ABILENE, TEXAS — Cushman & Wakefield’s Capital Markets group has arranged the sale of Shops at Abilene, a 179,122-square-foot power center located at 3517 Catclaw Drive in Abliene. Cronacher Corp. sold the asset to American Realty Capital Partners. Tom Salanty, Chris Harden and Kristopher Von Hohn of Cushman & Wakefield represented Cronacher Corp. in the transaction. National and regional retailers anchor 97 percent of Shops at Abilene’s gross leasable area. Major tenants include Bed Bath & Beyond, Michael’s, Old Navy, PetSmart, Ross, Shoe Carnival and TJ Maxx.
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease of five industrial properties in OakRidge Business Center in Grand Prairie. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, IndCor Properties, on the leases. The arrangements include renewal and expansion of Lennox Industries’ lease of 9,674 square feet at 1201 WN Carrier Parkway. New leases include Elegant Accents’ 6,000-square-foot flex space located at 1201 WN Carrier Parkway; Easy Sale’s lease of 5,000 square feet; and Veteran Garage Door’s lease of 2,500 square feet located at 1209 WN Carrier Parkway. NAWF will expand to 14,400 square feet at 1213 WN Carrier Parkway. OakRidge Business Center has recently undergone remodeling with new construction and make-ready suites.
DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.
EULESS, TEXAS — CATO Fashions/CATO Plus has leased a 4,000-square-foot space at Glade Parks, which is located at 2951 State Highway 121 in Euless. The fashion retailer joins anchors Dick’s Sporting Goods, ULTA Beauty, Michaels, HomeGoods, Boot Barn and Kirkland’s within this 800,000-square-foot project. Dawn Greiner and Rick Ikeler of SRS Real Estate Partners represented the tenant in the transaction. Steve Ewing and Josh Flores of EDGE Realty Partners represented the landlord, RUBY-12-GLADERETAIL LLC.
DALLAS — DoubleTree by Hilton Dallas — Love Field, located one-quarter mile from Dallas Love Field Airport, is now open. The 244-room property, formerly a Wyndham hotel, recently underwent a $2 million renovation that includes upgrades to the north entrance, parking lot and various public areas of the hotel. DoubleTree by Hilton Dallas – Love Field is owned by Mockingbird Partners LP and managed by Viceroy Investments LLC. Amenities include Wi-Fi throughout the hotel’s public areas and guest rooms, laundry and valet services, a 24-hour fitness center, outdoor pool and complimentary 24-hour shuttle service to Love Field Airport. The hotel also features 14,000 square feet of flexible meeting space. DoubleTree by Hilton Dallas — Love Field is located at 3300 W. Mockingbird Lane.
TULSA, OKLAHOMA — TGC Development Group of Wichita, Kan., has broken ground on a four-story, 124-unit Value Place extended stay hotel at 11000 E. 45th St. in Tulsa near Broken Arrow Expressway and U.S. Highway 169. This will be the second extended stay hotel for TGC in the Tulsa area. The hotel will feature three room layouts with modified kitchens. Amenities include on-site laundry, vending and Wi-Fi. Wichita-based Ink Construction will begin construction immediately on the 45,000-square-foot hotel, which is slated to be completed in the fall.
HOUSTON — HFF has arranged $50 million in financing for 3040 Post Oak Blvd., a 427,486-square-foot, Class A office building in the Lakes on Post Oak complex adjacent to the Galleria in Houston. HFF worked on behalf of the borrower, MetLife Real Estate Investors, to secure the 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Co. HFF previously marketed and closed the sale of this property, which was purchased by the borrower. 3040 Post Oak Blvd. is located at the intersection of Post Oak Boulevard and Hidalgo in Houston’s Galleria/Uptown District. The property is 80 percent leased to 25 tenants including Bechtel Corp., Carriage Services and Wealth Design Group. Wally Reid Tyler Ford and Matthew Putterman led the HFF debt placement team.
ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.
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.