Texas

M&M Arranges Sale of 32-Unit Apartment Building in Fort Worth, Texas

by Haisten Willis February 19, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 32-unit apartment property located in Fort Worth. The property is located at 3029 Lackland Road, seven miles west of downtown Fort Worth. Built in 1973, the property consists of four two-story buildings with 32 one-bedroom, 450-square foot floor plans. Prior to listing, the property underwent renovations, which included the addition of new electricity, plumbing, insulation, hard-wired smoke detectors and HVAC units. Unit renovations included new doors, windows, toilets and new appliances. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.Chris Parker, associate director in Mark One Capital’s Dallas office, arranged the financing.

February 19, 2015

Texas

Equity Office Taps 5G Studio For Solana Transformation

by Haisten Willis February 19, 2015

DALLAS — Solana Business Park has partnered with architecture firm 5G Studio Collaborative for the multimillion-dollar renovation of its 230-acre campus. Equity Office Properties, an affiliate of global asset management firm Blackstone Group, purchased the property in 2014 and will invest more than $50 million for upgrades., The Solana project team includes contractor Turner Construction and global commercial real estate company DTZ. Improvements at Solana will include renovations to a parking structure, wayfinding systems, interior and exterior areas, landscaping and to the retail amenities, including the 38,000-square-foot Larry North Fitness Center. Equity Office and 5G Studio will announce the first official designs for the development during the first quarter. Turner Construction will execute all capital improvements at the Solana campus. Turner is immediately breaking ground on a new structured parking garage at 1 E. Kirkwood. DTZ will manage the overall renovation process, will lease the office properties and provide property management services at the campus.

February 19, 2015

Loans Multifamily Texas

CBRE Arranges $44.6M Acquisition Loan for Apartment Complex in San Antonio

by Haisten Willis February 18, 2015

SAN ANTONIO — CBRE has secured $44.6 million in acquisition financing for Signature Ridge, a 612-unit, Class A multifamily community in San Antonio. The loan carries a 10-year floating-rate term, five years of interest-only payments and a 70 percent loan-to-value ratio. Fannie Mae provided financing. Jim Kirkpatrick of CBRE’s Houston office arranged the financing on behalf of the borrower, a joint venture between RailField Realty Partners and Artemis Real Estate. Located at 3711 Medical Drive, Signature Ridge is garden-style apartment community situated on more than 30 acres. The property is located within minutes of South Texas Medical Center and just southeast of USAA’s 4.2 million-square-foot campus.

February 18, 2015

Loans Multifamily Texas

NorthMarq Negotiates Refinancing of Apartment Complex in Metro Houston

by Haisten Willis February 18, 2015

KINGWOOD, TEXAS —NorthMarq Capital’s Kansas City-based regional office has negotiated the refinancing of Discovery at Kingwood Apartments, a 324-unit multifamily property located at 150 Northpark Plaza Drive in Kingwood. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

February 18, 2015

Hospitality Oklahoma Texas

Embassy Suites Opens New Hotel in Oklahoma City

by Haisten Willis February 18, 2015

OKLAHOMA CITY — Embassy Suites Oklahoma City Downtown/Medical Center is now open in Oklahoma City. The new hotel is the third Embassy Suites property in Oklahoma. The full-service hotel includes 195 two-room guest suites and more than 10,000 square feet of meeting space. There is an on-site restaurant, E.S. Founders, led by chef Andrew Black. OU E. Suites LLC own Embassy Suites Oklahoma City Downtown/Medical Center and Prism Hotels & Resorts manages the property. The hotel’s amenities include free made-to-order breakfast, a 24-hour fitness center and a business center. The hotel is located at 741 N. Phillips Ave. near downtown Oklahoma City.

February 18, 2015

Retail Texas

Baker Katz Completes Redevelopment of Shopping Center in Port Arthur

by Haisten Willis February 18, 2015

PORT ARTHUR, TEXAS — Baker Katz has completed the renovation of a 90,000-square-foot retail center in Port Arthur. Located at the corner of Highway 69 and FM 365, Baker Katz transformed the single-tenant building into a multi-tenant center, with interior and exterior property renovations as well as added an additional 7,000-square-foot building. Port Arthur Center is fully leased to tenants including Hobby Lobby, Party City, PetSmart, Firehouse Subs, Cash Store, Gulfside Dental and Chipotle Mexican Grill. The 57,300-square-foot Hobby Lobby and 14,000-square-foot Party City are open and fully operating, while the remaining tenants are slated to open in late 2015. Baker Katz purchased the building from the Sutherland Lumber Co. in 2012.

February 18, 2015

Loans Multifamily Texas

HFF Arranges Acquisition Financing for Apartment Complex in Fort Worth

by Haisten Willis February 18, 2015

FORT WORTH, TEXAS — HFF has arranged acquisition financing for Belterra, a 288-unit, Class A apartment complex in Fort Worth. HFF worked on behalf of the borrower, Venterra Realty, to place the five-year loan with a fixed interest rate at 3.1 percent through PPM Finance Inc. The entire loan consists of interest-only payments. Belterra is located at 7001 Sandshell Blvd., east of I-35 West and south of Basswood Boulevard within the Keller Independent School District. Completed in 2005, the property has one-, two- and three-bedroom units averaging 966 square feet. Community amenities include a swimming pool, hot tub, fireside lounge areas, basketball court, fitness center, clubhouse, business center, billiards lounge and car care center. The property is 94 percent occupied. Cortney Cole and Steve Heldenfels led HFF’s debt placement team.

February 18, 2015

Multifamily Texas

ARA Arranges Sale of 300-Unit Apartment Complex in Austin

by Haisten Willis February 17, 2015

AUSTIN — ARA has arranged the sale of Bluffs at Townlake, a 300-unit apartment community in Austin. Andrew Shih of ARA Austin represented the seller, The Lighthouse Group, which is based out of Pacific Palisades, Calif. Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions, was the buyer. The property was acquired through a Wells Fargo/Fannie Mae loan assumption led by Sheri Stettner of Wells Fargo. Thrive FP was able to add a sizeable supplemental loan at closing. Built in 1974, Bluffs at Townlake is a garden-style apartment community that includes efficiency, one- and two-bedroom units. Amenities include a sand volleyball court, indoor basketball court, a health and fitness center, a dog park and an urban oasis pool. The property is also within walking distance of Lady Bird Lake as well as the Roy Butler hike and bike trail. Occupancy was 97 percent at the time of sale.

February 17, 2015

Industrial Texas

Lee & Associates Negotiates 86,240 SF Industrial Lease in Metro Dallas

by Haisten Willis February 17, 2015

GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated the lease of an 86,240-square-foot industrial space located at 833-861 S. Great Southwest Pkwy. in Grand Prairie. Tom Walrich of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Hardwoods Specialty Products, a wholesale distributor of quality hardwood lumber, plywood and overlay products. Kacy Jones and Steve Koldyke of CBRE represented the landlord, First Industrial Realty Trust.

February 17, 2015

Office Texas

SACA Brokers Sale of Warehouse/Office Building in San Antonio

by Haisten Willis February 17, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA) has brokered the sale of 5150 Service Center Drive, an industrial building in northeast San Antonio. SACA’s Zach Dobin and Ed Cross represented the seller, Custom Food Group of Dallas. SACA marketed the 30,000-square-foot facility and worked with the buyers’ representative to close the sale in December 2014. The buyer, Urrea Professional Tools, designs tools used in transportation and oil and gas industries. SACA is an independently owned and operated member of the Cushman & Wakefield alliance.

February 17, 2015

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