Texas

M&M Arranges Sale of Self-Storage Property in Lubbock

by Haisten Willis February 25, 2015

LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of AAA-Tech Self Storage, a self-storage facility with 56,806 rentable square feet located in Lubbock. Roger Hendricks of Marcus & Millichap’s Dallas office represented the buyer, a private investor. An outside broker represented the seller. AAA-Tech Self Storage is located at 222 N. Ave. U, at the southeast corner of Baylor Street. Built in 1968 and renovated in 2002, the facility is situated on nearly five acres and includes 499 units. The property includes a sales office, manager’s apartment, indoor and outdoor units and roll-up doors.

February 25, 2015

Texas

Trulan Property Advisors Brokers Sale of 35,000 SF School Building in Austin

by Haisten Willis February 25, 2015

AUSTIN, TEXAS — Trulan Property Advisors has brokered the sale of a 35,000-square-foot building located at 7944 Great Northern Boulevard in Austin. The property is on a long-term lease to the Magellan International School and sits on more than two acres. Jason Middlebrook with Trulan Property Advisors represented the buyer, Austin-based Long View Equity Partners.

February 25, 2015

Restaurant Retail Texas

CBRE Arranges Restaurant Relocation in Metro Austin

by Haisten Willis February 25, 2015

BEE CAVE, TEXAS — Rocco’s Grill is relocating to 12432 Bee Cave Road from its original Lakeway Commons Shopping Center location. The new location spans 6,334 square feet and features two outdoor dining and entertainment areas, including a covered patio and an outdoor deck. The property is adjacent to the Hill Country Galleria, will have larger seating capacity, more parking and is estimated to open in late April. Rocco’s Grill, founded by Rocco C. “Rockey” Piazza 13 years ago in Lakeway, serves Italian recipes including pasta, seafood and steaks. Bryan McMurrey of CBRE represented the landlord, Hill Country Galleria LLC, in the transaction. Currin Van Eman of VC Interests LLC represented Rocco’s Grill.

February 25, 2015

Office Texas

CBRE Arranges Sale of Office Property in Metro Dallas

by Haisten Willis February 24, 2015

IRVING, TEXAS — CBRE’s Capital Markets Office Investment Group has arranged the sale of Canal Centre, a Class A office property located in Irving. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill represented the seller. Canal Centre is positioned at the heart of the Urban Center within the master-planned Las Colinas community. Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.

February 24, 2015

Loans Multifamily Texas

KeyBank Secures $52.7M Loan for Two Dallas Multifamily Communities

by Haisten Willis February 24, 2015

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

February 24, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

Retail Texas

The Boulder Group Arranges Sale of Net Leased Family Dollar in Killeen

by Haisten Willis February 23, 2015

KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.

February 23, 2015

Multifamily Texas

M&M Arranges Sale of 86-Unit Apartment Building in Metro Dallas

by Haisten Willis February 23, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of MacArthur Apartments, an 86-unit apartment property located in Irving. The property is located at 1201 W. Rochelle Road between North MacArthur Boulevard and Clearbrook Drive. Built in 1963, the asset includes 43 one-bedroom and 43 two-bedroom units with a total of eight one-story buildings. The property features a leasing office, a storage unit and a laundry facility. The property was fully occupied at the time of sale. 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.

February 23, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of Retail Center in Metro Houston

by Haisten Willis February 23, 2015

WEBSTER, TEXAS — Cushman & Wakefield Texas Retail Advisors has arranged the sale of Baybrook Gateway, a 236,854-square-foot regional power center in Webster, a suburb of Houston. Baybrook Gateway is located at the southeast corner of Bay Area Boulevard and I-45. The property was built in 1995 and is 65 percent occupied. Tenants include Ashley Furniture, Michaels, World Market, Aaron Brothers and Barnes & Noble. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield Texas Retail Advisors represented the unnamed seller.

February 23, 2015

Retail Texas

Woodmont Co. Secures Lease for Dollar Tree in Metro Dallas

by Haisten Willis February 23, 2015

MCKINNEY, TEXAS — The Woodmont Co. has completed a seven-year, 10,709-square-foot lease with Dollar Tree within a 27,182-square-foot retail building in McKinney. The property is located at 1970 Central Expressway. Karen Mitchell and Dorinda Cavender of The Woodmont Co. completed the lease on behalf of the owner, a Texas-based limited liability company. Jim Weir of The Retail Connection represented Dollar Tree. The store will open in July and will occupy 39.4 percent of the property, bringing the asset to 80 percent leased. The property is located off Central Expressway (Highway 75) and Highway 380.

February 23, 2015

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