PLANO, TEXAS — NorthMarq Capital has arranged $27.6 million in first-mortgage financing for Legends at Ridgeview Ranch, a 480-unit multifamily community located in Plano. The loan includes a 7-year term and a 30-year amortization schedule. Jeff Frankel of NorthMarq's Chicago office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
GRAND PRAIRIE AND PLANO, TEXAS — Colliers International has arranged two industrial lease renewals in Texas. In the first transaction, Atlanta-based Aaron Rents renewed its lease for 140,000 square feet of warehouse space at Heinz Way II, which is located at 901 Heinz Way in Grand Prairie. The company uses the space as its North Texas regional distribution hub. Noel Hutcheson, Larry Kell and Cash McWhorter with Colliers' Dallas office, along with Price Weaver and Ben Logue of the firm's Atlanta office, represented the tenant. Robert Allen of First Industrial Realty Trust provided in-house representation for the landlord. In the second transaction, Luminator renewed its lease for a 104,104-square-foot flex building at Plano Tech Center, which is located at 900 Klein in Plano. The single-story building contains 85,580 square feet of warehouse space and 18,500 square feet of office space. Jim Nelms and Scott Jessen of Colliers' Dallas office represented the tenant in lease negotiations. The landlord was represented by RREEF.
UNIVERSAL CITY, TEXAS — Construction is complete for Northeast Lakeview College, a 285-acre college campus that is part of Alamo Colleges. The campus, which is located at the intersection of Loop 1604 and Kitty Hawk Road in Universal City, contains nine buildings totaling 375,500 square feet. Designed by San Antonio-based Overland Partners Architects in conjunction with Ford Powell Carson, the college was built over the past 4 years at a cost of $125 million. The general contractor was Austin Commercial and the construction manager was Broaddus & Associates.
ARLINGTON, TEXAS — The Salvation Army has signed a lease for a 99,831-square-foot warehouse located at 2900 Ave. E in Arlington. The organization will take occupancy immediately and plans to use the facility as its Southeast regional disaster relief center. Brock Wilson and Mackenzie Schriber of Grubb & Ellis represented the landlord, First Industrial Realty Trust, in lease negotiations. Bill Davenport of The Davenport Group represented The Salvation Army. Terms of the lease were not disclosed.
DALLAS AND LEWISVILLE, TEXAS — CB Richard Ellis (CBRE) has brokered two industrial leases in the Dallas/Fort Worth Metroplex. In the first transaction, Ozburn-Hessey Logistics has expanded its existing lease at 4001 Adler Road in Dallas by 181,400 square feet. CBRE's Ann Huntington represented the tenant and Jake Marks, also of CBRE, represented the landlord, I-30 Distribution LP. In the second transaction, Golden Star Classic Auto Parts signed a lease for 71,400 square feet at 1800 Waters Ridge Drive in Lewisville. CBRE's Steve Trese represented the landlord, TIAA-CREF. Golden Star was represented by Dan Spika of Henry S. Miller Commercial.
SAN ANTONIO — Place/BV Student Housing Fund has closed on the land acquisition and construction loan for a new student housing project serving the University of Texas – San Antonio. Known as Avalon Place, the project will consist of 246 units in a mix of one-, two- and four-bedroom units. Community amenities include a clubhouse featuring an activity room, pool tables, a computer lab and a fitness center. Other amenities include a fitness center and a spa. Construction for the project has begun, and completion is slated for July. The manager of Place/BV Student Housing Fund is BVP Managers LLC, a joint venture between Chicago-based Blue Vista Capital Management and Atlanta-based Place Companies, an Affiliated Group.
FLOWER MOUND, TEXAS — The Flower Mound Town Council has approved Continuum Health Services' plans to develop a new inpatient rehabilitation hospital in Flower Mound. Continuum Rehabilitation Hospital will be built within an existing 55,280-square-foot building located at 3100 Peters Colony Road. The hospital will include 42 private beds, concierge, a spa, and wellness and restaurant services. The building will also contain a dedicated gym featuring state-of-the-art equipment, aquatic therapy, and hot and cold emersion baths. The construction timetable was not released. The new hospital is one of several new projects in Flower Mound. Medical Center of Lewisville recently opened a 24-hour emergency room and imaging center, and Texas Health Presbyterian Hospital's Flower Mound campus is expected to open this spring.
HOUSTON — NAI Houston has brokered the sale of 5521 Armour Drive, a 23,000-square-foot industrial building located in Houston. Travis Land and Michael Keegan of NAI represented the seller, Tire Source. Dan Nip of PMI Inc. represented the undisclosed buyer. The acquisition price was also undisclosed.
ALLEN AND FAIRVIEW, TEXAS — Cadence McShane Construction Co. has completed a multi-phase construction assignment at The Village at Allen and The Village at Fairview on behalf of developer The MGHerring Group. Over the course of five phases of construction, Cadence McShane built 12 retail buildings and two parking structures totaling more than 592,000 square feet and more than 900 parking spaces. The project architects were Architecture+, Alliance Architects and JPRA Architects. The Village at Allen and The Village at Fairview are the two components of a 3 million-square-foot mixed-use project located at the corner of U.S. Highway 75 and Stacy Road on the border of the cities of Allen and Fairview.
DALLAS — Dallas-based Westmount Realty Capital has disposed of an approximately 3.9-acre land parcel situated within its Westmount Health Campus in Dallas. Forest Park Realty Partners III purchased the site for the further expansion of its Forest Park Medical Center. The first phase of Forest Park Medical Center was completed in March and consists of a 66,000-square-foot specialty hospital. Forest Park Realty Partners purchased 6.9 acres of adjacent land in August. With this most recent transaction, only 5.5 acres remain of the 27-acre land parcel Westmount purchased in 2006 for the creation of a healthcare campus.