Texas

CBRE Arranges Sale of Value-Add Apartment Complex in Metro Dallas

by Haisten Willis June 24, 2015

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has arranged the sale of Derby Park, a 360-unit multifamily community in Grand Prairie. Intergerman Derby LP purchased the asset from a private equity firm for an undisclosed price. Dirk Goris, Chris Deuillet and Daniel Baker with CBRE’s Dallas office represented the seller. The 95 percent occupied property is located at 606 W. Palace Parkway at the northwest corner of Beltline Road and I-30. The buyer is planning interior unit upgrades for the complex. Community amenities include two swimming pools, a cyber café, business center, fitness center and a playground.

June 24, 2015

Berkadia Secures $34.1M Loan for Student Housing Complex in College Station

by Haisten Willis June 23, 2015

COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.

June 23, 2015

Industrial Texas

Sealy & Co. Acquires 902,715 SF Portfolio in Rio Grande Valley, El Paso

by Haisten Willis June 23, 2015

HARLINGEN AND EL PASO, TEXAS — Sealy & Co., a commercial real estate investment and operating company, has acquired a 902,715-square-foot, Class A industrial portfolio in the Rio Grande Valley and El Paso. Four buildings totaling 758,715 square feet are located in El Paso, and the remaining building totaling 144,000 square feet are located in Harlingen. The portfolio, which is currently 95 percent leased, consists of five buildings developed between 1997 and 2001. The El Paso buildings are located less than five miles from the Zaragoza Bridge, which is the main distribution border crossing between Juarez, Mexico and El Paso.

June 23, 2015

Restaurant Retail Texas

Greysteel Arranges Sale-Leaseback of Schlotzsky’s Restaurant in West Texas

by Haisten Willis June 23, 2015

SWEETWATER, TEXAS — The Greysteel Co.’s Net Leased investment sales team represented the seller, SL60 Holcomb LLC, in the sale-leaseback transaction of a Schlotzsky’s- and Cinnabon-branded restaurant property in Sweetwater. At closing, the seller entered into a new 20-year triple net lease with renewal options. The property is located at an off-ramp of I-20 between Midland and Abilene and also benefits from pass-through traffic from Lubbock and Austin. Greysteel also procured the buyer, Microproperties Acquisitions Co., a privately-held REIT with a particular focus on investing in restaurant properties, as well as sale-leaseback transactions.

June 23, 2015

Texas

M&M Arranges Sale of 11,992 SF Medical Office Building in Metro Dallas

by Haisten Willis June 23, 2015

SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Southlake Medical Center, an 11,992-square-foot medical office property located in Southlake. Ron Hebert and Wayne Bares of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. The buyer, an out-of-state national medical fund investor, was also procured by Bares. Southlake Medical Center is located at 300 S. Nolen Drive, just south of Highway 114. Situated on less than two acres, the construction of the one-story asset began in 2013 and was completed in 2014. At the time of sale, the asset was 100 percent occupied by three tenants: an ambulatory surgical center, a pain management group and a colorectal surgeon.

June 23, 2015

Loans Office Texas

NCB Provides $4.8M Construction Loan for Church Property in Metro San Antonio

by Haisten Willis June 23, 2015

BOERNE, TEXAS — National Cooperative Bank (NCB) has provided a $4.8 million construction loan to the Congregation of Benedictine Sisters of Boerne, located 30 miles northwest of San Antonio. The financing will be used for the construction of a new monastery and administrative offices. In February 2012, the congregation informally subdivided its 42-acre property and listed 14 acres for sale. The new monastery facilities will be built closer to the existing Boerne ministries and will provide prayer, meeting and work spaces, as well as community and private living spaces. The Benedictine Sisters are monastic women committed to community and a life of work and prayer. The Congregation of Benedictine Sisters is a 501(c) (3) nonprofit corporation.

June 23, 2015

Office Texas

Frontier Equity Acquires Office Building in Dallas

by Haisten Willis June 22, 2015

DALLAS — Frontier Equity has acquired The Addison, a recently renovated 206,000-square-foot office property located just south of Belt Line Road in Dallas. The building has been occupied by a few large users since its original construction, and now has roughly 60,000 square feet of space available for rent. It is located near the Addison Walk retail center, which includes a Starbucks Coffee, Kenny’s Wood Fired Grill, Jason’s Deli, Smoothie King and other retailers. In addition, the property has an on-site deli, 24-hour security, a full-service gym and a 536-room Marriott hotel next door. The Addison is privately owned and operated by a joint venture between Artemis Real Estate Partners and Frontier Equity. Holt Lunsford Commercial will handle leasing and management duties for the property on behalf of the ownership.

June 22, 2015

Office Texas

Mattress Firm Announces New Corporate Campus in Houston

by Haisten Willis June 22, 2015

HOUSTON — Houston-based Mattress Firm Inc. plans to consolidate the company’s two Houston offices into one corporate campus with more than 350 employees. The company will move into a 130,000-square-foot property at 10201 S. Main St. in June 2016, providing more space and growth opportunities for the specialty bedding retailer. The new corporate campus will include an on-site cafeteria, meeting spaces and conference centers. The property is in close proximity to several of the area’s retail, dining and entertainment destinations. The campus will also provide access to Loop 610, US 59, SH 288 and US 90. Future plans for the campus may include an on-site gym, wellness center, walking trails and sleep centers. The new Mattress Firm headquarters will occupy the entire building, currently leased by Stage Stores Corporate.

June 22, 2015

Loans Multifamily Seniors Housing Texas

Red Capital Secures $13.8M Loan for Seniors Housing Complex in Metro Dallas

by Haisten Willis June 22, 2015

FLOWER MOUND, TEXAS — Red Capital Partners has completed its second $13.8 million balance sheet construction loan to an affiliate of Avanti Senior Living for Avanti at Flower Mound, a 90-unit assisted living and memory care facility located in Flower Mound. The community will consist of 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States. Avanti at Flower Mound is the third project to break ground. The community will feature many modern technological solutions aimed at improving care, lifestyles and accountability. The buildings will have special lighting designed to mimic sunlight, which helps residents with Alzheimer’s or dementia with their orientation. In addition, Avanti at Flower Mound will have electronic health records, radio frequency identification door locks, point-of-care devices for staff and extra monitoring for memory care residents. To better integrate healthcare with senior living, Avanti at Flower Mound will have a telehealth room, as well as its own medical exam room. The community will also feature an exercise room with a ballet bar, around which Avanti designed a program to …

June 22, 2015

Multifamily Seniors Housing Texas

DTZ Arranges Sale of Seniors Housing Portfolio in Metro Dallas

by Haisten Willis June 22, 2015

DALLAS —Allen McMurtry, Megan Fetter and David Kliewer of DTZ have arranged the sale of the leasehold interest in a five-property seniors housing portfolio located in metro Dallas. The portfolio was sold on behalf of Steven Vick, co-founder of Signature Senior Living, which operated and developed the portfolio of 375 units. The portfolio comprises 255 assisted living units and 120 memory care units and is over 90 percent occupied. Legend Senior Living will be the operator.

June 22, 2015

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