SAN ANGELO, TEXAS — Dougherty Mortgage LLC has closed a $3.7 million Fannie Mae loan for the acquisition of Bent Tree Apartments, a 112-unit multifamily property located in San Angelo. Dougherty’s Minneapolis office arranged the seven-year term, 30-year amortization loan on behalf of the borrower, SA Bent Tree Apartments LP.
PLANO, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Willow Bend Crossing to an unnamed Dallas investor. The newly constructed shopping center is located near the southwest corner of the Dallas North Tollway and Park Boulevard in Plano. Shadow-anchored by Costco and The Home Depot, the tenant lineup includes Shell Shack, Jersey Mike’s, Salata, Wok Box, LA Bikini and Torchy’s Tacos. Bryce Gissler and Jason Vitorino of the Marcus & Millichap team The Vitorino Group brokered the sale.
FORT WORTH, TEXAS — SWBC Real Estate has sold the Overlook Ranch apartment complex. SWBC Real Estate developed the property in a partnership with American National Insurance Co. CAF Capital Partners purchased the property in an off-market transaction for an undisclosed amount. Completed in July 2015, Overlook Ranch is located in the AllianceTexas corridor of north Fort Worth. The Class A complex consists of 318 garden-style units comprising one-, two- and three-bedroom floorplans. Overlook Ranch’s amenities include a Texas ranch-themed clubhouse with a fitness center, resort-style pool, game room and a business center.
SAN MARCOS, TEXAS — Endeavor Real Estate Group has announced plans to invest $27.5 million to revamp Springtown Shopping Center, a retail center with low occupancy along I-35 in San Marcos between Austin and San Antonio. Endeavor purchased the center in November, at which point it was 10.5 percent occupied and split among four separate owners. The developer has signed leases with two anchor tenants. EVO Entertainment Group leased 34,000 square feet to build a dine-in luxury movie theater, bowling alley and event venue called The Spot. Gold’s Gym has leased 42,000 square feet.
LUBBOCK, TEXAS — Vesper Holdings has purchased the 864-bed University Courtyard student housing community near Texas Tech University in Lubbock. Vesper purchased University Courtyard from a group of tenant-in-common owners “at a steeply discounted price,” the company says. The property was acquired through an off-market transaction. Vesper is planning to execute a complete renovation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as enhancements to the property’s exteriors and technology upgrades throughout the complex. Completed in 2005, University Courtyard is located in close proximity to Texas Tech University. University Courtyard contains 12 three-story residential buildings and a clubhouse spread across a 30-acre site. The property’s unit mix consists of two-, three-, and four-bedroom floor plans. All of the units have a one-bed-to-bath ratio. All apartments are fully furnished and feature black appliance packages and large, fully equipped kitchens. All units at University Courtyard have private, full-sized washers and dryers, along with high-speed Internet connection in every bedroom. University Courtyard amenities include a movie theatre, fitness center, business center, game room, basketball court, free tanning salon, lighted jogging track and two swimming pools.
HOUSTON — Cousins Properties Inc., a publicly traded office REIT based in Atlanta, has signed two new leases totaling 64,000 square feet at Greenway Plaza, a 10-building, 4.4 million-square-foot office complex in Houston. The first lease is a 10-year expansion and relocation that Cousins signed with an existing Greenway Plaza customer. This customer, a financial firm headquartered in Houston, is moving from 44,000 square feet in 3800 Buffalo Speedway to 48,000 square feet in Greenway Plaza Three, which was recently vacated by ExxonMobil. In the second transaction, a publishing firm new to Greenway Plaza signed a seven-and-a-half-year lease for 16,000 square feet at 3800 Buffalo Speedway.
BAY CITY, TEXAS — Cypressbrook Co. has acquired Hunters Cove, a 326-unit apartment complex located in Bay City about 80 miles southwest of Houston. Cypressbrook will begin improvements to the complex including new faux wood flooring, new appliances, brushed nickel fixtures and hardware, resurfaced countertops, an upgraded pool area, landscaping improvements, replaced roofs, and new signage. Cypressbrook’s affiliate, Ascension Commercial Real Estate, will manage the property.
SAN MARCOS, TEXAS — Amazon has acquired a 100-acre site on McCarty Lane in San Marcos to develop an 855,000-square-foot fulfillment center. This will be Amazon’s fifth fulfillment location in Texas. Kit Corbin of Endura Advisory Group represented the undisclosed seller, and Ed Cross of San Antonio Commercial Advisors represented the buyer in the transaction. The city of San Marcos and the Texas Department of Transportation will cooperate with the developer of the Amazon facility to provide road improvements. Atlanta-based Seefried Industrial Properties Inc. is overseeing the project, alongside Houston-based engineering firm Jones & Carter Inc., according to reports by the Austin Business Journal. The fulfillment center will be completed in early 2017 and is expected to create more than 1,000 permanent jobs when fully staffed.
PLANO, TEXAS — Phillips Edison Grocery Center REIT II Inc. has acquired Plano Market Street, a 169,624-square-foot grocery-anchored shopping center located in Plano, for an undisclosed amount. Doug Hazelbaker and Ryan Shore of HFF represented the seller, Lionstone Investments, in the transaction. The center is 94.2 percent occupied by tenants including Market Street, Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74-acres at 1901 to 1941 Preston Road.
EL PASO, TEXAS — Holliday Fenoglio Fowler (HFF) has secured $14.4 million in first mortgage financing for Hilton Garden Inn El Paso/University, a 153-room, full-service hotel in El Paso. Jason Bond and Michael Cosby worked on behalf of the borrower, TVO Groupe, to place the 10-year, fixed-rate loan with Cantor Commercial Real Estate. Loan proceeds will be used to refinance existing debt and fund future property improvement plans. The hotel is located at 111 West University Ave. adjacent to the University of Texas at El Paso.
