SAN MARCOS, TEXAS — On April 25, fast-casual restaurant chain Newk’s Eatery will open its first location in San Marcos. The brand serves salads, pizzas, sandwiches, soups and desserts seven days a week. Located at 1285 S. I-35 Frontage Road, the restaurant will offer indoor dining for 142 guests and patio dining for 42 more in a 4,405-square-foot space. The San Marcos restaurant will employ about 70 and is the first of five locations planned to open in the Austin metro area by 2019.
ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.
THE COLONY, TEXAS — Real estate developer Jackson-Shaw and hotel operator Crescent Hotels & Resorts have opened a Courtyard by Marriott to join Fairfield Inn & Suites and Residence Inn in the Cascades at The Colony development. A grand opening event will be held on Thursday, April 28. Jackson-Shaw developed the 100-acre, mixed-use campus to establish a commercial development along the north side of Sam Rayburn Tollway (SH121). Aiming to enhance the dining and entertainment scene of The Colony and north Texas, the development will also be home to a restaurant known as The Oasis at Cascades. The new Courtyard is now accepting reservations.
PASADENA, LEAGUE CITY and HOUSTON, TEXAS — LMI Capital has secured five loans totaling $45 million in the Houston area. The assets are spread across the metro area, with three situated south of the city, one centrally located and one in west Houston. The first transaction to close was a five-year, fixed-rate loan for a 415-unit apartment community in the Brookhollow submarket of Houston. Jamie Mullin of LMI Capital procured the $17 million loan that will fund a multimillion-dollar rehab component, as well as additional earn-out proceeds. Financing terms include a 5 percent fixed interest rate, two years of interest-only payments and a flexible prepayment structure. The south Houston transactions were sourced by Brandon Brown and Jamie Safier of LMI Capital and include two apartment properties in Pasadena and one in League City. Brandon Brown of LMI closed a second lien that represents 96 percent of the first lien, effectively doubling the existing leverage and allowing the borrower to capture additional equity that has been created over time. The seven-year mortgage was placed on a 90-unit asset in Pasadena. Brown obtained debt for the refinancing of a 125-unit asset in League City. The 10-year Fannie Mae loan features a fixed 4.6 …
ALLEN, TEXAS — Casey Townsend of Cohen Financial, a national real estate capital services firm, has arranged a $6.8 million CMBS loan to acquire the Allen Tech Center. The 84,936-square-foot, one-story office/flex property is located in Allen. Townsend placed the 10-year, fixed-rate loan through Morgan Stanley.
DALLAS — Gerald L. Ray, an investment services firm, has renewed its lease for 11,516 square feet of office space in Fountain Place, located at 1445 Ross Ave. just north of downtown Dallas. Bruce Hecht of Swearingen represented Gerald L. Ray in the transaction. Johnny Johnson and Lauren Napper of Cushman & Wakefield represented the landlord, Goddard Investments.
DALLAS — Rob Foster has joined Paradigm Tax Group as executive vice president of sales and marketing. The company has added several key managers following the move of its headquarters to Dallas last year. Foster joins Paradigm from tax advisory firm Altus Group, where he was head of North American sales and marketing and U.S. operations. Foster has built his career in the state and local tax advisory business, gaining experience in leadership roles at Deloitte, Burr Wolf and Marvin Poer & Co.
CEDAR PARK, TEXAS — Endeavor Real Estate Group has signed leases with more than 20 tenants for its retail project in Cedar Park called The Parke. The property will encompass over 370,000 square feet and include retailers 365 by Whole Foods, Nordstrom Rack, ULTA, DSW, Michael’s, Marshall’s, Dick’s Sporting Goods, Field & Stream, Petco and Tuesday Morning. In total, Endeavor has leased over 270,000 square feet of leases at the project, located on 42 acres off the southwest corner of Highway 183A and New Hope Road. Endeavor broke ground on The Parke in March. The Parke’s grand opening will occur in the second quarter of 2017. More than 129,575 residents live within a five-mile radius of the site.
BENBROOK, TEXAS — The Silver Group has arranged the sale of a single-tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in the southwest Fort Worth suburb of Benbrook. The property consists of the newly constructed, 3,000-square-foot restaurant on a 1.1-acre parcel. The tenant, Vasari LLC, operates several Dairy Queen locations. The property is situated between Panda Express and Jack in the Box and is one block from CVS/pharmacy, Walgreens, Walmart and McDonald’s. The triple net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust, which bought the property utilizing a tax-deferred exchange.
WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has negotiated the sale of a 1,935-square-foot, single-tenant Starbucks located in Wichita Falls. PRA represented the seller, Truity Capital LLC. An out-of-state buyer purchased the asset for an undisclosed price. Starbucks recently expanded its footprint by 40 percent and renewed its lease for 10 years. Starbucks has been at the location on the southeast corner of Kemp and Kell boulevards since 2003. The entire team at PRA in Dallas handled the sale.
