ARLINGTON, TEXAS — Coldwell Banker Commercial (CBC) Alliance DFW has joined in the recent merger of the two largest CBC affiliates in the nation. Going forward, the brokerage firm will be called Coldwell Banker Commercial Advisors (CBC Advisors). The merger enables the local affiliate to expand its presence. Among other expansions, CBC Advisors has acquired a Houston office. Senior management in metro Dallas includes chief operating officer Carol Coffman-Sosebee and Theron Bryant, principal of the Fort Worth office. The brokerage team consists of 12 professionals with more than 100 years of combined commercial real estate experience in office, industrial, medical, land and retail, along with seven support staff. The firm is headquartered at 255 N. Center St. in Arlington, and has a Fort Worth office at 1300 S. University Drive. The Dallas office has just completed the process to join the network, which totals 30 offices nationally.
PLANO, TEXAS — Pacific Southwest Realty Services (PSRS), a California-based commercial mortgage banking firm, has closed a $7.6 million, 16-year non-recourse loan for a Los Angeles-based borrower with John Hancock Life Insurance Co. The deal is for a 135-unit one- and two-bedroom apartment complex in Plano. Michael Tanner of PSRS arranged the loan, which includes a fixed interest rate and a 30-year amortization schedule. PSRS will service the loan for the balance of the term.
COTULLA and DILLEY, TEXAS — CBRE Hotels has arranged the sale of the 45-room Super 8 Cotulla and 45-room Super 8 Dilley. A North Carolina-based hospitality management and investment company purchased the assets from an Illinois-based bridge lender. Michael Yu, Rahul Bijlani and James Foxx of CBRE Hotels represented the seller. Yu, Bijlani and Tyler Bean, also with CBRE Hotels, represented the buyer. Super 8 Cotulla is located 90 miles south of San Antonio at 669 N. Baylor St. in Cotulla, and Super 8 Dilley is located 74 miles south of San Antonio at 16301 S. I-35 in Dilley.
RICHARDSON, TEXAS — SHOP Cos. has brokered the $23.7 million sale of Eastside, a 67,071-square-foot mixed-use retail and office property in Richardson. Eastside is located at the intersection of Campbell Road and U.S. 75. The property was 93.9 percent leased at the time of sale to tenants including 7-Eleven, Panera Bread, Scottrade, T-Mobile, Jersey Mike’s, Frost National Bank and Sport Clips. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, SG Retail Development Partners, a Dallas-based limited partnership, and procured the buyer, Retail Properties of America Inc., an Illinois-based corporation.
PLANO, TEXAS — MYCON General Contractors has broken ground on the Spring Creek Center Medical Office Building (MOB), located near the southwest corner of Spring Creek Parkway and the Dallas North Tollway in Plano. The $5.8 million project consists of site work and shell construction of the two-story, 48,000-square-foot facility. The project team includes owner/developer Haggard Property Group, owner’s representative Bjerke Management Solutions and project architect O’Brien Architects. The Spring Creek Center MOB is scheduled for completion in October.
HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of West Jefferson Avenue Office, a 35,061-square-foot office property located in Harlingen. Kenneth Hartmann and Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Murphy and Hartmann also secured and represented the buyer, an individual/personal trust. West Jefferson Avenue Office is located at 1820 W. Jefferson Ave. and consists of two separate buildings built in 1996 and 1998. Government tenants have been in place since construction.
GRAND PRAIRIE, TEXAS — Lee & Associates has completed a new lease transaction for a 38,400-square-foot industrial space located at 1205 Post & Paddock in Grand Prairie. Reed Parker and Tom Walrich of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Prologis. Canon Shoults and Matt McWilliams of Holt Lunsford Commercial represented the tenant, Omnilife USA Inc.
BEAUMONT, TEXAS — The Woodmont Co. has completed a 23,798-square-foot lease with Tuesday Morning at Parkdale Place, a 225,000-square-foot retail center located at 4150 Dowlen Road in Beaumont. Karen Mitchell of The Woodmont Co. represented the landlord, and Jonathan Hicks of SRS Real Estate Houston represented Tuesday Morning. Lowes Home Improvement anchors Parkdale Place, which includes four separately owned mid-size retail boxes and outparcels. The property is located on Dowlen Road across from Parkdale Mall.
DALLAS — KeyBank Real Estate Capital has secured an $85 million permanent loan for Tradition Senior Living, a Dallas-based owner and operator of seniors housing facilities in Texas. Tradition Senior Living plans to refinance Tradition Lovers Lane, a 311-unit seniors housing community located in Dallas. The property, which includes 202 independent living units, 85 assisted living units and 24 memory care units, opened in November 2014. Monique Bimler of KeyBank’s healthcare mortgage banking group arranged the 10-year, fixed-rate loan through a life insurance company. Grant Saunders and Peter Trazzera of KeyBank’s healthcare group originated the initial construction loan and agented the syndication of the loan with three other banks.
MERCEDES, TEXAS — Kamel Salomon Investments Ltd., a McAllen-based development company, has announced plans to develop The Harbor in Mercedes. The $12 million project will be located one mile from Rio Grande Valley premium outlets, which receive over 6 million visitors per year, and will feature a beautiful man-made lake. BigShots Golf, a golf entertainment center with an attached restaurant and bar, will anchor the entertainment complex. Other entertainment concepts planned for The Harbor include a go-kart racing track, zip line over the lake, trampoline park and casual dining concepts. The Harbor will be developed in two phases. Phase I will consist of BigShots Golf and the central lake, and is expected to break ground in September. Final completion of Phase I is scheduled for fall 2017. Phase II of The Harbor will consist of the go-kart race track, zip line system and the other dining and entertainment concepts. Final completion of the project is expected for summer 2018.