SAN ANTONIO — Dougherty Mortgage has closed a Fannie Mae Supplemental loan for Mayfield Gardens Apartment Homes, a 53-unit multifamily property located in San Antonio. The Dougherty’s Minneapolis office arranged the eight-year loan, which features a 30-year amortization schedule, for the borrower, 737 West Mayfield LLC.
PLANO, TEXAS — J.C. Penney (NYSE: JCP) has sold its home office campus and 45 surrounding acres of land in Plano to Dreien Opportunity Partners for $353 million. The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent, or 1.1 million square feet, of the campus, with the remaining space available for new tenants. The building lease expense would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction, according to the apparel and home furnishings retailer. “Since we began exploring the sale of our home office, we have been quite pleased by the level of interest in the building,” says Marvin Ellison, J.C. Penney’s chairman and CEO. “This transaction also represents a significant financial milestone for the company, as proceeds from the sale give us the opportunity to reduce outstanding debt and make improvements to our workspace, creating a modern and efficient environment.” Eight office wings that span 56.8 acres flank the three-story office building. The Class A campus is situated near the intersection of Dallas North Tollway and State Highway 121 within the …
SAN ANTONIO — Preferred Real Estate Investments has purchased 151 Technology, a two-building office complex located on 15 acres in San Antonio. Corporate Office Properties Trust sold the property for an undisclosed price. Totaling 122,093 square feet, the complex consists of one fully leased building and one vacant building. The asset was 62 percent occupied at the time of closing. Peloton Commercial Real Estate has been retained to lease and manage the property.
NEW BRAUNFELS, TEXAS — NAI Partners has arranged the sale of a 128.5-acre site at 7965 Old Bastrop Road in New Braunfels. Schlameus Trust sold the commercially zoned site to Don Buttrom for an undisclosed price. Brett Lum of NAI Partners represented the seller, while Wayne Windle of Anders Pierce Realty represented the buyer in the deal.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has arranged the acquisition of a two-story office building located at 801 E. Border St. in Arlington. Bardin Square Investors Ltd. acquired the property from Snowden Family Properties LLP for an undisclosed price. Renee Efimoff of Coldwell Banker Commercial Advisors represented the buyer, while Jordan Foster of Peyco Southwest Realty represented the seller in the transaction.
ORANGE GROVE, TEXAS — ReadyCap Commercial has closed a $4 million Freddie Mac Multifamily loan for the refinancing of a multifamily property in Orange Grove. The loan features a 10-year term and a 30-year amortization schedule. Additional details of the loan and property were not released.
TOMBALL, TEXAS — Marcus & Millichap has arranged the sale of Acadiana Courte, an office property located at 16506-16522 Avenplace/16430 A-E N. Eldridge in Tomball. A developer sold the 20,135-square-foot property for an undisclosed price. Keith Lloyd of Marcus & Millichap represented the seller. The name of the buyer was not released.
BEDFORD, TEXAS — Caddis has broken ground for Heartis MidCities, its newest senior living community in Texas. Located in Bedford, the 178,530-square-foot property will feature 178 independent living, assisted living and memory care units, outdoor walking paths, courtyards, and game and activity rooms. Cameron, Texas-based EBCO is constructing the property, which is slated for completion in winter 2017. Expedition Capital Advisors LLC provided construction financing on behalf of Caddis. Frontier Management will manage the property, and Austin-based Katus LLC is serving as architect for the project. The property is Caddis’ fifth seniors housing community near Dallas/Fort Worth and its 12th in Texas.
UNIVERSAL CITY, TEXAS — Lowe Enterprises Investors, in a joint venture with an investment client, has acquired Sunrise Canyon, an apartment complex located at 501 Sunrise Canyon Drive in Universal City, for an undisclosed price. Built in 2005, the property offers 208 apartments in one-, two- and three-bedroom layouts. On-site amenities include a clubhouse, resort-style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. United Apartment Group has been retained to manage the property. CBRE represented the seller, KKR, in the deal. Berkadia provided financing services for the acquisition.
GAINESVILLE, TEXAS — Pierson Retail Advisors has arranged the sale Gainesville Factory Stores, an outlet mall located in Gainesville. A private investor sold the 315,725-square-foot property to a local buyer for an undisclosed price. Pierson Retail Advisors represented the seller in the deal.