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 …
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.
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.
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.
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.
DALLAS — An affiliate of HCA Holdings Inc. has agreed to purchase the Forest Park Medical Center facility in Dallas, a 190,000-square-foot medical campus featuring 20,000 square feet of green space, for $135 million. The physician-owned hospital will require approval from bankruptcy court to sell the property. If the transaction is approved, $124.6 million of the purchase price will be used to pay back the facility’s main debt holder, Sabra Health Care REIT Inc. (NASDAQ: SBRA). The publicly traded real estate investment trust refinanced the facility’s mortgage loan for $110 million in October 2013. The owners of the Forest Park Medical Center health system created the Neal Richards Group LLC, headed by real estate developer Derrick Evers, to build the hospitals under the Forest Park umbrella and serve as landlord, according to reports by D Magazine. Ascension Group Architects designed the Dallas campus, which features 84 luxury private inpatient rooms, 12 intensive care units, 22 operating suites, three special procedure and endoscopy suites, ancillary services and an imaging center. Drs. Richard Toussaint and Wade Barker founded the Forest Park Medical Center system in the late 2000s. In March, Toussaint was found guilty of committing $10 million in healthcare fraud and …
FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
HOUSTON — On behalf of Fidelis Realty Partners, JLL Capital Markets has completed recapitalization financing for Hedwig Village Shopping Center in Houston. John Hancock provided the 10-year, interest-only loan. Fidelis will continue to lease and manage the property. Tom Fish and Jimmy Board led the JLL team on the deal. Located on the south side of the Katy Freeway, Houston’s main east-west thoroughfare, Hedwig Village Shopping Center occupies one of the city’s most trafficked areas. The 226,933-square-foot shopping center also caters to the Hedwig Village and Piney Point neighborhoods. The fully leased asset includes anchor tenants such as Marshall’s Home Goods, Ross Dress For Less, DSW and Pier 1 Imports. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
PEARLAND, TEXAS — Robert Loeb, Jeff Bailey and Brian Cisarik of SurePoint Self Storage have received approval from the Pearland city council to construct their fourth location in the greater Houston market. The new self-storage property will be located in Pearland just south of the intersection of Broadway Street and Kirby Drive. The project will be a three-story, climate-controlled facility. The San Antonio-based developers recently began construction on their third facility in the Houston market, a three-story, 119,000-square-foot facility on Barker Cypress Road in Houston. The SurePoint team is concluding construction on a similar project on Spring Cypress Road just east of Grant Road in Cypress, as well as a four-story self-storage building in Richmond near Highway 59 and the Grand Parkway.
AUSTIN, TEXAS — Lionstone Investments has purchased Brodie Oaks Shopping Center, a grocery-anchored retail center located in Austin, on behalf of an institutional investor. Constructed in 1983, the property occupies 31 acres at the intersection of South Lamar Boulevard and Loop 360. In addition to the 285,044-square-foot strip center, the 91.5 percent leased development includes 37,546 square feet of office space. Retail tenants include Neiman Marcus Last Call, Hobby Lobby, Tuesday Morning and Sprouts Farmers Market, among others. HFF Brokered the sale and Barshop & Oles will continue to manage the property and handle leasing transactions.