MIDLAND, TEXAS — A 90-guestroom, four-story Holiday Inn Express by InterContinental Hotels Group has opened in Midland. Dallas-based Mayse & Associates Inc. designed the hotel, which spans 55,200 square feet on Crump Street near I-20 and Rankin Highway. Lubbock-based Greenstreet Inc. constructed the project. Insignia Hospitality Group owns and manages the hotel.
Texas
RICHARDSON, TEXAS — Dal-Rich Village, a retail center opened in 1964 at the southeast corner of Coit Road and Beltline Road in Richardson, has been renamed Dal-Rich Towne Square. The center has landed a new anchor, Richardson Mercantile, a store selling gifts, furniture, jewelry, antiques, apparel and home décor. Richardson Mercantile has leased a 50,031-square-foot space. Michelle Caplan and Joey Keffler with the Commercial Retail Division of The Weitzman Group handled negotiations for the shopping center along with David McNeil and Joe Lea of Cencor Asset Managers. Ryan Shafer with North Central Texas Realty represented the tenant. The Weitzman Group leases space at the center and Cencor Asset Managers manages the property.
CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.
MISSION, TEXAS — The Chicago office of Tremont Realty Capital has arranged for the refinancing of Mobile Gardens, a 184-site, age-restricted mobile home park in Mission. Tom Lorenzini with Tremont arranged the $2.7 million loan, which was funded through a relationship with a CMBS lender. The 10-year, non-recourse loan includes roughly a 72 percent loan-to-value ratio with a 4 percent interest rate. The property was 92 percent occupied at the time of closing. Amenities include a clubhouse, swimming pool, shuffleboard courts, library and laundry facilities.
AUSTIN — BMC Capital’s Austin office has arranged a $3.8 million non-recourse loan for the acquisition of a 50-unit multifamily property in Austin. The 10-year loan features a fixed interest rate of 4.4 percent and a 30-year amortization schedule for the out-of-state buyers using a 1031 tax-deferred exchange. The loan was arranged through one of BMC’s correspondent agency relationships.
THE WOODLANDS, TEXAS — A CBRE Global Investors sponsored fund has acquired The Plantation at The Woodlands, a 432-unit, Class A apartment complex that is 94 percent occupied. The Plantation is located at 3720 College Park Drive in The Woodlands, 27 miles north of downtown Houston. CBRE Global Investors plans to upgrade the property by installing two-inch wood blinds, tile backsplashes, new cabinet fronts, lighting and ceiling fan upgrades, new flooring and two-tone paint.
AUSTIN — Construction is underway on Mesa Oaks, a new Class A office building in Southwest Austin. The development will consist of seven buildings ranging in size from 9,300 square feet to 20,150 square feet. The complex will be located directly off William Cannon Drive and Highway 290. The project had stalled for several years under previous ownership. Equitable Commercial Realty is handling the sale and leasing of Mesa Oaks. Upon completion, the project will include 104,000 square feet.
DALLAS — Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores over a 15-year period. Phil Adkins, president of Adkins Development Corp, has owned Shipley Do-Nuts franchises for 18 years. The company currently has 11 stores in the Metroplex.
SAN ANTONIO — An undisclosed buyer has purchased 275 acres of land located in the master planned Sonoma Verde development in northwest San Antonio. The undeveloped land is located near the intersection of I-10 and the Charles William Anderson Loop, 15 miles from downtown San Antonio. Taylor Schmidt and Reed Vestal of TNRG represented the buyer. Gregory Rubiola of Rubiola Commercial Realty represented the unnamed seller. The land is zoned for residential and multifamily development, but there were no immediate construction plans at the time of sale.
DALLAS AND FORT WORTH — HFF has arranged the sale of a six-property, 16-building industrial portfolio totaling 462,618 square feet in the Dallas-Ft. Worth Metroplex. HFF marketed the properties on behalf of the seller, AEW Capital Management LP, who sold the portfolio for one of its institutional clients. Red Tail Acquisitions purchased the assets for an undisclosed amount. The properties are located at 1360-1420 Presidential Drive and 85-890 N. Dorothy Drive in Richardson and at 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrollton. The properties are 87 percent leased to 41 tenants. HFF’s team included Randy Baird, Jud Clements, Robby Rieke and Justin Kundrak.