DALLAS –– NorthMarq Capital has arranged first mortgage financing of $16.5 million for an 11 building portfolio spread across Dallas and Houston. The properties make up 1.6 million square feet of industrial space. Bart Dickinson of NorthMarq’s Dallas office arranged the loan on a 10-year term with a 15-year amortization schedule through its correspondent relationship with Nationwide Insurance.
MISSOURI CITY –– Murphy Oil USA has purchased a 1.64-acre parcel of land at 6302 Hwy. 6 in Missouri City for a new full service station. Mark Sondock of New Quest represented Murphy Oil and John Novak of Colliers International represented the seller, Missouri City 6, LP.
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.