DALLAS AND DESOTO, TEXAS — USAA Real Estate Co. and Seefried Properties have broken ground on Southfield Park 35, a four-building, 2.3 million-square-foot industrial complex located primarily in Dallas and stretching into the neighboring city of DeSoto. The speculative Class A development is the largest in the Metroplex. Construction is underway on the first building, which will total 1.1 million square feet and is slated for completion by the end of the third quarter of this year. The second building will measure 678,600 square feet, and the third and fourth buildings will each offer 241,800 square feet. Terry Darrow, Kurt Griffin and Nathan Orbin of JLL are marketing and leasing the property.
Texas
SAN ANTONIO — Financial services group Greystone has arranged a $38.8 million loan for the refinancing of Renaissance at Canyon Springs, a 360-unit multifamily community in San Antonio. The Class A property offers one- to four-bedroom townhomes, as well as communal amenities including multiple swimming pools, basketball and tennis courts, a media center, fitness center, playground and putting green. Located at 24245 Wilderness Oak, the complex is in close proximity to the Canyon Springs golf course. Reuben Dolny of Greystone arranged the 35-year HUD 223(f) loan on behalf of The Bascom Group LLC.
ADDISON, TEXAS — HFF and CBRE have jointly brokered the sale of Two Addison Circle, a 198,681-square-foot office property in the northern Dallas suburb of Addison. Completed in 2009, the six-story Class AA building is located at 15725 N. Dallas Parkway, at the entrance to Addison Circle, a 70-acre, mixed-use development. At the time of the sale, the asset was 89 percent leased to tenants including USAA and Gehan Homes. HFF and CBRE marketed the property on behalf of the seller, Brookfield Property Group. LPC Realty Advisors, an affiliate of Lincoln Property Co., purchased the building on behalf of a public pension fund.
SAN MARCOS AND TOMBALL, TEXAS — Berkadia Commerical Mortgage LLC has arranged $28 million in financing for the acquisition of two multifamily properties in central Texas. A fixed-rate loan of $21.9 million at a sub-4.5 percent interest rate funded the purchase of Palazzo Apartments, a 300-unit property located at 1011 Wonder World Drive in San Marcos. The community offers one- to three-bedroom floor plans and is currently 93 percent occupied. Additionally, a $6.1 million floating-rate loan funded the purchase of Dartford Square, a 124-unit property located at 1100 S. Cherry St. in Tomball. The complex includes one- to four-bedroom layouts and is currently 98 percent occupied. Andy Hill of Berkadia secured both loans, which include terms of seven years each, through Freddie Mac.
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.
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.