IRVING, TEXAS — Full-service brokerage firm ARA has brokered the sale of Lincoln Las Colinas, a 784-unit multifamily property in Irving. Constructed in two phases in 2010 and 2013, the community includes one- to three-bedroom apartments averaging 922 square feet, as well as a swimming pool, dog park, coffee bar, fitness center and clubhouse. The complex was 96.3 percent occupied at the time of the sale, which was the largest multifamily transaction in Texas history, according to ARA. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. marketed the property on behalf of the sellers, Lincoln Property Co. and Sarofim Realty Advisors. The asset was acquired by institutional investors advised by J.P. Morgan Asset Management.
Texas
LEWISVILLE, TEXAS — Cencor Realty Services will break ground later this week on the first phase of a 350,000-square-foot Kroger-anchored shopping center in the Dallas/Fort Worth suburb of Lewisville. The first phase will include space for the 123,000-square-foot grocery anchor, as well as 40,000 square feet of in-line retail space and several pad sites for restaurants. The Weitzman Group is leasing the property. Kroger is slated to open in the first quarter of 2015. Located on the southwest corner of SH-121 and Josey Lane, the center will serve the Castle Hills master-planned community and surrounding areas.
HOUSTON — OliverMcMillan has leased space within its 15-acre River Oaks District mixed-use development to luxury retailers Cartier, Dior, Hermès and Tom Ford. Jeweler and watchmaker Cartier will operate a 6,040-square-foot store, while apparel, accessory and footwear retailer Dior will operate a two-story, 9,056-square-foot store. Clothing and accessory retailer Hermès will operate a two-story, 10,117-square-foot flagship location, and accessory retailer Tom Ford will operate a 4,906-square-foot store. OliverMcMillan broke ground on River Oaks District’s 252,000 square feet of retail and restaurant space in July 2013 and expects the development to open in spring 2015. River Oaks will also include 92,000 square feet of office space and 279 residential units.
HOUSTON — NAI Houston has arranged an 18,850-square-foot industrial lease in Houston for Binswanger Glass Co., a manufacturer and installer of glass for residential, commercial and automobile uses. The tenant will occupy space at 3133 McKinney St. in the East Industrial submarket. John Ferruzzo and Michael Keegan of NAI Houston represented the landlord, St. James Equity Partners LP, in the negotiations. Carlton Anderson of CBRE represented Binswanger Glass.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.
KINGSVILLE, TEXAS — Domus Development will break ground this month on the 504-bed first phase of Legends Kingsville, a student housing project in the south Texas city of Kingsville. The property, which is scheduled to open in August 2015, will serve Texas A&M University at Kingsville. Reynolds & Lapp Commercial represented Domus in the acquisition of a 20-acre parcel for the development.
DALLAS — Pappas Harris Properties LLC has acquired a three-building, 81,500-square-foot flex space complex in Dallas. The structures, which are buildings 11, 12 and 13 of Northgate Business Park 1, are located on a 4.4-acre parcel on the corner of Plano Road and Chartwell Drive. The complex is currently 93 percent leased. Matthew Hickey and Tom Smolik of full-service real estate firm TIG brokered the transaction. Northgate Business Park Inc. was the seller.
IRVING, TEXAS — CBRE has brokered the sale of Market Square, a 46,979-square-foot strip shopping center in the Las Colinas community of Irving. The unanchored property, located at 5401-5465 N. MacArthur Blvd., was 96 percent occupied at the time of the purchase by tenants including FedEx Office, Sal’s Italian Restaurant, Boston Market and Pizza Hut. Jennifer Pierson and Beth Pierson of CBRE represented the seller, Ritter Management Inc., in the transaction. Carlisle Interests purchased the asset.
ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
DALLAS — Presbyterian Village North, a continuing care retirement community (CCRC) in north Dallas, is expanding with the construction of two new independent living buildings, a fitness center and transitional care unit, as well as an addition to its existing assisted living building. The project, valued at $93 million, will add approximately 350,000 square feet to the campus, allowing Presbyterian Village North to house and serve the needs of about 200 more seniors each year. The independent living buildings will include the 48-unit Leonard Rose Villas and the 56-unit Martins Landing. The fitness center will feature a swimming pool, spa, locker rooms and café. The 60-bed transitional care unit will connect to the existing rehab unit. Joyce Hall, the assisted living building, will expand with 71 new apartments. Construction is slated to begin in June. Presbyterian Village North is a development of faith-based nonprofit organization Presbyterian Communities and Services.