TEMPLE, TEXAS — Treetop Development has added its seventh Texas U.S. Department of Housing and Urban Development (HUD) -sponsored apartment complex with the recent acquisition of Wayman Manor in Temple. Situated at 1811 E. Ave. K, Wayman Manor consists of 160 one-, two- and three-bedroom rent-assisted apartments. Wayman Manor was part of a larger portfolio-style acquisition of four rental complexes by Treetop Development. Treetop purchased all four assets, which total 588 units, from GHC Housing Partners of Sherman Oaks, Calif., for $22.1 million. The acquisition brings the number of homes acquired by Treetop Development from HUD in the past two years to more than 5,000. Marcus & Millichap represented Treetop Development in the transaction. Steven Fleissig of Greenberg Traurig served as attorney.
MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Princeton Apartment Homes, a 164-unit apartment property located in Mesquite. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Daniel Burton also secured the buyer, a limited liability company. Marcus & Millichap’s Barker Multifamily Group conducted numerous showings and generated multiple competitive offers prior to going under contract. Princeton Apartment Homes is located at 4300 Gus Thomasson Road. The community offers one- and two-bedroom floor plans ranging from a 506-square-foot one-bedroom/one-bath to a 1,020-square-foot two-bedroom/two-bath.
EL PASO, TEXAS — Sealy & Co. has acquired a 101,983-square-foot industrial asset located at 9500 Plaza Circle in El Paso on behalf of the company’s investment offering, SSEP. The single-tenant building, developed in 2000, is a cross-dock facility that offers above average clear heights for the market and a large amount of excess trailer parking. The building is located 1.7 miles from the Zaragoza Bridge, a commercial international port of entry between Mexico and the United States.
NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.
HOUSTON — NAI Partners has represented Pexco LLC in the disposition of its 129,325-square-foot industrial office and warehouse facility on 11.9 acres located at 12955 Emmett Road in Houston. John Ferruzzo and Nick Peterson of NAI Partners represented the seller, Pexco, during the negotiations, while Barrett Gibson and Jason English with Colliers International represented the buyer, Parker-Hannifin Corp.
MANSFIELD, TEXAS — ARCO/Murray has completed a 186,700-square-foot expansion for Klein Tools. The facility is located in Mansfield and serves as the company’s manufacturing headquarters. The expansion included an 18,000-square-foot, two-story office and multiple crane bays. The space is fully air-conditioned and also features insulated tilt wall panels and a steel bar joist structure. Jason McLaughlin and Mark Klump of ARCO/Murray represented the construction team.
SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of Creekside at Town Center, a 13,925-square-foot retail property located at the southeast corner of Highway 6 and Southwest Freeway in Sugar Land. Tenants in the property include TDECU, Verizon Wireless, Mattress Firm and an orthodontist office. The immediate area is the focal point for Fort Bend County’s retail and office developments. The asset had a list price of $7.4 million. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Goldstein also secured and represented the buyer, a partnership. Creekside at Town Center is located at 2109 Highway 6 S.
EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.
LUBBOCK, TEXAS — MJW Investments has acquired Gateway at Lubbock, a Class A, 744-bed student housing property located at Texas Tech University. MJW Investments closed escrow on Gateway at Lubbock on June 23. Gateway at Lubbock is the most recent acquisition associated with the $200 million student housing value-add fund established by MJW Investments. The company has acquired more than 3,000 beds in the past two years. Based in Santa Monica, Calif., MJW Investments is the majority owner of a $450 million diversified real estate portfolio. Over the past 30 years, the firm has developed and/or owned more than 5 million square feet and has a history of transactions in excess of $850 million.
FRISCO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the representation of investors, developers and property owners, has secured a $3.8 million construction loan for Teel Crossing, a planned retail shopping center situated on 5.8 acres on the northeast quadrant of Teel Parkway and Main Street in Frisco. Teel Crossing will consist of 20,020 square feet of in-line retail and a one-acre pad site fronting Main Street. Scott Lynn and Brandon Wilhite of MCA placed the loan with the Dallas office of BB&T.