FORT WORTH — CBRE has arranged $58 million in financing for Chesapeake Plaza, a 20-story, Class A office building in Fort Worth. CBRE worked on behalf of the borrower, Hines, while BBVA Compass provided the floating-rate loan. Chesapeake Plaza is a 460,000-square-foot office building with on-site amenities including a gym, café and dining area. The property was built in 2004 as the corporate headquarters for Pier 1 Imports. The seller, Chesapeake Energy, bought the building in 2008 during a time it acquired interests in the Barnett Shale. As part of the sale, the property will be renamed the Pier 1 Imports Building. Greg Greene and Scott Lewis with CBRE’s Dallas office worked on the loan.
Texas
WHITE SETTLEMENT, TEXAS — Lee & Associates has arranged the sale of a 45,200-square-foot industrial space located at 801 Ozona Ave. in White Settlement, just west of Fort Worth. Becky Thompson with Lee & Associates’ Dallas/Fort Worth office represented the landlord, Edward Whiting. Transwestern represented the tenant, Traylor Investments Ozona LLC.
CINCO RANCH, TEXAS — ARA represented TA Associates in the sale of Residences at Cinco Ranch, a 300-unit apartment complex just west of Houston. Cinco Ranch is a master-planned community located near the Westpark Tollway and Grand Parkway. The apartment complex was built in 2009 and was 98 percent occupied at the time of sale.
ODESSA, TEXAS — Cross B Development will soon begin construction on Phase I of Parks Bell Ranch, a master-planned community in north Odessa. Plans call for the development to include 850 acres of commercial and residential space. Single-family and multifamily residential developments will anchor the 500,000-square-foot commercial section, but plans also call for small businesses, corporations, restaurants, hotels, retailers and medical clinics. About 200 acres will be reserved for parks, paved trails and green space. Cross B is owned and operated by the Ellen and Larry Bell family.
GARLAND, TEXAS — Cantrell Co. has brokered the sale of the 77-unit Castleglen Townhomes in Dallas. A California-based investment group bought the homes and assumed a Fannie Mae loan. The property was 97 percent leased at the time of sale and sits on just under nine acres at 1004 Castleglen Drive in Garland, northeast of Dallas. Rents range from $710 per month to $1,030 per month. The seller was Tweden Garland Properties LLC of Austin. The townhomes are a mix of two- and three-bedroom units. The average size of the units is 1,079 square feet and the complex was built between 1973 and 1983. Castleglen sits along the service road of Interstate 30 and is also accessible to I-635. Nearby amenities include Audubon Park, Duck Creek Greenbelt Trail and Town East Mall.
MCKINNEY, TEXAS — NAI Robert Lynn represented C-III Asset Management LLC, a subsidiary of C-III Capital Partners, in the sale of an industrial warehouse and distribution center located at 3000 Redbud Blvd. in McKinney, 30 miles north of Dallas. Saskaway Management Group was the buyer. Dave Peterson, Rick Medinis and Mark Miller with NAI Robert Lynn represented C-III in the transaction. The 888,096-square-foot facility sits on 48 acres of land, formerly the headquarters of Blockbuster Inc. The building was sold after sitting vacant for two years.
DALLAS — KeyBank Real Estate Capital has provided a $55.2 million loan for the acquisition of a portfolio of 10 Class A industrial buildings in four metro Dallas industrial parks. The 1.5 million-square-foot portfolio, which is 97 percent occupied, includes 39 tenants. Financing was structured as a non-recourse, fixed-rate balance sheet first mortgage and placed with a third party investor.
HOUSTON — Coldwell Banker Commercial United has arranged the sale of nine acres of land located at 13108 and 13110 Garrett Road in Houston. Andrew Wupper with Coldwell represented the seller and Denise Ksiazek of Cypressbrook Management Co. represented the buyer.
PLANO, TEXAS — The Dallas-Fort Worth office of Colliers International assisted a group of tenant-in-common (TIC) owners, represented by First Guardian Group, with the sale of a three-building industrial portfolio in Plano. Cobalt Capital Partners bought the property. Two of the buildings are located at 3301 and 3501 E. Plano Pkwy., while the other building is located at 1100 Klein Road. The properties together are known as Plano Tech Center and total 257,864 square feet of office and warehouse space. Lizzy Blake and the capital markets team at Colliers worked on the transaction.
DALLAS — CBRE has brokered the sale of the DB Schenker logistics campus on behalf of an undisclosed seller. An anonymous buyer purchased the 202,140-square-foot, two-building complex. It is 100 percent leased to DB Schenker, a wholly owned subsidiary of Deutsche Bahn AG. The tenant has five years remaining on its lease. The campus was built in 2008 with a clear height of 30 feet. The campus is located in the DFW Airport submarket and is on a ground lease expiring in 2048. The location provides access to the metroplex via Highway 635 and State Highways 121 and 114.