HOUSTON — ICO Commercial has arranged the sale of the former AquaDyne facility located at W. 11th Street in Houston. The 70,000-square-foot industrial property is situated on nearly four acres. Payton Indermuehle and Gloria Casimir of ICO Commercial represented the undisclosed seller. Brent Friedman and Adrienne Schwartz of Park Land Development represented the undisclosed buyer.
SAN ANTONIO — Newk’s Eatery’s franchise partner Stephen Kuehler will open three new restaurants in the San Antonio area. A Newk’s restaurant will open in New Braunfels at the corner of Town Center Drive and Creekside Way in the Town Center at Creekside. In addition, two more locations will open in north San Antonio and the surrounding area. The San Antonio and New Braunfels locations are part of Newk’s growth plans, which includes opening nearly 30 company-owned and franchised locations this year. The chain currently operates 77 units in 13 states, predominantly in the southeast.
HOUSTON — LMI Capital has arranged two loans for several Houston apartment complexes. In the first transaction, Brandon Brown and Jamie Mullin of LMI Capital arranged $11.7 million in debt for the refinancing of two multifamily properties. Both assets had permanent loans maturing this year. Brown and Mullin worked on behalf of the borrower to obtain 10-year, fixed-rate CMBS loans that provided cash out proceeds to the client. Both loans featured a three-year interest-only period followed by 30-year amortization schedules. In the second transaction, Brown arranged $11.1 million in financing for a garden-style apartment complex in the Bear Creek/Copperfield submarket. Working on behalf of the borrower, Brown secured the 10-year loan with a CMBS lender at the fixed rate of 4.2 percent. The first mortgage represented 80 percent of the purchase price and included five years of interest-only payments.
SPRING, TEXAS — Colliers International has arranged the sale of 2.3 acres on the north side of Spring Cypress Road just east of TC Jester Boulevard in Spring. Makhan Banga and Rashpal Banga were the buyers. Tom Condon Jr. of Colliers’ office in The Woodlands represented the seller, the Schultz Family Trust. Albert Yanez with RE/MAX Northwest Realtors represented the buyers. Eddie Chumley with Propserity Bank provided financing.
TYLER, TEXAS — Capital One Bank has provided a $15.5 million loan to finance the acquisition of Meadow Lake, a continuing care retirement community in Tyler. The borrower, a partnership between Evergreen Senior Living Properties LLC, its management affiliates ESLP Management LLC, and RSF Partners, acquired the property through a bankruptcy auction. Located on 95 acres, Meadow Lake opened in 2011 and includes 117 independent living units, 20 assisted living units, 34 memory care units and 30 skilled nursing beds. The facility also includes 20 fully improved lots for the addition of independent living cottages as well as undeveloped land that could accommodate an additional 88 cottages.
HOUSTON — Houston-based Baker Katz has acquired the 30,000-square-foot former Baytown Seafood restaurant in Houston. The property is located at the intersection of I-10 East and Haden Road. Baker Katz plans to demolish the current building and construct an 8,000-square-foot property, which will be available for lease to restaurant and retail tenants.
FRESNO, TEXAS — Hunington Properties has arranged the sale of the Teal Run Plaza, a 14,920-square-foot shopping center. The property is situated on nearly two acres located at 12125 Highway 6 South in Fresno. Rafael Melara with Hunington Properties represented the unnamed seller. Stanley Madumere with Champions Real Estate represented the buyer.
PLANO, TEXAS — NAI Robert Lynn represented Altair Global in a 13,960-square-foot expansion deal for its corporate headquarters. Altair Global is a global assignment and relocation management company offering mobility solutions. Located at 7800 N. Dallas Pkwy. in Plano, the Class A office building allows Altair Global to expand its headquarters’ presence in the area. The office building is in close proximity to the company’s original headquarters building located at 7500 N. Dallas Pkwy. The new office provides access to the Dallas North Tollway and also is a short drive to The Shops at Legacy. Dan Jardine III and Tom Lynn of NAI Robert Lynn represented Altair Global in the transaction.
ARLINGTON, TEXAS — The Greysteel Co, has arranged the sale of Cooper Park, a 180-unit apartment complex located at 812 Cooper Square Circle in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Cooper Holdings LP. Upper Level Acquisitions I LLC purchased the property.
IRVING, TEXAS — BMC Capital has arranged a $3.2 million purchase loan for a multi-tenant retail property located in Irving. The seven-year loan includes a 4.3 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the financing.