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.
HOUSTON — Houston-based BRAVE / Architecture has completed the design for the new Sicardi Gallery located in Houston’s Museum District. The new gallery, which is Sicardi’s second, will total 5,200 square feet and will be located near Renzo Piano’s Menil Collection. The facility will host contemporary exhibits from Latin American artists. BRAVE designed the building in an effort to put an emphasis on the exhibits contained inside. The project is set to break ground in the summer and will apply for LEED-Gold certification. BRAVE recently designed the award-winning De Santos Gallery, located just outside of the Houston museum district.
FORT BEND COUNTY, TEXAS — The Healthcare Division of McShane Development Co. has acquired a 5-acre land parcel located on Grand Parkway, between Morton Road and Long Meadow Farms Parkway, in Fort Bend County. The company plans to develop the parcel into OakBend Doctors Center – Grand Parkway, a two-story, 60,000-square-foot medical office building it is developing on behalf of OakBend Medical Center, the largest healthcare facility in Fort Bend County. McShane acquired the site from Equicap Grand Parkway LP, which was represented by Josh Jacobs and Sara Schoonaert of Houston-based Page Realty Partners. Additionally, McShane is developing another on-campus medical office facility at OakBend Medical Center’s second hospital campus in Richmond, Texas.
CEDAR HILL, TEXAS — Four tenants have joined the line-up at Uptown Village at Cedar Hill, a 725,000-square-foot regional lifestyle center located in Cedar Hill. Bailey’s Prime Plus will open a 7,500-square-foot restaurant, Lane Bryant will open a 6,780-square-foot location, Chic Holic will open a 3,940-square-foot location and Lens Crafters will open a 3,200-square-foot location. All of the tenants are expected to open this year. Uptown Village opened in March 2008; it is anchored by Dillard’s, Barnes & Noble and Dick’s Sporting Goods. Amenities at the center include a village green with a performance stage and an interactive fountain, a 2,000-square-foot children’s play area, and an oversized chess and checkers board. The project is owned by Dallas-based MGHerring Group.
FRISCO, TEXAS — Fitness consulting company Champion4Fitness will open its flagship studio location at The Shops at Starwood, a multi-phase mixed-use development located in Frisco. Champion4Fitness will open in May at a 4,000-square-foot end cap space. It will feature a sports apparel retail boutique, a proprietary LifeStyle Performance Center that provides scientific fitness testing, fitness and nutrition counseling, personal training and sports massage. The Shops at Starwood, which is owned by Dallas-based Hermansen Land Development, held its grand opening in 2006. The third phase of the project, consisting of an office tower, retail and restaurants, will break ground this year. Recent retail tenant openings include Panache at Home, The Gent’s Place, Papagallo’s Classiques, Petra Essence of Mexico, The Cupcakery, Mattress Logix and Plum Crazy.