Texas

Medistar Completes Medical Office Building in El Paso

by Haisten Willis August 2, 2016

EL PASO, TEXAS — Medistar Corp. has completed construction on Medical Plaza 1, a four-story, 110,000-square-foot medical office building located in El Paso on The Hospitals of Providence Transmountain Campus. Located at Resler and Transmountain drives, the new campus is anchored by a 108-bed hospital, which can be expanded to 140 beds and will serve as the new teaching hospital for Texas Tech University Health Sciences Center El Paso (TTUHSC). In conjunction with Medistar, TTUHSC El Paso and The Hospitals of Providence are collaborating on the multi-million dollar teaching hospital to open in early 2017 and immediately adjacent to Medical Plaza 1. HKS is the architect for Medical Plaza 1, and Robins & Morton is the general contractor.

August 2, 2016

Loans Multifamily Texas

Old Capital Provides $2.7M Loan for Regency Place Apartments in Metro Dallas

by Haisten Willis August 2, 2016

HURST, TEXAS — Old Capital has provided a $2.7 million loan for the purchase and renovation of Regency Place Apartments in Hurst. A local ownership group acquired the 78-unit property for an undisclosed price. Old Capital provided the five-year loan at a 4.5 percent fixed interest rate with one year of interest-only payments. The loan was structured to fund 75 percent of the purchase price and all of the renovations and unit upgrades through an approved capital improvement program.

August 2, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Two Value-Add Apartment Properties in San Antonio

by Haisten Willis August 2, 2016

SAN ANTONIO — ARA Newmark has arranged the sale of two garden-style apartment communities spanning 557 units in San Antonio. The value-add properties, Mirada and The Heritage, sold separately and were both 95 percent occupied at the time of sale. ARA Newmark’s Pat Jones and Matt Michelson represented the sellers, private limited partnerships affiliated with TriVest McNeil Real Estate. In the first transaction, California-based Regional Investment & Management added Mirada to its existing six-property portfolio in Texas. Built in 1995, the 252-unit property features a fitness center and pool. The Heritage marks the 12th Texas acquisition in recent years for Austin-based CFH Investment Partners. Constructed in 2005, the 305-unit property features a gymnasium-sized basketball and sport court, grill areas and a business center.

August 2, 2016

Hospitality Texas

MCR Development Completes Renovation of Fairfield Inn & Suites in Houston

by Haisten Willis August 1, 2016

HOUSTON — MCR Development has completed a renovation of the Fairfield Inn & Suites by Marriott Houston Intercontinental Airport, a 131-room select-service hotel in Houston. Located between I-45 and I-69, the hotel features an updated lobby and guestrooms with new furniture, lighting and carpet. Additional improvements include new exercise equipment in the fitness center and lounge furniture on the patio. The hotel’s meeting center and 2,585-square-foot ballroom were modernized as well.

August 1, 2016

Multifamily Texas

M&M Arranges Sale of 20-Unit Apartment Building in Dallas

by Haisten Willis August 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of The Trails, a 20-unit apartment property located in Dallas. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, an out-of-state private equity firm. The all-cash transaction closed 20 days after receipt of contract. The Trails is a Class B multifamily asset located at 4335 Cedar Springs Road in the Oak Lawn submarket of Dallas. Originally constructed in 1966 and renovated in 2001, the asset is situated on a 21,600-sqaure-foot lot. The property features upgraded units throughout, stackable washer/dryer connections, a swimming pool and gated entry.

August 1, 2016

Industrial Office Texas

Stream Realty Secures Sale of 9,700 SF Office/Warehouse Building in San Antonio

by Haisten Willis August 1, 2016

SAN ANTONIO — Stream Realty Partners has secured the sale of a 9,708-square-foot office and warehouse building for Dausin Management Trust located at 8007 NE Loop 410 in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners – Central Texas LP represented the seller in the transaction. The office and warehouse space is located in northeast San Antonio on Loop 410 near its intersection with Springfield Road. The property offers tenants five grade-level doors, covered parking and a one-acre fenced yard.

August 1, 2016

Office Texas

Henry S. Miller Brokers Lease for Plastic Surgery Center in Frisco

by Haisten Willis August 1, 2016

FRISCO, TEXAS — Jim Turano and Jim Breitenfeld of Henry S. Miller’s office and industrial division have represented JC Professional Properties in the lease of a space in Frisco. Texas Facial Aesthetics leased 4,230 square feet of first floor space at the property, located at 6371 Preston Road. The company will use the space as its plastic surgery clinic headquarters. Sean Sundby of CBRE represented the tenant in the transaction.

August 1, 2016

Office Texas

NAI Partners, NAI Robert Lynn Represent Geico in Sale of Former Headquarters

by Haisten Willis July 29, 2016

FARMERS BRANCH, TEXAS — NAI Partners and NAI Robert Lynn represented Geico in the sale of its former regional headquarters, a 240,000-square-foot office building located at 4201 Spring Valley Road in the Dallas suburb of Farmers Branch. Griff Bandy of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented Geico during the negotiations. Kent Smith of NAI Robert Lynn represented the buyer, JP Partners. The same NAI team represented Geico in the relocation and leasing of the company’s regional office in August 2015.

July 29, 2016

Retail Texas

Vitorino Group Brokers Sale of Spring Valley Retail Strip in Dallas

by Haisten Willis July 29, 2016

DALLAS — The Vitorino Group has brokered the sale of the Spring Valley retail strip, a retail asset located on Spring Valley Road in Dallas. The center was built in 1971 and was 100 percent occupied at the time of sale. A local investor was the buyer. The seller, a foreign investor, had a CMBS loan coming due without recapitalization options, and needed to close in a timely fashion.

July 29, 2016

Loans Retail Texas

MCA Arranges $5.5M Loan for 9.8-Acre Lot in Frisco

by Haisten Willis July 29, 2016

FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.

July 29, 2016

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