DALLAS — Jackson, Miss.-based EastGroup Properties has acquired a three-property distribution center portfolio located in Dallas. The properties total 227,000 square feet and are situated in the city’s Northwest submarket along Stemmons Freeway. They were constructed between 1979 and 1981, and currently have an occupancy of 87 percent by six tenants. EastGroup plans to rename them Interstate Distribution Center V, VI an VII. The seller and the acquisition price were undisclosed.
SAN ANTONIO — Marcus & Millichap has brokered the sale of the eighth floor of the Falcon Building, an office tower located at 425 Soledad St. in downtown San Antonio. Greg Gaynor of the firm’s Austin, Texas, office represented the seller, a private investor. The buyer and the acquisition price were not released.
TULSA, OKLA. — Alliant Capital has completed the $4.8 million refinancing of Executive Series, a 133-unit multifamily community located in Tulsa. The loan includes a 10-year term and a 30-year amortization schedule. Yuri Kletsman of Alliant arranged the loan on behalf of the borrower, Executive Series LLC. The lender was not disclosed.
CONROE, TEXAS — Mercan City Place Development, a division of D’Agostino Cos., has completed construction for a new 60,000-square-foot medical office building on behalf of Sadler Clinic. The project is located on a 54-acre medical campus at the intersection of Interstate 45 and League Line Road in Conroe. It consists of an urgent care center, support services and additional physician space. It is the 10th Sadler Clinic location in Montgomery County. D’Agostino and Sadler are currently finalizing plans for the construction of a second medical facility on the site. Jeff Beard of The J. Beard Real Estate Company represented both parties in the build-to-suit transaction.
DALLAS — Dallas-based Westmount Realty Capital has sold approximately 6.9 acres of land located at the Westmount Health Campus in Dallas for the expansion of the adjacent Forest Park Medical Center. Completed in March, the first phase of Forest Park Medical Center consists of a 66,000-square-foot specialty hospital. The buyer, Forest Park Realty Partners III, has the option to purchase an additional 3.8 acres for even further expansions. Sherwood Blount of Parkway Realtors represented Westmount Realty Capital Newt Walker of Newt Walker Co. represented Forest Park Realty Partners III. Westmount originally acquired the 27-acre Westmount Health Campus, located at the intersection of the North Central Expressway and Forest Lane, in 2006. After this deal, 7.5 acres of the original tract remain for sale.
PALESTINE, TEXAS — Dallas-based The Cirrus Group has closed on a $5 million loan for the construction of a new medical office building located in Palestine. The facility will be located on Willow Creek Parkway near Loop 256 and will total 28,000 square feet. It will be anchored by an ambulatory surgery center that will feature 2 operating rooms and two procedure rooms. Additional space at the facility will contain physician offices. Construction is expected to take 7 months. The project architect is Bryant Burton Kupcunas Architects and the genera contractor is Hill & Wilkinson. The facility will be operated by Springfield, Mo.-based Medical Consulting Group. Cirrus arranged the loan on behalf of the borrower, one of the company’s affiliates. The lender is Southwest Securities, FSB.
HOUSTON — Houston-based Midway Cos. has announced the grand opening of the new Hotel Sorella at CITYCENTRE, a $500 million mixed-use project located in Houston. The luxury hotel will feature 244 rooms, including 30 junior suites and a penthouse suite. Hotel amenities include a Moroccan-style bar with a central fireplace and active seating, a fitness center and spa, an outdoor pool with daybeds and draped cabanas, and two restaurants, Cafe Rosé and Bistro Alex. CITYCENTRE comprises 1.8 million square feet of mixed-use space on 37 acres between Interstate 10 West and the Sam Houston Tollway.
LA PORTE, TEXAS — The Houston office of Turner Construction Co. has completed a new municipal court building for the city of La Porte. The 11,300-square-foot facility features a 4,000-square-foot courtroom, administrative offices, a landscaped courtyard and 100,000 square feet of parking space. Sustainable features of the building include six methods of alternative energy production, including a natural gas-powered generator, a reflective roof, the use of recycled construction materials, high-efficiency plumbing features, low-emitting interior materials and a drip irrigation system. In addition to daily city use, the building will also double as an emergency control center for the city and can withstand a Category 3 hurricane. The project architect was Huitt-Zollars.
HOUSTON — Houston-based Tax Masters Inc. has signed a lease for 2020 Dairy Ashford, a six-story, 107,890-square-foot office building in Houston. The property is part of a two-building complex located on Dairy Ashford Road. The company is relocating from its previous offices at 900 Town and Country Lane, also in Houston. CBRE’s David Hanusa and D.A. Smith of Briarhollow Realty Group represented the landlord, DAP Plaza Ltd. Terms of the lease were not disclosed.
ROUND ROCK AND DENTON, TEXAS — Acting as project architect, Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed two Texas multifamily projects. The first, Colonial Grand at Ashton Oaks, is a 362-unit apartment community located in Round Rock. It contains a mix of one-, two- and three-bedroom units ranging in size from 785 to 1,195 square feet. Amenities include a 6,500-square-foot clubhouse with a fitness center, an Internet café and a resort-style swimming pool. Colonial Properties is the project’s developer. The second project is The Forum at Denton Station, a $45 million student housing community located in Denton. The project consists of 348 units in a mix of one-, two-, three- and four-bedroom residences. Amenities include a 16,000-square-foot clubhouse and recreation building, three volleyball courts and a resort-style pool with a sundeck. Parkland Development Corp. is the project’s developer.