DALLAS — Jerry Averyt of Henry S. Miller Brokerage’s office division has represented Pace Communications in the lease of its new office space in Dallas. Pace Communications leased 3,400 square feet at 2811 McKinney Ave. from 2811 McKinney TT. Blake Shipley and Ashley Curry of JLL represented the landlord in the transaction.
GREENVILLE, TEXAS — Academy Sports + Outdoors and Hobby Lobby will build new locations at Kari Beth Krossing, a retail power center located at the northwest corner of I-30 and State Highway 34 in Greenville. Both stores are slated to open this summer. Developed by The Stainback Organization, a commercial real estate development and brokerage company headquartered in Dallas since 1987, Kari Beth Krossing is anchored by a 138,000-square-foot Lowe’s Home Improvement store and national retailers Cotton Patch Café, Chick-fil-A, Starbucks Coffee and Discount Tire. The additions of the 63,000-square-foot Academy Sport + Outdoors and the 55,000-square-foot Hobby Lobby store, along with additional 12,400-square-foot retail/restaurant space which will include a Chipotle Mexican Grill, brings the total space to nearly 300,000 square feet.
HOUSTON — Hunington Properties has purchased 3.3 acres in Wolff Cos.’ Ten Oaks, an 83-acre master-planned development, for the development of The Shops at Ten Oaks. Construction is expected to begin in the spring on the shopping center, which includes a freestanding quick service restaurant and an additional 20,000 square feet of general retail space. Located at the northwest corner of Barker Cypress Road and Park Row, The Shops at Ten Oaks will be developed next to the newest Hunington Residential multifamily project, The Vic on Park Row. The project will also be adjacent to Western International’s Courtyard by Marriott, which opened in 2015, and Hampton Inn & Suites, which is under construction. The development is also located within the Texas Medical Center’s west campus, where Texas Children’s Hospital and Methodist Houston Hospital are both undergoing expansions.
RICHARDSON, TEXAS — Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate will redevelop Galatyn Commons, a Class A office campus in Richardson. Located at 1011 Galatyn Parkway, the campus includes 600,000 square feet available for lease. Chris Taylor of Cushman & Wakefield, along with Peloton’s Russ Johnson, handle property leasing on behalf of the owner, Spear Street Capital. The multi-million dollar investment to redevelop Galatyn Commons is underway and will provide current and future tenants a full array of amenities. Renovations include the expansion of the parking garages to a ratio of 5 spaces per 1,000 square feet, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, outdoor kitchen, fire pits and bocce courts. The campus will also feature a regular shuttle, as well as bike checkout stations providing access to CityLine, a 186-acre mixed-use development in Richardson. The Galatyn Commons campus is also adjacent to the Renaissance Hotel and Conference Facility and the Eisemann Center for Performing Arts. The full …
SAN ANTONIO — Berkadia has negotiated the sale and financing of Oak Hills Village located at 1847 Babcock Road in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transaction. Jeffery Kinney of Berkadia’s Jacksonville, Fla., office arranged the 10-year, fixed-rate CMBS financing. Built in 1972, the 121-unit property features one-, two- and three-bedroom floor plans. Each unit features fully equipped kitchens, walk-in closets, linen closets and ceiling fans. Select units feature a fenced backyard or patio, wet bar, gas fireplace, extra storage and golf course views. Community amenities include laundry facilities, covered parking, outdoor picnic and barbecue areas, swimming pool and pet park. The community is located near Loop 410 and I-10. Oak Hills Village is four miles from Ingram Park Mall and 10 miles from downtown San Antonio. A private investor from California was the seller. A Florida-based private investor was the buyer and will rehabilitate the units to optimize rent potential.
CARROLLTON, TEXAS — John St. Clair of NOVUS Realty Advisors represented American Bank of Texas in the sale of 5.6 acres in north Carrollton for the development of a seniors housing community. Overlook at Prestonwood purchased the property, located at the northwest corner of the East Hebron Parkway and Marsh Lane intersection. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The proposed unit mix consists of one-, two- and three-bedroom apartments and five one-bedroom cottages totaling 158,482 square feet. The development will feature elevators, an enclosed courtyard, swimming pool, an outdoor grilling area, fitness center and community room. Cross Architects is the architect for the project. Construction will begin in early summer.
KATY, TEXAS — PCCP has provided a $20 million senior loan for the acquisition and lease-up of the Haven at Westgreen, a newly constructed, 225-unit Class A multifamily project located in Katy. The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Cos. and Chicago-based Blue Vista Capital Management. Guefen Development Co., a Houston-based multifamily developer that built the property, was the seller. Cortney Cole of HFF’s Houston office arranged the financing. The garden-style, low-density property is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Amenities include a swimming pool, fitness center, barbecue area and clubhouse.
DALLAS — Ready Capital Structured Finance has secured a $3.8 million value-add loan in Dallas. The unnamed borrower will use the loan to renovate and stabilize a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The loan features a two-year term with a one-year extension. Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.
PLANO, TEXAS — HFF has secured capital for the development of The Huntington, a 320-unit apartment community in west Plano. HFF worked on behalf of a joint venture between Catalyst Urban Development and LandPlan Development to secure first mortgage construction financing through a regional bank and equity through Canyon Partners Real Estate. The Huntington will be built on a 5.5-acre site in the northeast quadrant of Preston Road and Headquarters Drive. The property will be adjacent to Legacy Business Park, a 2,655-acre office development that hosts several corporate headquarters including Toyota and FedEx. Due for completion in the first quarter of 2018, the property’s amenities include a swimming pool, grilling area, fire pits, two dog-friendly open spaces and fitness center. An attached parking garage offers direct access to each building level. Jeremy Sain led the HFF team representing the developer.
HOUSTON — Adam Lipkin of Grandbridge Real Estate Capital’s Miami team has secured a $6.2 million bridge loan for a Houston-area office building. A sovereign wealth fund operated by the Republic of Nauru owns the property. A direct small-balance commercial real estate lender provided the two-year loan to the Nauru Phosphate Royalties Trust, a subsidiary of Nauru Realty Trust. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company. The loan facilitated by Lipkin provides a short-term financing solution for the Houston office building, which is occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group. Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients. The Jacobs office building is located at 2224 Bay Area Blvd. at the hard corner of Bay Area Boulevard and Space Center Boulevard in the Clear Lake area of Houston.