CARROLLTON, TEXAS — Ken Wesson of Lee & Associates, DFW has represented Metal Link, Inc. in an industrial lease transaction for 68,000 square feet at 13950 Senlac in Carrollton. Scott Moore with Holt Lunsford Commercial’s Dallas office represented the landlord, The Realty Associates Fund IV, LP.
DALLAS — Manhattan Beach, Calif.-based Main Street Partners & Associates has acquired Ridgegate Apartments for $6.05 million. The Class C multifamily community is located at 9737 Forest Lane in Dallas and contains 270 units. The undisclosed seller was represented by Sam Pettigrew of locally based The Cantrell Company. Acquisition financing was provided by Fannie Mae. Main Street Partners retained JBlue Real Estate Services to manage the property, as well as oversee its planned renovation.
HOUSTON — NAI Houston has brokered the purchase of a newly constructed, 20,700-square-foot industrial property located at 7310 West Rd. in Houston. NAI’s Chris Caudill and Jon Michael of represented the buyer, Limin Properties, Ltd. The seller, A.E.N. West Rail Center LP, was represented by Steve Adkisson of The National Realty Group. The acquisition price was not disclosed.
HOUSTON — Longview, Texas-based Deason Financial Group has arranged $2.2 million in bridge financing for the acquisition of a 164-unit, Class C multifamily community located in Houston. The property is situated on 4.1 acres and had recently been put under foreclosure. The borrower is an out-of-state party satisfying a 1031 exchange. The Texas-based lender provided financing with a 24-month term and interest-only payments. The loan has a draw feature for improvements to the property, and loan take-out will come from permanent agency financing.
HOUSTON — Houston-based Hines has expanded its HinesGO sustainability program to the more than 120 million square feet of office space that the company manages all over the world. The program was originally meant to encourage sustainability at Hines’ own 230 offices, but it will now be adapted for the company’s 650-building office portfolio. HinesGo is modeled after the LEED program, in that it awards points for identifying and implementing no-cost and low-cost alternatives to operating an office, with the ultimate goal of being designated a Green Office. Categories include energy efficiency, people and atmosphere, travel and commuting, reuse and recycle, cleaning, remodeling and construction, and LEED. The program scores buildings on a 100-point scale, with 70 points or above earning the Green Office designation.
THE WOODLANDS, TEXAS — Overland Park, Kan.-based Henzlik-Oliver Real Estate Cos. has acquired a 63,000-square-foot portion of Wood Winds Shopping Center, located at 425 Sawdust Rd. in The Woodlands. The parcel is currently leased to Big Lots for one of its retail locations and HEB, which maintains offices in the space. The seller, as well as the sale price, was not disclosed.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $3.7 million in permanent acquisition financing for Forest Pointe Apartments, a 27-unit multifamily property located in Houston. Brandon Brown of LMI arranged the fixed-rate loan on behalf of the undisclosed borrower. The lender was one of LMI’s lending sources.
DALLAS — The grand opening has been held for Mercantile Place on Main, a multifamily redevelopment project located in Dallas. The project is owned by Forest City Residential Group, a subsidiary of Forest City Enterprises. It consists of the redevelopment of the Mercantile Block, which encompassed nine buildings in downtown Dallas. The site, now christened Mercantile Place on Main, consists of three high-rise residential towers. The Mercantile National Bank Building was redeveloped into The Merc, a 31-story residential tower that opened to residents in March 2008. The second tower is The Element, a 15-story tower that opened in January 2009. The final building is The Wilson, a former office building and department store that now contains 143 luxury loft apartments. Each building features one- and two-bedroom units, as well as penthouses. Community amenities include a 1,750-square-foot fitness center, a private screening rooms, a sports lounge with a gaming room, and the Cabana Lounge. An elevated pool area features a swimming pool, a spa deck, a sun deck with an outdoor kitchen/grilling area, bar-style seating, tables and chairs situated within groves of trees, gardens and wood decks. In addition, a French restaurant named Jean Michel’s will open this fall at the …
BEE CAVE, TEXAS — Hill Country Galleria, a 1.3 million-square-foot lifestyle center located at the intersection of FM 620 and Texas Highway 71 in Bee Cave, has been posted for foreclosure. The property is set to go to auction on May 5. Originally completed in 2007, the retail center is more than 70 percent leased; according to Opus West, it maintains a positive cash flow and has met all of its debt obligations. Trouble arose when Opus was unable to refinance the property’s existing construction loan, which was financed through 10 separate lenders. Opus has stated that it is seeking to resolve the situation before the foreclosure auction and maintain control of the property. Situated on 152 acres, Hill Country Galleria features a retail component that is anchored by Dillard’s, Cinemark Theatre, Barnes & Noble and Dick’s Sporting Goods. The project also contains office and residential components. Normal day-to-day operations at the property will not be interrupted.
FRISCO, TEXAS — Hall Financial Group has renewed five leases at Hall Office Park, the company’s 162-acre office campus located in Frisco. IGPS Co. renewed and expanded its lease to 5,736 square feet at 6801 Gaylord Pkwy. Boyer Group renewed its lease for 3,335 square feet at 2601 Network Blvd. LifePath Systems renewed its leased for 2,561 square feet at 2611 Internet Blvd. NAPCO renewed its lease for 2,450 square feet at 2801 Network Blvd. Finally, Crown Energy renewed its lease for 1,521 square feet at 2591 Dallas Pkwy. Jean Farris and Tammy Lomonaco provided in-house representation for Hall Financial Group in each of the transactions.