ALVIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $5.8 million in refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community located at 877 E. House St. in Alvin. The property features an average unit size of 879 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center, a playground and security access gates. Tucker Knight and Steve Gautier of HFF arranged the loan on the behalf of Minkoff Development with Freddie Mac. The securitized loan was placed under HFF’s Capital Markets Execution program, and will be serviced by the company. Terms of the financing include a 10-year term and a fixed interest rate.
HOUSTON — Marcus & Millichap has brokered the sale of Northwood Villas Apartments, a 312,565-square-foot multifamily community located at 5005 Aldine Mail Route in Houston. The property is situated on 14.17 acres, and was construction in 1974. Robert Su of Marcus & Millichap’s Houston office marketed the property on behalf of a Charlotte, N.C.-based limited liability company. It was acquired by a Houston-based private investor. The purchase price was not disclosed, but the property listed for $7.5 million.
FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.
RICHARDSON, TEXAS — Delray Beach, Texas-based Dockerty Romer & Co. (DRC) has arranged $6.2 million in bridge financing for a 101,232-square-foot office building located at 2201 North Central Expressway in Richardson. The two-story property was 78 percent leased at the time of closing. The borrower, South Florida-based BRI 1816 2201 LP, plans to perform some rehabilitation to the lobby and commons areas while launching an extensive leasing campaign. Bob Dockerty and Jamen Lachs of DRC arranged the financing. Terms of the loan were undisclosed.
HOUSTON — Hines has arranged the lease of a full floor at Phoenix Tower, a 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway in Houston. Express Energy Services Operating will occupy 25,113 square feet of space within the tower. Paula Bruns of Hines represented building ownership, FSP Phoenix Tower LP, which is an affiliate of Franklin Street Properties Corp. David Anderson of Fritsche Anderson Realty Partners represented the tenant. Hines, in its role as property leasing manager, has been involved with a capital improvements program for the building that includes the installation of energy-efficient, exterior glass panels; a renovation of the building’s common areas and entrances; the addition of a conference facility; and the addition of a Jack Nicklaus-designed putting green on top of the building’s parking garage.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of a 7-acre parcel of land located in Irving. The buyer, a Dallas-based limited liability company plans to develop the property for retail use. The 307,278-square-foot site fronts a luxury multifamily property under development at the corner of Royal Lane and Riverside Drive. Howard Fuerst of Marcus & Millichap’s Dallas office negotiated the transaction between the buyer and the seller, a Texas limited partnership. The construction timetable for the project was not disclosed.
PLANO, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of Crystal Creek I Shopping Center in Plano. Situated on 1.44 acres at the corner of Ohio Drive and Hedgecoxe Road, the property contains a 15,000-square-foot strip center. Christiane Jones of ReMax Performance Group represented the buyer, Argyle, Texas-based TPH Capital. Sam Kartalis of HSMC represented the undisclosed seller. Kartalis also developed the property for his client 2 years ago. The sale price was not disclosed.
STAFFORD, TEXAS — NAI Houston has negotiated the purchase of a 23,850-square-foot industrial property located on 8.5 acres of land at 13913 Greenland Ct. in Stafford. Chris Caudill and Joel Michael of NAI Houston represented the buyer, Stahlman Lumber Co., in the transaction. The seller, 84 Lumber Co. provided in-house representation. The purchase price was not disclosed.
CROWLEY, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $7.73 million in fixed-rate, acquisition financing for Stonegate Plaza Shopping Center, a 90,643-square-foot retail property located in Crowley. The center is currently 99 percent occupied, with Kroger Signature occupying an anchor space on a long-term basis that totals approximately two-thirds of the center. Terms of the financing include a 6.5 percent interest rate with interest-only payments for the first year, and a 30-year amortization schedule thereafter. Todd McNeill of MCA originated the financing on behalf of an entity sponsored by Three Rivers Holding that was participating in a 1031 exchange. The lender was Viewpoint Bank.
TEXAS — Marcus & Millichap has completed the sale of a 24-property Dollar General portfolio for $20 million. The portfolio includes 22 stores located in San Antonio, Houston and south Texas, with the remaining two stores located in Leeds and Madison, Ala. At the time of closing, the portfolio already had non-recourse debt in place with an 80 percent loan-to-value ratio. Douglas Passon of Marcus & Millichap’s Detroit office, along with Brandon Duff of the firm’s Chicago office, represented the undisclosed buyer. Tim Speck of Marcus & Millichap’s Dallas office and Andrew Clark of the firm’s Birmingham, Ala., office assisted in the transaction. The seller was also not disclosed.