Texas

Hartman Retail II Acquires Mission Bend Shopping Center in Houston for $15.1M

by Haisten Willis June 1, 2016

HOUSTON — Hartman Retail II, a Delaware Statutory Trust, has purchased Mission Bend Shopping Center in Houston for $15.1 million. The property is located at 6806 Highway 6. Mission Bend Shopping Center is a 140,576-square-foot retail center on 11 acres. It was built in 1984 and is 98 percent leased to tenants including dd’s Discounts, Melrose Family Fashions, Dollar General and Harbor Freight. George Cushing and Wendy Vandeventer of JLL represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman internally represented the buyer, Hartman Retail II DST.

June 1, 2016

CBRE Capital Markets Provides $13.7M Loan for Creekwood Place in Metro Dallas

by Haisten Willis June 1, 2016

LANCASTER, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Creekwood Place, a market rate apartment community located in Lancaster. The fully amortizing $13.7 million loan was funded through HUD’s Section 223(f), providing a 35-year, fixed-rate loan structure. The loan will finance the rehabilitation of the complex, a 200-unit Class B community with 176 two-bedroom units and 24 three-bedroom units. Constructed in 1997, the project is located 0.3 miles east of I-35E and 16 miles south of downtown Dallas. Chad Ricks and Jeff Shaw of CBRE’s Dallas office originated financing for Creekwood Place.

June 1, 2016

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Multifamily Texas

Elandis Acquires Four Multifamily Communities in Houston

by Haisten Willis June 1, 2016

HOUSTON — Elandis, the real estate ownership, development and property management arm of the Libra Group, has acquired 1,000 units in four separate multifamily communities in Houston. The combined purchases are valued at $50 million and expand the company’s portfolio of owned and managed residential units to 2,500. The four apartment communities, each consisting of one-, two- and three-bedroom units, include Kirkwood Landing on South Kirkwood Road; The Forest on Imperial Valley Drive; Valencia at Spring Branch on Long Point Road, and Pine Creek on Maxey Road. The properties will be managed by Elandis’s wholly owned subsidiary, Elandis Property Management.

June 1, 2016

Industrial Texas

ML Realty Partners Buys Industrial Building in Northeast Dallas

by Haisten Willis June 1, 2016

DALLAS — ML Realty Partners has acquired a 163,390-square-foot industrial building at Northgate Business Park in Dallas. ML Realty Partners plans to update the building’s office space to support the growing demand for industrial businesses in northeast Dallas. The distribution facility is located at 9660 Dilworth Road and will be available for lease for spaces as small as 32,584 square feet. The property provides access to I-635 and U.S. Route 75. Gordon Foster & Scott Voelkel of Foster & Co. represented the seller. Matthew Dornak and Ryan Wolcott of Stream Realty Partners represented ML Realty Partners in the acquisition and will also be responsible for leasing the building.

June 1, 2016

Office Texas Top Stories

JLL Arranges $450M in Financing for JPMorgan Chase Tower, Chase Center in Houston

by Haisten Willis June 1, 2016

HOUSTON — JLL has secured a total of $450 million of financing for Prime Asset Management to recapitalize JPMorgan Chase Tower and Chase Center, two Class A office properties located in downtown Houston. The 75-story Chase Tower is Houston’s tallest building at 1,002 feet. Combined with the 20-story Chase Center, the complex totals 2.4 million square feet. An underground pedestrian tunnel connects the buildings. Chase Tower includes office space, retail and a sky lobby observation deck. Chase Center includes office and retail space along with a parking garage. Chase Tower is located at 600 Travis St. and was built in 1981. Chase Center is a shorter building adjacent to Chase Tower at 601 Travis St. MetLife provided a fixed-rate senior mortgage, while JPMorgan provided mezzanine financing for a term of 11 years. The mezzanine loan has a floating interest rate for the first year and then converts to a fixed rate for the following 10 years. Prime Asset Management, an international investment group that owns the two properties, will partially use the loans to replace its existing senior mortgage debt with MetLife, which was due at the end of 2017, according to the Houston Chronicle. Tom Melody and John Ream led …

