MURPHY, TEXAS — Bright Realty brokered the sale of 1.3 acres in Murphy located on FM 544 in Murphy. Shawn Hall of Bright Realty represented the buyer, Jain Estates LLC, in the transaction. Doug Carignan of Jones Lang LaSalle represented the seller.
DALLAS — Henry S. Miller Brokerage represented Ann Anderson and Stephen Leitzke of Farmers Insurance in the lease of two office locations in Frisco and north Dallas. Jim Breitenfeld of Henry S. Miller’s Dallas/Fort Worth office arranged the transactions. Ann Anderson leased a 150-square-foot office suite at 6500 Preston Road in the 6500 Business Center in Frisco. Stephen Leitzke leased a 1,319-square-foot office space at 17000 Preston Road, Building 3, Suite 330 in the East Preston Trails Office Park in Dallas. Mark Macy of MacyNewman Commercial Real Estate represented the landlord, Preston-Town Trails LP, in the 17000 Preston Road, Dallas transaction.
EULESS, TEXAS — Marcus & Millichap has arranged the sale of Oakwood Crest Apartment Homes, a 96-unit apartment property located in Euless. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Barker and Alexander Skotarek, also of the firm’s Fort Worth office, represented the buyer, a private investor. Oakwood Crest Apartment Homes is located at 307 Martha St. The property features five, one-story buildings, one, two-story building and includes 96 units.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged an $11 million Fannie Mae loan for the acquisition of Stonehill Terrace, a 301-unit market rate multifamily housing property located in Irving. The 10-year loan includes a 30-year amortization schedule and one year of interest-only payments. Dougherty’s Dallas office arranged the loan on behalf of the borrower, Urban Stonehill Apartments LP. This transaction, along with additional capital by the buyer, will allow for upgrades and updates to the property. All Stonehill Terrace units come with a balcony, ceiling fans, appliances and free parking. Some units are upgraded with vaulted ceilings and a fireplace. The grounds are equipped with a clubhouse, laundry facilities and a swimming pool.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a Walmart shadow-anchored retail center, a 9,000-square foot property located in Arlington. Jason Vitorino and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino and Aubrey also procured the buyer, a limited liability company. Farhan Kabani of Mark One Capital’s Dallas office arranged the acquisition financing. The property is located at 1140 Bardin Road, less than one mile south of I-20. Built in 2004, the asset is situated in a major retail corridor. Surrounding retailers include Walmart, Home Depot, Lowe’s Home Improvement, Burlington Coat Factory, Hobby Lobby, Ross Dress for Less, Dollar Tree, Fry’s, Michaels, Best Buy and Party City. The property was 100 percent occupied at the time of listing.
GRAPEVINE, TEXAS — Irving-based Realty Capital Management LLC has leased 2,250 square feet of restaurant space to Brooklyn Crust & Bistro in Mustang Square, which is located on Highway 26 at Mustang Drive in Grapevine. The restaurant is the newest endeavor of Chef Sage Sakiri, known for his cuisine at Café Panache and Red Sage Bistro. Brooklyn Crust & Bistro will be a casual dining experience featuring New York-style pizza, as well as other dishes by Chef Sage. Mark Boone of Realty Capital Management represented the landlord and tenant in this transaction.
SAN ANTONIO — CBRE Capital Markets’ multifamily team has brokered the sale of Broadstone Colonnade on behalf of Kansas City-based Price Development Group. An unnamed buyer purchased the 282-unit, Class A multifamily asset for an undisclosed price. Broadstone Colonnade is located at 4330 Spectrum One in San Antonio. The property is made up of 282 one-, two- and three-bedroom units in eight floor plans. It is located within an infill area off of I-10, between Loops 410 and 1604. Residents have direct access to many employment centers, restaurants, retail and healthcare. Community amenities include a swimming pool with fountains, upscale fitness center, cyber lounge with computer stations, cabana area with grills and an indoor basketball court. In the last two years, capital improvements have been completed to the exterior, including new roofs, exterior paint, gutters and window screens. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE represented the seller.
ALLEN, TEXAS — Allen Economic Development Corp. and Sentinel Capital have broken ground on the first phase of AllenPlace. The 22.5-acre, 700,000-square-foot, five-building, Class A office park is located on the east side of North Central Expressway between Millennium Drive and Butler Drive in Allen. KONE, an elevator and escalator company, announced earlier this year it would be the lead tenant with more than 200 company employees in the $26-million first phase of AllenPlace. In addition to office space, KONE’s commitment includes light manufacturing and test facilities in the first phase of development. Jeff Patman, senior vice president of Site Selection Group, represented KONE in their site selection. Ben Appleby with Paladin Partners represented the landlord, Sentinel Capital, in the transaction. Paladin Partners will be responsible for the leasing at AllenPlace. Houston-based Sentinel Capital LLC is developing AllenPlace in partnership with Centra Partners LLC and Triad Real Estate.
HOUSTON — DCT Industrial Trust has arranged three pre-leases totaling 172,000 square feet in its northwest Houston development, DCT Northwest Crossroads Logistics Centre. The leases bring the first phase of the development, a 362,000 square foot, multi-tenant building, to 100 occupancy. In June 2014, the company pre-leased 52 percent of Northwest Crossroads Logistics Centre I through a 190,000 square foot lease with Lennox. The development will be completed in the first quarter of 2015. When finished, DCT Northwest Crossroads Logistics Centre will span 682,000 square feet across two buildings. The company began construction on Phase II, a 320,000-square-foot building, in the third quarter of 2014. Phase II is slated for completion during the second quarter this year.
DALLAS — Starwood Hotels & Resorts Worldwide and New Orleans-based KFK Group will open a new Starwood managed Westin hotel in downtown Dallas. The Westin Dallas Downtown will open by December 2015 as part of an adaptive re-use project that will transform the complex into a lifestyle development. Construction has already begun, following KFK’s acquisition of the 1-million-square-foot building in March of last year. The Westin Dallas Downtown will feature 323 guest rooms and extensive meeting facilities. The hotel will anchor the redevelopment of the office building known as “One Main Place.” The vertical mixed-use property will feature a dedicated hotel entrance parallel to Elm Street and a second floor hotel lobby in the former banking hall. Hotel facilities will include a three meal restaurant, a bar and more than 27,000 square feet of meeting space including a ballroom overlooking the eastern courtyard.