CARROLLTON, TEXAS — The Dallas/Fort Worth office of Lee & Associates has brokered the sale of a 91,257-square-foot industrial building located at 1432 Macarthur Blvd. in Carrollton. Lee & Associates’ Greg Nelson and Ken Wesson represented the seller, Fastenal Co.; the buyer, RTC Properties, was represented by Brian Pafford and Kevin Santaularia of Dallas-based Bradford Cos. The acquisition price was not disclosed.
SUGAR LAND, TEXAS — Three restaurants are opening new locations within Sugar Land Town Square, a 32-acre master-planned community located at the intersection of U.S. Highway 59 and Highway 6 in Sugar Land. Escalante’s has opened its fifth Mexican restaurant in the Houston area at 15933 City Walk. It is joined by frozen yogurt and smoothie shop Swirll, which is opening its fourth Houston location next door at 15955 City Walk. Finally, July will mark the opening of Japanese hibachi restaurant Taisho, which will open its sixth Houston-area location on the first floor of the recently completed Minute Maid corporate headquarters building. Phases I and II of Sugar Land Town Square are already complete. They include a 300-room, full-service Marriott hotel and conference center, the new 82,000-square-foot Sugar Land City Hall, 167 mid-rise residential condominiums, 208,000 square feet of office space, 182,000 square feet of Main Street-style retail and restaurant space, and a 1.4-acre pedestrian plaza. Upcoming phases of the project include an additional 357,000 square feet of Class A office space and 56,000 square feet of retail, both of which are scheduled for completion in 2010.
FRISCO, TEXAS — Atlanta-based Post Properties is nearing completion for Post Sierra at Frisco Bridges, a 269-unit luxury apartment community located in Frisco. The community comprises four-story buildings with one- and two-bedroom apartments that range in size from 600 to 1,300 square feet and range in price from $750 to $1,550 per month. Community amenities include wine lockers, a clubroom with a demo kitchen and flat screen televisions, a fitness center, an Internet café and a swimming pool. Post Sierra also features 30,000 square feet of retail space. It is part of the 36-acre Sierra Frisco master-planned project that is currently under development. The apartment project broke ground in late 2007; first move-ins are expected in April.
CORINTH, TEXAS — Marcus & Millichap has brokered the sale of a Christian Brothers Automotive located on South Interstate 35E in Corinth. The store was constructed in 2007 and is situated on 0.69 acres. It is currently under a 15-year, triple-net lease. Jason Vitorino, Tommy Tucker and Philip Levy of Marcus & Millichap’s Dallas office represented the seller, a Texas-based limited partnership. The property was acquired by a California-based private investor that was represented by a Los Angeles-based broker. The acquisition price was not disclosed.
DENTON, TEXAS — The Denton office of BMC Capital has arranged a $2.4 million acquisition loan for a retail property located at 717 Stemmons Freeway in Denton. The undisclosed borrower plans to use the proceeds to convert the property, a former health club, in office space. The renovation will also add 10,000 square feet to the property. The loan was originated by BMC Capital through Legacy Bank Texas.
TEMPLE, TEXAS — Mumford Co. has brokered the sale of a 99-room hotel located near Interstate 35 in Temple. In addition to guestrooms, the hotel features food and beverage options that include a separate lounge. Mike Francis of Mumford’s Dallas office negotiated the transaction between the buyer, Managal Murty LLC, and the seller, GE Capital Corp. The buyer plans to renovate and re-open the hotel. The acquisition price was not disclosed.
PECOS, TEXAS — Kansas City, Mo.-based JE Dunn Construction has been selected as construction manager for repairs to the Reeves County Detention Center, located in Pecos. More than half of the complex, which consists of 18 buildings housing 2,400 inmates, was burned in a riot that occurred earlier this month. JE Dunn will complete demolition work, renovations and repairs, and aesthetic upgrades that are estimated to cost $20 million. The project architect is LMD Architects. The construction timetable was not disclosed.
ROUND ROCK, TEXAS — Jacksonville, Fla.-based Regency Centers has leased 30,000 square feet of space within Market at Round Rock, a 123,046-square-foot shopping center located at 110 N. Interstate 35 in Round Rock. The space, which was formerly occupied by Albertsons, was leased to Phoenix-based natural foods grocer Sprouts Farmers Market. The store is scheduled to open in the fall. Sprouts currently operates 31 locations in Arizona, California, Colorado and Texas. Out of the Texas locations, it operates seven stores in the Dallas area, with more scheduled to open in the Austin area.
EL CAMPO, TEXAS — Weslaco, Texas-based Davis Equity Realty has completed construction of El Campo Town Center, a retail property located at the intersection of Loop 2765 and Highway 71 in El Campo. The development is anchored by Tractor Supply and shadow-anchored by Wal-Mart. Additional tenants include The Mattress Shop, Hibbett Sports, Dollar Tree and Cato. The project was developed by Dale Davis of Davis Equity Realty; it also is being managed by the company. The project is currently 100 percent leased.
OKLAHOMA AND TEXAS — Arbor Commercial Funding has arranged three loans totaling $5.11 million for three multifamily communities. Jay Portenfield of Arbor’s Dallas office secured the loans through the Fannie Mae DUS product line. In Broken Arrow, Okla., a $2.18 million loan was secured for the refinancing of the 120-unit Treetops Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.83 percent interest rate. In San Antonio, a $1.6 million loan was secured for the 64-unit Amber Square multifamily property. The loan also carries a 10-year term and 30-year amortization, but with a 6.11 percent note rate. Finally, in Universal City, Texas, a $1.33 million loan was secured for the 61-unit Pebble Beach Apartments. The loan carries identical terms to the financing arranged for Amber Square. The borrowers were not disclosed.