DALLAS — Austin-based investment firm Long View Equity has acquired Preston Grove, a 111,286-square-foot office park in Dallas. The three-building complex is situated on a seven-acre site on the city’s north side. Steve Simon, Steve Rowland and Chris Lipscomb of Transwestern represented the seller, Reserve Capital Partners, in the transaction. Additional terms of sale were not disclosed.
MISSION, TEXAS — Locally based firm Killam Development has broken ground on Sharyland Business Park, a 175-acre industrial development located in the Rio Grande Valley city of Mission. The development comprises 15 parcels and could span up to 3 million square feet of industrial space across an undetermined number of buildings. Sharyland Business Park will be located within a larger master-planned community that extends into nearby McAllen and will house residential and commercial uses, as well as parks and hiking trails.
IRVNG, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has acquired Rancho Mirage, a 310-unit apartment community in Irving that was originally built in 1991. Rancho Mirage features one- and two-bedroom units and amenities such as a pool, fitness center, business center, indoor racquetball court, billiards and game room, dog park and outdoor grilling and dining areas. TruAmerica plans to implement a multimillion-dollar value-add program focused on unit interiors and building exteriors. The seller and sales price were not disclosed.
PLANO, TEXAS — Newmark has brokered the sale of Lincoln Legacy Two, a 130,371-square-foot office building in the Legacy area of Plano. The five-story building was constructed in 2014 and features a tenant lounge, fitness center and a four-story parking garage. Chris Murphy, Robert Hill, Gary Carr and Chase Tagen of Newmark represented the seller, a partnership led by Dallas-based Pillar Commercial, in the transaction. Josh Francis of Newmark arranged acquisition financing on behalf of the buyer, Missouri-based Larson Capital Management. Lincoln Legacy Two was 90 percent leased at the time of sale.
HOUSTON — JLL has negotiated the sale of West U Marketplace, a 60,136-square-foot shopping center in Houston. Whole Foods Market anchors the center, which also houses tenants such as Yoshi Sushi, Natural Pawz, Island Grill, French Cuff Boutique and River Oaks Nail & Spa. Chris Gerard, Ryan West and Katherine Miller of JLL represented the seller, an affiliate of New York-based Camden Securities Co., in the transaction. Brixmor Property Group (NYSE: BRX) acquired the asset for an undisclosed price.
WICHITA FALLS, TEXAS — Dallas-based SkyWalker Property Partners has sold a 36,879-square-foot call center located at 2236 Airport Freeway in Wichita Falls, about 140 miles northwest of Fort Worth. Situated on a seven-acre site, the property was fully leased at the time of sale to a subsidiary of customer service and communications firm The Results Cos. The call center was auctioned by Ten-X, with SCM Real Estate brokering for the seller of record, Wichita Calls LLC. The winning bid came from a local 1031 exchange buyer, Star Texan Properties LLC.
HOUSTON — The Festival Cos. has unveiled renovation plans for River Oaks District, a 250,000-square-foot mixed-use development located at 4444 Westheimer Road in Houston. The 14-acre property was developed in 2015 and offers office space and luxury residential units alongside retail and restaurants. Enhancements will include the construction of a public park on the property’s western side, the redevelopment of the central plaza and the addition of three restaurants (Bari, Little Hen and Oio De Agua) with outdoor dining space. Construction is set to begin this month, with completion slated for the fall. Additionally, several new retailers are set to open this year, including Assouline bookstore, Jenni Kayne, La Vie Style House, Icon Luxury Sound, LoveShackFancy, Lunya, Lahgo, Teressa Foglia, The Conservatory, Yellow Korner and Zimmermann.
DALLAS — A partnership between Los Angeles-based CIM Group and Open Realty Advisors has sold a portfolio of 15 single-story retail buildings totaling 124,000 square feet in the Knox-Henderson neighborhood of Dallas. The sale, which according to Culture Map Dallas fetched a price of $85.4 million, included a 4.3-acre parcel that can support up to 160,000 square feet of new development. The tenant roster encompasses retailers such as Sprouts Farmers Market, Warby Parker, Bonobos, CorePower Yoga and Heyday Skincare, as well as an array of food and beverage users. Ryan Shore, Chris Gerard, Barry Brown, Erin Lazarus and Beth Copeland of JLL represented the partnership in the transaction. New York-based Acadia Realty Trust purchased the portfolio.
EULESS, TEXAS — Los Angeles-based ShainRealty Capital has acquired The Landing, a 267-unit apartment community in Euless, located in the central part of the Dallas-Fort Worth metroplex. Built in 1983, the property features one- and two-bedroom units with an average size of 770 square feet and amenities such as a pool, fitness center and a playground. Arlington-based 180 Multifamily Properties sold the community for an undisclosed price. Bard Hoover and Wes Racht of Marcus & Millichap brokered the deal. Miami-based Rialto Capital provided acquisition financing on behalf of ShainRealty Capital, which plans to implement a $3 million value-add program and rebrand the property as Infinity on the Landing.
HOUSTON — Dallas-based StreetLights Residential, in partnership with El Paso-based Hunt Cos., will develop The Langley, a 134-unit apartment complex that will be located at 1717 Bissonet St. in Houston. The location is near Rice University on the city’s southwest side. The Langley will feature two- and three-bedroom units. Amenities will include a pool, fitness center, coworking spaces, a coffee lounge, 24-hour concierge and valet services and a full resident bar. Construction slated to begin in November and to be complete in 2025.