Texas

IPA Arranges Sale of Multifamily Property in Dallas

by Haisten Willis February 12, 2015

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Bent Tree, 500-unit apartment community fronting Trinity Mills Road in Dallas. Will Balthrope and Drew Kile of IPA represented the seller, National Asset Services Inc. Willmax Capital was the buyer. Bellagio at Bent Tree is located within the North Dallas Platinum Corridor, which includes more than 30 million square feet of office space and six million square feet of shopping and retail. Located at 3901 Accent Drive, the community is one mile from the Dallas North Tollway and 1.5 miles from President George Bush Turnpike. Built in two phases between 1996 and 2000, Bellagio at Bent Tree includes 20 floor plans with 481,682 total rentable square feet and an average unit size of 963 square feet. Community amenities include three swimming pools, a game room with billiards, two clubhouses and an indoor basketball court.

February 12, 2015

Dougherty Mortgage Originates $19.3M Loan for Apartment Complex in Dallas

by Haisten Willis February 12, 2015

DALLAS — Dougherty Mortgage LLC has originated a $19.3 million Fannie Mae loan for the acquisition of Mandalay Apartment Homes, a 281-unit apartment complex located in Dallas. The 10-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Mandalay Apartments LLC. The property is located near the University of Texas at Dallas and four major highways. Amenities include a fitness facility, two pools and a barbeque area. Apartments feature nine-foot vaulted ceilings, garden bathtubs, ceiling fans and walk-in closets.

February 12, 2015

Retail Texas

Boxer Retail Arranges Retail Lease in Metro Dallas

by Haisten Willis February 12, 2015

FORT WORTH, TEXAS — Boxer Retail has arranged a lease with Town Center Bingo for 13,464 square feet of retail space at La Gran Plaza Mall in Fort Worth. Beatrice Townsend negotiated the lease on behalf of Boxer. La Gran Plaza is a regional mall located on the northwest corner of Seminary Drive and I-35. The mall includes more than 200 stores.

February 12, 2015

Industrial Texas

Construction Begins on Parkview Commerce Center in Metro Dallas

by Haisten Willis February 12, 2015

FLOWER MOUND, TEXAS — MYCON General Contractors has begun construction on the Parkview Commerce Center. Located on the southeast corner of Spinks and Gerault roads, the industrial complex will consist of three buildings totaling 276,054 square-feet. Building 1 is located at 1001 Spinks Road and will span 84,760 square feet. Building 2 is located at 901 Spinks Road and will span 50,590 square feet. Building 3 is located at 900 Gerault Road and will span 140,704 square feet. The three Class A buildings will include curtain wall features, LED lighting, sunshades, canopies and loading docks. All buildings are dock high and provide for flexible office or warehouse uses. Buildings 1 and 2 are designed to accommodate multiple users ranging from 8,000 to 85,000 square feet, while Building 3 is designed for one or two tenants ranging from 38,000 to 141,000 square feet. The project team includes owner/developer EastGroup Properties, Architects-Plus and MYCON General Contractors. The project is slated for completion in the summer of 2015.

February 12, 2015

Mixed-Use Multifamily Retail Texas

Construction Begins on SkyHouse Main Tower in Houston

by Haisten Willis February 11, 2015

HOUSTON — A development team including Jim Borders and Novare Group, with co-sponsor Batson-Cook Development Co., local development partner Peter W. Dienna, general contractor Batson-Cook Construction Co. and architectural firm Smallwood, Reynolds, Stewart, Stewart, has broken ground on SkyHouse Main. The development will be located at 1725 Main St. in Houston and will feature 336 residences across 24 stories, along with 7,200 square feet of street-level retail space. SkyHouse Main apartment homes will have floor-to-ceiling glass and high-end finishes, including stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet. The amenity package included a top floor featuring a club room, fitness center, pool and grilling area and unimpeded views of Houston. The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. The project will be adjacent to the Bell Station Metrorail stop, providing access to the Texas Medical Center. SkyHouse Main is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The project will generate more than 500 temporary construction jobs and about 50 permanent jobs when finished. Batson-Cook Development …

