GRAND PRAIRIE, TEXAS — United Development Co. has begun redevelopment of the former UA Theater Grand Prairie 10, transforming it into a 60,000-square-foot retail center featuring Starbucks, R Taco and Panera. UDC acquired the site, located on the southeast corner of Westchester Parkway and Carrier Parkway, in March 2015. Sean Strull of Falcon Realty Advisors brokered the transaction. The first tenant will open for business in fall 2016.
EL PASO, TEXAS — CBRE has brokered a 20,000-square-foot expansion lease at Merchant Industrial for JICHASA, a logistics services firm. The expansion brings the multi-tenant industrial park in El Paso to 75 percent occupancy. Additionally, a retail chain has signed a short-term, 40,200-square-foot lease for temporary storage. Merchant Industrial is a 245,473-square-foot industrial park located at 7155, 7157, 7177 and 7189 Merchant Ave. The project is part of a larger industrial portfolio owned and managed by Phoenix-based ViaWest Group. Arturo De la Mora of CBRE’s industrial and logistics division represents the landlord and is marketing the remaining 60,600 square feet of vacancy.
SAN MARCOS, TEXAS — Steve Whitehead and Lee Weaver of NorthMarq Capital have arranged acquisition financing for Villagio Apartments, a 492-unit student housing property located at 1850 Aquarena Springs Drive in San Marcos. The financing was structured with a seven-year term with one year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of Airport Inn & Suites, a 100-room hotel located in Tulsa. Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Gordon Allred and Matt Monahan of Marcus & Millichap represented the buyer, a private investor from California. Airport Inn & Suites is located at 35 N. Sheridan Road, just off I-244. Constructed in 1974, the two-story, exterior corridor hotel was originally built as a La Quinta Inn and at the time of listing was independently operated. Amenities at the hotel include an outdoor swimming pool, business center and complimentary Wi-Fi.
ARLINGTON, TEXAS — Greysteel has secured agency financing for the acquisition of the Green House Apartments, a multifamily property located in Arlington, on behalf of 2405 E. Park Row Drive LLC. The 10-year, non-recourse Fannie Mae loan was provided by an undisclosed agency lender. The loan features a fixed interest rate of 4.5 percent and an 83 percent loan-to-cost ratio. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Green House Apartments was built in 1966 and totals 40 units.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 74,252-square-foot industrial building located at 1421 Patton Place in Carrollton. Nathan Denton, Adam Graham and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the seller, 1700 Broadway Associates. Ryan Boozer with Stream Realty Partners represented the buyer, Maxcom Properties.
HOUSTON — Brandon Brown of LMI Capital has placed permanent agency financing for the acquisitions of two garden-style apartment complexes for the same borrower. The first transaction to close was a 10-year loan featuring two years of interest-only payments and a fixed interest rate of 4.2 percent. Proceeds totaled 75 percent of the purchase price for the 275-unit asset in the Baytown submarket. The second loan was a 10-year loan at 75 percent of the purchase price, with a three-year interest-only period and a fixed interest rate of 4.2 percent. The 270-unit complex is located in the Rosenberg suburb southwest of Houston. The buyer purchased the assets from the same seller via separate transactions.
HOUSTON — PCCP LLC has provided a $73.1 million senior construction loan to Houston-based Medistar Corp. for the development of the 21-story InterContinental Houston Medical Center in Houston. The hotel will include 353 rooms and a six-story parking garage, along with 11,800 square feet of meeting space and a 7,800-square-foot ballroom. Medistar has retained Houston-based TRC Capital Partners, a hotel development firm, to co-develop the project. Construction has begun and is scheduled for completion in late 2018. InterContinental Hotel Group (IHG) will provide management services as the full-service operator at the property. The hotel will be developed on a 60,000-square-foot site bordered by Main Street and Old Main Street and adjacent to the Texas Medical Center of Houston. The hotel’s ground floor will contain the lobby, reception area, restaurant, bar and lounge, with the parking garage directly above the ground-floor amenities. The remaining 13 floors will contain a fitness center, outdoor pool, guestrooms and suites.
COPPELL, TEXAS — Addison-based Biel Partners has brokered a 19,000-square-foot office/warehouse lease for Triathlon Battery Solutions Inc. The company is a United States incorporated entity with investment backing from its German parent, Triathlon Batterien GmbH. The new location will be Triathlon’s headquarters within the United States. Triathlon supplies clients with lead-acid and lithium-ion batteries powering equipment such as electric forklifts and pallet jacks, electric industrial trucks and mobile lifting platforms. Triathlon occupied its new space at 631 Southwestern Blvd., Suite 140 in Coppell earlier this month and will hold a grand opening ceremony in October. Jeremy Kelly of Stream Realty Partners represented the landlord, ML Realty, in the lease deal.
HOUSTON — McCarthy Building Cos. has begun construction on a facility for Texas Children’s Hospital that will house the hospital’s pediatric and residents’ primary care group clinic. The project includes the demolition of existing interior space and construction of a 20,000-square-foot facility. When completed in November, the building will include a waiting area, exam rooms, nurses’ stations, administrative offices, staff lounge, storage, radiology and ultrasound space and a work room. Preston Hodges and Mike Kacal lead McCarthy’s specialized solutions group, which focuses on healthcare, laboratory and higher education interior renovation projects.
