DALLAS — Beech Street Capital has closed $19.3 million in Fannie Mae loans to refinance a Class B, three-apartment property portfolio totaling 720 units in Dallas/Fort Worth. Larry Sneathern of Beech Street's Dallas office arranged the 10-year loans with seven years of field maintenance.
ADDISION — Regions Bank has sold the 79,481-square-foot Westgrove Air Plaza, a two-story office building located on land leased to Addison Airport at 4570 Westgrove Road in Addison. The property is 50 percent occupied by 15 tenants. Dallas-based Bradford Commercial Real Estate Services represented the buyer, North Texas-based Guardian Texas Management, in the all-cash transaction.
DALLAS — A California investment group led by Michael Day of Embarcadero Advisors has purchased the 45,000-square-foot Spec’s Wines, Spirits & Finer Foods, located on the southeast corner of North Central Expressway and Walnut Hill Lane in Dallas. Rick Ikeler and Brad Gibbs of SRS Real Estate Partners represented the buyer in the transaction. The seller is Glenn Lake Partners LP.
HOUSTON — Transwestern has arranged a 64,413-square-foot lease at Two Westway, an office building located at 11025 Equity Drive in Houston. Eric Anderson and Doug Little of Transwestern represented the landlord, DeVry Park Limited Partnership, which is managed by Founders Properties of Minneapolis, in the lease transaction. Andy Iversen and Noah Kruger of Jackson Cooksey represented the tenant, Seadrill Americas. The lease transaction brings Two Westway to full occupancy.
BEAUMONT — Alliant Capital has closed a $5.6 million acquisition loan for the 182-unit Settler’s Cove, a garden-style apartment community located in Beaumont. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule.
SAN ANTONIO — San Antonio-based LYND has partnered with Miami Lakes, Fla.-based Florida Venture Partners (FVP) to acquire 11 distressed multifamily properties with a loan balance of $200 million. The properties total 3,241 units and are located in seven states: Texas, Georgia, Florida, South Carolina, Virginia, Colorado and California. LYND used capital from a co-investment fund for the acquisition. LYND and FVP plan to rehabilitate the properties and hold them for multiple years. CBRE brokered the court-appointed receivership sale.
STILLWATER, OKLA. — Oklahoma State University (OSU) and A&M Board of Regents have selected Tulsa, Okla.-based KSQ Architects to design a new, $42 million residential hall serving the students of OSU in Stillwater. The new community will replace Kerr-Drummond Hall on the site of Kaye Barrett Droke Track on Hall of Fame Avenue at Cleveland Street. The project will feature 800-900 rooms.
MOORE, OKLA. — Inland Real Estate Acquisitions has acquired The Shops at Moore, a 259,996-square-foot shopping center located in Moore, for $38.75 million. JC Penney anchors the center, which includes other tenants such as Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot, Hobby Lobby, Famous Footwear and Rue21. Inland was self-represented in the transaction by Matt Tice.
COLLEGE STATION — ARA National Student Housing Group has arranged the sale of The Zone and The Enclave, two student housing properties serving the students of Texas A&M in College Station. The Zone is a 240-unit, 588-bed property featuring a resort-style pool, fitness center, tanning facilities, basketball and volleyball courts, game room with billiards and a business center. The Enclave is a 340-unit, 536-bed property featuring a resort-style pool, tanning facilities, a basketball court and a sand volleyball court. Chris Bancroft, Chris Epp and Kelly Witherspoon of ARA represented the sellers in the transaction. Both properties are 98 percent occupied. The buyer was Horizon Realty Advisors.
HOUSTON — Chicago-based Brennan Investment Group and DLJ Real Estate Capital Partners have acquired a nine-building industrial portfolio totaling 338,577 square feet in Houston. Brennan and DLJ plan to reposition and lease up the portfolio.