SPRING, TEXAS — Cypressbrook Co. has selected Jim Cooper to lead the firm’s third-party property management and leasing division. Cooper was previously a broker and principal for Cypressbrook. He continues to be responsible for generating and executing opportunities for office and industrial clients. In his new role, Cooper will oversee both company-owned and other third-party office and industrial buildings. Prior to joining the Cypressbrook team, Cooper worked for Big City Properties where he solicited and executed direct residential and commercial listings for Freddie Mac, Fannie Mae, HUD and several area banks. Prior to that, Jim served as a business development representative at First American Title Co. in Houston.
FRISCO, TEXAS — Southside Bank will finance new development at Frisco Station, a 242-acre mixed-use development located along the Dallas North Tollway in Frisco. The bank will provide the Frisco Station Partnership, an investment entity composed of Hillwood, Rudman Partnership and Van Trust Real Estate, with a three-year revolving line of credit for constructing road, water, sewer and other utilities. Initial construction will begin in June and will include infrastructure to support office development along Warren Parkway. Frisco Station includes more than 5 million square feet of office space, 2,400 apartment units, food and beverage concepts, hotel and conference facilities and more than 250,000 square feet of retail space. Headquartered in Tyler, Texas, Southside Bank has $5.2 billion in assets and operates more than 60 banking facilities in Texas.
BOERNE and THE COLONY, TEXAS — Scooter’s Coffee will open two new locations in Texas. The coffee franchise has begun construction of an end-cap at 1 FM 3351, Suite 155 in the San Antonio suburb of Boerne. The 1,560-square-foot location will include a drive-thru and is projected to open in mid-August. The chain has also signed a lease for a drive-thru kiosk located on the southeast corner of South Colony Boulevard and Main Street in the Dallas suburb of The Colony. The 480-square-foot location is also projected to open in mid-August. The new locations will be Scooter’s sixth and seventh in Texas. Based in Omaha, Neb, Scooter’s Coffee operates more than 130 stores, with expansion plans for 40 more locations by the end of 2016. The company hopes to operate more than 500 stores by 2021.
DALLAS — Citadel Partners LLC has represented the Richardson Independent School District in the acquisition of an 86,310-square-foot office building situated on 4.5 acres in Dallas. The property will undergo an adaptive reuse process to transform from an office building into an elementary school. Scott Morse, Scott Jessen, Andy Goldston and Mac Morse of Citadel Partners represented the buyer, and Grant Brodeur of Novus Realty Advisors LLC represented the seller, Cocanougher Asset 2 Ltd.
SAN ANTONIO — InvestCore Commercial has secured the sale of a 50,150-square-foot building that is net leased to the City of San Antonio Pre-K Education Center. The 5.4-acre site is located at 1235 Old Highway 90 W. A private California-based REIT purchased the property, which was built in 2014. The city of San Antonio maintains a long-term lease at the facility, with options to extend. Ed Colson Jr. and Michael Campbell of San Diego-based InvestCore Commercial represented the seller, the developer of the property, in the transaction.
EULESS, TEXAS — Marcus & Millichap has arranged the sale of Arbor Creek, a 12,652-square-foot retail property located in Euless. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy and Gainey also secured the buyer, a developer. Built in 2005 on 1 acre, Arbor Creek is 88 percent leased to tenants including T-Mobile, Little Caesars, Check ‘n Go and Euless Swiftcare. Albertson’s, which anchors the property, was remodeled in 2014.
JACKSONVILLE, TEXAS — Metropolitan Capital Advisors has arranged the $3.5 million refinancing of an existing loan for Jackson Square Shopping Center, a 109,538-square-foot property in Jacksonville. Built in 1974, the shopping center was 96 percent leased at the time of financing to tenants including Tractor Supply, AutoZone, Blake Furniture, King’s Wok, Dollar General, First Choice Realty, Smith County Health, Legends Old Time Café and The Market. LegacyTexas Bank provided the non-recourse, 10-year swap loan, which features a fixed 5.7 percent interest rate. Jackson Square Shopping Center fronts State Highway 69, a major throughway in Jacksonville.
HOUSTON — Transwestern’s Houston multifamily investment services group has completed the sale of the 164-unit Le Renaissance apartment community in Houston to Moody National Cos. Transwestern’s Ed Cummins and Ryan Mendez represented the seller, Texas Pinnacle Apartments, in the transaction. The buyer, which acquired the property for an undisclosed price, will operate the project as-is in the short term with plans to eventually redevelop the site into a mixed-use office and retail development. Located at 970 Bunker Hill Road, just south of I-10, Le Renaissance benefits from an average daily traffic count of more than 300,000 vehicles.
DALLAS — Marcus & Millichap has arranged the sale of Deer Creek, a 104-unit apartment property located in Dallas. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Silva and Braly also secured the buyer, an experienced local investor. The new buyer plans to rehab the property to improve unit interiors and curb appeal to raise rents to competitive market levels. The mid-1980’s property is an individually metered community located near I-30. All units have individual HVACs and individual hot water heaters. Deer Creek is located at 3550 Saint Francis Ave.
DALLAS — Lee & Associates has negotiated a lease transaction for a 27,800-square-foot industrial space located at 4653 Leston Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Philadelphia Hardware Group. Phillip Rosenfeld and Matt Thompson of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Regal Business Center LLC.