HOUSTON — Keith Van Arsdale of BMC Capital’s Dallas office arranged an $8 million cash-out refinance loan for a 280-unit apartment complex in Houston. The 10-year, non-recourse loan features a 4.3 percent fixed interest rate and a 30-year amortization schedule. The loan allowed the client to cash out over $3 million after capital improvements were completed during the course of 16 months. The loan was arranged through one of BMC Capital’s banking relationships.
HOUSTON — JLL has completed the sale of Texas Self Storage located at 8909 Hinman St. in Houston. Westport Properties Inc. purchased the property. Steve Mellon and Brian Somoza of JLL represented the seller, Airport Boulevard Partners LP, in the transaction. Comprising four single-story and two two-story buildings, the facility spans 44,600 square feet. The property consists of 30 climate-controlled units, 453 non-climate controlled units and 35 covered parking units. Facility features include a secured gate with electronic access control, surveillance cameras and a customer service office. The property was built in 1975 and renovated in 2008.
HOUSTON, ROSENBERG, HUMBLE and CONROE, TEXAS — Brandon Brown and Jamie Safier of LMI Capital have secured financing for the acquisition and/or refinancing of four separate garden-style apartment complexes in the metro Houston area. Brown placed a 10-year, $4.9 million loan for a 105-unit asset in Rosenberg. The Fannie Mae loan was a cash-out refinance that closed in under 45 days and featured a fixed 4.3 percent interest rate with five years of interest-only payments. The second transaction for Brown was for a 100-unit property in Humble. The Fannie Mae acquisition loan included a 10-year term and three years of interest-only payment. Safier arranged the refinancing of an 80-unit property located in northwest Houston. The loan features a fixed 4.4 percent interest rate and two years of interest-only payments. Safier also secured acquisition financing for a 100-unit asset in Conroe. The loan featured 75 percent leverage, a 4.4 percent interest rate for the first seven years of the 20-year loan term and a step down prepayment structure.
LITTLE ELM, TEXAS — Venture Commercial Real Estate has represented Round Rock-based Flix Brewhouse in connection with the opening of the company’s first north Texas location at Main Marketplace in Little Elm. The Flix Brewhouse concept combines movies, craft beer and high-quality food served in-theater. Flix Brewhouse operates locations in Round Rock, Des Moines, Iowa and Carmel, Ind., with another under construction in Albuquerque, N.M. The 35,000-square-foot location in Little Elm is expected to open in early summer 2017 on the northwest corner of FM 423 and Main Street. Venture’s Chris Corbin and Bob Moore represented Flix Brewhouse, while David Levinson of The Retail Connection represented the landlord.
TULSA, OKLA. — CBRE has negotiated a five-year lease renewal and expansion for the BOK Financial at Bank of Oklahoma Place at Southern Hills. BOK Financial will occupy 27,091 square feet following a 3,758-square-foot expansion at 5727 S. Lewis Ave. in Tulsa. BOK Financial has been a tenant of the property since 2005. BOK Financial is a regional financial services company based in Tulsa with more than 80 banking centers statewide. Mary Martin with CBRE’s Tulsa office represented the landlord, Allegiancy Houston LLC, in the lease transaction.
DALLAS — Capital Pacific has a Home Depot location in Dallas. Capital Pacific, in partnership with Legend Partners, represented Denver-based Broe Real Estate Services in the sale of the Dallas Home Depot store, a 163,545-square-foot facility, for $19.5 million.
HOUSTON — Hand & Stone Massage and Facial Spa has signed two leases in the Memorial and Cinco Ranch areas of Houston. The Hand & Stone Massage and Facial Spa – Memorial opened earlier this month within the Lantern Lane Shopping Center at 12510 Memorial Drive. The Hand & Stone Massage and Facial Spa – Cinco Ranch at Stableside will open within the Stableside at Falcon Landing Shopping Center in 2017. Hand & Stone Massage and Facial Spa has over 275 locations nationwide with another 100 in development. Lindsey McKean of The J. Beard Real Estate Co. represented the tenant in both locations, and she has represented the tenant with all other franchise leases in the Houston area. Bruce Wallace of Edens represented the landlord internally at Lantern Lane. Brad Elmore and Austin Alvis of Newquest Properties represented the landlord at Stableside at Falcon Landing.
AUSTIN, TEXAS — CIM Group has acquired a 95,000-square-foot, four-story office building located at 1645 E. 6th St. in east Austin. The building is part of the three-building Eastside Village mixed-used development that includes an eight-story, 700-stall parking garage, of which 368 stalls are allocated to the office building. The development also includes a four-story, 346-unit apartment building atop ground-floor retail space. Eastside Village is transit-oriented complex located near the Plaza Saltillo MetroRail station.
PLANO, TEXAS — Ascent has opened a 43,330-square-foot data center known as Ascent DAL1 in Plano. The property is designed to withstand tornadoes with winds up to 360 miles per hour. DAL1 spans 4.3 acres and includes 2.7 megawatts of power, with the ability to expand to up to 7.2 megawatts. The building has three paths for fiber access.
FRISCO, TEXAS — A 38,000-square-foot LA Fitness has opened in Frisco Market Center, a 100-acre mixed-use development located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Earlier this year, a grocery store chain purchased 19 acres along the eastern portion of Frisco Market Center for a future 100,000-square-foot store. Hermansen Development is the owner and developer for Frisco Market Center. The LA Fitness building, located at 5080 Main St., is situated on 5.1 acres. Ridgemont was the general contractor for the project and LegacyTexas was the lender. Chief Partners LP, a real estate investment firm based in Dallas, is the capital partner for Frisco Market Center. Upon completion, Frisco Market Center will include nearly 500,000 square feet of entertainment space, restaurants and retail, 250 hotel rooms and over 1,500 residences. Anchored by Main Event Entertainment and LA Fitness, the project also includes The Emerson, a 410-unit apartment community, and several restaurants. Other developments located at the intersection include Toyota Stadium and Soccer Center, a 145-acre multipurpose sports and entertainment facility consisting of the soon-to-open National Soccer Hall of Fame plus a 20,500-seat pro soccer stadium and 17 fields.