RICHARDSON AND DALLAS, TEXAS — JPI, a developer, builder and investment manager of Class A multifamily assets, has sold the 30-acre Jefferson Center development in Richardson. In addition to the sale, JPI has opened another Jefferson project known as South Side Flats by Jefferson. The project is a 290-unit apartment community sitting on 3.9 acres in the South Side neighborhood of Dallas. South Side Flats is a joint venture between JPI and landowner Matthews Southwest, as well as a partnership with the City of Dallas and Dallas County. Residents are within walking distance of the Dallas Farmer’s Market, Alamo Drafthouse, South Side Ballroom and Soda Bar. South Side Flats includes 22 one- and two-bedroom open floor plans as well as live-work studios with views of Downtown Dallas. Amenities include 10-foot and 14-foot ceilings, kitchens with islands and granite countertops, private balconies, washers and dryers, electronic key systems and a parking garage.
DICKINSON, TEXAS — Tony Talamas of BMC Capital’s Houston office has arranged a $2.6M loan for the purchase of Dickinson Arms, a 96-unit multifamily property in Dickinson. The loan features a two-year interest-only period allowing the buyer to implement a capital improvement plan over the first year. The loan was arranged through one of BMC Capital’s correspondent relationships.
HOUSTON — Marcus & Millichap has arranged the sale of West Shopping Center, a 19,927-square-foot retail property located in Houston. Watt Harrison and James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. West Shopping Center is located at 13442 Bellaire Boulevard in Houston.
FORT WORTH, TEXAS — Marcus Paslay, chef and owner of Clay Pigeon, will open his second restaurant, Piattello Italian Kitchen, this fall in Fort Worth’s Waterside mixed-use development. Piattello will feature a seasonal menu. Paslay’s take on Italian fare will include pastas as well as pizzas from a wood-burning oven. In the mornings, part of the restaurant will be open as Piattello Coffee Bar. The restaurant will span 5,300 square feet with a covered patio. Mitchell Garman Architects of Dallas will design the interior.
ARLINGTON, TEXAS — Ridge Development, the industrial development arm of Transwestern Development Co., will break ground in the second quarter of 2016 on Park 20/360, a speculative, 1.6 million-square-foot industrial park in Arlington. The location feeds into the Great Southwest Industrial District, one of the largest individually platted industrial districts in the country. A joint venture between Invesco and Ridge Development owns the 119-acre project. Phase I will consist of four buildings totaling 1.2 million square feet and is expected to be complete in the first quarter of 2017. Phase II will also include four buildings and will total 356,060 square feet. It is scheduled to break ground in the third quarter of 2017 and be completed in the second quarter of 2018. Transwestern’s Joe Rudd and John Brewer are providing leasing services. Park 20/360’s buildings will accommodate users from 20,000 square feet to 715,000 square feet. Alliance Architects Inc. is the project’s architect, Pacheco Koch Consulting Engineers is the civil engineer and Professional Services Industries Inc. will handle geotechnical and environmental aspects of the project.
MISSOURI CITY, TEXAS — Conor Commercial Real Estate and joint venture partner USAA Real Estate Co. have completed Phase I of Gateway Southwest Industrial Park. The multi-building development is located in Missouri City, a southwest suburb of Houston. Situated on 36 acres at the interchange of Beltway 8 and U.S. 90 Alternate, the business park provides visibility along both highways. Phase I includes two Class A, speculative industrial buildings designed to provide warehouse and distribution services for single- or multi-tenant configurations. Building 1 is a 131,560-square-foot facility with 28 dock doors and divisibility to 31,460 square feet. The 217,440-square-foot Building 2 offers a cross-dock design with 66 dock doors and tenant suites from 54,360 square feet. Phase II of Gateway Southwest Industrial Park will consist of Building 3, located on a site that can accommodate up to 176,800 square feet. Edward Bane and Jon Michael of Bridge Commercial Real Estate represented Conor Commercial/USAA Real Estate in the land acquisition, and serve as marketing agents at the new industrial business park. Cadence McShane Construction Co. and Powers Brown Architecture provided the design/build construction services.
SAN ANTONIO — Stream Realty Partners has arranged the sale of a 6,000-square-foot medical office building located at 21708 Hardy Oak Blvd. in the far north-central submarket of San Antonio. Michael Kent of Stream Realty represented the seller, LAIT Texas LLC, in the transaction. The property was built in 2001 and tenants include Physical Therapy and Birth Center Stone Oak. The building is near North Central Baptist and Stone Oak Methodist hospitals, with access to Loop 1604 and Highway 281.
MONT BELVIEU, TEXAS — MB Retail Associates has purchased 41 acres for a retail development in Mont Belvieu, 30 miles east of Houston. MB Retail is a joint venture between Houston-based Fidelis Realty Partners and San Antonio-based H-E-B. The site is located at the northwest corner of I-10 and FM 3180 and is within a mixed-use district. The retail development will total 285,000 square feet and will include an 84,000-square-foot H-E-B grocery store. The city of Mont Belvieu was the seller, and Shaw Commercial Properties was the broker of record.
HOUSTON — Marcus & Millichap has arranged the sale of Houston Heights Retail Redevelopment, a 12,050-square-foot retail property in Houston. Gus Lagos and Evan Altemus of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Altemus and Lagos also procured the unnamed buyer. Houston Heights Retail Redevelopment is located at 1803 Ella Blvd.
DALLAS — CBRE Global Investors will launch a $19 million capital improvement program for the Galleria Office Towers in Dallas. The three Class A office buildings are located on the corner of the Dallas North Tollway and LBJ Freeway and are directly connected to the Westin Galleria Hotel, as well as the Galleria mall. The assets were built between 1982 and 1991 and total 1.4 million square feet. Renovations will include a new parking system that will be the first of its kind at an office building in North America. The system includes license plate recognition technology that provides in and out access, electronic signs that display the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row. Other improvements include new tenant lounges at each building, multiple conference centers, an expanded fitness center and renovations to the lobbies, common corridors, restrooms and elevator cabs. CBRE Global Investors owns the buildings, which include tenants such as MetLife, Merrill Lynch and Ryan Cos. Celeste Fowden, Shannon Brown and Kenzie Killgore of CBRE’s Dallas office are the leasing agents for the Galleria Office Towers. The properties are managed by CBRE under the direction of …