RICHMOND — The law office of Steven Rocket Rosen has purchased the 6,000-square-foot Morton Street Gallery, a 6,000-square-foot gallery located at 214 Morton St. in Old Town Richmond. The gallery will be repositioned into an office building. Tawnya Dornak of Sugar Land-based ICO Commercial represented the buyer in the transaction. Diana Powers of Richmond-based RE/MAX Plantation represented the undisclosed seller.
DALLAS — BOKA Powell has created a new design for the 400,000-square-foot Victory Park office tower, a Class A building under construction in the Victory Park mixed-use development in downtown Dallas. BOKA Powell is teaming with KDC for the construction of the 23-story tower, which includes eight stories of parking. The design features 10-foot ceiling heights, high efficiency mechanical and electrical systems, LED lighting systems and an elevator control system that reduces the number of hoistway openings. Construction is expected to begin this fall and is slated for a late 2014 completion. BOKA Powell is working with potential tenants on office layouts and is pursuing LEED certification.
ARLINGTON — Mace Security International has disposed of a car wash facility, located in Arlington, for $2.1 million. Mace Security netted approximately $1.57 million after closing costs and paying off the related mortgage debt of $512,000. Mace now owns one car wash facility and leases one in Texas, which the company is seeking to dispose in keeping with its strategic departure from the car wash business.
HALTOM CITY — Marcus & Millichap has arranged the sale of the 88-unit Waldemar, a multifamily property located at 4812 Waldemar St. in Haltom City. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, in the transaction, and secured the buyer, a private investor. The new owner plans to make upgrades to the property, which is approximately 90 percent occupied.
ALLEN — PFSweb will relocate its corporate headquarters to 95,877 square feet of office space, located in the Allen Millennium Park facility at 505 Millennium Dr. in Allen. Renovations to the space, which has been vacant for more than 8 years, will be designed by Corgan Associates and constructed by MAPP Construction. Grant Sumner and John Dickerson of Peloton Commercial Real Estate's Dallas office represented the landlord, Capital Commercial Investment, in the lease transaction. Rick Hughes and Dan Cook of Cushman & Wakefield of Texas' Dallas office represented the tenant.
HOUSTON — New York City-based Hudson Realty Capital has provided a $6.9 million bridge loan for an undisclosed 272-unit apartment complex, located in the greater Houston area. The borrower, an undisclosed multifamily owner/operator, is using the loan to acquire the property and fund renovations. The complex is 84 percent occupied.
HOUSTON — New York City-based Hudson Realty Capital has provided a $6.9 million bridge loan for an undisclosed 272-unit apartment complex, located in the greater Houston area. The borrower, an undisclosed multifamily owner/operator, is using the loan to acquire the property and fund renovations. The complex is 84 percent occupied.
ROUND ROCK — Aries Capital has arranged a $5 million construction loan for a new 83-room Microtel, located in Round Rock. The property is owned by Longhorn Lodging Partners and will be managed by Caerus Hospitality Partners. Leonard Smith of Aries Capital's Houston office arranged the loan.
THE WOODLANDS — The Howard Hughes Corp. has partnered with Huntsman Corp. to complete a feasibility study for expanding the Huntsman facility, located in the Research Forest area of The Woodlands. The plans show an increase in the research and development capacity as well as a new five-story, 236,000-square-foot office building with an attached 900-space parking garage. The companies are exploring the opportunity to construct three new Class A office buildings and an adjacent parking garage.
AUSTIN — Dallas-based CMC Commercial Realty Group has commenced construction on the 308-unit Ladera Hill Country Apartments, a Class A multifamily property located along Interstate 35 between William Cannon Drive and Slaughter Lane in Austin. Greystar will manage the property. The apartments will include stainless steel appliances, enhanced lighting and granite countertops. Amenities will include a resort-style pool, fitness center, yoga studio, dog park and private garages.