SPRING BRANCH, TEXAS — LMI Capital has arranged a $6.8 million loan for the refinancing of a 300-unit, Class C multifamily property in the Houston suburb of Spring Branch. The partial-recourse loan includes flexible prepayment options, no reserves and a fixed interest rate of 3 percent. Jamie Mullin of LMI Capital worked on behalf of the unnamed borrower to arrange the loan through a regional bank.
Texas
KELLER, TEXAS — UCR Investment Sales has brokered the sale of Tarrant Parkway Commons, a 56,772-square-foot retail property in the Dallas/Fort Worth suburb of Keller. The fully occupied property, located on the northeast corner of U.S. Highway 377 and North Tarrant Parkway, is anchored by Sprouts Farmers Market and also houses Michael’s. Adam Howells, Kevin Catalani and Jessica Donnelli of UCR Investment Sales marketed the asset on behalf of the unnamed seller. The buyer, Inland Real Estate Acquisitions Inc., was represented internally by Matthew Tice.
BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of a 39,350-square-foot property in the Dallas/Fort Worth suburb of Bedford net-leased to 24 Hour Fitness. Located at 1805 Airport Freeway, the site features a population of 240,000 within a 10-mile radius. Jason Vitorino and Jared Aubrey of Marcus & Millichap marketed the asset on behalf of the seller, an out-of-state private investor. Vitorino and Aubrey also secured the buyer, an East Coast-based investor completing a 1031 tax-deferred exchange.
HOUSTON — CBRE has brokered the sale of Gessner Estates, a 659-unit apartment property in Houston. The community offers one- and two-bedroom apartments in flat and townhome formats, as well as amenities including three swimming pools, a clubhouse, business center and picnic area. Located at 8701 Town Park Drive, the complex is in proximity to the city’s Westchase district and the major thoroughfares of Beltway 8, State Highway 59 and the Westpark Tollway. Ryan Epstein of CBRE represented the seller, RB Associates LLC, in the transaction. Phoenix-based investment firm Jevan Capital PLLC, in association with Comunidad Realty Partners, purchased the asset.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 95,000-square-foot office building within the Research Forest complex. Kiewit Energy Group Inc., a provider of engineering, procurement and construction services to the oil and gas industries, has pre-leased 70,561 square feet of space in the four-story structure, which will be located on 11 acres at 3831 Technology Forest Drive. Houston-based EE Reed will serve as general contractor on the project, and PGAL is the architect. Louie Crapitto of JLL represented Kiewit in the lease negotiations, while Robert Parsley and Norman Munoz of Colliers International represented The Woodlands Development Company.
FLOWER MOUND, TEXAS — Marcus & Millichap has brokered the sale of an 8,491-square-foot property net-leased to Phoenix Children’s Academy in the Dallas/Fort Worth suburb of Flower Mound. Constructed in 2002, the facility is located on nearly two acres at 5601 Timber Creek Road. More than 14 years remain on the original term of the lease, which features annual rent escalations and one option for renewal of five years. Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, another private investor.
HOUSTON — AmREIT has leased a 7,000-square-foot outparcel at the Woodlake Square shopping center in Houston to Tex-Mex restaurant El Tiempo Cantina. A joint venture between AmREIT and AEW Capital Management acquired Woodlake Square in 2010 and completed redevelopment of the property, which is anchored by Randalls Lifestyle, in 2012. AmREIT purchased the shopping center from the joint venture in September 2013. With El Tiempo Cantina’s lease, the property is now 97.3 percent leased.
There is no doubt that Walmart is the dominant force driving growth in the San Antonio area right now. San Antonio-area shoppers gained four new Walmart Supercenters in 2013, five more are nearing completion and scheduled to open in the next few months, and two or three more are expected to break ground later this year. At the same time, two new Sam’s Club stores will be opening in the first quarter, and Walmart’s new Neighborhood Market concept stores are slated to debut in the area this year with three locations already announced and more expected. Meanwhile, speculative development has remained very limited, but two new projects — both located in the Northwest sector — were delivered in the final quarter of 2013. Although not huge projects, these two new centers mark the delivery of San Antonio’s first sizeable speculative retail properties in over a year. One of these developments was Helotes Town Centre, which serves as an example of growth stimulated by the adjacent Walmart that opened earlier in the year. Pre-leasing activity in the 50,000-square-foot Helotes center includes Great Clips, Cash Store and Marco’s Pizza. Elsewhere, Dominion Ridge is a two-story retail project located along the I-10 corridor …
MESQUITE, TEXAS — Cushman & Wakefield has brokered the sale of Mesquite Town Centre Plaza, a 209,766-square-foot retail property in the Metroplex suburb of Mesquite. Located at 1330 N. Town East Blvd., directly across from Town East Mall, the shopping center was 80 percent leased at the time of the sale to tenants including anchors Burlington Coat Factory and Ashley Furniture. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield represented the seller, Kimco Realty, in the transaction. Trisha Connoly, also of Cushman & Wakefield, represented the buyer, QEH Mesquite LLC, in arranging the acquisition financing.
FORT WORTH, TEXAS — Mercer Co. has brokered the sale of a 20,000-square-foot industrial property in Fort Worth. Bargreen Ellingson, a multi-service restaurant supply, design and fabrication company, purchased and will occupy the building. The company will relocate from a smaller Fort Worth location to the new facility, which features 22-foot clear heights and is located at 2450 Handley Ederville Road. Matt Spellman of Mercer Co. represented Bargreen Ellingson in the transaction. Transwestern represented the seller, GPS DFW Holdings LLC.