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.
LUBBOCK, TEXAS — Lubbock-based GRACO Real Estate Development will begin the redevelopment of Kingsgate Center this fall. Located at the corner of 82nd Street and Quaker Avenue in Lubbock, the property currently contains more than 220,000 square feet of retail and restaurant space. Construction will largely consist of the conversion of the space formerly occupied by United Supermarket into lifestyle center-style space. The space will be reconfigured into a landscaped courtyard and 35,000 square feet of specialty retail and restaurant space. Additional renovations include water features, a 30-foot clock tower, landscaped traffic circles, patterned concrete and brick-inlayed walkways, an open area for community events, decorative lighting, seating areas and seasonal landscaping. Construction is already underway for the Kingsgate North section of the shopping center.
IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.
SOUTHLAKE, TEXAS — Seattle-based Nordstrom has announced plans to open a 35,000-square-foot Nordstrom Rack, the company’s discount retail division, at Shops of Southlake. The store, which will open in fall 2009, will anchor the new phase of the lifestyle center, which is located at the corner of East Southlake Boulevard and South Carroll Avenue in Southlake. The new location will mark the retailer’s third Nordstrom Rack in the Dallas-Fort Worth area and its fourth in the state. Shops of Southlake is being developed by Cencor Realty Services.
DENTON, TEXAS — Hendricks & Partners has arranged the sale of La Maureta, a 22-unit multifamily community located at 417 Withers in Denton. Ryan Warren of the company’s Dallas office represented the seller, locally based Avenue A Investment. The property was purchased by a California-based private investor for an undisclosed amount.