PLANO, TEXAS — KBS Real Estate Investment Trust II (KBS REIT II), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold Plano Business Park in Plano to an affiliate of Exeter Industrial REIT III for $23.4 million. The three-building, 283,559-square-foot Plano Business Park is located at 3801, 3901 and 4001 E. Plano Parkway on approximately 19.9 acres of land. The buildings feature front parking, rear loading, 24-foot ceiling clearance and ESFR sprinkler systems. Plano Business Park is located at the intersection of Shiloh Road and Plano Parkway. KBS REIT II originally acquired the asset for $16.75 million in March 2010.
Texas
DRIPPING SPRINGS, TEXAS — JCI Residential has begun work on Belterra Springs, a two-story, 152-unit apartment community in Dripping Springs, which is about 25 miles west of Austin. The nine-acre property will be completed in June 2015 with units ranging from 745 square feet to 1220 square feet. The community’s clubhouse will include a movie theater, 24-hour fitness center, meeting rooms, and a resort-style pool. Unit interiors will have stainless appliances, granite counters in kitchens and baths, faux wood flooring, nickel finish light fixtures and ceiling fans.
HOUSTON — AMG Guaranty Trust has sold the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston, to a private investor based in California. Garrette Matlock and James Bell of Marcus & Millichap represented the seller. At the time of the sale, the center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House. All of the leases are triple-net. The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.
DALLAS, TEXAS — Chris Parker of Mark One Capital, a wholly owned subsidiary of Marcus & Millichap Capital Corp., has arranged $3.06 million in debt refinancing for Park Place, an 82-unit multifamily community that was built in the East Dallas submarket in 1974. The loan was structured with a seven-year term and amortizes over 25 years with a fixed interest rate of 4.85 percent. The loan structure includes a 12-month period of interest-only installments. The LTV was 75 percent. “We are seeing a significant trend in the market of increased interest-only loans by lenders and this is driving many opportunities for investors to purchase and reposition properties in the East Dallas submarket,” Parker says.
HOUSTON — Hartman Mitchelldale Business Park LLC, an affiliate of Houston-based REIT Hartman Short Term Income Properties XX Inc., has purchased Mitchelldale Business Park from AFS NW Business Park LP, an affiliate of Falcon Southwest. Mitchelldale Business Park is a 12-building, 377,752-square-foot industrial park located in the northwest industrial submarket at Highway 290 and Mitchelldale. The park is currently 92 percent occupied. Lead tenants include Craven Carpet, a locally owned, family-operated flooring installation company; A Better Trip, a Houston-based moving company; GC Services, one the industry’s leading business processing outsource providers; and LOYC Investments, an international import/export and distribution company. Rusty Tamlyn and Trent Agnew of HFF represented the seller and Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer.
AUSTIN, TEXAS — NorthMarq Capital’s Dallas office has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. The transaction was structured with a 10-year term and 30-year amortization schedule. Paul Brighton of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a CMBS lender. Long-time Austin fashion retailer Julian Gold anchors the property.
ARLINGTON, TEXAS — California-based Brookline Investment Group has purchased Manchester Park, a 126-unit, value-add apartment complex located at 2011 Lincoln Dr. in Arlington from Landmark Apartment Trust. Chris Deuillet and Dirk Goris of CBRE represented the seller in the transaction. The complex is currently 97 percent occupied. Among the community’s amenities are a clubhouse, pool, tennis court, picnic area, gated access and planned activities for residents. Units feature wood-burning fireplaces, full-size washer and dryer connections, black appliances, wood-style flooring, balconies and private patios. Brookline Investment Group plans to revitalize 10,000 square feet of unused clubhouse space, including six racquetball courts, at Manchester Park.
COLLEYVILLE, TEXAS — Studio Movie Grill has opened a 51,935-square-foot location at Town Center of Colleyville, a Dallas/Fort Worth suburb. John Zikos and Chris Booras of Venture Commercial represented American National Bank Special Assets LLC in the sale and assignment of two leases on the building to Studio Movie Grill Holdings LLC. Larry Leon and Ross McCook, also of Venture, assisted in the transaction. The center was recently acquired by Velocis, a Dallas-based private equity real estate fund.
CARROLLTON, TEXAS — Dallas-based Amish Gupta Ventures plans to develop a 120,000-square-foot seniors housing facility on the northeast corner of the service road of Texas State Highway 121 and Creek Valley Boulevard in the Dallas suburb of Carrollton. The property will consist of two separate wings totaling 135 units and will sit on nearly 4.5 acres. Construction is scheduled to begin in late 2014. The first wing is planned to include 100 units in three stories with a mix of assisted living units and possibly some independent living units. The second wing will house 35 units with dedicated memory care services. Pre-leasing will begin in fall 2015, with residents moving into the facility in early spring 2016.
HOUSTON — Developer First Industrial Realty Trust has selected Cadence McShane Construction Co. to provide comprehensive construction services for a new 350,986-square-foot light industrial speculative facility known as First Northwest Commerce Center. Situated within the northwest Houston submarket and located just off of Beltway 8, the development will be constructed on a 24-acre site at 4800 W. Greens Road. First Northwest Commerce Center will feature 32-foot clear heights, 130-foot truck courts, 90 dock doors and available on-site trailer parking. Cadence McShane will incorporate modern features throughout the building, including T5 lighting, an ESFR sprinkler system, clerestory windows and skylights. The project will also feature surface parking areas to accommodate 258 vehicles. Munson Kennedy Partnership is providing the architectural services for this project, which is slated for single- or multi-tenant occupancy as early as fourth quarter 2014.