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.
AUSTIN, TEXAS — The grand opening has been held for Bridges On The Park, a six-story residential condominium development located at the intersection of South Lamar Boulevard and Riverside Drive in Austin. The property features 104 condominium units, along with 9,065 square feet of ground floor retail space. The retail portion of the project is fully occupied, with a tenant roster that includes Viva Day Spa, Bows + Arrows, Lift, Hill Country Running Co. and W3LL. Michele Gary and Parker Estes of The Weitzman Group served as leasing agents for the retail portion of the project. Bridges On The Park was developed by CLB Partners.
HOUSTON — The Woodlands, Texas-based LMI Capital has secured two Houston multifamily loans totaling $29.62 million. The first is a $21.8 million loan secured by 7979 Westheimer Apartments, a 459-unit property. The loan carries a 7-year fixed rate, a 30-year amortization schedule and 3 years of interest-only payments, and will contribute to the refinancing of the property. Jamie Mullin of LMI arranged the funding on behalf of the borrower with the lender, Column Guaranteed. Additional, LMI arranged $7.82 million in acquisition financing for the 256-unit Waters at Kirkwood Apartments. Brandon Brown of LMI arranged the loan on behalf of Waters Partners LLC. The lender is Greystone Servicing Corp. Terms of the financing were not disclosed.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Metro Center Office Building in Euless. Situated on 1.7 acres at 1701 W. Euless Blvd., the property comprises a three-story, 42,537-square-foot office building. Brett Butler and Ron Hebert of the Dallas office of Marcus & Millichap represented the seller, a California-based limited liability company. Russell Turman of Marcus & Millichap’s Fort Worth office represented the buyer, a Texas-based corporation. The acquisition price was undisclosed.