ARLINGTON, TEXAS — CBRE has negotiated the sale of Bardin Place, a 420,550-square-foot retail center located just south of Interstate 20 in Arlington. The center was 99.8 percent leased at the time of sale to tenants such as WinCo Foods, Hobby Lobby, Ross Dress for Less and Dollar Tree. Dallas-based Vista Property Co. purchased the asset from Brixmor Property Group for an undisclosed price. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller in the transaction.
LEWISVILLE, TEXAS — Bright Realty LLC has received $16.7 million in preferred equity for the construction of The Realm at Castle Hills Office, a 235,000-square-foot project being developed in the northern Dallas metro of Lewisville. Canyon Partners Real Estate LLC provided the funds and has entered into a joint venture with Bright Realty, a real estate development firm based in Lewisville. The nine-story building, which will include ground-floor retail space, is part of the first commercial phase of development of Castle Hills, a residential and golf course community established by Bright Realty in 1997. Construction of the office building is expected to be complete by the end of 2019. Colliers International is handling leasing of the office space.
HOUSTON — Lee & Associates has arranged the sale of a 211,086-square-foot manufacturing facility located at 12218 Robin Blvd. in Houston. According to LoopNet Inc., the property was built in 1964 and features 10-foot clear heights as well as 10 drive-in, grade-level doors. Justin Tunnell of Lee & Associates represented the seller, Admiral Glass Co., in the transaction. Joseph Berwick and Richard Quarles of JLL represented the buyer, IFP-II LLC.
DALLAS — Aethon Energy Operating LLC has signed a 47,679-square-foot office lease at 12377 Merit Drive in Dallas. Melanie Hughes, Richmond Collinsworth and Bret Cooper of Bradford Commercial Real Estate Services represented the landlord, YP Park Central LLC, in the lease negotiations. Russell Trenary of Trenary & Associates represented the tenant.
DALLAS AND HOUSTON — The boards of not-for-profit health systems Baylor Scott & White Health and Memorial Hermann Health System have signed a letter of intent to merge operations. Together the two health systems own or have a stake in 68 hospitals and 1,100 care delivery sites in 30 Texas counties. The systems also record nearly 10 million annual “patient encounters” and employ approximately 73,000 people, including 14,000 physicians. According to The Wall Street Journal, the combined health system would be among the largest in the U.S. by number of hospitals and would generate more than $14 billion in annual revenue. As per the merger agreement, the board of the combined company will comprise an equal number of appointees from both organizations. Jim Hinton, CEO of Baylor Scott & White, will be the CEO of the proposed combined system and will be joined in the proposed office of the CEO by Chuck Stokes, president and CEO of Memorial Hermann, and Pete McCanna, president of Baylor Scott & White. “This is about two mission-driven organizations — both committed to making safe, high-quality healthcare more convenient and affordable — building something transformative together,” says Hinton. “Through this combined system, we have a …
PFLUGERVILLE, TEXAS — Dallas-based Lantower Residential has acquired Edgewater, a 328-unit apartment community located in the Tech Ridge area in the northern Austin metro of Pflugerville. Situated on 12.7 acres, the property offers a range of amenities, including two pools, a pond with surrounding walking trails, fitness center with yoga room and a dog spa. Lantower’s portfolio now comprises 20 multifamily properties totaling 6,588 units. The seller was not disclosed.
ARLINGTON, TEXAS — Colliers International has brokered the sale of Arlington Stor-More, a 186-unit self-storage facility located at 2932 W. Division St. in Arlington. The property features 41,178 net rentable square feet and includes an additional 2.5 acres of land for future expansion. Richard Minker and Chad Snyder of Colliers International represented the undisclosed seller in the transaction. The buyer was also not disclosed.
ARLINGTON, TEXAS — Michigan-based mortgage banking firm Bernard Financial Group has arranged an $11.7 million loan for the refinancing of a 145,323-square-foot office building in Arlington. Dennis Bernard of Bernard Financial Group placed the loan through Ameritas Life Insurance Co. on behalf of the borrower, Brookhollow II Holdings LP.
HOUSTON — NAI Partners has negotiated the sale of a 20,500-square-foot industrial property located at 4750 Windfern Road in Houston. According to LoopNet Inc., the property was built in 2008 and includes 110-foot truck court depths, 28 parking spaces and two grade-level overhead doors. Jake Wilkinson of NAI Partners represented the buyer, Himmel’s Architectural Door & Hardware, in the transaction.
AUSTIN, TEXAS — Mission Capital has arranged a $29.4 million loan for the construction of 1600 S. 1st St., an 86,700-square-foot mixed-use project that will be located in the Bouldin neighborhood of Austin. Upon completion, the project will feature 59 residential units, 22,800 square feet of ground-floor commercial space and a 321-space parking garage. Jason Parker, Steven Buchwald and Jamie Matheny of Mission Capital arranged the non-recourse loan through a local debt fund on behalf of the developer, Austin-based PSW Real Estate LLC. A timeline for groundbreaking and completion has not yet been established.
