IRVING, TEXAS — PCCP LLC has provided an $18.1 million senior loan to Stanton Road Capital and Second City Real Estate for the acquisition and leasing of 3660 Regent, a 158,728-suare-foot Class B office building in the Freeport submarket of Dallas. The private seller had owned the building since 2000. The two-story property is located at 3660 Regent Blvd. in Irving and was developed as a build-to-suit for Ford Motor Credit Co., which remains a major tenant. The property is less than a mile from the LBJ/635 Freeway, which offers access to Highway 114 and Highway 121.
Texas
DALLAS — Marcus & Millichap has arranged the sale of Milano and Lemon Tree, a 32-unit apartment property in Dallas. Milano and Lemon Tree is located at 4710 Munger Ave., approximately one mile from U.S. Highway 75, Greenville Avenue and the Knox/Henderson area. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor in the Dallas market. Crittenden represented the buyer, also a private investor.
IRVING, TEXAS — Synthetic Grass Warehouse Inc. has moved into a 15,000-square -foot distribution space in PS Business Park Inc.’s North Free Trade Zone. The Anaheim, Calif.-based company bought the space located at 1317 N. Royal Lane in Irving, just north of Dallas. Joe Santaularia of Bradford Commercial Real Estate Services represented the tenant, a supplier of artificial grass for the residential market. Brock Wilson, also with Bradford, represented the landlord, PS Business Parks Inc. The 62,223-square-foot building is one of three in PS Business Parks’ 230,000-square-foot North Free Trade Zone situated at the north entrance of the Dallas/Fort Worth International Airport. A free trade zone is an area where goods can be traded without the intervention of customs authorities.
ROSENBERG, TEXAS — Marcus & Millichap has arranged the sale of Victoria Garden, a 232-unit apartment property in Rosenberg. Located at 911 Lane Drive, approximately 36 miles southwest of Houston, Victoria Garden had a list price of $6.6 million. Juan Cuevas with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Cuevas also secured and represented the buyer, a limited liability company.
AUSTIN — Capital One Multifamily Finance has provided two Freddie Mac, fixed-rate loans totaling $42.8 million for the acquisition of two Class A apartments in Austin. The apartments include the 5th Street Commons, a 150-unit property built in 2009, and the Pressler, a 168-unit property built the same year. Intercontinental Real Estate was the purchaser. The loans have a seven-year term with seven years of interest-only payments and 6.5 years of defeasance.
FORT WORTH — Marcus & Millichap has arranged the sale of Arbor View, a 15-unit apartment property in Fort Worth. Robert Denninger and Kevin Parrish with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an out-of-state private investor. Parrish also represented the buyer, an individual/personal trust. Arbor View is located at 4738 El Campo Ave. in the Arlington Heights submarket of Fort Worth. Built in 1949, the community includes 14 two-bedroom, one-bathroom units with 775 square feet. There is also one two-bedroom/two-bathroom unit with 1,550 square feet.
PLANO, TEXAS — West Plano Village, a mixed-use project under construction at the northeast corner of the Dallas North Tollway and Parker Road, is nearing completion. The project was first announced before the recession started, but is now months away from opening. Cencor Realty Services is developing the project, set to open in early 2015 with 90,000 square feet of retail space and 60,000 square feet of second-floor office space fronting the Tollway and Parker Road. Residential developer Amli Residential is constructing 264 apartments in a four-story configuration. The apartments are set to open later this year. When completed, the site’s restaurants will include Kona Grill, Princi Italia, Mi Dia From Scratch and Pakpao. Other tenants will include AT&T and Charles Schwab. Michelle Caplan with The Weitzman Group is handling retail and office leasing at West Plano Village. Dallas-based Hodges & Associates is the project’s architect.
LEWISVILLE, TEXAS — NorthMarq Capital’s Dallas office has arranged the $3.9 million refinancing of Victoria Heights, which consists of 37 newly constructed townhome buildings located at 290 Country Ridge Road in Lewisville. The transaction was structured with a 23-year loan term that is fully amortized. NorthMarq arranged financing for the borrower through its relationship with a life company.
GRAND PRAIRIE, TEXAS — NAI’s retail division has arranged the sale of the 148,272-square-foot Emerald Square shopping center at 2985 S. Highway 360 in Grand Prairie. Mike Smith of the NAI Robert Lynn Retail Division represented TriMarsh Properties, which plans a redevelopment of the area. Planned upgrades include a remodeled exterior façade and new LED signage. The property sits near Highway 20, providing close access to Arlington, Dallas and Fort Worth.
AUSTIN — HFF has secured joint venture equity and financing for a six-property multifamily portfolio in Austin. HFF worked on behalf of Commerce Capital Partners LLC to secure joint venture equity through Harbert United States Real Estate Fund V. HFF also placed six separate 12-year Fannie Mae loans with M&T Realty Capital Corp. Each loan has a four-year, interest-only period. The HFF team representing Commerce Capital included Robert Wooten, Doug Opalka and Matt Kafka.