DALLAS — Fort Worth, Texas-based Sperry Van Ness / Visions Commercial has brokered the sale of a 34,960-square-foot industrial flex property located at 2503 Butler St. in Dallas. The buyer, Dallas-based Pimental Holdings, plans to renovate and occupy the facility. Trevor Dyck, Scott Henderson and Steve Fithian of Visions Commercial represented the seller, Don Robinson of Dallas. The acquisition price was not disclosed.
BENBROOK, TEXAS — The Dallas office of Marcus & Millichap has arranged the sale of a 7,250-square-foot retail strip center located at the intersection of Interstate 20, Loop 820 and Benbrook Boulevard in the Fort Worth suburb of Benbrook. Situated on more than a half acre, the property is tenanted by Blockbuster Video and Trendsetters. It is surrounded by several national retailers, including Wal-Mart Supercenter and The Home Depot. Philip Levy of Marcus & Millichap represented the Texas-based seller and brought the Dallas-based buyer to the table. The acquisition price was not disclosed.
SAN ANTONIO — The Houston office of BMC Capital has originated a $2.5 million acquisition loan for Interchange Parkway, an industrial center located at 8102-8146 Interchange Pkwy. in San Antonio. The financing carries a 5-year fixed rate with a 25-year amortization schedule. The borrower is a California-based party participating in a 1031 exchange.
Infill locations are highly desired in San Antonio’s multifamily market, as the last available tracts of land suitable for development are being picked off. Areas popular with developers are north central San Antonio, the South Texas Medical Center, and the area of the city just north of downtown, known as Alamo Heights/Fort Sam Houston. A recent trend is for multifamily developers to raze existing commercial buildings to make way for new projects, such as Chancellor Property’s site on Austin Highway, Regent Communities’ site across from the Pearl Brewery, or Bakke Development’s redevelopment of El Chaparral on Harry Wurzbach. With the high price of gas, renters have a stronger desire to live in close proximity to where they work and play. This is driving developers to create urban infill communities. The new development that will have the greatest impact on San Antonio is River North, the city’s initiative of an expansion of the River Walk just north of downtown. The city of San Antonio is creating a new urban lifestyle that will invigorate the urban core. The overall goal with this new development is to produce a downtown that is as attractive to locals as it is to tourists. The Stone …
DALLAS — Mountain West Industrial Properties has acquired Hutton Court Commerce Center in Dallas. It marks the Colorado-based company’s first acquisition in Dallas. The 52,613-square-foot distribution building is located at 1920 Hutton Ct. The property is 58 percent leased to three tenants, and renovations to two vacant units currently are underway. The seller and acquisition price were not disclosed.
HOUSTON — Jones Lang LaSalle Hotels has brokered the sale of The Doubletree Hotel Houston Intercontinental Airport in Houston. CH Realty IV/IAH Hotel, an affiliate of Crow Holdings Realty Partners IV, acquired the 313-room property from DHM Houston Hotel. The property features 16,011 square feet of meeting space, a fitness facility, an outdoor pool and Jacuzzi, three food and beverage outlets and a business center. The newly renovated property is located less than 1 mile from the airport.
ARLINGTON, TEXAS — La Joya, a 185-unit apartment community in Arlington, has traded hands. Wells Fargo Bank, N.A., as Trustee for CSFB 2003-C3 c/o Centerline Servicing of Irving, Texas, sold the property to La Joya Arlington Apartments of Dallas. The property is located at 1707 New York Ave. Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners represented the seller in the transaction. The acquisition price was not disclosed.
DALLAS — Dallas-based Trammell Crow Company has completed a two-building industrial project located near Interstate 30, between Loop 12 and Interstate 35, in Dallas. The project consists of two 362,200-square-foot, cross-docked distribution centers. Each building features four entries, 32-foot clear ceiling heights, 60 dock doors and an independent truck court. Additional construction consisted of a water retention pond and a 700-foot extension to the existing Adler Road. Arlington, Texas-based Bob Moore Construction served as general contractor, with Richardson, Texas-based Alliance Architects and Halff Associates providing design services.
CARROLLTON, TEXAS — CB Richard Ellis (CBRE) has brokered the sale of the Valwood Industrial Portfolio, a seven-property industrial portfolio located in Carrollton. The seven Class A facilities total 705,209 square feet and are all located with Valwood Business Park. The portfolio is currently 88 percent occupied by a tenant roster that includes B. Braun Medical, ADT Security and Direct Mail Partners. The portfolio also includes 7.15 acres of adjacent land for development. Jack Fraker, Josh McArtor and Conor Feeney of CBRE represented the seller, The Principal Financial Group. The portfolio was acquired by TA Associates Realty for an undisclosed amount.
SAN ANTONIO — Houston-based Live Oak Capital has arranged $29 million in permanent financing for two San Antonio shopping centers. The first is Pavilions North Shopping Center, which is located at 25 NE Loop 410. The shopping center totals 165,480 square feet and is anchored by Jo-Ann Fabric & Craft Store, Conn’s, Sam Ash, and K&G Menswear. The second property is Exchange Plaza Retail Center, which is located at 5819 I-410 Loop. The property comprises 144,371 square feet and is anchored by ApplianceSmart, National Career Education, and Bally’s Total Fitness. David Anderson of Live Oak arranged the permanent financing, which carries a 5-year term and a 25-year amortization. RD Catalyst borrower the funds from Wells Fargo and MezzCap.