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LoansOfficeTexas

HFF Arranges Refinancing of 1.2 MSF Office Tower in Houston

by Taylor Williams

HOUSTON — HFF has arranged an undisclosed amount of refinancing for 700 Louisiana, a 56-story, a 1.2 million-square-foot office tower in Houston’s CBD. Cameron Cureton and John Brownlee of HFF arranged the funds on behalf of the borrower, a joint venture between Houston-based investment firm M-M Properties and an institutional capital partner. The property was 90 percent leased at the time of the loan closing. The borrower will use the funds to reconfigure the lobby and incorporate an on-site restaurant.

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RetailTexas

Greatland Investments to Develop 4,000 SF Retail Property in Houston

by Taylor Williams

HOUSTON — Houston-based retail developer Greatland Investments Inc. will develop a 4,000-square-foot, Class A retail property at 3215 White Oak Drive in Houston’s The Heights neighborhood. The property currently houses a car wash, the lease of which will expire at year’s end, as well as a multifamily rental complex and a single-family home. NewQuest Properties is handling leasing of the development, construction of which is slated to begin during the first quarter of 2018.  

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LoansMultifamilyTexas

Hunt Mortage Secures $20.5M Refinancing for Two Multifamily Assets in Metro Austin

by Taylor Williams

ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.

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IndustrialTexas

Lee & Associates Brokers Sale of 40,250 SF Industrial Building in Irving

by Taylor Williams

IRVING, TEXAS — Lee & Associates has arranged the sale of a 40,250-square-foot industrial building located at 2109 Vanco Drive in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, Premier Technical Plastics, a manufacturing of petrochemicals with offices in Texas and Arkansas. The buyer and sales price were not disclosed.

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RestaurantRetailTexas

Pluckers Wing Bar to Open 7,400 SF Location Near San Antonio

by Taylor Williams

SELMA, TEXAS — Austin-based restaurant chain Pluckers Wing Bar will open a 7,400-square-foot location within Forum Pointe Shopping in Selma, a northeastern suburb of San Antonio. Whit Jordan of CBRE represented Pluckers in the site search and lease negotiations. The new location, which will be the company’s 23rd overall, is expected to open in 2018.

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MultifamilyTexas

Pure Multifamily REIT to Acquire 340-Unit Apartment Community in Dallas for $66.3M

by Taylor Williams

DALLAS — Canadian investment firm Pure Multifamily REIT LP (TSX: RUF.U), has entered into an agreement to acquire Farmers Market Apartments, a multifamily community located at 835 S. Good Latimer Expressway in Dallas, for roughly $66.3 million. Developed in 2016, the property totals 340 units averaging 824 square feet per unit. Amenities include a pool lounge, outdoor kitchen, fitness center and bicycle rental service. The transaction is expected to close in October.

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HospitalityTexas

NewcrestImage Opens 226-Room Embassy Suites Hotel in Downtown Amarillo

by Taylor Williams

AMARILLO, TEXAS — NewcrestImage has opened a 226-room Embassy Suites hotel in downtown Amarillo. The property features a mix of one-bedroom and studio suites; 18,000 square feet of meeting space, including a 10,000-square-foot ballroom; an indoor pool; and a restaurant and lounge. A 750-space parking garage was also delivered as part of the project. Construction began in October 2015.

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MultifamilyTexas

Electra America Buys 344-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Electra America, a multifamily investment and management firm with offices across the East Coast, has acquired Pecan Springs, a 344-unit multifamily community in San Antonio. Built in 2013, the property offers a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center and dog park. Electra America will add washers and dryers to all units and upgrade the exterior of the property, which was 95 percent occupied at the time of sale.

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IndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 452-Unit Self-Storage Facility in Clute, Texas

by Taylor Williams

CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Clute Affordable Storage, a 452-unit self-storage facility located at 508 E. Main St. in Clute, a Gulf Coast-area city approximately 50 miles south of Houston. Nicholas Ling of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer, a limited liability company. Other terms of sale were not released.

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