CYPRESS, TEXAS — Ready Capital Structured Finance has closed a $4.7 million loan for the acquisition, renovation and stabilization of a 61,896-square-foot office building located in the Houston metro of Cypress. The non-recourse, interest-only loan features a 36-month term with two extension options. The undisclosed borrower will use a portion of the loan proceeds to renovate the lobby and bathrooms of the property, as well as to upgrade its landscaping.
BURLESON, TEXAS — Bright Realty has broken ground on Elk Crossing, a 6,600-square-foot shopping center that will be located at 264 John Jones Drive in the southern Fort Worth metro of Burleson. The property will be anchored by a 2,200-square-foot R Taco restaurant and shadow-anchored by an H-E-B, Target and Home Depot across the street. Approximately 4,400 square feet of space is still available for lease, including an end-cap location with a drive-thru opportunity.
HOUSTON — HFF has arranged the sale of and acquisition financing for a 162,336-square-foot office building located at 2100 W. Loop S. in Houston’s Galleria neighborhood. The 16-story property was renovated in 2014 and was 88 percent leased at the time of sale. Dan Miller and Martin Hogan of HFF represented the seller, a partnership between California-based Buchanan Street Partners and Minnesota-based CarVal Investors, and procured the buyer, Houston-based Elite Street Capital. Matt Kafka and Michael Johnson of HFF led the debt placement for the borrower, securing a five-year loan through Greystone that carries a fixed 4.25 percent interest rate.
DALLAS — Dallas-based lender Revere Capital has launched Revere Credit Opportunities Fund III LP, its third fund for the origination and acquisition of commercial real estate debt. The fund is targeted to originate two- to five-year loans for investments in every property type, excluding land deals. Loans from the fund are expected to range from $3 million to $30 million.
AUSTIN, TEXAS — New York-based investment firm Somera Road Inc. has purchased a 142,000-square-foot, Class B office property located at 4000 S. IH 35 Frontage Road in Austin in an all-cash transaction. The property offers a café and a parking ratio of 7.5 spaces per 1,000 square feet. Beginning in the first quarter of 2018, Somera Road will undertake capital improvements to transform the property into a Class A asset.
FRISCO, TEXAS — Miami-based investment firm Antegrade Holdings has acquired Frisco Market Center, a 20,823-square-foot, three-building retail center located at the corner of Main Street and the Dallas North Tollway in Frisco. The property is shadow-anchored by LA Fitness and Main Event Entertainment. Taylor LeMaster of Inroads Realty represented Antegrade in the acquisition of the center. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, Hermansen Land Development Inc. Todd McNeill of Metropolitan Capital Advisors arranged acquisition financing through Regions Bank.
With an inventory of about 63 million square feet, El Paso’s industrial market has played a pivotal role in the business of commercial real estate for the past 10 years. During that stretch, portfolio trades have come to dominate industrial transactions in this market. For example, Dallas-based Stonelake Capital Partners recently added to its holdings by buying four buildings from 5 Star Real Estate in Vista Del Sol East totaling about 567,000 square feet. Stonelake had entered the market several years prior after buying 11 buildings totaling roughly 1 million square feet in Butterfield Trail Industrial Park from two separate entities, Louis Kennedy and Lincoln Properties. Other defining examples of trades include the activity of IndCore, a Blackstone company that began buying Industrial real estate in El Paso in 2010. The company purchased 1.2 million square feet of assets from Prologis; 1 million square feet of space from Northwestern Mutual Credit and 1.2 million square feet of product from UBS. In addition, Allstate foreclosed approximately 500,000 square feet of the KASCO portfolio in 2011, which was re-sold to Covington Capital in 2015. CIII Capital Partners absorbed eight buildings totaling 900,000 square feet from Titan Industrial in 2012. Soon after, CIII …
SAN ANTONIO — ARA Newmark has brokered the sale of Grand at the Dominion, a 320-unit, Class A multifamily community located at 23910 W. Interstate 10 in San Antonio. Situated across from the 53,000-square-foot Dominion Springs Plaza retail center, the property was 93 percent occupied at the time of sale. Grand at the Dominion’s community amenities include a pool with cabanas, yoga studio and indoor golf simulator. Pat Jones of ARA Newmark represented the seller, Embrey, a San Antonio-based development and management firm, in the transaction. New York-based Bluerock Real Estate LLC purchased the asset for an undisclosed price.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Wells Branch Self Storage, a 587-unit facility located at 1763 Wells Branch Parkway in Austin. Built in 1997 and situated less than a mile from Interstate 35, the facility measures 64,412 square feet and was 90 percent occupied at the time of sale. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust based in New Jersey, in the transaction. The duo also procured the buyer, California-based Wells Branch Mini U Storage LLC.
CARROLLTON, TEXAS — Henry S. Miller Brokerage Co. (HSM) has acquired Mills Pointe, a 126,000-square-foot shopping center situated on 11.5 acres at the corner of Trinity Mills Road and Marsh Lane in Carrollton. Built in 1985 and renovated in 2016, the center was 80 percent leased at the time of sale to anchor tenant Fitness Connection, as well as Subway, H&R Block and State Farm Insurance. Darrell Hurmis of HSM represented the undisclosed seller and the buyer, HSM Mills Pointe Partners LP, in the transaction.