DALLAS — Legendary Dallas Cowboys running back Emmitt Smith has launched his own national real estate services firm, E Smith Realty Partners. Industry veterans Sharon Morrison and Brant Landry, both previously with Transwestern, join the former star in this new venture. Since retiring from the NFL in 2004, Smith has also founded a construction company, EJ Smith Construction, and a real estate development and management firm, ESmith Legacy.
Texas
HOUSTON — Houston-based real estate services firm Midway has added the Four Points by Sheraton Houston West to its CITYCENTRE development. The 171-room full-service hotel was originally part of the Town & Country Mall complex, which was razed to make way for Midway’s project in 2007. The Four Points will provide a lower price point for travelers than the development’s existing hospitality property, Hotel Sorella. The acquisition increases the footprint of CITYCENTRE by approximately three acres and extends its northern boundary to Interstate 10.
DALLAS — CBRE’s Private Capital Group in Dallas has arranged the sale of the 68,440-square-foot Mockingbird Depot retail property near Dallas Love Field Airport. Located at 2601-2727 W Mockingbird Lane, the shopping center was 100 percent leased at the time of sale and features a J. Hilburn Men’s Clothing store. ATR & Associates of Dallas purchased the property for an undisclosed amount. Jennifer Pierson and Beth Pierson of CBRE represented the seller.
DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.
ARLINGTON, TEXAS — KTR Property Trust III has purchased an industrial asset comprising three buildings and 543,000 total square feet in Arlington, a suburb of Dallas/Fort Worth. Located at 600 109th Street in the Lower Great Southwest submarket, the property includes two trailer yards and was 100 percent leased at the time of sale. Michelle Hudson of Hudson Peters Commercial represented the buyer, an investment vehicle of KTR Capital Partners. John Brewer of CBRE represented the seller.
MCKINNEY, TEXAS — VanTrust Real Estate LLC has started construction on a 120,000-square-foot speculative office development in the Craig Ranch mixed-use community of McKinney, a northern suburb of Dallas. The building, designed by architects O’Brien & Associates, is the first phase of a larger planned office park to be known as McKinney Corporate Center. MYCON General Contractors has been awarded the design-build contract for the project. Burson Holman and Shannon Brown of CBRE Dallas will represent owner VanTrust in leasing the building.
BROWNSVILLE, TEXAS — Real estate investment and development firm RightQuest LLC has broken ground on Bella Vista Apartments, a two-phase project that will consist of 250-plus units in Brownsville at the southernmost tip of Texas. RightQuest is working with general contractor Peterson Construction Inc. on behalf of JJR Group LTD, a privately held company. The first units will be ready for occupancy in March 2014. Bella Vista is the third Class A apartment property developed by RightQuest in the last 18 months.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the Waters at Northern Hills, a 304-unit multifamily community at 4031 Thousand Oaks Drive in San Antonio. The property, set on a private lake, includes a mix of one- and two-bedroom apartments plus a fitness center, wooded picnic area and swimming pool. Will Balthrope, Scott Lamontagne, Zar Haro and Michael Moffitt of M&M represented the seller, a 501(c)(3) not-for-profit company.
HOUSTON — NAI Houston has brokered the sale of a 37,500-square-foot warehouse at 8200 Telephone Road in Houston. The property is located on a 2.7-acre lot in the South Highway 35 industrial submarket. NAI’s John Ferruzzo and Clay Pritchett represented the seller, Eastpark Partners Limited, while Doyle Toups of Moody Rambin Interests represented the buyer, DSDY Real Estate LLC.
IRVING, TEXAS — The Debt and Equity Finance Group of CBRE Capital Markets has secured $8 million in financing for 1212 Corporate Drive in Irving, a multi-tenant office asset of Libitzky Holdings LP. The 124,128 square-foot property, located in the Las Colinas neighborhood, was built in 1982 and renovated in 2008 and 2009. Libitzky has owned the building since 2011. Greg Greene, Matt Ballard and Patrick Benoist of CBRE’s Dallas office arranged the terms of the 10-year, fixed-rate loan.