PLANO, TEXAS — Bright Realty has arranged a 26,988-square-foot office lease in Plano for banking services provider HP Locate LLC. The tenant will occupy an entire floor at the Lincoln Legacy One building, which is located at 6860 N. Dallas Parkway within the larger Legacy Town Center complex. Completed in 2006, Lincoln Legacy One totals 207,834 rentable square feet. Shawn Hall of Bright Realty represented HP Locate in the negotiations.
Texas
HOUSTON — HFF has arranged the sale of Westchase Creek, a 456-unit multifamily property in Houston’s Westchase District. HFF also secured a fixed-rate, Freddie Mac acquisition loan that includes a term of five years. Located at 3000 Woodland Park Drive, the community offers studio, one- and two-bedroom apartments, as well as amenities including a swimming pool, hot tub, fitness center and clubhouse. The property, which was 93.4 percent leased at the time of the sale, underwent renovations just over two years ago. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF marketed the asset on behalf of the seller, Allen Harrison Co. Cortney Cole and Will Crawley, also of HFF, represented the buyer, an affiliate of Harbor Group International LLC, in securing the acquisition debt.
NACOGDOCHES, TEXAS — PRIME Multifamily Investors LLC has partnered with Presidium Group LLC to acquire a 132-bed student housing complex serving Stephen F. Austin University in Nacogdoches. The community, which will be rebranded as Social House, features amenities including a swimming pool, clubhouse, volleyball court and picnic area. Texas-based PRIME Multifamily Investors plans $700,000 in capital improvements to the property, including upgrades to flooring, plumbing, lighting and appliances, as well as building exteriors and common areas. Presidium Group sourced the equity for the acquisition.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Hillside Place, an 81-unit multifamily property in Austin. Constructed in 1973, the garden-style community offers studio, one- and two-bedroom apartments, as well as a swimming pool and picnic area with charcoal barbecue pits. Located at 4821 and 4823 E. Riverside Drive, the complex is in proximity to the central business district, the University of Texas and Lady Bird Lake. Forrest Bass and George Deuillet III of Hendricks-Berkadia marketed the asset on behalf of the seller, locally based 4823 E Riverside Drive LLC. San Francisco-based 4821 East Riverside Drive LLC bought the property.
McKINNEY, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 59,416-square-foot building in the Dallas/Fort Worth suburb of McKinney. Children’s Lighthouse Learning Centers acquired the facility, and franchisee Emily Fernando will operate the facility under the Children’s Lighthouse brand. Fernando now operates four Children’s Lighthouse educational child care centers in North Texas. The property is located at the intersection of Stacy and Alma roads, in proximity to a new Megatel Homes single-family home development. Grant Brodeur of Henry S. Miller Brokerage represented the buyer in the transaction. Marty Neilon of CBRE represented the seller, McKinney 18 LP.
SAN ANTONIO — CBRE has arranged a $40 million loan for the construction of Franklin Park at Alamo Heights, a 221-unit seniors housing property in San Antonio. The five-year, floating-rate loan includes an all-in rate of 2.35 percent and 48 months of interest-only payments. The Class A project, a joint venture of Franklin Development Co. and Harrison Street Real Estate Capital LLC, will be located at the corner of West Terra Alta Road and Everest Street. Franklin Apartment Management will operate the facility. Aron Will of CBRE arranged the financing on behalf of the joint venture through a regional bank.
DALLAS — HFF has arranged a $34 million loan for the refinancing of the retail portion of West Village, a mixed-use development in the Uptown District of Dallas. Completed in 2002, West Village includes 123,938 square feet of retail space, which was 98 percent leased at the time of the loan closing by tenants including Ann Taylor Loft, Tommy Bahama, Q Custom Clothiers, Gap and Starbucks. Located in close proximity to U.S. Highway 75, the complex also includes 179 apartments. John Rose of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture of Phoenix Property Co. and Urban Partners. Cornerstone Real Estate Advisers, acting on behalf of an institutional client, provided the refinancing.
EULESS, TEXAS — SkyWalker Property Partners has acquired a 70,111-square-foot flex property in the Dallas/Fort Worth suburb of Euless. Located on more than four acres at 1101 Pamela Drive, the single-story facility was 37 percent leased at the time of the sale to tenants including Curry Printing Inc. and Modern Tektronix Assembly Inc. SkyWalker, which purchased the asset on behalf of Hangover Opportunity Fund LLC, will invest in capital improvements including new air conditioning and power systems, as well as a 7,500-square-foot speculative suite. Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer in the transaction. Allen Gump of Colliers International represented the seller, Massachusetts-based Invensys Inc., which acquired the building in 2005.
GONZALES, TEXAS — Action Properties will redevelop a 60,000-square-foot facility in the Central Texas city of Gonzales into a shopping center named Gonzales Marketplace. The property, previously operated as a Walmart, is located at 1620 E. Sarah Dewitt Drive. Bealls will anchor the new center, and other tenants will include Dollar Tree, Hibbett Sports, AT&T and furniture store Aaron's. Completion of the redevelopment is scheduled for this August. Action Properties' portfolio now includes 27 properties in 10 states.
DALLAS — Steadfast Income REIT Inc. has acquired Mapleshade Park, a 148-unit multifamily property in Dallas. Located at 6606 Mapleshade Lane, the Class A, garden-style complex is in close proximity to the President George Bush Turnpike. The community includes two-bedroom apartments in three different townhouse layouts, as well as a fitness center, swimming pool, hot tub, dog park, clubhouse and barbecue area. The property was 96 percent occupied at the time of the acquisition. Ryan Reid, Dirk Goris and Jeremy Faltys of CBRE represented both Steadfast Income REIT and the unnamed seller in the transaction. Steadfast Income REIT acquired the property, along with a 192-unit multifamily property in Chattanooga, Tenn., for approximately $42 million.