CYPRESS, TEXAS — An affiliate of Finial Group LLC has acquired Lakes of Riata, a 31,113-square-foot, multi-tenant retail property in Cypress, a northeastern suburb of Houston. Located at 10750 Barker Cypress Road near State Highway 290, the center is currently leased to tenants such as Subway and Shipley Do-nuts.
BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of a 70,960-square-foot, newly constructed retail property located at 1 Texas Harley Way in the Dallas-Fort Worth metro of Bedford. The property is currently leased to Harley-Davidson, which operates a dealership on-site. Philip Levy of Marcus & Millichap represented the buyer and seller, both of whom were private investors, in the transaction.
HOUSTON AND DALLAS — Whitestone REIT (NYSE: WSR) has entered into separate purchase agreements to acquire BLVD Place in Houston and Eldorado Plaza in Dallas for a combined $204.6 million. The sellers were undisclosed. The Houston-based REIT expects to close the acquisitions in May, subject to customary closing conditions. Upon closing, BLVD Place will be Whitestone’s 28th property in the Houston region and Eldorado Plaza will be the company’s seventh property in the Dallas area. Situated at 1800 Post Oak Blvd. in Uptown Houston, the 216,944-square-foot BLVD Place was 99 percent leased at the time of sale to tenants such as Whole Foods Market, Elaine Turner, North, Peska, Pinkberry, True Food Kitchen, New Balance and Verizon Wireless. The brewpub within Whole Foods was the first brewery located inside a grocery store in the United States. BLVD Place also features office space, including the regional headquarters for Frost Bank. Houston-based Wulfe & Co. developed the first two phases of BLVD Place. The acquisition of BLVD Place includes 1.4 acres of land that Whitestone REIT will use to develop a $45 million, six-story mixed-use building. The future project will feature 46,000 square feet of retail space on the first two floors and …
HURST, TEXAS — Marcus & Millichap has brokered the sale of a 41,839-square-foot retail property located at 740-760 W. Pipeline Road in the Dallas-Fort Worth metro of Hurst. Built in 2015, the property is fully leased to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jamie Medress and Mark Ruble, also with Marcus & Millichap, represented the buyer, a private investor who purchased the store at a 4.5 percent capitalization rate.
HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.
TYLER, TEXAS — Abby Development has acquired 16 acres on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler for the development of Auberge of Tyler, a 234-unit, Class A multifamily community. Amenities will include a stocked fishing lake, saltwater pool, 24-hour fitness center, resident coffee bar and a yoga studio. Construction is scheduled to begin in late 2017, and completion is slated for the first quarter of 2019.
DALLAS — NAI Robert Lynn has secured a new industrial headquarters for food service distributor Taxco Produce at the North Texas Food Bank Building, a 108,000-square-foot property located at 4204 Dan Morton Drive in Dallas. Taxco, which previously operated out of 1718 S. Good Latimer Expressway, will move into its new space in early 2018. Matt Elliott of NAI Robert Lynn represented Taxco in the lease negotiations.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 16,444-square-foot lease on behalf of engineering firm Cobb, Fendley & Associates Inc. at Centennial Towers, an office property located at 505 E. Huntland Drive in Austin. Matt Levin and Jason Steinberg of ECR represented the landlord in the transaction. Jason Whittington of NAI Partners represented the tenant.
SAN ANTONIO — Cadence McShane Construction Co. has broken ground on 120 Ninth Street Apartments, a 220-unit multifamily property that will be located along the River Walk area of San Antonio. Situated on 2.2 acres, the five-story building will house four studio apartments, 165 one-bedroom units and 40 two-bedroom units. Amenities will include a fitness center, central courtyard with a bocce ball court, pool and grilling stations. SC Bodner Co., an Indianapolis-based firm, is the developer of the project, the first phase of which is slated for September 2018 completion.
HARLINGEN, TEXAS — KeyBank Real Estate Capital has arranged $15.4 million in first mortgage financing for Regency-Windsor Atrium View, a skilled nursing facility in the south Texas city of Harlingen. Located at 1814 Atrium Place Drive, the facility, which was built in 2012, offers 120 beds. John Randolph of KeyBank arranged the loan, which has a 35-year amortization schedule, to refinance existing debt on the property.
