Inc.’s North Free Trade Zone. The Anaheim, Calif.-based company bought the space located at 1317 N. Royal Lane in Irving, just north of Dallas. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant, a supplier of artificial grass for the residential market. Brock Wilson, also with Bradford, represented the landlord, PS Business Parks Inc. The 62,223-square-foot building is one of three in PS Business Parks’ 230,000-square-foot North Free Trade Zone situated at the north entrance of the Dallas/Fort Worth International Airport. A free trade zone is an area where goods can be traded without the intervention of customs authorities.
ROSENBERG, TEXAS — Marcus & Millichap has arranged the sale of Victoria Garden, a 232-unit apartment property in Rosenberg. Located at 911 Lane Drive, approximately 36 miles southwest of Houston, Victoria Garden had a list price of $6.6 million. Juan Cuevas with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Cuevas also secured and represented the buyer, a limited liability company.
ST. PETERSBURG, FLA. — The Praedium Group and partner Greystar Real Estate have sold Lincoln Shores Apartments, a 631-unit multifamily community in St. Petersburg, for $53 million. The Praedium Group purchased the asset in January 2010 for $24.2 million. The property features three resort-style swimming pools, lighted tennis courts, four racquetball courts, a basketball court, sand volleyball area and a fitness center. The community fronts a 14-acre lake, which has direct access to Tampa Bay.
HUNTERSVILLE, N.C. — Apartment developer Northwood Ravin LLC has broken ground on the Apartments at Holly Crest, a $50 million, 400-unit apartment community in Huntersville, roughly 14.5 miles north of Charlotte. The project will be located along Sam Furr Road across from Northcross Shopping Center. The community will feature 35,000 square feet of community greenspace and 15,000 square feet of amenity space, including a 4,900-square-foot clubhouse, 4,600-square-foot spa, fitness center, business center and private dog parks for small and large breeds. Monthly rents are estimated to start at $900 per month for a 700-square-foot, one-bedroom apartment and up to $1,700 per month for a 1,600-square-foot, three-bedroom unit.
ATHENS, GA. — Atlanta-based Thrive Senior Living has commenced construction on The Village at Athens, a 70-unit assisted living and memory care facility located near the intersection of Highway 316 and the Oconee Connector in Athens. Thrive is co-developing the property in a joint venture with Paragon Real Estate and Summit Healthcare REIT. The general contractor for the project is Athens-based Compass Contracting. The facility will feature a spa, beauty salon, fitness center, doctors office, movie theater and courtyards with outdoor fireplaces.
DAVIDSON, N.C. — Childress Klein Properties has commenced construction on Two Harbour Place, a 51,000-square-foot, three-story office/retail project in Davidson, roughly 22 miles north of Charlotte. The property is part of the 50-acre Harbour Place mixed-use development that Childress Klein constructed starting in 2007. Paint company Valspar will relocate its Charlotte office to anchor the property, located at the northwest corner of Griffith and Jetton streets. Valspar’s office space will also include a training center. Childress Klein expects to deliver the property in February 2015. The developer worked with the Lake Norman Regional Economic Development Corp. and the Town of Davidson on the project.
ALPHARETTA, GA. — Fiserv Inc., a financial services technology firm, has selected tvsdesign to design a new lobby and the interiors of two six-story office buildings in Alpharetta. The 375,000-square-foot project will house more than 2,000 Fiserv employees who will be consolidated from several Fiserv offices in metro Atlanta. Completion on the project is slated for 2015. Fiserv chose to locate in Alpharetta because of the city’s reputation as a technology hub, with more than 600 technology companies located within city limits.
NEW YORK CITY — Eastern Consolidated has brokered the sale of 143-155 Roebling Street, a commercial loft building located in Brooklyn’s Williamsburg neighborhood. Redsky Capital LLC purchased the former needlework factory from Metroeb Realty 1 LLC for $33.3 million. The six-story, 141,389-square-foot building features 42 fully occupied commercial units, three elevators and a full-building sprinkler system. Additionally, the property features three sides of frontage along Roebling Street, Hope Street and Metropolitan Avenue. Gabriel Saffioti of Eastern Consolidated represented the seller, and, along with Ben Tapper, also of Eastern Consolidated, procured the buyer in the transaction.