Texas

M&M Arranges Sale of 37-Unit Apartment Building in Metro Dallas

by Haisten Willis October 30, 2015

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of Elm Street Village, a 37-unit apartment property located in McKinney. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, a private investor with prior duplex and quadplex investment experience. The seller had owned the asset for 15 years and sold it as part of a 1031 exchange. The buyer may redevelop the site in the future. Elm Street Village is located at 1303 S. Tennessee St. The asset is a collection of duplexes, quadplexes and office buildings. Originally constructed in 1953, it is situated on the corner of Elm and Tennessee streets across from McKinney Middle School.

October 30, 2015

Berkadia Secures $17.5M Acquisition Loan for Hotel in Austin

by Haisten Willis October 29, 2015

AUSTIN, TEXAS — Berkadia has originated $17.5 million in acquisition financing for the Holiday Inn Austin Midtown. Stuart Wernick and Eli Gershenson of Berkadia’s Dallas office secured the five-year, fixed-rate financing with a senior and mezzanine structure on behalf of the borrower, a partnership between Alliance Development and Compass Lodging Advisors. Berkadia selected two lenders to help secure the necessary loan proceeds required by the borrower. Located at 6000 Middle Fiskville Road, Holiday Inn Austin Midtown rises nine stories and includes 189 rooms, as well as 15,000 square feet of meeting and conference room space. Hotel amenities include a pool, fitness center, business center and cocktail bar.

October 29, 2015

Hospitality Loans Texas

KeyBank Secures $16.6M in CMBS Financing for Residence Inn in Austin

by Haisten Willis October 29, 2015

AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $16.6 million, non-recourse CMBS first mortgage for Residence Inn in Austin. The 112-room hotel is an extended-stay property. Ashley Harkness and Chuck Butterworth of Key’s commercial mortgage group secured the financing.

October 29, 2015

Industrial Texas

BH Properties Signs Tenant to 310,000 SF Industrial Lease in Fort Worth

by Haisten Willis October 29, 2015

FORT WORTH, TEXAS — BH Properties has completed its first major lease within a former Radio Shack industrial portfolio in Fort Worth that the firm acquired in June. Chain Link Services LP leased 310,000 square feet at 1000 Terminal Road, or about half of the 628,000-square-foot industrial building, which is situated on more than 23 acres. George Curry and Jamie Galati of JLL’s Fort Worth office, along with Chris Stout of JLL’s Dallas office, represented BH Properties in the lease transaction. Jeff Givens in Transwestern’s Fort Worth office represented Chain Link Services, which serves chain restaurants and convenience stores in the procurement of materials and equipment to run food service-oriented businesses. Chain Link Services plans to enter the Terminal Road facility in phases starting in January. Chain Link Services already occupies 128,400 square feet at 4675 Railhead Road and another 60,000 square feet at a separate Fort Worth facility. BH Properties originally acquired the assets out of a bankruptcy liquidation earlier this year.

October 29, 2015

Industrial Texas

Stream Arranges Sale of New Industrial Building in Metro Dallas

by Haisten Willis October 29, 2015

GARLAND, TEXAS — L.L. & Smith Holdings LLC has purchased a newly constructed, 167,400-square-foot industrial building completed by Huntington Industrial Partners at 3839 Distribution Drive in Garland. The project was the first industrial building built since 2008 in Garland and was the first LEED-certified building ever constructed in the city. Seth Koschak and Eric Crutchfield of Stream Realty Partners represented Huntington in the sale, and Ryan Wolcott of Stream represented the buyer.

October 29, 2015

Industrial Texas

Lee & Associates Negotiates 34,776 SF Industrial Lease in Dallas

by Haisten Willis October 29, 2015

DALLAS — Lee & Associates has negotiated a lease transaction for a 34,776-square-foot industrial space located at 10515-10537 Miller Road in Dallas. Ken Wesson of Lee & Associates represented the tenant, Shearer Supply. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Colony Financial.

October 29, 2015

Multifamily Texas

IPA Arranges Sale of a 312-Unit Multifamily Complex in Metro Dallas

by Haisten Willis October 28, 2015

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Apartments at Amesbury Court, a 312-unit multifamily community in Haltom City. Will Balthrope, Drew Kile and Rowan Burch represented the seller and procured the buyer, Hamilton Zanze, in the transaction. The property is located at 4699 Fossil Vista Drive at its intersection with North Beach Street. Amesbury Court feature nine- and 10-foot ceilings with crown moldings, full-size washer/dryers, patios or balconies, and maple cabinetry. Select units include travertine wood-burning fireplaces with mantels and French doors. Community amenities at Amesbury Court include controlled gate access entry, two pools, 104 detached garages, 87 carport parking spaces, a fitness center, multi-purpose sport courts, a business center and on-site car care.

October 28, 2015

Office Texas

Cousins Completes Renovations to Office Property in Houston’s Greenway Plaza

by Haisten Willis October 28, 2015

HOUSTON — Cousins Properties has completed its multi-million dollar renovation at 3 Greenway Plaza, part of the 4.4 million-square-foot Greenway Plaza campus. The completed renovations include a redone lobby and concourse levels, with marble tile and wood finishes, new lighting fixtures and furniture, commissioned art installations throughout and updated parking garage elevator banks. Cousins is also working on a new, 12,000-square-foot fitness center and improvements to The Shops at Greenway Plaza, set to be completed in the second quarter of 2016. These are the first common area upgrades at Greenway Plaza since 1998.

October 28, 2015

Multifamily Texas

Stream Brokers Sale of The Reserve at Saratoga in Corpus Christi

by Haisten Willis October 28, 2015

CORPUS CHRISTI, TEXAS — Stream Realty Partners has arranged the sale of The Reserve at Saratoga, a 274-unit apartment community in Corpus Christi. The property is located at 5701 Saratoga Blvd., in Corpus Christi’s south side. Jeff Patterson and Kelly Witherspoon of Stream Realty’s Austin office represented the joint venture between Fogelman Properties and Bridge Partners selling the apartment complex to Miller Frishman Group. The 14.8-acre property, built in 2006, encompasses 12 three-story residential apartment buildings. Property amenities include controlled-access gates, a pool and outdoor kitchen, fitness center with an indoor basketball court and a community clubhouse. Apartment amenities include nine-foot ceilings with crown molding, washer and dryer connections in each unit, a valet waste service, balconies and patios, and direct-access attached garage options.

October 28, 2015

Healthcare Texas

Capital Square Realty Acquires Newly Constructed MOB in El Paso

by Haisten Willis October 28, 2015

EL PASO, TEXAS — Capital Square Realty Advisors has acquired a newly constructed, 19,855-square-foot medical rehabilitation facility in El Paso that is 100 percent leased to Mentis Neuro El Paso. Located at 4360 Doniphan Drive, the single-story building was designed and built for use as a rehabilitation facility. The specialized building was completed earlier this year and is situated on 2.6 acres, which includes 46 parking spaces. The facility includes a therapy gym, full-service kitchen, outdoor patio and living areas. Mentis Neuro El Paso is a wholly owned subsidiary of Mentis Neuro Rehabilitation, which provides post-acute neurorehabilitation.

October 28, 2015

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