SUGAR LAND, TEXAS — Q10 | New York Realty Advisors (Q10NY) has secured a $4.1 million first mortgage loan for a freestanding location of Best Buy in Sugar Land, approximately 23 miles southwest of downtown Houston. The property, owned and managed by a Midwest real estate family, is located at 16980 Southwest Freeway. The terms of the loan include 10 years at a fixed interest rate of 4.75 percent with a borrower option for a five-year extension. Jeanne Cronin of Q10NY originated and placed the loan through a Texas bank.
Texas
HOUSTON — Mesa West Capital has provided alliantgroup with a nearly $85 million non-recourse first mortgage for the purchase of 3009 Post Oak Blvd., a recently completed 302,000-square-foot office building in the Galleria submarket of Houston. alliantgroup, which has pre-leased 125,000 square feet of the facility, purchased the property from Skanska Commercial Development. The building, which is pre-certified LEED Platinum, will also house tenants Datacert, Skanska and Becker Financial. David Aaronson and John Fenoglio of CBRE arranged the financing through Mesa West’s Core Debt Fund.
TYLER, TEXAS — Contractor Hill & Wilkinson has broken ground on The Village at Cumberland Park, a new 750,000-square-foot retail project of developer The Retail Connection. The property is located at the corner of Loop 49 and South Broadway in Tyler, slightly less than 100 miles east of Dallas. National brands such as Bed Bath & Beyond, TJ Maxx, Petco, Studio Movie Grill and Osh Kosh have already signed leases at the development. Hodges & Associates is serving as architect on the project, which is expected to open in summer 2014.
FORT WORTH, TEXAS — KDC, a development and investment firm headquartered in Dallas, has completed a broadcasting and multimedia news facility totaling 75,000 square feet at The CentrePort Business Park in Fort Worth. NBC 5/KXAS-TV will occupy the property, which will operate on a 24-7 basis and features an on-site fitness facility and cafeteria. Corgan Associates Inc. acted as project architect, and Adolfson & Peterson Construction worked as general contractor. Gary Collett and Matt Heidelbaugh of Cushman & Wakefield provided brokerage services.
SHERMAN, TEXAS — BMC Capital has arranged a $4.3 million loan for Post Oak Crossings, a 176-unit multifamily property in Sherman, approximately 10 miles from the state border with Oklahoma. Located at 3301 Heritage Parkway, the apartment community offers one- and two-bedroom floor plans as well as amenities such as a swimming pool, clubroom and spa. The terms of the loan include a five-year term at a fixed rate of 3.9 percent and a 25-year amortization schedule. Brian Gramlich of BMC’s Dallas office arranged the loan through one of the firm’s correspondent banking relationships.
PLANO, TEXAS — NorthMarq has arranged a $13.9 million refinancing loan for Preston Creek Shopping Center, a 79,770-square-foot neighborhood retail center in Plano. The property comprises six buildings located at 8300-8412 Preston Road. Current tenants include Pei Wei Asian Diner, Mi Chula’s Good Mexican and Ultimate Pilates. NorthMarq arranged the non-recourse, fixed-rate loan through a CMBS lender.
MESQUITE, TEXAS — Proterra Properties Inc. has purchased a 31,650-square-foot industrial building in Mesquite, a suburb of Dallas approximately 13 miles east of downtown. Situated on 5.7 acres at 2615 Big Town Blvd., the property is currently occupied by Cummins Southern Plains LLC and includes 4,000 square feet each of office space and showroom space. Dave Anderson of CBRE represented both Proterra and the seller, the name of which was not disclosed in the negotiations.
LOWRY CROSSING, TEXAS — The Mansour Group of Marcus & Millichap has brokered the sale of Spec’s Wine Spirits and Distribution Center, a 14,261-square-foot net-leased property in Lowry Crossing, approximately 35 miles northeast of Dallas. The building is one of more than 190 Texas locations of Spec’s Family Partners, which was founded in 1962 and ranked as the fifth largest wine retailer in the U.S. in 2010. Alvin Mansour of The Mansour Group represented the seller, a developer. A California investor purchased the property as part of a 1031 tax-deferred exchange.
SAN ANTONIO — Full-service real estate firm Carter is developing a 590-bed student housing project less than half a mile away from the University of Texas at San Antonio (UTSA). The property will include 121 flats and 77 townhomes in two-, three- and four-bedroom floor plans plus amenities such as a swimming pool, dog park, fitness center and media room. Two prominent retail centers — The Shops at La Cantera and The Rim — and UTSA Park West, the school’s athletic facility, are located within less than a mile. Reese Vanderbilt & Associates is serving as architect, Pape-Dawson Engineers Inc. is acting as civil engineer, SpawGlass is working as contractor and Cardinal Group Management will be the property manager. Construction is slated for completion in July 2014.
ARLINGTON, TEXAS — United Commercial Realty (UCR) has brokered the sale of Plaza at the Parks, a 216,368-square-foot retail asset in Arlington. The shopping center was 85 percent leased at the time of sale to tenants including Michaels, Sam Moon, Chair King and Sun & Ski Sports. Adam Howells, Tommy Tucker, Kevin Catalani, Jessica Donnelli and Tim Axilrod of UCR represented the seller, the Dallas-based commercial real estate developer Hunt Properties. Regional Management Co. purchased the property, which is located in close proximity to the 1.5 million-square-foot Parks at Arlington mall.