February 11, 2015

Office Texas

CPA:17 – Global Acquires Office and Data Center in San Antonio for $22M

by Haisten Willis February 11, 2015

SAN ANTONIO — W. P. Carey Inc., a global net lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, has acquired an office and data center facility on behalf of CPA:17 – Global, one of its managed non-traded REITs. The 120,147-square-foot facility is located in San Antonio and is leased to iHeartCommunications Inc. for a period of 20 years. The total acquisition price was approximately $22 million. Constructed in 2002 as a build-to-suit for Clear Channel, the facility serves as the company’s primary IT and finance shared service center.

February 11, 2015

Retail Texas

Outdoor Retailer Gander Mountain to Open Metro Dallas Store

by Haisten Willis February 11, 2015

FRISCO, TEXAS — Gander Mountain, an outdoor retailer, will open a new location in Frisco this fall. The newest Gander Mountain store will be located in a new 60,100-square-foot space in the Eldorado Marketplace, near the northeast corner of Eldorado Parkway and Dallas North Tollway. It will be the 22nd Gander Mountain location in Texas, and the fifth in the Dallas-Fort Worth Metroplex. Gander Mountain’s newest store will feature one of the largest selections of new and used firearms in Texas, together with the best selection of gear and accessories for hunting, fishing, camping, boating and archery. The store will offer a selection of men’s and women’s active performance outdoor and casual apparel featuring brands like Under Armour, The North Face, GSX, Columbia, Carhartt, Guide Series and Kühl, and a variety of men’s and women’s active footwear featuring brands like Asics, Merrell, Rocky, Reebok, Reef, Keen, Irish Setter, Teva, New Balance, Patagonia, Timberland, LaCrosse, Itasca, Saucony and Salomon.

February 11, 2015

Multifamily Texas

Henry S. Miller Arranges Sale of Apartment Complex in Dallas

by Haisten Willis February 11, 2015

DALLAS — Henry S. Miller Co.’s Fred Dumlao has brokered the purchase of Las Brisas Apartments. The 244-unit apartment complex is located at 9911 Whitehurst Drive in northeast Dallas, just south of I-635. Whitehurst 9911 Partners LLC purchased the apartment complex and has chosen City Gate Property Group as the property management partner. Greysteel represented the seller in the transaction.

February 11, 2015

Retail Texas

M&M Arranges Sale of 9,801 SF Net-Leased Property in Rio Grande Valley

by Haisten Willis February 11, 2015

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Advanced Auto Parts, a 9,801-square-foot, net-leased property located in Brownsville. Jason Vitorino and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Hank Wolfer, an investment specialist in the firm’s Seattle office, procured the buyer, a trust group based in Kansas. Advanced Auto Parts is located at 3740 International Blvd. in Brownsville, less than 1.5 miles from US Highway 77. Constructed in 2004 on 2.2 acres, the property is surrounded by tenants including Walmart, The Home Depot, GameStop, State Farm, CVS, Dairy Queen, Sally Beauty Supply, Subway and RadioShack. At the time of listing, Advanced Auto Parts had approximately five years remaining on its 15-year, corporately guaranteed net lease.

February 11, 2015

Retail Texas

CBRE Arranges Sale of McKinney Retail Center in Metro Dallas

by Haisten Willis February 10, 2015

MCKINNEY, TEXAS — CBRE Capital Markets’ investment properties team has arranged the sale of Shops at Eagle Point in McKinney. An out-of-state investor purchased the 14-acre site, which consists of two retail centers and four pad sites. Dallas-based developer Uptown Custer Partners LP was the seller. Shops at Eagle Point is shadow-anchored by Walmart at the southwest corner of North Custer Road and Highway 380. The property is 81.8 percent occupied by Subway, Leslie’s Pool Supplies, Mooyah Burgers – Fries – Shakes, Great Clips and Eagle Point Dental Care. Jennifer Pierson, Cameron Deptula and Beth Pierson of CBRE’s Dallas office represented the seller. Gary Tobias of Quine & Associates represented the buyer.

February 10, 2015

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