HOUSTON — CBRE has arranged the construction financing for Airtex Distribution Center, a 225,360-square-foot warehouse to be located at 300 W. Airtex Blvd. in Houston. International Airport Centers (IAC), an owner, manager and developer of warehouse and distribution facilities, is the developer on the project and broke ground earlier this month. The Class A property will feature 32-foot clear heights, trailer parking, T-5 lighting and ESFR sprinklers. Powers Brown Architecture designed the facility, and Satterfield & Pontikes is providing construction services. Tom Lynch and John Fenoglio of CBRE arranged the financing. Ed Frantz and Faron Wiley, also of CBRE, will lease the property.
Texas
DALLAS — Marcus & Millichap has brokered the sale of Plantation Royal Apartments, a 172-unit multifamily property in Dallas. The community offers one- to three-bedroom residences ranging from 664 to 1,080 square feet, as well as an on-site management office, 24-hour emergency maintenance and laundry facilities. Located at 2825 Royal Lane, the property is in close proximity to the interchange of I-35 and I-635. John Barker of Marcus & Millichap represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Constructed in 1972, the garden-style complex includes one- to three-bedroom apartments, plus a swimming pool and dog park. Located at 8810 Tallwood Drive, the community is in proximity to retail centers such as Lakeline Mall and The Domain, as well as area employers such as IBM, Dell, Visa, St. David’s Hospital and the University of Texas. The Arbor at Tallwood was 96 percent occupied at the time of the sale. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
CARROLLTON, TEXAS — Billingsley Co. has leased 34,482 square feet of warehouse space in the Dallas suburb of Carrollton to Professional Plastics. The tenant will occupy space at 2060 Luna Road Suite 120, within Billingsley’s Luna Road Distribution Center. Mike Gravitt of Mike Gravitt & Co. represented Professional Plastics, which will move into the facility in the third quarter of this year.
SAN ANTONIO — CBRE has brokered the sale of Westover Marketplace Shopping Center, a 242,664-square-foot retail property in San Antonio. The Class A power center is located at the intersection of Loop 410 and Highway 151, in proximity to Lackland Air Force Base, Sea World, Hyatt Hill Country Resort and Northwest Vista College. The asset was 93.4 percent leased at the time of the sale to tenants including Gander Mountain, Ross Dress for Less, PetSmart, Office Depot and Melrose. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, New York-based Coventry Real Estate Advisors. Inland American purchased the property.
DALLAS — Stillwater Capital Investments LLC has broken ground on Stillwater Peak Townhomes & Flats, a 180-unit multifamily property in the Uptown neighborhood of Dallas. The community will feature one-bedroom apartments and two- and three-bedroom townhomes, as well as amenities including a clubhouse, fitness center, yoga studio, swimming pool and outdoor kitchen. The first units will be ready for lease in the spring of 2015. The development will be Dallas-based Stillwater Capital Investments’ third to begin construction since 2013. The first two projects were similar urban infill properties in Austin and San Antonio.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 91-room Holiday Inn Express & Suites in Fort Worth. Located at 4609 Citylake Blvd., the property is in proximity to attractions including the Kimball art Museum, the Modern Art Museum and the Fort Worth Zoo. The hotel features amenities such as a business center, outdoor heated swimming pool and fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the unnamed seller in the transaction. Gomes procured the buyer, a private investor.
ALVIN, TEXAS — Boyd Commercial/CORFAC International has brokered the sale of a 12,000-square-foot industrial property in the Houston suburb of Alvin. Located on 3.5 acres at 2220 N. Gordon St., the facility is in proximity to the interchange of State Highway 35 and State Highway 6. Conrad Bernard of Boyd Commercial/CORFAC International represented the seller, CDE Real Estate Corp., in the transaction. Jerry Turboff of Prime Capital Corp. represented the buyer, Vanguard Truck Center.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged $7.5 million in refinancing for a portfolio of four retail properties in Houston. The assets include two multi-tenant strip shopping centers and two CVS/pharmacy ground leases. Matt Franke and Ray Driver III of Q10 | KDH negotiated the terms of the fixed-rate, 20-year refinancing on behalf of the property owner. Advantus Capital Management, a life insurance company affiliate lender, provided the refinancing.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of II Creeks Plaza, a 63,592-square-foot retail property in the Dallas suburb of Richardson. Constructed in 1975 and recently renovated, the development is located on more than seven acres at 2700 Custer Parkway. The property was 90 percent occupied at the time of the sale by tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center, Tannery & Co. and The Spa at II Creeks. Philip Levy of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.