DALLAS — Greysteel has arranged the sale of Highland Hills, a 100-unit multifamily community in Dallas. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill represented Highland Hills Apartments LLC in the sale of Highland Hills to Mountain Creek View Apartments LLC. The property is a garden-style community located in the southern region of Dallas County with amenities including covered parking, an on-site laundry facility and a swimming pool.
WICHITA FALLS, TEXAS — Binswanger has negotiated a 10-year lease of 124,903 square feet at 8600 Central Freeway N. in Wichita Falls. American Fuel Cell and Coated Fabrics Co., a designer and fabricator of composite material products for aviation, aerospace, military ground forces and commercial transport industries, leased the property. The Wichita Falls site will be used for the manufacturing of composite materials. Formerly used by Delphi Automotive for the production of ceramic automobile oxygen sensors, the property consists of a 348,000-square-foot south building and 90,000-square-foot north building. Amenities include a 5-foot reinforced concrete floor, precast concrete panel walls with insulated core and ceiling heights ranging from 25 to 45 feet in the south building and 27.5 to 45.5 feet in the north building. The property is located on I-44 near highways 287 and 82. Holmes Davis of Binswanger’s Dallas office represented the landlord, First Bank, in the lease transaction.
HOUSTON — The Richland Cos. has acquired Lakes on Eldridge Centre in Houston. Located at 5630 N. Eldridge Parkway, the 30,049-square-foot retail center sits on 2.1 acres. Lakes on Eldridge Centre includes five entrances, two monument signs and is the only retail center located at the intersection. Tenants include the Dr. Shirazo dentist office, West Houston Animal Clinic, Professional Dry Cleaners, Tiny Treasures Child Care, Houston Faith Church, Edward Jones & Co. Financial Planning, 1st Community Credit Union, U Break I Phix, Rose’s Nails, Hair & Skin Care and several restaurants. The complex is 95 percent occupied. Richland will assume management responsibilities of the property.
EDINBURG, TEXAS — Domus Development is bringing a $27.7 million, off-campus student housing community to Edinburg in August 2017. The Dallas-based developer will break ground in May 2016 on Legends Edinburg, which will bring 566 beds to the apartments market near The University of Texas Rio Grande Valley in Edinburg. The complex will be located on the corner of Chapin Street and Sugar Road with amenities including a salt water pool, sand volleyball court, study rooms, a clubhouse with game room and a computer lounge. Floorplans will include one-, two- and four-bedroom options. The individual apartments will come fully furnished with granite countertops, ceiling fans and full-size washer and dryer units. The entire property is equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff. Legends Edinburg will be the second off-campus purpose-built student housing community in the area.
GRAPEVINE, TEXAS — Mercedes-Benz plans to open two facilities in Grapevine. The first is a regional parts distribution center (PDC) designed to support the sales and distribution of spare parts to the customers and dealer network of Mercedes. The second is a learning and performance center (LPC). The LPC is relocating from Houston to the Grapevine site and is planned to be a technical facility accommodating on-going training of Mercedes-Benz dealership technicians from around the Southwest region. Currently owned by the city of Grapevine, the site consists of around 31 acres along Lakeside Parkway at Enterprise Road. Once fully operational, both the training facility and parts distribution center will be staffed with 50 employees with the ability to train 150 technicians per week. The PDC is planned to be 254,000 square feet and the LPC is 59,000 square feet. Seefried Industrial Properties, in partnership with a long-time European capital partner, is the purchaser of the land and developer for this project. Mercedes has executed a development agreement with Seefried Properties and will purchase the project upon completion. Design of the two facilities is underway and will be submitted for permitting in February 2016. The initial site work will start this …
OKLAHOMA CITY, OKLA. — Altus Equity Group has acquired Rockwell Plaza Apartments in Oklahoma City. The complex is located along the Northwest Expressway, a major corridor in northwest Oklahoma City. The 304-unit property includes 152 one-bedroom/one bath, 76 two-bedroom/one bath and 76 efficiency units. The vacancy rate is 84 percent, and several units have already begun interior rehab. Altus Equity has completed more than $100 million in real estate transactions with average annual returns to investors in excess of 17 percent.
DALLAS — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed an $18 million loan for the recapitalization and stabilization of an office building in Dallas. The 18-story, 183,000-square-foot property is located on Ervay Street in downtown Dallas’ central business district. Known locally as Alto 211, the building originally catered to traditional office users but has undergone substantial renovations transforming it into modern, creative office space. The non-recourse, three-year loan features flexible pre-payment options and two one-year extension options, including a facility to provide future funding encompassing tenant improvements, leasing commissions and capital expenditures.
HOUSTON — Marcus & Millichap has arranged the sale of Woodforest Plaza, a 13,568-square-foot retail property located at 13421 Woodforest Blvd. in Houston. Derek Hargrove and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based limited liability company.
THE COLONY, TEXAS — Venture Commercial Real Estate’s investment sales team has completed the sale of a 7,400-square-foot single-tenant net-leased property located along State Highway 121 in The Colony. Methodist Urgent Care occupies the building located at 5151 SH 121, in front of Top Golf and across from Nebraska Furniture Mart’s Grandscape development. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the developer, NDC Holdings. Leonard Mazzone of New York-based Hamilton Mundy Real Estate Advisors represented the buyer, an out-of-state investor.
AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.