TYLER, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 163,378-square-foot industrial building located at 800 Lindale Industrial Parkway in Lindale, a suburb of Tyler, for $10.3 million. The property is net leased for 10 years to FedEx Ground Package System Inc. and sits on 18 acres near I-20 and the Union Pacific rail hub.
DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.
ROANOKE, LITTLE ELM AND ROCKWALL, TEXAS — Venture Commercial has arranged land transactions in the north Texas cities of Roanoke, Little Elm and Rockwall. Venture’s land division represented developer MQ Development Partners in the sale of a 2.2-acre pad site at the Roanoke Gateway development, located on the northwest corner of State Highways 170 and 114 in Roanoke. Ken Reimer, Edward Bogel and David Davidson of Venture Commercial represented MQ Development in the transaction. Kyle Anz of HGA Holdings represented the buyer, which will develop the site for an On the Border Mexican Grill & Cantina. Venture also arranged the sale of two pad sites in Little Elm. Clay Mote and Davidson, of Venture, represented the seller, Providence/380 Partners Ltd. in both transactions. The sites will be developed into an automotive business and an emergency care clinic. In the third transaction, Venture arranged the sale of a three-acre tract of land in Rockwall. Mote represented the seller in the transaction. Gary Halbrooks of Venue Properties Inc. represented the buyer, Fenton Motors, which will develop the property into an automotive dealership.
HOUSTON — NAI Houston has represented Axis Texas Development Group LLC in the sale of an industrial building located in the 529 Business Commerce Park, an industrial park in Houston comprised of eight buildings. The 4,500-square-foot building is the first of eight buildings to sell in the 529 Business Commerce Park, an Adkisson Development project. John Ferruzzo and Travis Land of NAI Houston represented the seller, Axis Texas. Sara Allen of Edge Realty Partners represented the buyer, Wymer Management Inc.
AUSTIN — CBRE Capital Markets’ investment properties team has arranged the sale of a 5,162-square-foot retail building in a long-term, triple net lease to MedSpring Urgent Care. An unnamed Austin-based private investor purchased the asset for an unnamed price from The DuPont Group, an Austin-based real estate group. The property is 100 percent occupied by MedSpring Urgent Care, with 11 years remaining on a triple net lease. The property, located at 208 W. Ben White Blvd., was built in 2012 and is near St. David’s South Austin Medical Center and a P. Terry’s Burger Stand. Walter Saad, Cathy Nabours and Logan Reichle with CBRE represented the seller.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Lakeside, a 192-unit apartment complex in Arlington. Bard Hoover, Nick Fluellen, Will Balthrope and Drew Kile of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, Madera Residential. Fluellen, Hoover, Balthrope and Kile also procured the 1031-exchange buyer, The Lighthouse Group. Fannie Mae provided the loan assumption. Lakeside is located at 2500 Brown Blvd. near Highway 360 and I-30. The property was built in 1979 and includes one- and two-bedroom floor plans with an average unit size of 858 square feet.
PEARLAND, TEXAS — NorthMarq Capital has arranged the $28.5 million refinancing of The Reserve at Tranquility Lake, a 314-unit apartment complex in Pearland, southeast of Houston. Greg Duvall of NorthMarq arranged financing. The 10-year loan includes a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
GRAPEVINE, TEXAS — Carpenter Business Center, a 15,064-square-foot office/medical building located at 1340 Main St. in Grapevine has been sold to a local investor. The property, 20 miles northwest of Dallas, sits near the DFW International Airport. Mark Boone of Realty Capital management represented the seller in the transaction. Realty Capital is the property manager at Carpenter Business Center.
HOUSTON — NAI Houston has arranged the sale of a 15,200-square-foot industrial building in Houston. The property is situated on 1.6 acres located at 929 Airtex Drive. John Ferruzzo and Travis Land of NAI Houston represented the seller, Steadfast Development Co. LLC. Andy Sowell of Boyd Commercial represented the buyer, JSK & CCK LLC.
DALLAS — HFF has arranged a permanent loan for Lakewood Shopping Center, a 65,674-square-foot retail center in Dallas. HFF worked on behalf of the borrower, Lincoln Property Co., to secure the 15-year, fixed-rate loan through Aegon USA Realty Advisors LLC. Lakewood Shopping Center is located at 6400 Gaston Ave. on 4.3 acres near the Lakewood neighborhood. The center was completed in 1946 and renovated in 2012. The property is 91 percent leased to tenants including CVS Pharmacy, Sport Clips, RadioShack, Unleashed by Petco and Liberty Burger. Travis Anderson, Adam Herrin and Cory Fowler of HFF represented the borrower.