DALLAS — New York City-based Avant Capital has arranged a $2.85 million bridge loan for the acquisition and renovation of a 304-unit apartment community located in Dallas. The loan carries a 2-year term with interest-only payments, a 7 percent interest rate, a 2-year extension option and a 70 percent loan-to-value ratio. The lender is a local bank and the borrowers are multifamily investors with a strong Dallas-Fort Worth presence.
ALLEN, TEXAS — A Chase Bank branch property located in Allen has sold for $1.77 million. The 4,400-square-foot building was built in 2006 and is located at 1204 Angel Pkwy. Chris Thompson of Los Angeles-based Investment Real Estate Associates represented the buyer, a family trust. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, NEC Angel/Exchange, LTD.
DALLAS — Dallas-based oil and natural gas company EXCO Resources has leased an additional 30,450 square feet at Lakeside Square in Dallas. The company now occupies more than 152,600 square feet at the Class A building, which is located at 12377 Merit Dr. Celeste Fowden and Burson Holman of CB Richard Ellis negotiated the transaction between EXCO and the landlord, Younan Properties.
FORT WORTH, TEXAS — Jones Lang LaSalle (JLL) has arranged four leases totaling 47,005 square feet at 550 North Bailey Avenue, a seven-story, 122,828-square-foot office building located in Fort Worth. Engineering firm Dunaway Associates signed a lease for 30,304 square feet; law firm Cotten Schmidt signed a lease for 12,406 square feet; energy firm GSE Consulting signed a lease for 3,040 square feet; and financial services firm Sandlin Capital signed a lease for 1,255 square feet. All of the tenants will take occupancy in the fourth quarter. Whit Kelly of JLL represented the landlord, locally based Goff Capital. Pat McDowell of JLL represented Cotten Schmidt, and David Walters and Ryan Matthews, also of JLL, represented Dunaway Associates. The four leases bring the building to 60 percent occupancy.
RICHARDSON AND GRAPEVINE, TEXAS — Dallas-based Bradford Commercial Real Estate Services has completed two Texas industrial leases totaling 31,250 square feet. In the first transaction, Eclipse Electronic Systems renewed its lease for 21,500 square feet of flex space at 1551 Glenville Dr. in Richardson. Sharon Friedberg of Bradford represented the tenant, and Maverick Commercial represented the landlord, Richardson Technology Properties I LP. In the second transaction, Mountain Movers Transportation & Logistics signed a new lease for 9,750 square feet of distribution space at 753 Port America Place in Grapevine. Todd Lambeth and Joe Santaularia of Bradford represented the landlord, AMB Property Corp. Gil Stoube of Lincoln Property Co. represented the tenant. Terms of the leases were not disclosed.
HOUSTON AND FORT WORTH, TEXAS — Marcus & Millichap has completed two multifamily sales totaling 632 units. The first property is Chaparral Villas, a 376-unit community located at 5710 Glenmont Dr. in Houston. The property was built in 1970 and contains a mix of efficiency, one- and two-bedroom units. Will Balthrope, Jeffrey Fript and David Ching, all of Marcus & Millichap, represented the seller, a financial institution. Robert Su of Marcus & Millichap's Houston office represented the buyer, a limited liability company. The second property is The Falls, a 256-unit community located at 9001 S. Normandale St. in Fort Worth. Samuel Herskovits of Marcus & Millichap's Dallas office represented the undisclosed buyer. The seller was also not released.
HOUSTON — Gulfstream Properties has brokered the sale of an approximately 2-acre land parcel located at 2003 Voss Rd. in Houston. The buyer, Houston-based Community Self-Storage IV LP, plans to build a 200,000-square-foot storage facility on the property. Andy Aronson of Gulfstream represented the buyer. The seller was Gables Residential. The purchase price was not released.
DALLAS — Dallas-based United Commercial Realty (UCR) has arranged the first lease at Greenspace Center, a planned 32,000-square-foot retail project located at 2001 Greenville Ave. in Dallas. Golden, Colo.-based Natural Grocers will occupy 10,800 square feet as the center's anchor tenant. It will be the company's second Dallas location. UCR's Bill Veatch and Ryan Tinch represented the landlord, Madison Partners. Construction for Greenspace Center will begin in the first quarter of 2010 and is scheduled for completion in the second quarter. The project will be seeking LEED certification.
HOUSTON — Three new leases totaling 57,128 square feet have been signed at One Oak Park, a new office project located in Houston. Melton & Melton Certified Public Accountants is leasing 25,998 square feet, Access MediQuip is leasing 18,352 square feet, and First Continental Mortgage is leasing 12,778 square feet. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, a joint venture between Means Knaus Partners and an affiliate of The Carlyle Group. Andy Iverson of Jackson & Cooksey represented Access MediQuip, and Tommy Alexander and Warren Alexander of CB Richard Ellis represented First Continental Mortgage. One Oak Park totals 153,000 square feet and is located on 8.4 acres at 6002 Rogerdale Rd. in the city's Westchase district. The building was completed in April and is applying for LEED-Gold certification. Occupancy is currently 37 percent.
DALLAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $9.92 million in financing for the acquisition of the Midwest Triple Net Portfolio, a restaurant portfolio comprising 18 properties located nationwide. All of the restaurants are subject to triple-net leases and a majority are backed by corporate credit. The financing package includes a $5.92 million fixed-rate mortgage and $4 million in preferred equity investment. The borrower is a partnership sponsored by Midwest Restaurant Group. The borrower purchased the portfolio from Spirit Master Funding. Scott Lynn and Sunny Sajnani of MCA arranged the financing package.