SAN ANTONIO — The Silver Group has brokered the sale of a single-tenant store leased to Sherwin Williams Paints at 7688 Bandera Road in San Antonio. The freestanding, 5,000-square-foot retail building is situated on a 0.5-acre parcel of land at the corner of Bandera Road and Westchase Drive. Sherwin Williams recently extended its lease term an additional 10 years, with two additional renewal options. The property was sold to an out-of-state limited liability company at a 6 percent cap rate. Barry Silver of The Silver Group represented the unnamed seller in the transaction.
HOUSTON — NorthMarq Capital’s Denver office has arranged a permanent $3 million loan for Arbor Point Apartments located at 1812 S. Park View Drive in Houston. The multifamily community, constructed in 1985, consists of 65 units contained in contained in 13 two-story buildings. Community amenities include controlled access, carports and an outdoor pool. Units feature washer/dryer hookups, fireplace, vaulted ceilings and patios or balconies. Paul Bruder of NorthMarq arranged the financing for the Colorado-based borrower through an unnamed life insurance company.
NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. have begun construction on the I-35 Logistics Center located on I-35 in New Braunfels. Construction has commenced on the 397,600-square-foot, Class A warehouse with delivery expected in March 2017. Stream is developing the project to accommodate tenants from 87,000 to 397,000 square feet. The project will also offer up to 4.2 acres of I-35 frontage land, available for separate purchase.
DALLAS — S2 Capital, a multifamily real estate investment company, has acquired River Oaks Apartments, located at 711 Brentford Place in Arlington, and The Grove at White Rock, located at 10429 Lone Tree Lane in east Dallas. River Oaks was built in 1983 and consists of 188 units. S2 Capital plans to spend $2.5 million on interior and exterior renovations for this complex. The project exterior, amenities and interiors will be renovated to compliment S2 Capital’s north Arlington portfolio that now consists of eight properties and 2,700 units. The Grove at White Rock has a total of 282 units and is located in the Lochwood neighborhood of east Dallas. S2 Capital plans to spend $5 million in both interior and exterior renovations for the property. S2 Capital plans to rename this apartment complex “The Zeke” after the Dallas Cowboys’ newest running back, Ezekiel Elliott.
COPPELL, TEXAS — ML Realty Partners LLC has signed two leases totaling 183,404 square feet in the firm’s 13-building Park West portfolio in Coppell, situated just north of Dallas-Fort Worth International Airport. The development includes nine existing, fully leased industrial buildings plus another four buildings under construction. ZS Pharma, a biopharmaceutical company, leased 98,015 square feet at 508 Wrangler Drive. HCA Health Services, a provider of healthcare services, leased 85,389 square feet at 631 Southwestern Boulevard. Brian Bachrach with Lincoln Harris CSG represented HCA in the lease transaction.
FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.
ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.
DALLAS — New York-based Fortis Property Group has purchased Chase Tower in downtown Dallas from Hines, a privately owned real estate investment firm based in Houston. The 55-story, 1.3 million-square-foot tower is located on a 1.5-acre site at 2200 Ross Ave. in the city’s central business district. According to the Dallas Business Journal, the tower sold for “upwards of $300 million.” The skyscraper was built in 1987. Architect Richard Keating designed the building. Though it was recently renovated, Fortis plans additional upgrades. “It is always exciting to acquire a premier and iconic skyline office tower,” says Jonathan Laudau, CEO of Fortis. “In line with our strategy to purchase best-in-class properties, Chase Tower represents the best of downtown Dallas and the Arts District. We anticipate upgrading the Ross Avenue curb appeal and building accessibility as well as the foodservice amenities at the property.” J.J. Leonard and Matthew Wieser of Stream Realty Partners’ office division in Dallas will lead leasing efforts for the property. Amenities at the Class A property include the Dallas Petroleum Club, conferencing/lounge facilities, a fitness center, concierge in the main lobby, Chase Bank retail banking facility, Starbucks, free Wi-Fi in the mezzanine, 24-hour security and a full-service car wash. …
DALLAS — Greystone has provided $107 million in Fannie Mae DUS loans for the acquisition of six multifamily properties in the Dallas suburbs of Irving, Lewisville, Benbrook and Euless. Rob Russell of Greystone originated the loans on behalf of the borrower, Chicago-based Intercapital Group. The properties, which total 1,711 residential units, include: Wimbledon in Lewisville Greenwood Creek in Benbrook Catalina Apartments in Lewisville Summer Gate Apartments in Irving Oaks of Lewisville in Lewisville Parc Plaza Apartments in Euless The 10-year Fannie Mae loans include 30-year amortization schedules and three years of interest-only payments.
STAFFORD, TEXAS — Hilton Worldwide has opened the 91-room Home2 Suites by Hilton Houston Stafford at 11121 Fountain Lake Drive in the Houston suburb of Stafford. The hotel is situated near downtown Houston, Sugar Land Town Square, Fountains Shopping Center and First Colony Mall. Owned and managed by Everwood Stafford LLC, Home2 Suites by Hilton Houston Stafford offers fully equipped kitchens and modular furniture. The pet-friendly hotel also features a pool, free internet access, complimentary breakfast and Spin2 Cycle, a combined laundry and fitness area. The hotel also features an outdoor saline pool and patio with grill area.