DALLAS — Mohr Capital, a Dallas-based investment firm, has acquired a 100,000-square-foot office building located in the University Park area of Dallas. The property, which is situated on 13.8 acres, is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 square feet of space being added. Gary Horn and Jack Glasgow of Cresa represented Mohr Capital in the transaction. The seller was not disclosed.
DICKINSON, TEXAS — NorthMarq Capital has secured a $16.4 million construction/perm loan for Bahia Cove, a 248-unit multifamily community in Dickinson, about 30 miles southeast of Houston. Robert Hernandez of NorthMarq placed the loan, which features a 10-year term, 30-year amortization schedule and three years of interest-only payments, through an undisclosed life insurance company. The name of the borrower was also withheld.
HOUSTON — LMI Capital has closed $46.5 million in loans for a quintet of multifamily properties totaling 920 units throughout the Houston area. Brandon Brown, Kurt Dennis and Jamie Mullin of LMI Capital placed the loans for the garden-style properties, which are located in the Woodlake/Briarmeadow, Inner Loop East, Westchase, Champions East and North Houston submarkets. The lenders and borrowers were not disclosed.
ROCKWALL, TEXAS — A partnership between two development firms, AMCAL Equities LLC and Atticus Real Estate Development, will build a 228-unit apartment community in the eastern Dallas metro of Rockwall. The property, which will be branded Harbor Urban Center Apartments, will offer amenities such as a rooftop garden, courtyards and outdoor kitchen areas, a fitness center, business center and an internet cafè with a coffee bar. The U.S. Department of Housing and Urban Development (HUD) is financing the project, which was designed by Humphreys & Partners Architects, through its 221(d)(4) program. The $34.8 million construction to perm loan features a fixed 3.7 percent interest rate. The co-developers expect to complete Harbor Urban Center Apartments in October 2019.
DALLAS — StreetLights Residential has opened The Case Building, a 337-unit multifamily community located at 3131 Main St. in the Deep Ellum area of Dallas. The 17-story building is the first multifamily high-rise community in the neighborhood and offers amenities such as co-working spaces, a catering kitchen, private resident bar, fitness center and bike storage services. Units range in size from 500 to 1,300 square feet. SLR Construction LLC served as general contractor for the project, and WDG Architecture provided design services. Dallas-based Westdale will manage the property.
BUDA, TEXAS — Exeter Buda Land LP, an affiliate of Philadelphia-based Exeter Property Group, will develop approximately 600,000 square feet of industrial space on a speculative basis in Buda, a city just south of Austin along the Interstate 35 corridor. The company expects to begin construction of Phase I, which will deliver 300,000 square feet, in early 2018. The project is expected to create at least 50 new jobs.
DALLAS — Greystar Real Estate Partners LLC has sold Avana West Lemmon, a 372-unit multifamily community located at 3600 Wheeler St. in the Highland Park area of Dallas. The property features 18,000 square feet of ground-floor retail space and amenities such as two pools, a clubhouse, fitness center and business center. The Connor Group, an Ohio-based investment firm, purchased the asset for an undisclosed price and will rebrand it as Highland Park West Lemmon.
STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of Squires Landing Apartments and Wicklow Apartment Community, two multifamily assets totaling 287 units in Stillwater, home of Oklahoma State University. Derek Wilson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private partnership. Both parties requested anonymity. The properties sold at a sub-6 percent cap rate.
LUBBOCK, TEXAS — Richardson-based Hill & Wilkinson General Contractors will build a $91 million expansion project for the Health Sciences Center of Texas Tech University in Lubbock. The project involves adding 185,000 square feet of space, including a 100,000-square-foot extension of the current building that will feature research labs and a gross anatomy lab. In addition, the project will deliver a 14,500-square-foot conference center and a 58,142-square-foot building that will house classrooms, offices and collaborative spaces. Perkins + Will is providing architectural services for the project, which is slated for a 2019 completion.
DALLAS — Seritage Growth Properties and KDC will develop a 1 million-square-foot office property within Dallas Midtown, a 430-acre mixed-use project that is being constructed at the site of the former Valley View Mall in Dallas. The office development will feature two Class A towers with anchor retail and entertainment spaces. Seritage is also considering adding a hotel as part of its 23-acre project within the larger development. A timetable for completion has not yet been established.
