DALLAS — TIG Real Estate has arranged the sale of an office building located at 17250 N. Dallas Parkway in Dallas. Situated on 2.2 acres, the property features 40,112 square feet of office space. Matthew Hickey and Kristin Grammar of TIG represented the undisclosed seller. The name of the buyer and acquisition price were not released.
FRISCO, TEXAS — The Vitorino Group has arranged the sale of two retail properties in Frisco. A New York-based fund acquired the properties for undisclosed price as part of a 1031 exchange. The 3,001-square-foot and 2,960-square-foot properties are absolute net-leased to 7-Eleven with four years remaining on both 18-year leases. The Vitorino Group represented the undisclosed seller in the deal.
DALLAS — Lee & Associates has arranged the sale of an industrial property located at 11529 Emerald St. in Dallas. StoneDome sold the 26,908-square-foot property to LeeRoy Jordan Lumber, a wholesale supplier of lumber and lumber supplies, for an undisclosed price. Nathan Denton of Lee & Associates represented the seller, while Michael Haggar and Alan Wood of JLL represented the buyer in the deal.
AUSTIN, TEXAS — High Street Residential and Principal Real Estate Investors (PREI) have broken ground for Crestview Commons, a four-story residential property located adjacent to the Crestview MetroRail station at North Lamar Street and Sugaree Avenue in Austin. The property will feature 353 apartment units in a mix of one-, two- and three-bedroom layouts ranging in size from 642 square feet to 1,405 square feet. Community amenities will include a conference room, resident lounge, entertaining kitchen, top-floor indoor and outdoor clubroom, three courtyards, pool and a dog park. JHP Architecture is serving as project architect and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing. Pre-leasing is slated to start in January 2018.
OKLAHOMA CITY — Binswanger has arranged the sale of an industrial building located at 6700 S. Sooner Road in Oklahoma City. Barr and Hoffman Properties acquired the 18,480-square-foot building from Barclay Properties for an undisclosed price. The building feature four 16-foot overhead doors, two 20-foot overhead doors, one 15-ton crane and 950 square feet of office space. Kipp Collins of Binswanger represented the seller in the deal.
THE WOODLANDS, TEXAS — The Howard Hughes Corp., along with its subsidiary The Woodlands Development Co., is developing Creekside Park Apartments, a multifamily property within Creekside Park Village Center in The Woodlands. Located on Kuykendahl Road, the gated residential property will feature 292 apartment units designed for young families, empty nesters and seniors. Once completed, the property will feature 10 two-story buildings totaling 100 units and two four-story buildings totaling 192 units. Community amenities will include a clubhouse; resort-style pool with outdoor kitchen and grilling areas, cabanas, lounge seating, sundecks and hammocks; a 24/7 fitness center; dog park; bike storage; package delivery lockers; and children’s play area. Designed by Humphreys & Partners Architects, Creekside Park is slated for completion in mid-2018.
WILMER, TEXAS — Colliers International has arranged the sale of an industrial property located at 930 E. Pleasant Run Road within Sunridge Business Park in Wilmer, a southern suburb of Dallas. Makita U.S.A. Inc. acquired the 227,230-square-foot property for an undisclosed price and plans to use it for a regional distribution center. Chris Teesdale, Tom Pearson and El Segundo of Colliers represented the seller, Scannell Properties, and the buyer in the deal.
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Bethany, a retail property located at 740 S. Greenville Ave. in Allen. A private investor acquired the 9,467-square-foot property for an undisclosed price. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone’s subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone’s board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT’s portfolio consists of 78 garden-style apartment properties comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest. Nearly half of the REIT’s holdings are in Texas. The transaction’s average price per apartment unit of approximately $120,000 compares favorably to Milestone’s current book value of approximately $109,500 per apartment unit. Starwood’s acquisition of Milestone’s portfolio of multifamily properties and operating platform of more than 1,200 employees will allow the firm to grow its multifamily footprint, especially in the Sunbelt region, where Starwood owns more than 67,000 …
AUSTIN, TEXAS — CSW Development has completed the disposition of an office property located at 2711 W. Anderson Lane in Austin. Paydar Properties Inc. acquired the two-story, 29,000-square-foot property for an undisclosed price. The buyer plans to redevelop the property into 27 Eleven, a mid-rise multifamily and mixed-use development in the near future. Scott LaMontagne and Michael Gonzalez of JLL represented the seller in the deal.
