ENNIS, TEXAS — Marcus & Millichap has brokered the sale of a 31,407-square-foot retail property in Ennis, approximately 35 miles southeast of Dallas. Located at 1012 E. Ennis Ave., the asset includes a shopping center that is 92 percent leased to tenants including Sally Beauty Supply, Dollar Tree, GameStop and Starbucks Coffee, as well as the ground lease for an adjacent, freestanding location of Chili’s Grill & Bar. Vincent Knipp of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Philip Levy, also of Marcus & Millichap’s Fort Worth office, secured the buyer, a limited liability company.
Texas
DALLAS — Lee & Associates has brokered the sale of a 20,471-square-foot industrial property in Dallas. The warehouse facility, located at 2605 Northaven Road, was originally constructed in 1971 and features 20-foot clear heights. Nathan Denton of Lee & Associates represented the seller, McGray Group II LLC, in the transaction. Tracy Peterson of ReMax DFW represented the buyer, remediation and compliance services provider Environmental Logistics.
DALLAS — Parmenter Realty Partners has acquired The Tower at Cityplace, a 1.3 million-square-foot office building approximately one mile north of the Arts District in downtown Dallas. Located at 2711 N. Haskell Ave., the 42-story property was constructed in 1988 and offers close proximity to the upscale neighborhoods of Highland Park and West Village. The Tower at Cityplace features a 35,000-square-foot fitness center and spa, conference center with amphitheater and covered walkway to restaurants and additional amenities. Parmenter, which purchased the asset as the final property of Parmenter Realty Fund IV, will implement a capital improvement program for the building’s common areas. GE Capital provided financing for the deal, while Andrew Levy, Todd Savage and Elizabeth Malone at HFF represented the seller.
HOUSTON — LMI Capital has arranged a $43.4 million cash-out refinance loan for a five-property Houston multifamily portfolio. The properties, located in the Westheimer, Gulfgate and Clear Lake submarkets, total 1,300 units. The borrower has renovated each of the assets since acquiring the portfolio. Brandon Brown of LMI, in conjunction with colleague Ken Lawrence, originated the non-recourse refinancing at an interest rate of 3.6 percent through a Fannie Mae lender. The loan includes a 30-year amortization schedule, flexible prepayment options and the opportunity to convert to a seven-year fixed rate.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Spanish Village, a 145-unit multifamily property in Fort Worth. Located at 5700 Meadowbrook Drive, the apartment community offers studio, one- and two-bedroom floor plans as well as two on-site laundry facilities and a playground. The complex was originally constructed in 1969 and consists of 21 two-story buildings. Boyan Radic, Doug Banerjee, John Barker and Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The same team secured and represented the buyer, a limited liability company.
BEDFORD, TEXAS — Bradford Commercial has brokered the sale of a 43,428-square-foot office asset in Bedford, a suburb approximately 15 miles northeast of Fort Worth. The two-story, Class B building, located at 1320 Tennis Drive, previously housed restaurant software developer Aloha POS. Originally developed in 1981 as a health club, the property features amenities including a basketball court, two racquetball courts, commercial kitchen and covered swimming pool. Karen Simon and Erik Blais of Bradford represented the seller, Sapience Partners Ltd., in the all-cash transaction. Josh Born of Keep Real Estate Holdings LLC represented the buyer, a financial services company that will use the facility as its new headquarters.
HASLET, TEXAS — Bentall Kennedy has acquired a 1.1 million-square-foot distribution center in the Fort Worth suburb of Haslet. The facility, fully leased by Amazon.com for the next 15 years, is located within the 18,000-acre, master-planned AllianceTexas. Hillwood Development Co. sold the property on behalf of an institutional investor. Features include proximity to Westport Parkway, high clear-height ceilings and a high parking ratio.
HOUSTON — Grandbridge Real Estate Capital LLC has arranged a $17 million first mortgage for the Briar Club, a 56,353-square-foot recreational and social club in Houston. Located at 2603 Timmons Lane, the family-centered facility features two swimming pools, tennis courts and a 22,000-square-foot fitness and wellness complex. The 15-year loan includes a fixed rate of five percent, 36 months of interest-only payments and a 20-year amortization schedule. Greg Young led the Grandbridge team in securing the financing through a life insurance company correspondent.
CORSICANA, TEXAS — The firm of Bellomy & Co. has brokered the sale of a 250-unit, 31,150-square-foot self storage facility in Corsicana, approximately 55 miles southeast of downtown Dallas. Operated as Amy’s Attic Self Storage, the Class A property was constructed in 2002 and expanded in 2007. Bill Bellomy, Michael Johnson and John Owens of Austin-based Bellomy & Co. represented the seller, Temple, Texas-based RAS Investments. Bellomy, Johnson and Owens also secured the buyer, Corsicana Self Storage LLC.
AUSTIN, TEXAS — Atlantic | Pacific Cos. has completed the renovation of The Atlantic | Grand Oaks, a multifamily property it owns in Greater Austin. The 240-unit complex, previously known as The Crossing, underwent improvements to the clubhouse, fitness center and unit interiors. The renovation also included the addition of a private, fenced dog park. Located at 9323 Manchaca Road, The Atlantic | Grand Oaks offers units ranging from one to four bedrooms.