RICHARDSON, TEXAS — KDC and JLB Partners have started construction on two apartment complexes at CityLine, a 186-acre mixed-use development in Richardson. The 532 units will be within walking distance of four office towers leased by State Farm. Both complexes will front Plano Road and are near Dallas Area Rapid Transit’s Bush Turnpike Station. The northern four-story community will feature 233 units above 20,000 square feet of ground-floor retail. The five-story southern project will contain 299 units located at the corner of CityLine Drive and Plano Road. The apartments will include one-, two- and three-bedroom floor plans ranging in size from 573 to 1,550 square feet. Community amenities include a pool, fitness center, resident lounge and business center. Construction is expected to be completed in the second quarter of 2015. Regions Bank and Capital One are providing financing.
Texas
GRAND PRAIRIE, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired Woodlands Business Park in Grand Prairie, near Dallas. The property consists of three industrial facilities leased to 12 tenants. The acquisition is part of a joint venture with Origin Capital Fund II LLC. Brennan has acquired 23 buildings and undertaken development on five projects in the Texas market since 2012. Steve Rowland of Transwestern assisted in the transaction.
HOUSTON — James Murphy, managing director of NorthMarq Capital’s Boston-based regional office, secured $9.7 million in acquisition financing for Eastport Industrial Park buildings I & III, two industrial properties with a combined 366,595 square feet located at 8979-8999 and 8901-8919 Market St. in Houston. The transaction was structured with a five-year term with one year of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, High Street Realty Co., through its correspondent relationship with Great-West Life & Annuity Company.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Chalet Apartments, a 40-unit apartment property in Irving. Terms of the sale were not released. Matt Davis of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. The Chalet Apartments are located at 951 French St. in Irving, 13 miles west of downtown Dallas. Built in 1985, the complex includes 10 buildings and features 40 two-bedroom units. At the time of sale the complex was 100 percent occupied.
DALLAS — HFF has secured $175 million in financing for a seven-property, 5 million-square-foot industrial portfolio in California, Texas and Mississippi. HFF worked on behalf of the borrower, a fund managed by Clarion Partners, to secure a fixed-rate loan through TIAA-CREF. Loan proceeds were used to retire debt on the portfolio. The assets include two properties in San Bernardino, Calif., two in the Dallas area and one in Southaven, Miss. The portfolio is 94.1 percent leased and the properties were built between 2001 and 2005. John Rose led HFF’s team.
OKLAHOMA CITY — Sealy & Co., a commercial real estate investment company headquartered in Dallas, has acquired a Gardner Tanenbaum Holdings project in Oklahoma City through the Sealy Strategic Equity Partners investment fund. The 280,000-square-foot industrial building is located near I-35 and Britton Road in north Oklahoma City. The tenant, utility tape manufacturer ShurTech Brands, recently signed a 15-year lease.
AUSTIN — Karlin Real Estate and developer Trammell Crow Co. have broken ground on Parmer 3.2, a new Class A office building offering 192,000 square feet of prime office space. Parmer 3.2 is the first phase of new construction at PARMER, Karlin’s 400-acre, master-planned technology and office park in Austin. Parmer 3.2 is a three-story office building featuring 64,000-square-foot floor plates designed for either single or multi-tenant occupancy. Construction is expected to be complete in the second quarter of 2015. Parmer is zoned for up to 9 million square feet of office, industrial, hotel and retail use. The development is bordered by McCallen Pass on the west, East Howard Lane on the north, Harris Ridge Boulevard on the east and Parmer Lane on the south, with close access to I-35 and U.S. 183.
SAN ANTONIO — CBRE has brokered the sale of Potranco Village Shopping Center in San Antonio to an unnamed buyer. Texas-based Barshop & Oles Co. sold the asset for an undisclosed price. Potranco Village, located at 430 W. Loop 1604 in the Far West San Antonio submarket, is near the intersection of Highway 90 and Loop 1604. The center includes 18,000 square feet of space and is 100 percent occupied. Tenants include Pei Wei Asian Diner, Wingstop and GNC. Academy Sports + Outdoors shadow-anchors the property. Barshop & Oles Co. will continue to lease and manage the asset for the new owner. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in an off-market transaction.
THE WOODLANDS, TEXAS — ZC+O has completed construction of Research Forest Lakeside Building 4 in The Woodlands. The 12-story, 297,827-square-foot office building is the second of eight new buildings to be built in the 77-acre, mixed-use development located on Lake Woodlands. The building is pre-certified LEED Gold. ZC+O is an association between Ziegler Cooper and Odell.
DALLAS — Dougherty Mortgage LLC has arranged a $4.1 million Fannie Mae loan for the refinancing of Prince Hall Apartments, a 192-unit multifamily housing property in Dallas. Dougherty’s Dallas, Texas office arranged the 10-year term, 30-year amortization loan for Prince Hall LTD. Dougherty Mortgage is based in Minneapolis with offices in California, Colorado, Maryland and Texas.