June 1, 2016

Office Texas

Topping Out Ceremony Held at One Legacy West in Plano

by Haisten Willis May 31, 2016

PLANO, TEXAS — A topping out ceremony was held for the One Legacy West project on May 26. During the ceremony, the final beam, painted white for the occasion, was accompanied by the Texas and American flags, which were hoisted to the top of the 14-story structure. Several Plano city officials, Gaedeke Group employees and construction workers signed the beam. Upon completion, One Legacy West will be a 327,856-square-foot office tower located at the southeast corner of Legacy Drive and Sam Rayburn Tollway. The project is set for completion in December. Amenities will include an on-site management and engineering team, 24-hour on-site officer and card key access, a conference center, fitness center, tenant lounge and game area, concierge service and courtesy shuttle to Legacy West’s 300,000 square feet of retail and restaurants. The Gaedeke project will also feature a Wi-Fi-enabled outdoor terrace connected to the parking garage and to the building. There will be electric car charging stations and secure bike storage in the garage. The 14-story One Legacy West boasts a LEED Gold design by Morrison Dilworth + Walls of Dallas. Austin Commercial is the project’s general contractor, with Andres Construction serving as construction manager and Belle Firma as …

May 31, 2016

Multifamily Texas

S2 Capital Acquires Holly Ridge Apartments in Metro Dallas

by Haisten Willis May 31, 2016

ARLINGTON, TEXAS — S2 Capital has purchased the Holly Ridge apartment complex located at 2504 Ivy Brook Court in Arlington. With a total of 290 units, the complex was built in 1981. S2 Capital bought the property at a live auction in Houston out of a 23-property portfolio that had been through bankruptcy multiple times the previous five years. S2 Capital plans to spend $4 million on renovations for the Holly Ridge property. Holly Ridge is located near Texas State Highway 360 and I-30.

May 31, 2016

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Restaurant Retail Texas

Vitorino Group Arranges Sale of Shopping Center in Plano

by Haisten Willis May 31, 2016

PLANO, TEXAS — The Vitorino Group has arranged the sale of Willow Bend Crossing, the second phase of a newly constructed shopping center located near the southwest corner of the Dallas North Tollway and Park Boulevard in Plano. Bryce Gissler of the Vitorino Group represented the seller, a Dallas-based developer. The buyer, who was self-represented, is a Dallas-based private equity fund established to acquire core plus retail throughout Texas. The property spans 6,000 square feet and the existing tenants are Ideal Dental and VERTS Mediterranean Grill.

May 31, 2016

Multifamily Texas

Catalyst to Manage Three Apartment Properties in San Antonio

by Haisten Willis May 31, 2016

SAN ANTONIO, TEXAS — Catalyst Multifamily Management has taken over property management responsibilities for three properties in San Antonio totaling 390 units. The properties are: Ashler Oaks Apartments, located at 4100 Parkdale St. The complex was built in 1971 and consists of 150 units; Sierra Royale Apartment Homes, located at 6300 Rue Marielyne St. The complex was built in 1984 and consists of 108 units; Veranda Apartments, located at 7918 Jones Maltsburger Road. The complex was built in 1972 and consists of 132 units. Catalyst Multifamily specializes in Class B and C multifamily property management. Initiatives include traditional and grassroots marketing efforts targeting desired tenants, along with a $4.5 million renovation that will include curing deferred maintenance, new signage, landscaping, updating unit interiors and pool upgrades across all three properties.

May 31, 2016

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Restaurant Retail Texas

M&M Brokers Sale of 3,000 SF Net Leased Property in Fort Worth

by Haisten Willis May 31, 2016

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Dunkin’ Donuts, a 3,000-square-foot net-leased property located in Fort Worth. Vincent Knipp of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Dunkin’ Donuts is located at 9629 White Settlement Road, less than one-half mile from I-820. Dunkin’ Donuts has operated at this location since 2008 and recently executed a new 10-year lease extension with three five-year options to renew.

May 31, 2016

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