HOUSTON — Houston Cardiovascular Associates has signed a 40,000-square-foot medical office lease at the Museo Institute for Medical Arts Building, a development located north of Texas Medical Center by Testa Rossa Properties. Andrew Zeplain of CBRE represented the tenant, which will occupy the entire eighth floor and part of the first floor, in the lease negotiations. Brandy Bellow Spinks, also with CBRE, represented the landlord, an entity doing business as Sculptura MOB LP.
RICHARDSON, TEXAS — Weitzman has completed the renovation of Dal-Rich Towne Square, a 162,925-square-foot retail center located in the northeastern Dallas suburb of Richardson. A 50,000-square-foot Cottonwood Market anchors the center, and other tenants include Jason’s Deli, Little Caesars and McDonald’s. Weitzman upgraded various aesthetic components and amenity spaces at Dal Rich Towne Square, which was originally built in 1965, and implemented a new digital marketing program for the center and individual tenants.
THE WOODLANDS, TEXAS — JLL has negotiated the sale of Parkwood II, a five-story, 101,056-square-foot office building located north of Houston in The Woodlands. Kevin McConn led the JLL team that represented the undisclosed seller in the transaction. Bryant Lach and Jeff Horton, also with JLL, represented the buyer, The Woodlands Financial Group, which plans to renovate the building to serve as its new headquarters.
BRYAN, TEXAS — Colliers Mortgage has arranged a $38 million loan for the refinancing of an undisclosed seniors housing property in the Central Texas city of Bryan. The property, which is situated within a larger master-planned community, offers 159 assisted living, independent living and memory care units. Corley Audorff, Troon Dowds and Josh Williams of Colliers Mortgage arranged the three-year loan on behalf of the undisclosed borrower.
DALLAS — Marcus & Millichap has brokered the sale of Eastside Business Park, a 66,385-square-foot industrial property located at 4343 Sigma Road in North Dallas. The property was built on 5.3 acres in 1972. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investment group, in the transaction. The duo also procured an undisclosed, Tennessee-based investor as the buyer. Eastside Business Park was 97 percent leased at the time of sale.
AUSTIN, TEXAS — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided an $11.2 million acquisition loan for a 140-bed student housing property located at 900 W. 23rd St. near the University of Texas at Austin. According to Apartments.com, the property features three-bedroom units with an average size of 1,104 square feet. The borrower, Hawkwood Ventures LLC, plans to use a portion of the proceeds to fund capital improvements.
IRVING, TEXAS — Wells Fargo (NYSE: WFC) will open a 22-acre campus in Irving, a move that is expected to add about 650 new jobs and $455 million in total capital investment to the local economy. The San Francisco-based banking giant’s build-to-suit campus will comprise two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces. According to The Dallas Morning News, Wells Fargo expects to eventually employ about 3,000 people at the campus. A construction timeline was not disclosed. Mirasol Capital sold the land on which the campus will be developed.
DALLAS — Crescent Communities, a multifamily developer with nine offices around the country, has completed a 20-story apartment high-rise project in the Turtle Creek/Oak Lawn area of Dallas. NOVEL Turtle Creek features 206 units in one-, two- and three-bedroom formats, including penthouse units on the top two floors. The fifth floor houses an outdoor deck with a pool and kitchen space, and other amenities include a fitness center, resident lounge and guest suites for visiting families. WDG Architecture designed the building, and Rogers-O’Brien Construction served as the general contractor. Rents start at $2,900 per month for a one-bedroom unit.
HOUSTON — Locally based developer Lovett Industrial is underway on construction of Nexus North Logistics Park, a 567,140-square-foot project in North Houston. Building features will include 36-foot clear heights, 104 dock-high doors, 135-foot truck court depths and ample trailer parking. Completion is slated for May 2023. MORE Architecture Studio is designing the project, with Burton Construction and AJ Lindsey LLC respectively serving as the general contractor and civil engineer. Nashville-based Pinnacle Bank provided construction financing. Boyd Commercial has been tapped as the leasing agent.
IRVING, TEXAS — A partnership between Eagle Property Capital and Belay Investment Group has sold Woodchase & Clarendon, a 266-unit multifamily property in Irving. Built in phases between 1977 and 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The partnership acquired the asset in 2016 and implemented a capital improvement program. Dallas-based Lion Real Estate Group purchased Woodchase & Clarendon for an undisclosed price.
