MCKINNEY, TEXAS — Grandbridge Real Estate Capital has arranged a $33.2 million loan secured by Century Lake Forest Apartments, a 334-unit apartment complex located in McKinney. Fannie Mae provided funding for the seven-year, fixed-rate acquisition loan. The loan includes a 30-year amortization schedule with three years of interest-only payments. Taylor Williams and Purvesh Gosalia of Grandbridge originated the transaction. The property was built in 2013 and is situated on more than15 acres located approximately 30 miles north of downtown Dallas. Century Lake Forest is comprised of 12 three-story buildings with 20 one-, two- and three-bedroom floor plan options.
DALLAS — Marcus & Millichap has arranged the sale of Ken Griffin Mini Storage, an 18,639-square-foot self-storage facility located in Dallas. The asset sold for $525,000. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr and Cunningham represented the buyer, another private investor. Ken Griffin Mini Storage is located at 3020 Duncanville Road. The facility was built in 1978 and features a manager’s office, garage-style doors, personalized keypad gated entry, video surveillance, perimeter fencing and lighting and concrete driveways. The property sits on more than one acre and includes 167 non-climate controlled storage units and three open parking spaces.
DALLAS — The 90-room Hampton Inn & Suites Dallas Market Center, located at 3051 N. Stemmons Freeway in Dallas, is now open. U.S. Hospitality Management LLC manages the hotel. Hampton Inn & Suites Dallas Market Center is located near Dallas Love Field, Dallas Convention Center, American Airlines Center, Six Flags Over Texas and AT&T Stadium. Amenities at the hotel include Wi-Fi, a business center, fitness center and free hot breakfast. Guestrooms feature flat-screen televisions, a mini-refrigerator, microwave, work desk and lap desk. Suites are also available.
AUSTIN — Morgan, a multifamily development, construction and property management company, has begun construction on an apartment project located at 4601 Rialto Blvd. in southwest Austin. US Bank is providing the construction financing. Pearl Lantana will include 444 units, with a mix of one-, two- and three- bedroom apartments ranging from 660 to 1,676 square feet. Completion of the project is slated for the fourth quarter of 2016. Amenities at the property will include views of downtown Austin, side-by-side refrigerator/freezers, full size washers and dryers, under-mount sinks, kitchen islands in some units, walk-in closets, USB outlets and patios or balconies. Pearl Lantana residents will also have access to pools and grilling stations, an e-lounge, clubroom and gym.
IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. 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. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
CONROE, TEXAS —Newcor Commercial Real Estate has arranged the sale of a 2.6-acre tract located at State Highway 105 just west of Loop 336 in Conroe. Nicole Meador of Lake Conroe Realty represented the buyer John Williamson. David Alexander of Newcor represented the seller, 105 – 336 Conroe LP.
There is no denying that most, if not all, industrial markets across Texas were exposed to the economic effects of the “Great Recession.” McAllen and the Rio Grande Valley of Texas were no different. However, today Texas markets are again thriving with activity and occupancy above recession-contracted rates. Trends for McAllen—the seventh largest industrial market in Texas—are following suit. Economic The McAllen-Edinburg-Mission metropolitan statistical area (MSA) has evolved as a vital part of the dynamic Rio Grande Valley in south Texas. Once a rural and agricultural region, the area is now one of the fastest growing in Texas, fueled by accelerated population growth, economic development and a booming neighboring industrial market in north-central and northeastern Mexico. Data from the U.S. Census Bureau show that the McAllen MSA, also defined as Hidalgo County, has almost tripled in population since 1980, from 283,323 to 815,996 in 2013. Likewise, an overall Metro Business Cycle Index produced by the Federal Reserve Bank of Dallas places the McAllen MSA as the second most improved metropolitan area in Texas and first among the border markets, relative to its own base since 1980. The index, which summarizes the broad movements in nonagricultural employment, the unemployment rate, real …
PLANO, TEXAS — Bob Moore Construction has completed structural work for the Legacy VI and VII office buildings. Upon completion, Legacy VI and VII will deliver 245,508 square feet of speculative office space in a 24-acre, three-building campus. Lincoln Property Co. hired Bob Moore Construction as the general contractor for Legacy VI and VII in 2014. Legacy VI will include two buildings, each spanning 60,428 square feet. Legacy VII is a 124,652-square-foot, two-story office building. All three buildings were constructed with tilt-up construction. The campus also features 1,463 parking spaces spread over 582,522 square feet of new paving.