PLANO, TEXAS — ARA has arranged the sale of Heritage at Lakeside, a 181-unit multifamily property in Plano, to Los Angeles-based JRK Property Holdings for an undisclosed price. Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy of ARA represented the seller in the transaction. The average unit is sized at 1,582 square feet.
ROBINSON, TEXAS — The Waco Industrial Foundation (WIF) has purchased approximately 634 acres of land in Robinson from Dove Hill Partners LP. The tract is located at the southeastern corner of Interstate 35 and South Loop 340/State Highway 6. The land has 2,300 feet of footage along the interstate. H. Bland Cromwell of Coldwell Banker Commercial | Jim Stewart, Realtors. Jason Cooper of Dallas-based Cooper Real Estate Advisors LLC assisted in the transaction. WIF manages a $37.5 million real estate portfolio of industrial facilities. WIF will use the new land to provide industrial sites for prospective clients.
MARBLE FALLS, TEXAS — KW Commercial has arranged the sale of a 10,129-square-foot, freestanding office building at 507 Ranch Road in Marble Falls. The office building is leased to NorthStar Bank, Westlake Dermatology and Treehouse Dental. Approximately 1,615 square feet of space is currently available. Nick Nelson and Jim Young of KW Commercial represented the buyer, an investor based in Austin, in the sale. Jane Marie Hurst of KW Commercial represented the seller, a local partnership.
HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of Eagle Lake Storage, an 87,609-square-foot self storage facility located at 16900 W. Lake Houston Parkway in Humble. The facility had a list price of $3 million. Justin Miller and David Knobler of Marcus & Millichap's Houston office represented the seller, a Texas-based developer, in the transaction.
SAN ANTONIO — K1 Speed has leased 42,217 square feet of space at 6955 N.W. Loop in San Antonio to operate an indoor go-kart racing facility. K1 has 17 locations nationwide, including around Houston and Austin. The new San Antonio location is slated to open in July. Keith McRee of SRS Real Estate Partners represented the landlord in the lease deal. Jim Stoltz represented K1.
DALLAS — Prescott Realty Group has kicked off the development of an unnamed $45 million multifamily development in Dallas. Prescott has begun the abatement process of the existing White Rock Trail and Toscana apartment communities, which will be followed by demolition. The new Class A, 362-unit apartment community will incorporate a proposed public hike and bike trail connection to the upcoming Lake Highlands Trail and the existing White Rock Creek Trail. The new community is slated to open in late summer 2014.
SPRING, TEXAS — Hunington Properties has arranged the sale of Woodlands Gateway Plaza, a 50,000-square-foot retail center located at the northeast intersection of Interstate 45 and Rayford Road in Spring. The property is 82 percent occupied by a mix of local and national tenants including Popeye's Chicken & Biscuits, Crabby Daddy's Seafood and the Woodlands Fish Market. Todd Carlson of Hunington represented the seller, an out-of-state investor who purchased the center in 2002. The buyer, a local investor, purchased the property in an all-cash transaction.
HOUSTON — HFF has secured $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot power center in northwest Houston. The shopping center is located at 4501 FM 1960 and is 93.7 percent leased to Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree. Tyler Ford and Christopher Vittetoe of HFF arranged a $34.5 million, 10-year senior loan at a fixed rate through Deutsche Bank on behalf of the borrower, Austin-based World Class Capital Group LLC. HFF also placed a $4.6 million mezzanine loan through SteepRock Capital.
CUERO, TEXAS — Aries Capital has arranged $4.7 million in construction financing for a new 77-room Holiday Inn Express coming to Cuero in the Eagle Ford Shale area. Leonard Smith of Aries Capital arranged the loan with an 18-month, fixed-rate term of 6 percent. Smith arranged the loan through an SBA 504 loan provider and the Community Development Council.
DALLAS AND GAITHERSBURG, MD. — KBS Real Estate Investment Trust III has closed on a $269 million purchase of three office properties: Preston Commons and Sterling Plaza in Dallas, and One Washingtonian in Gaithersburg. The purchase is KBS REIT III’s largest transaction to date. Preston Commons is a three-building, Class A complex with 427,799 square feet of rentable space covering 6.33 acres. Sterling Plaza is a Class A, LEED Silver-certified property with 313,609 square feet of rentable space. Preston Commons and Sterling Plaza are both currently 86 percent occupied and located in Dallas’ Preston Center neighborhood. One Washingtonian is a Class A, LEED Platinum-certified tower with 321,007 square feet of rentable space. The property is currently 94.9 percent occupied and is located on the west side of Interstate-270 in Gaithersburg. The complex is part of Washingtonian Center, a 212-unit mixed-use project that includes restaurants, shops, hotels and offices. CBRE’s Russel Ingrum led the portfolio sale with local assistance in Dallas by Gary Carr and in Maryland by Bill Kaye and Ryan Clutter, all with CBRE. KBS REIT III purchased the properties from affiliates of CBRE Global Investors.
