Texas

SHOP Cos. Brokers $23.7M Sale of Mixed-Use Development in Richardson

by Haisten Willis August 8, 2016

RICHARDSON, TEXAS — SHOP Cos. has brokered the $23.7 million sale of Eastside, a 67,071-square-foot mixed-use retail and office property in Richardson. Eastside is located at the intersection of Campbell Road and U.S. 75. The property was 93.9 percent leased at the time of sale to tenants including 7-Eleven, Panera Bread, Scottrade, T-Mobile, Jersey Mike’s, Frost National Bank and Sport Clips. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, SG Retail Development Partners, a Dallas-based limited partnership, and procured the buyer, Retail Properties of America Inc., an Illinois-based corporation.

August 8, 2016

Office Texas

MYCON Begins Construction on $5.8M Spring Creek Medical Office Building in Plano

by Haisten Willis August 8, 2016

PLANO, TEXAS — MYCON General Contractors has broken ground on the Spring Creek Center Medical Office Building (MOB), located near the southwest corner of Spring Creek Parkway and the Dallas North Tollway in Plano. The $5.8 million project consists of site work and shell construction of the two-story, 48,000-square-foot facility. The project team includes owner/developer Haggard Property Group, owner’s representative Bjerke Management Solutions and project architect O’Brien Architects. The Spring Creek Center MOB is scheduled for completion in October.

August 8, 2016

Office Texas

M&M Arranges Sale of 35,061 SF Office Building in Rio Grande Valley

by Haisten Willis August 8, 2016

HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of West Jefferson Avenue Office, a 35,061-square-foot office property located in Harlingen. Kenneth Hartmann and Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Murphy and Hartmann also secured and represented the buyer, an individual/personal trust. West Jefferson Avenue Office is located at 1820 W. Jefferson Ave. and consists of two separate buildings built in 1996 and 1998. Government tenants have been in place since construction.

August 8, 2016

Industrial Texas

Lee & Associates Negotiates 38,400 SF Industrial Lease in Grand Prairie

by Haisten Willis August 8, 2016

GRAND PRAIRIE, TEXAS — Lee & Associates has completed a new lease transaction for a 38,400-square-foot industrial space located at 1205 Post & Paddock in Grand Prairie. Reed Parker and Tom Walrich of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Prologis. Canon Shoults and Matt McWilliams of Holt Lunsford Commercial represented the tenant, Omnilife USA Inc.

August 8, 2016

Retail Texas

The Woodmont Co. Arranges 23,798 SF Retail Lease in Beaumont

by Haisten Willis August 8, 2016

BEAUMONT, TEXAS — The Woodmont Co. has completed a 23,798-square-foot lease with Tuesday Morning at Parkdale Place, a 225,000-square-foot retail center located at 4150 Dowlen Road in Beaumont. Karen Mitchell of The Woodmont Co. represented the landlord, and Jonathan Hicks of SRS Real Estate Houston represented Tuesday Morning. Lowes Home Improvement anchors Parkdale Place, which includes four separately owned mid-size retail boxes and outparcels. The property is located on Dowlen Road across from Parkdale Mall.

August 8, 2016

Loans Multifamily Seniors Housing Texas

KeyBank Secures $85M Loan for Seniors Housing Facility in Dallas

by Haisten Willis August 5, 2016

DALLAS — KeyBank Real Estate Capital has secured an $85 million permanent loan for Tradition Senior Living, a Dallas-based owner and operator of seniors housing facilities in Texas. Tradition Senior Living plans to refinance Tradition Lovers Lane, a 311-unit seniors housing community located in Dallas. The property, which includes 202 independent living units, 85 assisted living units and 24 memory care units, opened in November 2014. Monique Bimler of KeyBank’s healthcare mortgage banking group arranged the 10-year, fixed-rate loan through a life insurance company. Grant Saunders and Peter Trazzera of KeyBank’s healthcare group originated the initial construction loan and agented the syndication of the loan with three other banks.

August 5, 2016

Restaurant Retail Texas

Kamel Salomon to Develop $12M Harbor Entertainment Project in Rio Grande Valley

by Haisten Willis August 5, 2016

MERCEDES, TEXAS — Kamel Salomon Investments Ltd., a McAllen-based development company, has announced plans to develop The Harbor in Mercedes. The $12 million project will be located one mile from Rio Grande Valley premium outlets, which receive over 6 million visitors per year, and will feature a beautiful man-made lake. BigShots Golf, a golf entertainment center with an attached restaurant and bar, will anchor the entertainment complex. Other entertainment concepts planned for The Harbor include a go-kart racing track, zip line over the lake, trampoline park and casual dining concepts. The Harbor will be developed in two phases. Phase I will consist of BigShots Golf and the central lake, and is expected to break ground in September. Final completion of Phase I is scheduled for fall 2017. Phase II of The Harbor will consist of the go-kart race track, zip line system and the other dining and entertainment concepts. Final completion of the project is expected for summer 2018.

August 5, 2016

Industrial Texas

CBRE Brokers Sale of 188 Acres in Metro Houston

by Haisten Willis August 5, 2016

PASADENA, TEXAS — CBRE has brokered a land sale of 188 acres near the intersection of State Highway 225 and Beltway 8 in Pasadena. The buyer, an energy infrastructure company, plans to use the acreage, located at 3503 Pasadena Freeway, to build a marine terminal that will improve its vessel and barge access at the Houston Ship Channel. CBRE’s Patrick Rollins represented the buyer in the land purchase. Cushman & Wakefield represented the seller.

August 5, 2016

Retail Texas

M&M Arranges Sale of 66,617 SF Retail Property in Houston

by Haisten Willis August 5, 2016

HOUSTON — Marcus & Millichap has arranged the sale of West Junction Shopping Center, a 66,617-square-foot retail property located in Houston. Gus Lagos, Alex Bouchard and Nik Kapetanakis of Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Evan Altemus of Marcus & Millichap’s Houston office. West Junction Shopping Center is located at 4978-4998 Highway 6 North.

August 5, 2016

Restaurant Retail Texas

SVN | Asset Advisory Group Negotiates $2.4M Sale of Net Leased Property in Temple

by Haisten Willis August 5, 2016

TEMPLE, TEXAS — SVN | Asset Advisory Group has negotiated the $2.4 million sale of a single-tenant net-leased property located at 7036 W. Adams Ave. in Temple. The property is 100 percent occupied by a Freddy’s Frozen Custard & Steakburgers fast casual restaurant. The 3,550-square-foot restaurant features a drive-thru. Chris Rink of SVN | Asset Advisory Group represented the California-based buyer, Boulevard Plaza San Diego LLC. John Andreini of Capital Pacific represented the seller, AL Marco Properties LLC of Kansas.

August 5, 2016

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