PLANO, TEXAS — A partnership controlled by Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC has sold Phase II of Willow Bend Commons. The retail property is located at 1885 Dallas Parkway in Plano, and was sold to an undisclosed buyer. The newly constructed, 6,000-square-foot building is leased to Verts Mediterranean Restaurant and Ideal Dental. The partners purchased a 5.2-acre site from Costco two years ago for the development. Phase I was a 14,000-square-foot retail center that was 100 percent leased upon completion, and subsequently sold in 2015. Phase I tenants include Torchy’s Tacos, Shell Shack, Jersey Mike’s Subs, LA Bikini, Wok Box and Salada. In addition to the retail center, one pad site was sold to Randolph-Brooks Federal Credit Union, whose facility also opened in 2015.
FORT WORTH, TEXAS — Weis Builders has begun construction on a Hampton Inn & Suites in downtown Fort Worth at the former site of the Fort Worth United Way. Located across from Fort Worth Convention Center, the 245-key hotel will feature an indoor fitness area, swimming pool, business meeting and conference areas and a lounge with a bar.
TOMBALL and PASADENA, TEXAS — Colliers International has arranged the sale of two land tracts for the expansion of Restaurant Depot, a wholesale grocery and foodservice supplier, in metro Houston. Restaurant Depot is a division of Jetro Holdings LLC, headquartered in College Point, N.Y. Each tract will house a 60,000-square-foot distribution warehouse store. One of the new locations is a 5-acre site on the west side of SH 249 north of Spring Cypress Road in Tomball. The other location is a 5.4-acre site on the northeast side of Preston Road between East Beltway 8 and Crenshaw Road in Pasadena. The new stores are expected to break ground in the fourth quarter and will be open for business by summer 2017. Marshall Clinkscales of Colliers’ Houston office and Tom Condon Jr. of The Woodlands office represented the buyers, JMDH Real Estate of Tomball LLC and Preston Park LLC, respectively. Keith Edwards with Caldwell Cos. represented the seller of the Tomball location. Alix Fox with Qualified Properties represented Mattie Faye Properties LLC, the seller of the Pasadena location. Kerry Wakefield with Alamo Title Co. coordinated both closings.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of an 8,500-square-foot retail building net leased to Mattress Firm in McAllen. Vincent Knipp of the firm’s Dallas office procured the private buyer, which utilized a 1031 tax-deferred exchange. Mattress Firm is situated on 1.3 acres at 1304 E. Expressway 83 northeast of Jackson Avenue.
IRVING, TEXAS — Hartman Westway One LLC, a subsidiary of Hartman Short Term Income Properties XX Inc., has purchased the Westway One office building in Irving. Westway One is a 165,982-square-foot property located off Lyndon B. Johnson Freeway and Olympus Boulevard. Built in 2001, Westway One includes an updated lobby, 55,248-square-foot floor plates and structured parking. The property is 100 percent leased to tenants including Lennar Corp. Kurt Cherry, Brittany Ricketts, Shea Byers and John Dailey with PM Realty Group represented the seller in the transaction, and David Wheeler, Russell Turman and Julian Kwok represented Hartman internally.
HOUSTON, ANGLETON and SEABROOK, TEXAS — Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital have placed bridge debt for the acquisition of four separate garden-style apartment complexes in metro Houston. For the first transaction, Mullin procured a $10.5 million, floating-rate loan through a regional bank for a 310-unit asset in west Houston. The terms included an initial 15-month interest-only period, open prepayment structure and a significant rehab component. Working on behalf of the borrower for the second transaction, Safier originated a five-year, fixed-rate loan for a 40-unit asset in Seabrook. The loan equated to 83 percent of the purchase price and included 12 months of interest-only payments and no prepayment restrictions. A portion of the proceeds will be used for minor capital improvements planned at the property. Brown secured the last two bridge financings, the first of which was an $18 million, floating-rate loan for a 900-unit asset in north Houston. The bridge debt featured two years of interest-only payments and a significant rehab component, which will be used to improve the buildings’ exteriors and complete upgrades to the units’ interiors. The final transaction was the financing for a 140-unit complex in Brazoria County that represented 85 percent …
HOUSTON — CBRE has arranged a 14,240-square-foot office relocation for D&M Auto Leasing in Houston. D&M Auto Leasing, a Dallas-based auto leasing company, also operates locations in Dallas, Fort Worth and Grand Prairie. The company will be relocating its office from the Galleria area to Executive Plaza at 4635 Southwest Freeway. Kevin Saxe of CBRE’s Houston office represented D&M Auto Leasing in market analysis, site selection and lease negotiations with the landlord, EP Office Holdings LP. John Hornbuckle of Cypressbrook Co. represented EP Office Holdings. D&M Auto Leasing is expected to occupy the new space this fall.
FRISCO, TEXAS — Alliance Architects has completed the design of a new medical office building in Frisco. Located at 5375 Coit Road north of the Sam Rayburn Tollway, the multi-tenant medical office building features 21,000 square feet of medical office space. Tenants include Foot & Ankle Center of Frisco, Lone Star Neurology, Baylor Institute for Rehabilitation Center Outpatient Services and Texas Vein & Aesthetics. Core Construction was the general contractor.
DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
SAN ANTONIO — JLL has entered into an agreement to acquire Travis Commercial, a San Antonio-based real estate leader in property leasing and management, multi-market corporate services, tenant representation, investment sales and construction management. The acquisition is scheduled to close in the next few weeks, subject to customary closing conditions. Commercial principals Mark Krenger, Chuck King and Jeff Miller will join as managing directors and share leadership positions of the combined business. Senior team members Roger Hill and Lisa Mittel will join the firm along with more than 30 industry experts and staff. Krenger and King will oversee agency leasing, and Miller will lead the tenant representation and markets corporate solutions groups. The leadership trio will work under the direction of Jeff Staubach and David Carroll, president and market director of the south-central region. Travis Commercial was co-founded by Krenger and King in 1998, with Miller joining in 1999, and has since grown into a full-service commercial real estate firm.