PHARR, TEXAS — Houston-based developer Levcor Inc. has received a $78 million loan to refinance existing construction debt on Pharr Town Center, a 466,950-square-foot retail center in the South Texas city of Pharr. Goldman Sachs provided the loan for the property, which currently houses tenants such as T.J. Maxx, Main Event Entertainment and Academy Sports + Outdoors. Tom Melody, Tom Fish, Jimmy Board and Jarrod McCabe of JLL arranged the financing.
HOUSTON — Weingarten Realty will develop The Driscoll at River Oaks, a 30-story apartment tower located near the Kroger-anchored River Oaks Shopping Center in Houston. The property will feature more than 300 units and approximately 10,000 square feet of ground-floor retail. Construction is scheduled to begin in 2018 with completion slated for 2021.
ATASCOCITA, TEXAS — Los Angeles-based Westwood Financial Corp. has acquired Market at Lake Houston, a 101,791-square-foot, H-E-B-anchored retail center in the northeastern Houston suburb of Atascocita. Completed in 2002, the property was 100 percent leased at the time of sale to tenants such as GameStop, Sally Beauty Supply, Five Guys and Subway. HFF brokered the sale and arranged an undisclosed amount of acquisition financing through Nationwide Life Insurance Co.
DALLAS — High Street Residential has opened M-Line Tower, a 20-story, mixed-use development located at 3200 McKinney Ave. in Dallas. The property’s 261 apartment homes are a mix of studio, one- and two-bedroom units ranging in size from 581 to 2,511 square feet. M-Line Tower offers 11,636 square feet of ground-floor restaurant space leased to Café Express and Blue Sushi Sake Grill. Community amenities include a multi-level fitness center, resident sky lounge, pool, business center and personal study areas.
DEER PARK, TEXAS — NAI Partners has negotiated the sale of a 73,000-square-foot industrial property situated on 6.2 acres at 2802 E. 13th St. in Deer Park, approximately 20 miles east of Houston. John Ferruzzo and Chris Kugle of NAI represented the seller, Deer Park 1031 DST, in the transaction. Jim Stark of CBRE represented the buyer, Turtle & Hughes Inc.
PEARLAND, TEXAS — GreenSpace Holdings LLC has broken ground on a three-story, 1,017-unit self-storage facility in the Houston metro of Pearland. Units will range in size from 25 to more than 300 square feet. Houston-based TMS Contractors LLC and Dallas-based Noble Alix served as the project’s design/build contractors. Texas Citizens Bank provided financing for the project. Construction is expected to be complete by early 2018. The facility, which will operate under the CubeSmart brand, was built using about 320 shipping containers and is equipped with several eco-friendly features.
DALLAS — CMC/Commercial Realty Group has opened Modena, a 230-unit apartment complex located at 8275 Walnut Hill Lane in north Dallas. The five-story property features amenities such as indoor parking, a pool and a social lounge. Bob Moore Construction served as general contractor on the project, which represents CMC’s second multifamily development in Texas.
HOUSTON — Insite Commercial Real Estate has purchased Intellicenter, a 160,407-square-foot office property situated on 12.8 acres at 4650 Westway Park in Houston, for an undisclosed price. Completed in 2007, the three-story, Class A property is located within the 3 million-square-foot Westway Park office campus on the city’s northwestern side. Danny Miller and Trent Agnew of HFF represented the undisclosed seller in the transaction.
LEWISVILLE, TEXAS — Berkadia has secured a $51.4 million Fannie Mae loan for Discovery at the Realm, a 423-unit multifamily property located at 3600 Windhaven Parkway in Lewisville. Amenities include a business center and conference room, coffee bar and access to a lake with beaches and piers. Joe Hevey and Brady Meyer of Berkadia secured the 10-year loan, which features a 4.2 percent interest rate, on the behalf of the borrower, Dallas-based Bright Realty LLC.
DENTON, TEXAS — The Retail Connection has negotiated a 23,013-square-foot retail lease at 1400-1800 South Loop 288 in the North Texas city of Denton. David Levinson and Jack Weir of TRC represented the landlord, 3503 RP Denton Crossing LP, in the lease negotiations. Robert Aycock of CBRE represented the landlord, HomeGoods Inc., a Massachusetts-based home furnishings company and affiliate of the TJX Cos., which owns Marshalls and T.J. Maxx.
