LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of the 212-unit Basswood Manor, a multifamily property located at 1020 W. Fox Ave. in Lewisville. More than 80 percent of the property includes two- and three-bedroom units. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based partnership, in the transaction. Silva also secured and represented the buyer, a private real estate fund based in Canada. The buyer plans to make capital improvements to the property.
AUSTIN, TEXAS — NorthMarq Capital has arranged a $9.96 million bridge loan for the acquisition of West Side Village, a 50,152-square-foot mixed-use property located at 1214 W. 6th St. in Austin. The retail and office property features tenants such as Julian Gold, Artworks Gallery and Infochimps. Paul Brighton of NorthMarq's Dallas office arranged the non-recourse, three-year loan for the borrower through a REIT. The borrower, a Dallas-based private investment company, plans to reposition the property during the bridge period.
HOUSTON — HomeWood at Zion, a 70-unit affordable housing, multifamily community, has opened in Houston. The $12 million multifamily community spans nearly 80,000 square feet. Re-Ward Third Ward, a local nonprofit community housing development organization, is sponsoring the new community. Integrated Real Estate Group, a real estate investment and development firm, is also sponsoring the new community. The City of Houston's Housing and Community Development Department provided $1.3 million and the National Equity Fund provided $8 million for the community's development. Other contributors include JPMorgan Chase, National Equity Fund, Midtown and Greater Zion Baptist Church.
HOUSTON — HFF has closed the sale and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston. The complex consists of TeleCheck Plaza, 5333 Westheimer, Sage Plaza, Michaelyndon's on the Boulevard and Region's Bank. Dan Miller and Martin Hogan of HFF represented the sellers, Chase Merritt and PCCP, in the transaction. The buyer is a joint venture between Songy HighRoads LLC and The Carlyle Group. Wally Reid led the HFF team who arranged a three-year, 75 percent loan-to-value acquisition loan on behalf of the buyer through Bank of America Merrill Lynch – CMBS.
MIDLAND, TEXAS — ARA has arranged the sale of The Lakes and Windscape Apartment Homes, two apartment communities located in Midland totaling 478 units. The apartment communities are 97 percent occupied. Bart Wickard and Brian O'Boyle Sr. of ARA's Dallas office represented the seller in the transaction. The buyers are affiliates of Stoneleigh Cos. LLC.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of an 82,952-square-foot retail building leased to The Antique Gallery of Houston in Spring. The store is located at 21127 Spring Towne Drive. The property's list price was $2.875 million. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a partnership, in the transaction. Goldstein also secured and represented the buyer, a private investor.
THE WOODLANDS, TEXAS — Cycles TX has plans to open its first bicycle and accessories store in Texas at The Waterway Square District in The Woodlands Town Center. The store will be located at 1501 Lake Robbins Drive in The Waterway Square parking garage. Brent Everson of Everson Developments LLC represented Cycles TX in the lease transaction. Rip Reynolds of The Howard Hughes Corp. represented the landlord, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp.
SAN ANTONIO — Lone Star Funds has purchased Eilan, a 120-acre luxury mixed-use development located at 17101 La Cantera Parkway in San Antonio, as part of a 20-property U.S. portfolio. The development includes 205,000 square feet of Class A office space, The Shops at Eilan, the 165-room Eilan Hotel Resort & Spa and a Sustenio restaurant. Lone Star Funds plans to expand Eilan to include a new 5,000-square-foot fitness center, two new pools, a hiking/biking trail and a Piatti restaurant. CBRE San Antonio is responsible for leasing Eilan's office and retail space, with Lindsey Tucker and Steve Thomas handling the office leasing and Gene Williams handling the retail leasing.
IRVING, TEXAS — Colliers International North Texas has arranged the sale of Crestwood Center, a 75,000-square-foot office building located at 1200 W. Walnut Hill Road in the Las Colinas submarket of Irving. Creighton Stark and Ben Lurie of Colliers represented the seller, Austin-based Capital Commercial Investments, in the transaction. The buyer is Texas Prince Properties.
DALLAS — Uptown Dallas Inc., a nonprofit that manages the Uptown Public Improvement District, has commenced construction on the eight-acre Griggs Park. The park is located near the intersection of Woodall Rodgers Freeway and Central Expressway in Dallas. The construction kicks off the start of the Griggs Park Capital Campaign project. The construction includes children's facilities, kiosks, benches, picnic tables, groves of new trees, pedestrian pathways and fountains. Uptown Dallas will also add commemorative markers honoring the park's namesake, Rev. Allen Griggs, a former slave and pastor of the New Hope Baptist Church in the 1870s. Approximately $1.5 million has been allocated through a public-private partnership for the construction. The City of Dallas will provide basic upkeep and Uptown Dallas will be responsible for planting, watering, electricity and other park maintenance. SWA Group designed the park originally and ValleyCrest Landscape Cos. is completing the park's landscaping. Construction is slated for a fall 2013 completion.