GEORGETOWN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at Georgetown, a 288-unit multifamily complex located near Interstate 35 and State Highway 130 in Georgetown, about 25 miles north of Austin. The property is situated within the 284-acre, master-planned Longhorn Junction development. Will Balthrope and Jordan Featherston of IPA represented the seller, Housing Development, and procured the buyer, Pensam Residential.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has brokered the sale of an 11,679-square-foot office/warehouse property in Arlington. Roughly two-thirds of the property, which is situated on 1.5 acres at 2309 Superior Drive in the Pantego area of Arlington, is office space and the remainder is warehouse space. Wayne Burgdorf of Coldwell Banker represented the seller, 2309 Properties LLC, and the buyer, 2309 Superior Drive LLC.
DALLAS — NXT Capital has provided $32 million in first mortgage financing for the acquisition of three hotels totaling 355 rooms in the Dallas area. Amenities of the various properties, all of which will undergo renovations to the rooms and common spaces, include a business center, pool, fitness center and basketball court. The names of the properties and the borrowers were not disclosed.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 6,101-square-foot office lease at 12710 Research Blvd. in Austin. Matt Levin, Rebecca Zigterman and Jason Steinberg of ECR represented the landlord in the lease negotiations. Chad Jewell of Austin Office Space represented the undisclosed tenant.
DALLAS — BMC Capital has arranged a $3.8 million acquisition loan for a 94-unit multifamily property in Dallas. The three-year loan, which features a 4.3 percent interest rate and a 30-year amortization schedule, was arranged through one of BMC Capital’s correspondent agency relationships. Other terms of the transaction were not disclosed.
SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …
FRISCO, TEXAS — Omni Hotels & Resorts and the Dallas Cowboys have officially cut the ribbon for the Omni Frisco Hotel, a 16-story hotel in Frisco. Situated within The Star development, the 300-room hotel in Frisco officially opened in July and features dining outlets including Neighborhood Services, Edge Bar and Lobby Bar. Gensler is the architect of record, and Wilson Associates consulted on the project. The hotel features 24,000 square feet of meeting space, including a 13,000-square-foot ballroom. The floor-to-ceiling windows offer expansive views of The Star, the Dallas Cowboys’ practice fields and the Championship Plaza.
BRENHAM, TEXAS — Servitas LLC, a privately owned student housing developer based in Dallas, has broken ground on a new 464-bed, four-story residence hall at Blinn College, a two-year school in Brenham with more than 19,000 students. Situated at the corner of Seager Street and Old Mill Road, the property will feature approximately 9,000 square feet of common space, including study spaces, an outdoor courtyard and an engineering classroom. Houston-based Kirksey Architecture is designing the project, and El Paso-based Moss & Associates is the general contractor. Servitas expects for students to be able to move in by fall 2018. Raymond James Financial is completing financing for the project on behalf of Servitas.
AUSTIN, TEXAS — ARA Newmark has arranged the sale of 7East, a new 186-room midrise apartment community in east Austin. Pat Jones of ARA Newmark represented the sellers, Stonelake Capital Partners and Ardent Residential, in the transaction. The buyer was GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. Situated on 1.9 acres near downtown Austin, 7East includes a rooftop lounge and clubroom, resort-style pool, 24-hour fitness center, business center with Apple computers and conference room and a leash-free dog park. Unit interiors feature up to 10-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and downtown views in select units.
HURST, TEXAS — Marcus & Millichap has brokered the sale of a 22,066-square-foot retail property located at 740 W. Pipeline Road in Hurst, roughly 25 miles west of Dallas. At the time of sale, the multi-tenant property was leased to Advance Auto Parts, America’s Best Contacts & Eyeglasses and Dollar Tree. Built in 2015, the center is adjacent to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company. Mike James and Tony Michael Anderson of Marcus & Millichap’s Encino, Calif., office procured the buyer, an individual/property trust.
