HEWITT –– FedEx Corp. has broken ground on a 102,000-square-foot distribution facility in central Texas. The site doubles its current capacity with 96 van positions, and is expandable to 120. The new space should allow volume increase, which could lead to increase in hiring for the site, according to FedEx.
RED OAK –– Boston Capital has invested in the rehabilitation of Red Oak Apartments, a 116-unit multifamily development for families earning 60 percent or less of the Area Median Income. The general partner in the transaction, Highland Property Development, has been working with Red Oak’s government to widen Red Oak Road, which is the access point for Red Oak Apartments. The property has been rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Boston Capital has invested in 20,679 units of affordable houses in Texas.
HOUSTON –– Cornerstone Mortgage Co. has renewed its lease on a 49,574 square-foot property. The site is located at 1177 West Loop South in Houston. Chris Lewis of Griffin Partners, a commercial real estate company based in Houston, represented Cornerstone. Marshall Clinkscales of Colliers represented the tenant in the transaction.
SOUTHLAKE –– Isle of Watermere, a senior housing community owned by South Bay Partners, received $16 million in fixed-rate, permanent financing through the Fannie Mae DUS program by Oak Grove Capital. The Isle of Watermere is a 92-unit community and is managed by Life Care Services. Heidi Brunet of Oak Grove Capital originated the 10-year term loan with a 30-year amortization schedule.
DALLAS –– NorthMarq Capital has arranged $1.6 million in financing for 345 West FM-544, a 4,900-square-foot property fully leased to Quik Trip. The financing was based on a 17.5-year term and a 17.5-year amortization schedule. Phillip Bankhead of NorthMarq’s Dallas office arranged the first mortgage financing through American Fidelity.
STAFFORD — Venterra Realty purchased Shadowbrooke and Silverbrooke, two multifamily communities totaling 552 units, in separate transactions. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of Holliday Fenoglio Fowler L.P., represented the sellers: Shadowbrooke Apts, Ltd. and Shadowbrooke Partners, L.P. and CTDB Funding Co., a joint venture between Captec Financial Group and Drawbridge Special Opportunities Fund. In addition to representing the sellers, Cortney Cole of HFF helped secure a fixed-rate acquisition loan through PPM Finance, Inc. Shadowbrooke is located at 1025 Dullies Ave. and Silverbrooke is located at 1020 Brand Ln. in Stafford, about 18 miles southwest of downtown Houston.
ORANGE — Marcus & Millichap Real Estate Investment Services announces sale of a Hampton Inn site, a 68-room hospitality location. Eric Guerrero, Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office represented both the buyer, a private investor, and the seller, a partnership. The Hampton Inn site is located at 2080 Interstate 10 West. The list price on the location was $5.95 million.
DALLAS — Colony Realty Partners, a private real estate investment company, has purchased Corporate Ridge, a four-building industrial portfolio spanning 478,000 square feet. Holliday Fenoglio Fowler L.P., a commercial real estate and capital markets company, represented the seller, Champion. Randy Baird, Jud Clements and Robby Rieke, all of HFF, represented Champion in the transaction. The property is comprised of two warehouse buildings and two industrial/flex buildings that sit at 1200 Lakeside Pkwy.
DALLAS — Lakewood Shopping Center, a 67,059-square-foot retail center located at 1904 Abrams Rd. in Dallas, has sold. Kevin Brookmole and Kari Pearce of Colliers International represented Corrigan Investments Inc. in the sale of the center, while Dan Beaird represented Lincoln Property Co. Lakewood Shopping Center’s original building was constructed in 1939 and expanded in 1965. The center includes tenants such as Dixie House Restaurant, Ali Baba, Penne Pomodoro, Radio Shack, Ace Hardware, Go Yoga, Sport Clips and others.
DALLAS — JLCC Investors LLC, an investment entity formed by Jose and Cristina Cuevas, purchased a 15,040-square-foot retail/industrial building in Farmers Branch, Texas, from M&M Investors. 1800flowers/Dallas, a floral business with Jose Cuevas as its franchisee, will lease the facility, which sits at 3380 Belt Line Road. Jean Russo of Cushman & Wakefield of Texas, Inc. represented JLCC Investors in the deal, and Chad Albert of NAI Robert Lynn Company represented M&M. “The highly visible corner lot on Belt Line, along with the planned improvements, is a perfect fit for 1800flowers/Dallas’ expanding business needs,” said Russo. Renovations to the facility are expected by August and 1800flowers/Dallas is expected to move in by September.