GARLAND, TEXAS — Garden Ridge, a home décor superstore, has leased 146,600 square feet of warehouse space at Logistics Pointe/Garland, a 1.1 million-square-foot dry storage and warehouse center. The property is located at 2600 McCree Road in Garland. David Sours and Kevin Kelley of CBRE represented the landlord, Westmount Realty Capital LLC, a Dallas-based real estate investment firm. Nathan Lawrence of CBRE represented Garden Ridge in the lease transaction.
Texas
TULSA, OKLA. — The RADCO Cos. has purchased Southern Slope, a 142-unit apartment community in Tulsa’s Jenks submarket. Using a mix of bridge debt and private equity, the Atlanta-based multifamily investor purchased the asset for roughly $6 million from the lender seller in an off-market transaction. RADCO plans to implement interior upgrades, as well as overhaul the property’s exterior and amenities. As part Southern Slope’s overhaul, the property will be renamed Ashford Ridge. It is RADCO’s second apartment community in Tulsa. Raymond Lord and Benjamin Davis of NAI Commercial Properties brokered the transaction.
PLANO, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Haggar Square, a 53,750-square-foot shopping center in Plano, roughly 30 minutes north of downtown Dallas. The REO property, located at the intersection of Texas State Highway 121 and Ohio Road, was completely vacant at the time of the sale. The buyer, a private investor from California, purchased the asset for an undisclosed price.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of La Costa Townhomes, an 88-unit apartment community located at 4303 Mariposa Drive in the Dallas suburb of Irving. Al Silva of Marcus & Millichap’s Fort Worth office represented the seller, a local private investor, in the transaction. Silva also secured the Dallas-based buyer.
HOUSTON — Boyd Commercial/CORFAC International has arranged a 25,091-square-foot lease for industrial space at 2040 W. Sam Houston Parkway N. in Houston. Alexander Reilly and Bo Pettit of Boyd Commercial/CORFAC represented the landlord, CH Realty V Lonestar, in the lease transaction. Ken Willis of Avison Young represented the tenant, Tech Pharmacy.
DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
DALLAS — Resource Real Estate Opportunity REIT II Inc. has purchased its first asset, a 152-unit apartment community in the Platinum Corridor neighborhood in Dallas. The property, located close to the Dallas North Tollway will feature one- and two-bedroom units, as well as a swimming pool and business center. The REIT is planning upgrades to the community’s common areas, leasing center and individual units.