FORT WORTH, TEXAS — Real estate investment management firm PCCP LLC has provided a $41.5 million loan for the recapitalization and lease-up of One City Place, a 313,953-square-foot office building in Fort Worth. The 19-story building, vacant at the time of the loan closing, is located at 300 Throckmorton Street and is part of City Place, a three-building complex owned by Spire Realty Group since 2011. Constructed in 1978, One City Place served as Radio Shack’s headquarters until 2005. Wally Reid and Corby Chaffin of HFF arranged the financing on behalf of Spire, which has invested significant capital in renovations since acquisition.
Texas
AUSTIN, TEXAS — The Weitzman Group has brokered the sale of Anderson Mill Shopping Center, a 171,794-square-foot retail property in Austin. Located at the intersection of Lake Creek Parkway and U.S. Highway 183, the community center is currently anchored by 24 Hour Fitness and has co-anchor space available. Adam Zimel and Graham Carter of The Weitzman Group represented the purchaser, Anderson Mill Acquisitions LLC, which will rebrand the property Market at Lake Creek.
PORT ARTHUR, TEXAS — Full-service commercial real estate brokerage firm Baker Katz has acquired a 90,000-square-foot retail property in Port Arthur, a city near the Louisiana state border. Located at the intersection of Highway 69 and FM 365, the property previously housed a single occupant but will be redeveloped as a multi-tenant shopping center. To date, Hobby Lobby has signed a lease for 58,000 square feet, Party City has signed a lease for 13,000 square feet, and both tenants are expected to open this summer. Sutherland Lumber Co. sold the asset to Baker Katz, which also plans to construct an additional 7,000-square-foot outparcel at the site.
DALLAS — Real estate investment services firm The Greysteel Company has launched Greysteel Texas LLC, a subsidiary of the company based in the Dallas/Fort Worth Metroplex. Greysteel, which is based in Washington, D.C., appointed Boyan Radic as managing director and practice leader of the multifamily division of the new entity. Greysteel Texas will initially represent private and institutional investors, developers and lenders in sales and financings of middle-market multifamily properties in the South Central U.S. The subsidiary plans to expand its services and property type expertise over the next 12 to 18 months.
PASADENA, TEXAS — Cadence McShane Construction Co. has completed a three-building, 365,462-square-foot flex complex in Pasadena, a suburb southeast of downtown Houston. The property, located at 3700-3800 Highway 225, includes a 118,500-square-foot front-load facility featuring 30-foot clear heights and 18 dock doors; a 185,168-square-foot flex building featuring both office and warehouse components; and a 61,274-square-foot, crane-served flex structure. The complex is located within the Carson Commerce Center, a 20-acre development of The Carson Companies. Each of the buildings can serve either a single tenant or multiple occupants. Powers Brown Architecture provided architectural services for the project.
DALLAS — Chesterfield Faring Ltd. has arranged an $18.5 million loan for the acquisition of Hunting Ridge, a 468-unit multifamily property in Dallas. Constructed in 1983, the complex is located at 9821 Summerwood Circle, in close proximity to I-635 and State Highway 75. The community includes one- and two-bedroom apartments, as well as a swimming pool, laundry facility and extra storage. Jordan Roeschlaub and Jordan Shrier of New York-based Chesterfield Faring represented the borrower, Nevada-based RealSouce Residential. Santa Fe, N.M.-based Rosemont Realty sold the asset.
SAN ANTONIO — CBRE has brokered the sale of Outspan Townhomes, a 200-unit multifamily community in San Antonio. The property, which was 94 percent occupied at the time of the sale, offers one- to four-bedroom townhomes, as well as communal amenities including a swimming pool, business center, clubhouse and playground. Located at 4611 E. Houston St., the complex is in close proximity to the Brooke Army Medical Center, Fort Sam Houston, I-10, Loop 410 and I-35. Ryan Epstein, Charles Cirar and Michael Wardlaw of CBRE represented the undisclosed seller in the transaction. MC Cos. purchased the property.
HOUSTON — Private equity fund Velocis has sold a 100,716-square-foot office building in Houston to Hicks Ventures, a locally based real estate investment firm. The five-story property, located at 7700 San Felipe St. and built in 1979, offers views of the Buffalo Bayou and is situated in close proximity to the Memorial Villages retail development. Velocis originally acquired the building in 2011 and reports a 30 percent internal rate of return.
SAN ANTONIO — Developer Skanska has completed and opened the 85,000-square-foot intensive care unit tower at San Antonio’s Metropolitan Methodist Hospital. The addition includes expanded radiology and emergency departments, a new gastrointestinal lab, a 24-bed intensive care unit and space for future growth. Skanska reported zero safety accidents resulting in lost time and recycled 95 percent of the construction waste from the project. San Antonio Methodist Healthcare System employs 8,000 professionals in 26 facilities, including nine hospitals.
FORT WORTH, TEXAS — General contractor Speed Fab-Crete has broken ground on a 67,081-square-foot manufacturing and distribution facility for Granite Security Products Inc. in Fort Worth. The single-story facility, to be located adjacent to the Granite Security’s existing office and production headquarters at 4801 Esco Drive, will be the third facility constructed by Speed Fab-Crete for the tenant, a manufacturer of security containers. This design-build development involves a combination of precast concrete and pre-engineered metal superstructure. The project team also includes Callahan & Freeman Architects, Civil Point Engineers Inc., Hulsey Engineering and Leeming Design Group.