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.
Texas
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.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of two multifamily properties in Amarillo, the 195-unit Lighthouse Apartments and the 216-unit Canyon Ranch. Lighthouse Apartments is located at 4515 S. Virginia St., and Canyon Ranch is located at 4615 S. Virginia St., both in proximity to I-27, I-40, Amarillo College and West Texas A&M University. Both complexes are of garden-style construction and offer one- and two-bedroom residences. Tommy Lovell III and Kim Westcott of Marcus & Millichap marketed the assets on behalf of the seller, a financial institution. Lovell and Westcott also procured the buyer, a limited liability company.
DALLAS — Cassidy Turley has arranged a 99,811-square-foot industrial lease in Dallas for Bigs Packaging & Lumber LLC, a service provider for the logging and lumber industries. The tenant will occupy space within City Warehouse, a 65-acre industrial park located at 5200 E. Grand Ave. Blake Anderson and David Eseke of Cassidy Turley represented Bigs Packaging & Lumber in the negotiations. Canon Shoults and Joshua Barnes of Holt Lunsford Commercial manage leasing at City Warehouse.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $5.8 million loan for the acquisition and redevelopment of a 30,000-square-foot office building in west Houston. Constructed in 2002, the Class A, tilt-wall facility is located on a three-acre parcel in Westway Business Park. Matt Franke and Larry Peters worked on behalf of the borrower, GE Oil & Gas Inc., to arrange the 90 percent loan-to-value financing through a regional bank.
FLOWER MOUND, TEXAS — Moviehouse & Eatery is coming to Lakeside DFW, Realty Capital Management LLC’s master-planned, mixed-use community in the Dallas/Fort Worth suburb of Flower Mound. Construction is underway on a new 45,000-square-foot facility that will feature eight auditoriums, a chef-prepared menu, professional wait staff and bar/lounge area. Moviehouse & Eatery, which is based in Austin, owns and is developing the property under Realty Capital Management’s master plan guidelines. The general contractor on the project is Blalock Building Co. At full build-out, the 150-acre Lakeside DFW will include 2,200 multifamily units and 705,000 square feet of commercial space.
IRVING, TEXAS — General contractor Speed Fab-Crete has broken ground on a new 13,000-square-foot corporate headquarters in Irving for Davis Crane Service, a supplier and operator of hydraulic and conventional motor cranes. Located at 1212 N. Loop 12, the $2 million project includes a two-story building of concrete and steel, as well as new parking and paving, sidewalks and utilities. Construction is slated for completion in December of this year. Callahan & Freeman Architects is serving as architect for the property, and other team members include Civil Point Engineers Inc., Callahan Structural Engineers and Fratto Engineering Inc.
GRAHAM, TEXAS — Marcus & Millichap has brokered the sale of First Texas Plaza, a 9,500-square-foot retail property in Graham, a city located about 40 miles southeast of Lubbock. Constructed in 2008, the strip shopping center is located on one acre at 2110 Highway 16 South. The facility is fully leased to Hibbett Sports, AT&T, The Cash Store and Graham Nail & Spa. All of the tenants lease their respective spaces on a triple-net basis. Philip Levy and Chris Gainey of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Levy and Gainey also secured the buyer, a private investor.