PLANO — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 140,130-square-foot Jupiter Business Park, an industrial property located at 1111 Jupiter Rd. in Plano. Ronald Reese of NorthMarq's Dallas office arranged the 7-year loan with a 25-year amortization schedule through Summit Investment Advisors on behalf of the borrower, Jupiter Business Park Ltd., an entity controlled by Los Angeles-based Mindlin Cos.
DALLAS — Mark One Capital, a subsidiary of Marcus & Millichap, has secured acquisition financing for the 20,000-square-foot Baylor Surgery Center, located in Dallas. Farhan Kabani of Mark One's Dallas office arranged the 5-year loan with a 25-year amortization schedule and a fixed 4.66 percent interest rate.
RICHARDSON — Dayton, Ohio-based The Connor Group has purchased the 338-unit Arboretum Estates, located at 411 Buckingham Rd. in Richardson, from Arboretum Estates, Ltd., for an undisclosed price. The property sits on a 14-acre parcel in the north Dallas submarket.
AUSTIN — Dallas-based SRS Real Estate Partners has arranged the sale of the 7,550-square-foot Southcross Station, a shopping center located at 3601 W. William Cannon Dr. Jason Middlebrook of SRS Real Estate Partners' Austin office represented the seller in the transaction.
DALLAS — NorthMarq Capital has arranged $2.4 million in first mortgage financing for the 68,874-square-foot Parkway North, an office building located at 16800 N. Dallas Pkwy. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 25-year amortization schedule through Government Personnel Mutual Life Insurance Co. on behalf of the borrower, RMB Parkway North.
KATY — Houston-based My Fit Foods will open a 2,600-square-foot store in the 77,589-square-foot Highland Knolls Shopping Center, located at 1505-1565 S. Mason Rd. in Katy. The center is 90 percent leased to tenants such as Randalls, Washington Mutual, Skeeters, Quizno's Subs and AT&T. The store will be My Fit Foods' 17th location in the Houston area. Shawn Ackerman and Cyrus Chen of Henry S. Miller Brokerage's Houston office represented the landlord in the transaction.
When we look back at the last couple of years in the Dallas/Fort Worth industrial real estate sector, it is absolutely certain that it’s been great to be a tenant. Landlords have been fighting for new deals and trying to keep the ones they have. But is next year going to be better or worse than this year? In the past year, there have been glimmers that the real estate market and the economy might be on the rebound. With a complete lack of any notable new speculative industrial construction in the past 3 years in DFW, we’ve all been working to fill up the existing vacant inventory. In the past 4 quarters, we’ve seen positive absorption of approximately 10 million square feet. We’ve moved the needle in DFW from 11.5 percent vacancy, to 10.5 percent in one year’s time. While that’s significant compared to where we’ve been, it’s approximately half of where we were in 2007 when we saw more than 20 million square feet of industrial absorption in 2007 in DFW alone. While it seems that the market is positioning itself for some sustained growth, the flex sector of the industrial market still seems to be flagging. Vacancy …
HOUSTON, SPRING AND KATY — ARA has brokered the sale of a 940-unit multifamily portfolio featuring the 318-unit Piney Creek in Houston, the 304-unit Spring Creek in Spring and the 318-unit Downs at Cinco Ranch in Katy. David Mitchell, David Oelfke, Matt Rotan and David Wylie of ARA's Houston office represented the undisclosed seller in the transaction. Camden Property Trust was the buyer.
PARIS — Paris Junior College, located at 2400 Clarksville St. in Paris, has selected Plano-based SHW Group to design its $11 million, 41,800-square-foot Science and Technology Center. The new facility will provide classrooms, laboratory space and departmental offices. Construction began in October of this year and is slated for a December 2012 completion.
DALLAS AND FORT WORTH — Nebraska Furniture Mart has purchased four parcels of land, located south of Highway 121 and east of Plano Parkway in the Dallas/Fort Worth area, totaling 433 acres,to develop its fourth and largest store in the country. Larry Leon, Jonathan Cooper and Bob Moore of Venture Commercial Real Estate's Dallas office represented the buyer in the purchase of a 308-acre tract. The seller was Maharishi Global Development Fund. David Davidson Jr. of Venture's Dallas office and David Davidson Sr. of Davidson Real Estate helped Leon, Cooper and Moore in the purchase of the surrounding three parcels.