FORT WORTH, TEXAS — Manulife Investment Management has acquired Alliance Gateway 11, a 788,160-square-foot warehouse and distribution center in Fort Worth. The facility sits on a 38.2-acre site near Alliance Airport on the city’s north side. According to commercialcafé.com, the single-tenant facility was built in 2007 and features 930 car parking spaces. The property was fully leased to an undisclosed e-commerce user at the time of sale.
HOUSTON — Arizona-based investment banking firm Arriba Capital has provided a $37.4 million construction loan for a dual-branded hotel that will be located at 1514 Leeland St. in downtown Houston. The hotel will total 221 rooms under the Home2 Suites by Hilton and Tru by Hilton brands and offer shared amenities such as a lobby bar, breakfast dining areas, meeting space, an outdoor pool, fitness room, laundry facilities and a market pantry. Completion is slated for the third quarter of 2024. The borrower and developer is Houston-based PA Hospitality, which will also manage the property. Hall Structured Finance provided the loan.
MARLOW, OKLA. — Partners, the Houston-based firm formerly known as NAI Partners, has negotiated the sale of a 40,000-square-foot industrial building in Marlow, about 70 miles south of Oklahoma City. The sale included 8.6 acres of undeveloped land. Jon Silberman and Pierce Beyer of Partners represented the seller, Cimarron Energy, in the transaction. Steve Fithian and Trent Herrera of SVN Trinity Advisors represented the undisclosed buyer.
DENTON, TEXAS — Weitzman has arranged the sale of a 13,562-square-foot retail strip center in the North Texas city of Denton. The centers sits on 1.1 acres at 111 E. University Drive. Tenants include The UPS Store, Taqueria Monterrey and Sangam Indian Restaurant. A local investor sold the property to a California-based limited liability company for an undisclosed price, with both parties requesting anonymity. David Zoller of Weitzman brokered the deal.
DALLAS — Two locally based firms, De La Vega Development and StreetLights Residential, have broken ground on Phase I of The Central, a 27-acre mixed-use project located at the corner of North Haskell Avenue and the North Central Expressway. The initial phase comprises a park within the center of the site, development of which will be led by De La Vega, and The Oliver, an apartment building that StreetLights will develop in partnership with Mitsui Fudosan America. Both pieces of the project are slated for December 2023 completions. Units at The Oliver will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center, coworking space, resident lounge and a dog park. Additional plans for The Central ultimately call for more than 4 million square feet of office, residential and retail/restaurant space, as well as dedicated open green spaces and event areas. Steve Williamson of Transwestern arranged the land sale between De La Vega Development and Streetlights Residential.
SAN ANTONIO — Locally based investment firm The Lynd Group has acquired Parc 410, a 344-unit apartment community in San Antonio’s Leon Valley submarket. Built in 1985, the garden-style property offers one- and two-bedroom units with an average size of 716 square feet. Amenities include two pools, a clubhouse, fitness center, outdoor grilling and picnic areas, a dog park and a basketball court. As part of a $6 million capital improvement program, Lynd will install package lockers and a children’s playground, as well as upgrade unit interiors and other common areas.
COLUMBUS, TEXAS — DWG Capital Partners has sold a 35,835-square-foot light industrial facility in Columbus, located west of Houston. The investment and advisory firm acquired the asset in April 2021 via a sale-leaseback with the tenant, The Theut Co., a division of Denver Glass Interiors. Simon Miller of Endaxi Capital Partners represented DWG Capital Partners and the buyer, a private partnership based in Oregon, in the off-market transaction.
IRVING, TEXAS — Engineering firm Kimley-Horn has signed a 25,767-square-foot office lease at Mandalay Tower 2, a 16-story building within Irving’s Las Colinas district. Rodney Helm, Zach Bean and Chris Taylor of Cushman & Wakefield represented the landlord, Parmenter Realty Partners, in the lease negotiations. Kimley-Horn plans to move into Mandalay Tower 2, which offers a restaurant, fitness center, sundry shop and conference facilities, in May 2023.
DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 19,472-square-foot office building in the western Austin suburb of Dripping Springs. Giovanni Palavicini of Avison Young represented the buyer, locally based coworking concept FUSE Workspace, in the transaction. Dan Lewis and David Alsmeyer of TIG Real Estate Solutions represented the seller, private developer Steve Herren. FUSE Workspace also plans to occupy the building and is targeting a first-quarter 2023 opening.
OKLAHOMA CITY — JLL has arranged a $100 million construction loan for OAK, a mixed-use project in Oklahoma City. Jeremy Sain of JLL arranged the financing through an undisclosed lender on behalf of the borrower, Veritas Development. At full build-out, the development will consist of 320 residential units, 260,000 square feet of office space, 250,000 square feet of retail space, a 133-room boutique hotel and 7,000 square feet of public green space, all connected by walking paths. Retail tenants that have already committed to OAK include RH, Arhaus and Capital Grille.