SAN ANTONIO — El Paso-based investment firm Mimco Inc. has acquired City Base Landing, a 200,000-square-foot shopping center located at the intersection of Interstate 37 and SE Military Drive in San Antonio. Built in 2005 and shadow-anchored by Walmart and Sam’s Club, the center houses more than 40 tenants, including Best Buy, Office Depot, Chick-fil-A, AT&T and Chili’s. With this transaction, Mimco’s portfolio of shopping centers in San Antonio now totals more than 1.5 million square feet.
DALLAS — EDGE Realty Capital Markets has brokered the sale of Parkway Corners, a 67,486-square-foot retail property located at the corner of Dallas North Tollway and Dallas Parkway in Dallas. Brandon Beeson and Brandon Crow of EDGE represented the seller, Greenway-Parkway Corners LP, in the transaction. EMD Group LLC purchased the asset for an undisclosed price.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of a 33,000-square-foot, net-leased retail property located at 4037 W. Expressway 83 in McAllen. The property is leased to Tru Fit Athletic Clubs and is positioned in-line with a multi-tenant shopping center. Philip Levy and Blake Davis of Marcus & Millichap represented the seller, a private investor, in the transaction. An unidentified REIT purchased the asset in an all-cash deal for an undisclosed price.
DESOTO, TEXAS — Dougherty Mortgage LLC has arranged a $6.6 million Fannie Mae loan for the acquisition of Thorn Manor Apartments, a 113-unit multifamily property located at 300 W. Wintergreen Road in the Dallas metro of DeSoto. Dougherty secured the 12-year loan, which has a 30-year amortization schedule, through Old Capital Lending on behalf of the borrower, TM-DeSoto101 LLC.
The border economy of the United States and Mexico is complex and deeply intertwined, to say the least. As such, the sister cities of El Paso and Juarez should be viewed as one economy. The region ended 2016 on a high note. According to the Federal Reserve Bank of Dallas, El Paso’s total nonfarm employment rose 1.7 percent during the year, besting the state average of 1.6 percent. The city added more than 5,000 jobs, with strong gains in service-providing sectors offsetting losses in the manufacturing sector. Leisure and hospitality led the way, according to the Fed, adding more than 1,700 jobs. At the same time, employment in Juarez’s manufacturing sector was up 5.4 percent from the previous year for a projected total of 263,000 new jobs. The downtown El Paso office market currently totals about 3.2 million square feet across 65 buildings. It breaks down into about 1.1 million square feet of Class A space, 1.2 million square feet of Class B space and 900,000 square feet of Class C space. For years, vacancy in the city’s Central Business District hovered around 20 percent, with virtually no new construction. But lately, conditions have dramatically improved. According to CoStar Group, …
HOUSTON — Pensam Funding, a Miami-based direct lender, has provided $87 million in financing for a pair of multifamily properties in Houston. The company originated $27 million for Regalia Bella Terra, a 227-unit development located at 24151 Bella Dolce Lane in Katy, and $60 million for the refinancing of Nob Hill Apartments, a 1,326-unit community located at 5500 N. Braeswood Blvd. in southwest Houston. Both financings were structured as combined first mortgage and mezzanine loans with floating interest rates and non-recourse terms. The loans were provided for an undisclosed borrower that owns and operates $3.5 billion in real estate assets across North America.
KYLE, TEXAS — California-based PGI Investments will develop a 300,000-square-foot mixed-use property in Kyle, about 22 miles south of Austin. The development will be situated on a 47-acre site at the intersection of Yarrington Road and Interstate 35 and will include undetermined amounts of office, retail and restaurant space, as well as a hotel and multiple gas stations. The project is expected to create about 200 new jobs. A timetable for construction has not yet been established.
HOUSTON — Transwestern Development Co. has begun leasing The Hayworth, a 246-unit multifamily property located at 1414 Wood Hollow Drive in Houston’s Tanglewood neighborhood. Units range from 934-square-foot one-bedroom apartments to 2,324-square-foot three-bedroom residences. In addition, 10 townhomes starting at 1,986 square feet will become available in 2018. Amenities include a two-acre private park, yoga lawn, pool and dog park.
SEABROOK, TEXAS — CBRE’s Capital Markets group has brokered the sale of Edgelake Apartments, a 216-unit multifamily asset located at 3010 E. NASA Parkway in Seabrook, about 35 miles southeast of Houston. Built in 1982, the property offers one- and two-bedroom units averaging 742 square feet per unit, as well as a pool and fitness center. Clint Duncan and Matt Phillips of CBRE represented the seller, Omaha-based SEC Edgelake LLC, in the transaction. 3000 NASA Parkway purchased the property, which was 95 percent occupied at the time of sale, for an undisclosed price.
GALVESTON, TEXAS — BMC Capital has arranged a $13.7 million loan for the acquisition of a 238-unit multifamily property in the Texas Gulf Coast city of Galveston. The five-year loan features a 5 percent fixed interest rate and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed bank. The name of the property and borrower were also withheld.
