WACO, TEXAS — R3 Funding has arranged a $6.25 million refinancing loan for The Highlands apartment complex, a 224-unit property in Waco. Located at 1600 Lake Shore Drive, The Highlands was purchased by its current owner in 2012, with occupancy around 70 percent at the time. Occupancy is now at 92 percent. The 10-year, fixed-rate Freddie Mac loan includes a 30-year amortization schedule and two years of interest-only payments.
MIDLAND, TEXAS — Home2 Suites by Hilton has opened its 46th hotel, Home2 Suites by Hilton Midland. The 93-suite hotel is located at 1401 Catalina Drive and is the seventh property for the brand in Texas. Home2 Suites Midland is located near Midland International Airport, Loop 250 and Highway 191 and Scharbauer Sports Complex. TMI Hospitality Inc. manages the hotel.
COPPELL, Texas – ProSource Texas has leased a 22,781-square-foot office space in the Sandy Lake Business Center for its fifth location in north Texas, signing a long-term lease with a purchase option to underwrite its stay. ProSource Texas has just moved into the end-cap space, which was previously occupied by the landlord. As a supplier for the flooring, kitchen and bath industries, ProSource Texas will spend three months building out its new location. The space will be converted into a showroom with additional storefront windows and air conditioning. The anticipated opening is May 1. ProSource Texas will become the fifth tenant in Sandy Lake Business Center. The office/showroom building was developed in 2005 on a four-acre tract, which is a gateway property to the Freeport North park from Texas 121. The property also has easy access to I-635 and TX 114. Whitney Harris of Century 21 Lynch & Associates represented the tenant.
DALLAS — Dougherty Mortgage LLC has arranged a $3.6 million Fannie Mae loan for the refinancing of Oak Hollow Apartments, a 160-unit multifamily affordable housing property located in Dallas. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower Dallas Oak Hollow Apartments Ltd.
SUGAR LAND, TEXAS — NAI Partners has arranged a lease of 23,000 square feet of new industrial space located at 12630 W. Airport Blvd. in Sugar Land. ColFin leased the space to 2020 Exhibits. Ed Bane, Jon Michael and Jake Wilkinson of NAI Partners represented the landlord, ColFin. Chris Caudill, also of NAI Partners, represented the tenant, 2020 Exhibits, in the lease negotiations.
IRVING, TEXAS — Signature Office REIT Inc. has arranged a 10-year lease for NEC Corp. of America (NEC) in Irving. NEC will occupy space within the 119,611-square-foot Royal Ridge V building located at 3929 W. John Carpenter Freeway. Beginning on Dec. 1 of this year, NEC will relocate its U.S. headquarters to Royal Ridge V. NEC is a technology integrator of advanced IT and communications solutions. Mike Wyatt and Bill McClung of Cushman & Wakefield represented NEC in the transaction. Nathan Durham and Fletcher Cordell of Transwestern represented Signature. Signature is a self-managed, non-traded public real estate investment trust focused primarily on core office real estate.
AUSTIN — ARA has arranged the sale of Serena Park, a 36-unit apartment community located at 9210 Northgate Blvd. in Austin. Andrew Shih of ARA represented the seller, a private partnership based in California, in the transaction. The buyer was not named. Built in 1972, Serena Park is a garden-style apartment community that includes one-bedroom units. The property is individually metered for electric and master metered for gas and water. The buyer plans to update the units. The asset was 92 percent occupied at the time of sale.
MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.
AUSTIN, TEXAS — Kendra Scott Design (KSD) is consolidating its corporate headquarters and moving to a new home at Lamar Central, a Class-A, mixed-use development located at 38th Street and Lamar Boulevard in Austin. Highland Resources, the project’s developer, has signed the jeweler to a 10-year lease. KSD will lease Lamar Central’s entire fourth floor, spanning 43,500 square feet, for its headquarters, and an additional 1,500 square feet on the ground floor to open a flagship Austin retail location. The company plans to relocate to its new home by the end of the year. Cushman & Wakefield/Oxford Commercial, on behalf of Highland Resources and JLL, represented KSD in the transaction. CBRE and JLL negotiated the retail lease. Lamar Central is a four-story, 165,000-square-foot mixed-use development featuring more than 132,000 square feet of office space with an additional 33,000 square feet of retail and restaurant space. Construction is slated for completion in the third quarter of 2015. On-site amenities include floor-to-ceiling windows, garage parking with a direct connection into each tenant floor, a landscaped courtyard with patios for outdoor dining, car-charging stations, bike storage, showers and changing rooms.
COPPELL, TEXAS — Construction is complete on Logistics Center I, the largest non-terminal development ever built at Dallas/Fort Worth International Airport. Officials from the airport, the city of Coppell, and joint venture developers Hillwood Investment Properties and Perot Development Co. held a ribbon cutting ceremony for the 1 million-square-foot, cross-dock facility on Jan. 29. Logistics Center I will be a distribution center located at 2701 W. Bethel Rd. in Coppell. The development is situated on 60 acres located near I-635, I-35 East, I-35 West, State Highway 114, State Highway 121 and the President George Bush Turnpike. Features include minimum 36-foot clear ceiling heights, over 200 dock doors, 550 parking spots and 500 trailer storage positions. The facility was built on a speculative basis. Halff Associates served as the project architect and civil engineer and Hillwood Construction Services was the general contractor.