LANCASTER, TEXAS — Ridge Development, the industrial development arm of Transwestern Development Co., has entered a joint venture with Prudential Financial Inc. called Ridge South Dallas I LLC. The joint venture has sold a 164-acre site in the Ridge Logistics Center South Dallas to Van Trust Real Estate LLC. Located at the northeast corner of Dallas Avenue and Telephone Road in Lancaster, the tract was sold for an undisclosed amount. Van Trust Real Estate, which was represented internally in the transaction, plans to develop big-box, speculative bulk industrial buildings on the site. CBRE’s Jack Fraker represented Ridge South Dallas.
ARLINGTON, TEXAS — Bellomy & Co. has arranged the sale of Mansfield Webb Road Self Storage in Arlington. The property consists of 161 climate-controlled, non-climate-controlled and parking units in 21,760 net rentable square feet. The facility occupies three acres with room for expansion and was 70 percent occupied at closing. Bill Bellomy, Michael Johnson, John Owens and John Arnold of Bellomy & Co. marketed the property on behalf of the Omaha, Neb.-based seller. Bellomy & Co. is headquartered in Austin and has offices in Houston, Lubbock and Atlanta.
HALTOM CITY, TEXAS — Planet Fitness has leased 19,488 square feet of space in Haltom Commons Shopping Center, located at 3316 Denton Highway, for a new location. Greg McDonald, CCIM, of The Weitzman Group handled negotiations for the landlord. Ryan Jordan and Tyler Grisham of Edge Realty Partners represented the tenant. Kroger anchors Haltom Commons.
HOUSTON — Central Wire Inc. has purchased a 30,000-square-foot, crane-ready industrial building on nine acres located at Kieth Harrow Boulevard and Barker Cypress in Houston. The property is known as Bear Creek Industrial Park. The general contractor, Finial Development & Construction, is building the development on spec. Keith Bilski, Neil Martin and Mike Sperandio, with Finial’s in-house brokerage company, represented the seller, FDC Bear Creek LP, in the transaction. Janae Evans and Joe Evans of Evtex Cos. represented the buyer. Central Wire is a producer of specialty wire products.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities in Fort Worth: The Ridge, a 208-unit apartment complex, and Shadowood Apartments, a 52-unit apartment property. Al Silva of Marcus & Millichap’s Fort Worth office marketed both properties on behalf of the Texas-based sellers and secured both buyers. The Ridge is located at 8925 Randol Mill Road, 10 miles east of downtown Fort Worth and north of I-30. The property was built in 1985 and consists of 14 buildings. The new owner plans to make substantial renovations to the property. Shadowood Apartments is located at 6701 Calmont Ave. The property is located near I-30 and is five miles west of downtown Fort Worth. The property was built in 1964 and consists of one large building that comprises a brick veneer exterior with a new mansard roof and wood frame on a concrete slab foundation. The Texas-based buyer plans to make substantial improvements to the complex.
FORT WORTH, TEXAS — Lloyd Jones Capital, a multifamily investment firm, has purchased the Carol Oaks Apartments in Fort Worth. The firm plans to upgrade and rebrand the 224-unit community located at 7412 Ederville Road. The property is located one mile from I-30 and I-820. Finlay Management will provide management services.
DALLAS — NXT Capital has provided a $22.3 million first mortgage loan to finance the acquisition of two multifamily properties located in Dallas. The two properties total 394 units. Both properties provide access to I-635, eastern Dallas and Uptown Dallas. One of the properties offers two swimming pools and a fitness center, and the other property offers a swimming pool and a clubhouse. Andy Scott of HFF’s Dallas office placed the loan. NXT Capital’s real estate finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for major-market properties.
SAN ANTONIO — ARA Newmark has arranged the sale of Ventana, a 390-unit, Class A asset located in northwest San Antonio. Occupancy at the time of the sale was 95 percent. Patton Jones and Matt Michelson of ARA Newmark represented the seller, California-based Francis Property Management, in the transaction. A real estate investment and management company, Francis Property Management maintains an existing portfolio of Class A apartment communities located throughout Texas and California. The buyer, Venterra Realty Management, purchased the property for an undisclosed price. Constructed in 1994, Ventana is a Class A, garden-style community located in the Northwest Medical Center submarket of San Antonio. Apartment units at Ventana average 975 square feet and feature nine-foot ceilings with crown molding, brushed nickel lighting and plumbing fixtures. There are 14 floor plans ranging from 671-square-foot, one-bedroom homes to 1,403-square-foot, three-bedroom homes, with some units including direct access garages. Property amenities at Ventana include two swimming pools, poolside wireless internet, attached garages, a business center and fitness center.
COLLEGE STATION, TEXAS — KWA Construction has begun construction on Cherry Street Apartments, a 200-bed student housing complex in College Station’s entertainment district known as Northgate. Addison-based real estate investors Seneca Investments selected KWA Construction to build the 108,005-square-foot project, which was designed by NTS Architects & Planners. The project is expected to open in summer 2016. Formed in 1996, Seneca Investments is a privately owned real estate investment company with more than 60 years of combined experience in commercial real estate development. When complete next summer, Cherry Street Apartments will house up to 200 students and faculty. Located at 200 Cherry Street, the one- and two-bedroom apartment community will feature a swimming pool with lounges, outdoor grilling area, a fire pit and an outdoor theater. Additionally, the community grounds will include game and exercise rooms as well as a parking garage.
HOUSTON — GSI has renewed its lease of 16,440 square feet at the Norfolk Tower building located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building’s owner, The Realty Associates Fund IX, in negotiations. Don King with Jones Lang LaSalle represented the tenant.