DALLAS — Byrne Investment Co. brokered the sale of a medical office building to a partnership controlled by Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC. The property is located at 4844 Greenville Ave. in Dallas. The 4,000-square-foot building is under a long-term lease by urgent care clinic MedSpring. The building sits on a 9,500-square-foot site located between Lovers Lane and University Avenue.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Oak Hill Centre, a 43,261-square-foot retail center in Austin. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a Texas-based limited partnership, and procured the buyer, another Texas-based limited partnership. Built in 1984, Oak Hill Centre is located at the intersection of William Cannon Drive and Highway 290. At the time of the sale, the property was 96.5 percent occupied.
Success breeds success. That adage, more than any other, defines the Dallas-Fort Worth economy and its strong multifamily market. In the last five years, a number of companies, such as Toyota North America and Nationstar Mortgage, impressed by the advantages of doing business in Dallas-Fort Worth, have relocated their headquarters here. These companies were attracted by the area’s central location, equidistant from both coasts, as well as an educated workforce, a diverse economy and a favorable business climate. This year Jamba Juice, among other companies, took notice and announced that they are joining the migration to north Texas. Even companies not choosing to uproot their headquarters are expanding their presence in Dallas-Fort Worth. Early this year, JPMorgan Chase picked Plano’s Legacy West development for a new 6,000-employee campus, next door to Toyota as well as Liberty Mutual, which itself will add 5,000 workers to a huge new service center it is building there. Also this year, Fannie Mae announced it would move more than 1,000 workers to Plano, the medical giant McKesson revealed plans to add 1,000 office jobs in Irving and Pegasus Foods chose Rockwall for a new plant that will employ 300. The Federal Reserve Bank of Dallas’ …
CARROLLTON, TEXAS — AmerisourceBergen Specialty Group has completed negotiations for a 300,000-square-foot office lease in Carrollton. The corporate campus will be the largest build-to-suit office campus at the Offices of Austin Ranch and will serve as AmerisourceBergen’s regional headquarters. JLL’s Jeff Staubach, Greg Biggs, Torrey Littlejohn and Chase Monroe negotiated the lease on behalf of AmerisourceBergen, an American drug wholesale company. Billingsley’s Marijke Lantz represented the landlord. AmerisourceBergen joins Freddie Mac, Quest, Sanyo, Orthofix and Edward Don at the 1,700-acre master-planned development.
HOUSTON — CBRE Group Inc. has brokered the sale of West Road Collection, a neighborhood shopping center in Houston, to Hass Holdings LLC for $15 million. CBRE’s Richard Rizika represented the seller, JW Rich Investment Co., and JLL represented the buyer. The shopping center spans 65,798 square feet with a mix of restaurant and service tenants. West Road Collection is 98 percent leased, with an average occupancy rate of 95 percent over the last five years.
DENTON, TEXAS — Old Capital has provided a $9.3 million loan for the purchase of The Loop Apartments in Denton. The loan includes $500,000 for renovations to the 160-unit property. The eight-year loan includes a 75 percent loan-to-value ratio and a 30-year amortization schedule. The buyer was unnamed.
DUNCANVILLE, TEXAS — Greysteel has arranged the sale of Wexford Townhomes, a multifamily property located in Duncanville, a suburb of Dallas. Greysteel represented the seller, Virtue Wexford Owner LLC, in the transaction. PC Wexford LLC was the buyer. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson represented the seller and procured the buyer. Built in 1984, Wexford Townhomes includes 17 two-story buildings totaling 122 units on nearly seven acres. Property amenities include attached garages, 24-hour maintenance and a swimming pool. The property is located at 600 Wembley Circle.
ARLINGTON and WESTWORTH VILLAGE, TEXAS — Florida-based Atlantic | Pacific Cos. (A|P) has acquired two Class A multifamily communities in metro Dallas through its Blue Atlantic Partners Fund I. A|P Management, the property leasing and management platform under A|P, will handle property management responsibilities for both properties. The acquisitions include: Franciscan of Arlington, located near the AT&T Stadium and Globe Life Park. The property includes 418 units with a mix of one-, two- and three-bedroom units. Interiors features include stainless steel appliances, walk-in closets and direct access garages in select units. Community features include two pools and a Jacuzzi, coffee bar and fitness center; Village of Hawks Creek, located in Westworth Village. The property consists of 312 units in 12 floor plans, with one-, two- and three-bedroom layouts. The units feature stainless steel appliances and walk-in closets.
FRISCO, TEXAS — PlainsCapital Bank has leased a 5,083-square-foot office facility and a 4,000-square-foot retail space at The Star in Frisco. JLL’s Paul Whitman negotiated both leases on behalf of the tenant. Worthey Wiles of Lincoln Property Co. represented the landlord in the office transaction, and Robert Dozier, also of Lincoln, represented the landlord in the retail transaction. Founded in 1988, PlainsCapital Bank provides commercial banking, commercial lending, commercial real estate lending, treasury management, private banking, residential mortgages and trust and asset management services. The Dallas-based institution operates nine locations in the Dallas area.
BRYAN, TEXAS — The Stella, a 176-key hotel slated to open in March 2017, will anchor Lake Walk Town Center in Bryan. Lake Walk is a 180,000 square-foot development under construction near Texas A&M University. The property will feature a restaurant, cocktail bar and coffee shop, as well as an outdoor pool and over 10,000 square feet of meeting and event space. Designed by Dallas-based FAB Studios and Design DMU, The Stella will be operated by Trust Hospitality. Lake Walk includes a five-acre lake, waterfront park, pavilion and observation tower, along with more than two miles of hiking trails.