FORT WORTH, TEXAS — Bob Moore Construction Inc. has completed a 641,226-square-foot facility for TTI Inc., a Fort Worth-based distribution firm. The facility, which will serve as the company’s main office headquarters and distribution center, is located within Mercantile Center, an industrial park situated along Meacham Boulevard on the city’s north side. Bob Moore Construction broke ground on the property, which features a tilt-wall configuration and 38 loading docks, in June 2016.
HOUSTON — Stream Realty Partners has broken ground on Northwest Logistics Center, a 411,442-square-foot distribution center situated on 26 acres off North Eldridge Parkway just south of State Highway 290 in northwest Houston. Scheduled to deliver in June 2018, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system and additional outdoor/trailer storage space. The property is designed to accommodate users with footprints ranging from 75,000 square feet to the building’s full capacity.
GARLAND, TEXAS — JLL has arranged a 164,419-square-foot industrial lease at 3502 Regency Crest Drive in the Dallas metro of Garland on behalf of Zobele Group, an Italian product development and manufacturing firm. The company is expected to move in during the second quarter of 2018. Terry Darrow and Chris Stout of JLL represented Zobele Group in the lease negotiations. Ryan Wolcott of Stream Realty Partners represented the landlord, Stag Texas Holdings.
HOUSTON — Hall Structured Finance (HSF), a Dallas-based private lender, has secured a $22.8 million construction loan to finance the adaptive reuse of the former Southwestern Bell Telephone Co. office building in downtown Houston into a 150-room Hyatt Place hotel. The new hotel will feature ground-floor dining, a rooftop bar, indoor pool, fitness center and approximately 800 square feet of meeting space. Guestrooms, which will be located on the third through 16th floors, will average about 400 square feet per room. A timetable for completion of the project has not yet been established.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $20.5 million Fannie Mae loan for the acquisition of Brookside Apartment Homes, a 288-unit multifamily property located at 2505 Thomason Circle in Arlington. The property features a newly renovated clubhouse, storage space, a pool, dog park and an outdoor kitchen with picnic areas. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, DCP 2505 Thomason Circle LLC.
IRVING, TEXAS — JPI will develop Jefferson Promenade, a 387-unit multifamily complex that will be located within the 12,000-acre Las Colinas development in Irving. Individual residences at the property, which is situated near the Toyota Music Factory entertainment center, average 896 square feet per unit. Amenities will include a fitness center with yoga facilities and private patios with ground-floor yards. A timetable for delivery has not yet been established.
SAN ANTONIO — Preferred Office Properties LLC, an affiliate of publicly traded investment firm Preferred Apartment Communities LLC (PAC), has purchased Westridge at La Cantera, a 258,000-square-foot office development in San Antonio. The Class A property, which is located on the city’s northwest side directly across from the Shops at La Cantera retail center, was 100 percent leased at the time of sale. Allianz Real Estate of America LLC provided a $54.4 million first mortgage loan, which carries a fixed 4.1 percent interest rate, an 11-year term and a 25-year amortization schedule, for the transaction.
WAXAHACHIE, TEXAS — STRIVE has arranged the sale of Northgate Plaza, a 196,006-square-foot retail center situated on 18.6 acres at 507 U.S. Highway 77 in the southern Dallas metro of Waxahachie. Anchored by Big Lots, the property was 88 percent leased at the time of sale to tenants such as Aaron’s, Verizon Wireless and Schlotzsky’s. Jennifer Pierson of STRIVE represented the seller and procured the buyer, both of whom were private investors based in California.
DALLAS — Colliers International has brokered the sale of Empire Central, a two-building, 161,000-square-foot office complex located at 1430 and 1440 Empire Central Drive in Dallas. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller in the transaction. Peewit Partners LP purchased the asset for an undisclosed price. The Class B property was built in 1981.
SAN ANTONIO — DIJ Properties, a Miami-based asset management firm, has acquired two multifamily properties totaling 678 units in San Antonio. The company acquired the 546-unit Wood Hollow Apartments and the 132-unit Sunny Glen Apartments, both of which are located on the 10000 block of Sahara Street on the city’s north side. The company plans to make capital improvements to both properties and create new picnic areas, laundry rooms, pools, playgrounds and fitness centers.
