DALLAS — RAA Investments Inc. has sold a commercial property fronting West Lovers Lane to a local investor in an all-cash transaction. The existing business, Foster Cleaners, will close at the end of this month. The structure, totaling 5,100 square feet, sits on nearly 0.3 acres at 4931 W. Lovers Lane in Dallas. MSM Trust was the buyer. The property is located directly across the street from Providence Christian School of Texas and close to Love Field, Inwood Village and the Pavilion on Lovers Lane.
AUSTIN, TEXAS — Accesso Partners has acquired Riata Corporate Park, a 688,432-square-foot, eight-building complex on a 51-acre campus in northwest Austin. The complex includes a 94,000-square-foot standalone building recently vacated by Apple. The former Apple building includes WiFi and a recently renovated lobby. All space is ready to be leased. It is currently the largest block of vacant space in the northwest Austin submarket. Riata Corporate Park has three fitness centers and is slated to receive a Whole Foods Café concept as an additional amenity. Susan Hill of HFF arranged the financing.
FARMERS BRANCH, TEXAS — Stream Realty Partners has secured a 13,386-square-foot lease for AIR Engineering and Testing Inc., at Westwood Business Park located at 1801 Royal Lane in Farmers Branch. AIR Engineering and Testing is a provider of testing, adjusting and balancing, commissioning services and energy modeling for mechanical building systems. Todd Noonan of Stream represented the tenant, AIR Engineering and Testing, while Chris Andler with Property Advisers Realty represented the landlord in the transaction. Westwood Business Park is a 12-building complex located near the major North Dallas thoroughfares of North Stemmons Freeway (I-35 E) and LBJ Freeway (I-635). PAR Capital Partners Inc. purchased the property in August 2014, and a renovation is underway.
GRAND PRAIRIE, TEXAS — MYCON General Contractors has completed a $2.3 million renovation of the Cinemark movie theater located at 220 E. Westchester Parkway in Grand Prairie. The 43,059-square-foot renovation included installing electric recliners, renovating the corridors, restrooms, lobby, game room and back-of-house operations, creating an interior ticket office and concession area with new casework, high-end finishes and food service equipment, updating the façade and installing a 60-foot electric signage tower. In addition to MYCON General Contractors, the project team included TK Architects for design, structural and mechanical engineering.
GARLAND, TEXAS — Dougherty Mortgage has secured a $5.3 million Fannie Mae loan for the acquisition of Meadow Creek Apartments, a 128-unit, market-rate apartment property located in Garland. The 12-year loan includes a 30-year amortization schedule. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan for MPG Texas 2 LLC. Property features include a community room, pool, barbecue area and on-site laundry.
DESOTO, TEXAS — Marcus & Millichap has arranged the sale of U Store, a 45,285-square-foot self-storage facility located in DeSoto. Danny Cunningham and Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cunningham and Karr secured the buyer, a private investor based in California. U Store is located at 1209 East Belt Line Road. The facility was built in stages in 1974, 1982, 1985 and 2001, and features an on-site manager’s residence, garage-style doors, video surveillance, and personalized keypad gated entry and exit. The property is comprised of 365 units, of which 51 are climate-controlled.
The South Dallas industrial submarket has emerged and is here to stay. As one of the hottest up-and-coming industrial submarkets, South Dallas has all the components to continue to thrive for the foreseeable future. For the last five years, South Dallas has been a basin for major industrial development. Located south of downtown, the well-positioned submarket provides several key logistical advantages. The convergence of several major arteries makes South Dallas an ideal distribution market, and the ability to import, store and export goods, particularly from Mexico, California and the Port of Houston, greatly benefits the area. Supply can easily move along I-20 or I-35 while avoiding some of the worst congestion of the DFW Metroplex. This infrastructure, coupled with intermodal access, allows for a faster and more efficient transport of goods. Additionally, unlike the other major industrial submarkets, South Dallas contains an abundance of land at favorable pricing. Since early 2010, South Dallas has dominated the market in terms of new construction. It has been the fastest growing submarket, accounting for over 25 percent of the total delivered construction in the entire Metroplex in the last five years. Historically, South Dallas has been considered a big box market. The latest …
HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged a senior secured credit facility for Austin-based Bandon Holdings LLC, the largest Anytime Fitness franchisee in Texas and the third largest in the United States. Bandon owns and operates 17 Anytime Fitness health and fitness clubs across Central and North Texas. The credit facility was made up of a term loan and development/acquisition line of credit secured by leasehold and business assets. The loan was used to retire existing debt. The line of credit will fund the development and acquisition of additional Anytime Fitness locations as well as planned renovations and equipment purchases/upgrades over the next three years. MCA secured the credit facility with BBVA Compass. Sunny Sajnani of MCA arranged the financing.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Fairview Shopping Center, a 28,662-square-foot retail property located in San Antonio. Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Fairview Shopping Center is located at 24200 Interstate 10 W. near the Dominion, The RIM Shopping Center and La Cantera Mall on North Interstate 10.