SAN ANTONIO — Marcus & Millichap has arranged the sale of 6.8 acres of land in San Antonio. Jon Danklefs of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a partnership. The land is located at the southwest corner of Loop 410 and Medina Base Road. Nearby retailers in the area include Walmart Supercenter, Valero Corner Store, Walgreen’s, Jack in the Box, Burger King and HEB.
HOUSTON — NAI Partners has arranged the lease for a freestanding 23,000-square-foot manufacturing facility to Lion Millwork Co., a cabinet and carpentry business. The newly constructed property is located at 13735 FM 529 in Houston. John Ferruzzo and Nick Peterson of NAI Partners represented the landlord, Southbelt Park Ltd., during lease negotiations, while Michael Foreman and Beau Kaleel of Cushman & Wakefield represented Lion Millwork.
CORSICANA, TEXAS — Binswanger has negotiated the sale of an industrial building in Corsicana on behalf of Eliken Properties, an industrial real estate investment company that owns and manages properties throughout the Unites States. The 1,453,615-square-foot industrial building is located on 139 acres at 2200 S. Business 45. Two tenants, Pactiv and Guardian Glass, occupy the property, and Binswanger will be working with the new owner to market to additional tenants. Corsicana is located 60 miles from Dallas, 70 miles from Tyler and 190 miles from Houston. Holmes Davis of Binswanger’s Dallas office handled the acquisition.
DALLAS — Grander Capital Partners LLC has purchased Emerald Plaza, a 74,182-square-foot office building located at 14900 Landmark Boulevard in Dallas. The purchase of the six-story office building is Grander Capital’s first in the Dallas-Fort Worth area. Grander Capital has retained Ward Eastman and Rodney Helm of Cushman & Wakefield to lease the property. Grander Capital’s investment in Emerald Plaza includes plans to modernize the building’s lobby, signage and landscaping. Located in the Quorum Market near the Dallas North Tollway, Emerald Plaza is 84 percent leased and includes amenities such as 100 percent underground parking and proximity to several restaurants and retail establishments.
HOUSTON — Colvill Office Properties (COP) and Cushman & Wakefield have secured a 52,822-square-foot lease for Saudi Basic Industries Corp. (SABIC) at 2500 CityWest Boulevard, a 578,284-square-foot office building located in Houston’s Westchase District. SABIC recently expanded its presence at the Class A asset, taking two full floors totaling 46,063 square feet and another 6,759 square feet in the lobby. This brings SABIC’s capacity at the 25-story tower to 75,840 square feet. David Guion and Tim Relyea of Cushman & Wakefield represented SABIC in the lease transaction. Win Haggard of COP represented the property ownership, Crimson Real Estate Fund LP, a private equity fund sponsored by Patrinely Group and USAA Real Estate Co.
DALLAS — Veritas Advisory Group Inc. has signed a long-term, 19,166-square-foot lease extension and expansion for its Dallas office at Thanksgiving Tower. Veritas provides forensic accounting, litigation support and expert witness testimony to clients in a variety of industries, including banking, construction, energy, manufacturing and telecommunications. Arthur Green of Avison Young represented Veritas Advisory in renewal negotiations. A $38 million infrastructure, lobby and plaza area renovation is underway at Thanksgiving Tower that is scheduled for completion by the end of 2016. Improvements include HVAC replacement, thermal storage tank refurbishment, elevator modernization and podium redevelopment.
ATLANTA, TEXAS — Marcus & Millichap has arranged the sale of Best Western Pineywoods Inn, a 42-room hospitality property located in Atlanta, 25 miles south of Texarkana. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Gomes, Miller and Cooper also procured the buyer, a private investor. Best Western Pineywoods Inn is located at 306 US Highway 59 Loop. Constructed in 2001, the two-story hotel is located in the Pineywoods region of northeast Texas. The property features an outdoor swimming pool, business center, breakfast area and meeting space.
CARROLLTON, TEXAS — Love Funding has secured a $26.3 million loan for the construction and permanent financing of Overlook at Prestonwood, a seniors housing community under development in Carrollton. Overlook at Prestonwood will offer 183 age-restricted apartment units in one four-story building and five standalone cottages on 5.5 acres. The property will include one-, two- and three-bedroom units. The main building will also house a clubhouse and other amenities. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. James Sawyer, president of Warsaw Realty Group, brought the transaction to Love Funding. The principals of the ownership group include Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. NE Construction will be the general contractor, and Capstone is the property manager. Brian Rumsey of Cross Architects is the architect of record for this project.
AUSTIN, TEXAS — Austin-based JTM Development will break ground next week on Walsh Tarlton Overlook, a 55,000-square-foot office building in southwest Austin. Located just north of Capital of Texas Highway (Loop 360) and west of the Barton Creek Square Mall, the three-story building is located at 2530 Walsh Tarlton Lane. Sixthriver Architects designed the project, which will feature limestone, marble and walnut finishes throughout the building, as well as in the elevator lobbies and elevators. The structure includes a five-floor parking garage beneath the building. Walsh Tarlton Overlook is scheduled to open in 2017. The Burt Group is the general contractor on the project. TBG Group designed the landscaping. JTM Development is partnering on the project with Cypress Real Estate Advisors, which has owned the 16-acre site since 2007. Cypress received approval from the city of Austin to rezone the property for mixed-use development in 2011.
DALLAS — Pioneer Realty Capital LLC has closed a $13.8 million construction loan for a 130-room Home2 Suites Hotel in Dallas. The 82,130-square-foot property is an extended stay hotel featuring customizable guest room design. Amenities at the five-story hotel will include a combined laundry and fitness facility and pet-friendly accommodations. Freedom Hospitality LLC in Bryan is working with the contractor, Aguirre Roden Building Specialties Inc. of Dallas. Construction began in July. The 18-month project is scheduled to open in December 2017.