SHENANDOAH, TEXAS — Cypressbrook Co. has arranged the lease of 5,649 square feet of flex space at Portofino Tech Center, located at 19241 David Memorial Drive in Shenandoah, a city roughly 30 miles north of Houston. Denise Ksiazek of Cypressbrook represented the tenant, Cole Health Inc., a pediatrics and rehabilitation practice, in the transaction. Greg Tilton of Transwestern represented the landlord, Vara-Portofino Tech Center LLC.
GRAND PRAIRIE, TEXAS — IKEA has announced that construction on its 290,000-square-foot location in Grand Prairie, set to open in fall 2017, has progressed to the point of installing the company’s iconic blue panels. The Swedish furniture outlet, which already operates one DFW location in Frisco, will be situated on 30 acres along the eastern side of Highway 161 and Mayfield Road, roughly midway between downtown Dallas and downtown Fort Worth. IKEA recently announced plans for two new Texas locations to be opened in summer 2019 as well, one in Fort Worth and the other in San Antonio.
FORT WORTH, TEXAS — SHOP Cos. has negotiated the sale of Woodmont Plaza, an 84,521-square-foot retail site located at 6401-6451 McCart Ave. near the intersection of Altamesa Boulevard in southern Fort Worth. The property, which was 100 percent leased at the time of sale, currently houses tenants such as Big Lots, Advance Auto Parts, Pet Supplies Plus and Cricket Wireless. Tommy Tucker and Tim Axilrod of SHOP represented the seller, a Dallas-based limited liability company. The name of the buyer, a Texas-based limited partnership, was not disclosed.
DALLAS — Henry S. Miller Brokerage has arranged the sale of Villa Del Sol Apartments, a 255-unit multifamily property located at 7651 C.F. Hawn Freeway in southeast Dallas. Community amenities include a business center, playground, basketball court and laundry services. Villa Del Sol was roughly 97 percent occupied at the time of sale. Lane Kommer and Mark Porterfield of Henry S. Miller represented the seller, 511 Oakgrove LLC. Independent investor Brad Sumrok represented the buyer, Staples Multi Family.
HOUSTON — EDGE Capital Markets has brokered the sale of Park 45, a 20,510-square-foot retail center located at 26436 Lexington Road in Spring, a northern suburb of Houston. The property, located less than a mile from Interstate 45at the intersection of Spring Cypress Road, was 83 percent leased at the time of sale. Josh Jacobs and Burdette Huffman of EDGE represented the seller, Houston Joint Properties Ltd. Reed Parker of Lee & Associates represented the undisclosed buyer.
STAFFORD, TEXAS — Commercial lender Hunt Mortgage Group has secured a $5 million first mortgage bridge loan for Park Place Business Park, an office property located at 11104 W. Airport Blvd. in Stafford, a city on the outskirts of Houston. The financing, originated by Texas-based lender Q10 Kinghorn, Driver, Hough & Co., is structured as a 24-month floating rate loan with three one-year extension options. The borrower, Stafford Office Park II LP, originally acquired the 92,864-square-foot, Class B office property in 2005.
PLANO, TEXAS — Retail giant J.C. Penney Co. Inc. has announced plans to close 130 to 140 stores, as well as a distribution center in Lakeland, Fla., over the next several months. The company is also in the process of selling its supply chain facility in Buena Park, Calif. The total store closures represent between 13 and 14 percent of the company’s current store portfolio. A list of locations to be shut down will be released in mid-March.
SUGAR LAND, TEXAS — Capital One has secured a $27.5 million Fannie Mae adjustable-rate loan to refinance The Retreat at Riverstone, a multifamily complex in Sugar Land, roughly 20 miles southwest of Houston. The property, a 249-unit, master-planned community located at 18545 University Blvd, features a resort-style pool with cabanas, fitness center and a resident lounge with a cyber café. Clay Wright of Capital One’s Commercial Real Estate Group originated the 10-year loan, which has a 30-year amortization schedule and one year of interest-only payments.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of Two Mission Park, a 77,449-square-foot property, Class B office space in Richardson, a northern suburb of Dallas. Located at 1202 Richardson Drive near Central Expressway, the four-story building, built in 1980, was 63 percent occupied at the time of sale. Ron Hebert of Marcus & Millichap represented the seller and procured the buyer. Both parties requested anonymity.
IRVING, TEXAS — Lee & Associates has completed a lease renewal transaction for a 335,480-square-foot industrial space at 9400 N. Royal Lane in Irving, a city within the Dallas-Fort Worth metroplex. Tom Walrich of Lee & Associates represented the tenant, KGP Telecommunications Inc., a Minnesota-based distributor of telecommunications equipment and solutions. Mitchell Pruitt of Prologis represented the landlord internally in the lease deal.